ACAT's getting easier?
I’ve been on an asset gathering spree the last couple months. 800k SSB, 1.2MM ML, 600k ML, 600k MS, and a 400k Woodbury Financial. Names are getting dragged throught the mud. Prospects I’ve been dripping on a while are finally moving. Clients with assets elsewhere are adding from other brokers. Asking, “How can your advisor manage your money when his/her company can’t even manage there’s?” seems to be working very well. As long as those press releases keep coming, my job gets easier.
Bear markets are where you make your money because you are positioning your business to explode when the bull returns.Are you putting them in Putnam numb nuts?
Are you seriously calling a guy who has brought in $3.6 million in the last couple of months “numb nuts”? How much have you brought into your office in the last two months.
Even if he was putting them into Putnam, which I'm feel pretty confident telling you he's not, they're still new assets in his office. And that's $3.6 million out of some other guy's office. Rank - kudos to you. I too have seen movement of some money like that. Albeit not $3.6 mil. Maybe a third of that. But people are willing to talk with us right now if we just call them. At least they are in my little part of the world.Congratulations Rank!
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I have always explained to my clients/prospects that greed and fear are two of the most destructive emotions…especially when it comes to their investments. My clients/prospects are initially reacting to the press releases with fear. I address this fear by asking my clients/prospects how the latest news really affects their investments at ML. They quickly come to the realization that the impact is zero and that bomb is defused. I then take things a step further and caution them to be aware of people trying to sell to them using greed or fear. From Rank’s initial post it seems like fear has been his biggest closing point. I wonder how much of the total sales process was driven by fear.
Yes, I expect a backlash of responses from the salespeople who participate in these forums. That’s fine. I just hope that I can help a few service people protect their clients from salespeople who use fear to sell as opposed to service or competency.
--WM
PUTNAM IS THE BEST! NUMB NUTS
Rank…which firm are you at these days?
[quote=rankstocks] I’ve been on an asset gathering spree the last couple months. 800k SSB, 1.2MM ML, 600k ML, 600k MS, and a 400k Woodbury Financial. Names are getting dragged throught the mud. Prospects I’ve been dripping on a while are finally moving. Clients with assets elsewhere are adding from other brokers. Asking, “How can your advisor manage your money when his/her company can’t even manage there’s?” seems to be working very well. As long as those press releases keep coming, my job gets easier.
Bear markets are where you make your money because you are positioning your business to explode when the bull returns.[/quote] sounds like a winner at the local junior achievements club..........idiot.hey Rank (stench boy) get a new name…idiot…
[/quote]
sounds like a winner at the local junior achievements club..........idiot. [/quote] outofjail: wow if $3,600,000.00 is junior achievements please tell us what you have ACATed in the last two months. I think that they should not have given you bail.He can’t. It would be proven, beyond a reasonable doubt, that in fact, he is the idiot. Talking in complete sentences and using punctuation correctly seems to be a challenge for this guy. I would guess that gathering enough assets to be successful at Jones was too. And that’s pretty sad.
your to smart for me Mr President........IDIOT........He can’t. It would be proven, beyond a reasonable doubt, that in fact, he is the idiot. Talking in complete sentences and using punctuation correctly seems to be a challenge for this guy. I would guess that gathering enough assets to be successful at Jones was too. And that’s pretty sad.
outofjail:
I think you are the idiot. JackBlackawsome Jack#ffBlack.
How old are you, like, 12? Or is it that you're using your phone to type and you've got one hand busy so you don't want to tire that thumb out. Why don't you free both hands and type something intelligent. If possible.
Spaceman Spiff:
At least he came up with a new insult. I was beginning to think it was the only one he know.
JackBlackWho is this guy? Really funny. We need shmucks like this around here - great comic relief.
I agree. He is really and truly idiot.
Admin - by tomorrow he will be boring. Can we ban him?
I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere.
No offense Jonesers, it’s not you, it’s the company.
I moved $700K from Edward Jones and $350K from Merrill Lynch in the past 6 weeks. There’s probably more, but those are the two that come to mind as I write. Edward Jones was a service issue…as in very little service, and the ML account was from a client/prospect who was tired of funding big bonuses and nice executive office furniture. The real bonus there is that the client is half-owner in three businesses…one of which was valued last summer at $35 million. It probably won’t happen in the next year or two, but if I take good care of him, I’m guessing within 10 years, he’ll be my largest client.
I'm making more hay replacing CDs with fixed annuities...350K in the past two weeks.Excellent work Indyone.
I guess my point to this thread is those that don't hide under their desk, make sure they hold client hands, and prospect aggressively in this type of environment are going to be building the foundation for an explosion of assets when this turns around, no matter when that might be. I have mentioned before Jones in not even close to a perfect firm, but as of right now Jones is averaging a 6:1 ratio on ACAT's. There's no question that as a firm we are moving in the right direction....SMA's, a new advisory platform (needs improvement, but not bad), check scanning at the branch rolling out this summer, technology upgrades, access to CMS on PDA's, remote access, planning software (FAST), even networked phone upgrades starting next year (hopefully). More importantly, I don't have a single client in ARS or CDO's. My average client took a 20% spill last year, but I have been positioning more aggressively the last several months to capture the upside. My assets are down around 20 million during this fiasco, but that's a 20% hit to the book and I have been gathering assets at a much faster pace than the rate of loss (lost around 3 million in ACAT's the last year but brought in over 12).I looked at this one twice because I didn't believe what I was seeing. LPL indicated that this was in the works over three years ago. Last time I asked about it, they acted like it was a pipe dream. If Jones beats LPL on this one...…check scanning at the branch rolling out this summer…
[quote=rankstocks]…check scanning at the branch rolling out this summer…
I looked at this one twice because I didn’t believe what I was seeing. LPL indicated that this was in the works over three years ago. Last time I asked about it, they acted like it was a pipe dream. If Jones beats LPL on this one…[/quote]
Ya know…if you sold more EIA’s it wouldn’t matter…you could just tape a note to a dog and watch the checks roll in…send couriers all over town to pick up the money…
I just ACATed the whole State of New York police pension plan, State Teachers Retirement fund for 36 states, man I’m great! Look at me!
Congrats Jail! How do you get into those large pension plans? I sure hope to prospect them myself soon!I just ACATed the whole State of New York police pension plan, State Teachers Retirement fund for 36 states, man I’m great! Look at me!
First I take them an old Tax Survival kit with stale doughnuts, give them some Putnam pens and ask the what their favorite pizza topping is. Then I tell them how old Edwards and Jones is ( 13,000 BC) The rest just seems to happen.
[quote=outofjail]First I take them an old Tax Survival kit with stale doughnuts, give them some Putnam pens and ask the what their favorite pizza topping is. Then I tell them how old Edwards and Jones is ( 13,000 BC) The rest just seems to happen.[/quote]
Thanks for the advice! I think I still have a few of those old donut boxes around. Taking a pizza to the CPAs during tax time is a great idea also. Think I'll try that one too. Hungry Howie's has a special going now for $20 you can get two large two item pizzas!Thanks for the advice! I think I still have a few of those old donut boxes around. Taking a pizza to the CPAs during tax time is a great idea also. Think I'll try that one too. Hungry Howie's has a special going now for $20 you can get two large two item pizzas! [/quote] Well if your from Edwards and Jones you can give them the pizza an you as the employee get the PEPPERONI!!!!!![quote=outofjail]First I take them an old Tax Survival kit with stale doughnuts, give them some Putnam pens and ask the what their favorite pizza topping is. Then I tell them how old Edwards and Jones is ( 13,000 BC) The rest just seems to happen.
Oh, wait a minute! I just ACATed in Pizza Huts Pension plan........I'm great.
OMG, United Arab Emirates are on the phone, they want me to take over all their money…look at me!
I’m still trying to decide if these are more annoying or funny. I’ll have to admit, they are funnier than the first batch…
Bill Gates just called, he wants to xfer his account to me!!!YIPPIE!!!
I’m still trying to decide if these are more annoying or funny. I’ll have to admit, they are funnier than the first batch…
I'm sorry Indy, these are hilarious!
Just got off the phone with Buffett, well you know “the rest of the story”.
A Rod’s one line 2, he and Madonna will be moving their money into my office at the strip mall.
ok. now they are getting old.
10-4 Moron
That one was funny jail.
Thought I would pick up on rankstocks little thread before I go on my Jones complaining thread.
This story is priceless: So I run into one of my wife’s colleagues’ husband (I know that’s convoluted, but work with me) last week. I met this guy at a dinner party and spoke to him for a while about a year ago concerning how I was planning on leaving Jones and this is why, blah, blah, blah.
Anyway, when I ran into him last week on a run, he mentions that he’s not thrilled with his investments and wanted to know if I’d take a look at his stuff. I told him sure, no problem and no fee for a friend of my wife’s. He comes in today with his statements and says he just wants to transfer it all, with no look no advice on what I think he should do. I told him we could do that.
As we were filling out his $1.2 mil transfer I noticed something hilarious on the Edward Jones statements - they had my former regional leaders’ name on them.
Geez…first page of this thread we are celebrating Rankstocks’ good fortune to ACAT that account over from Merrill, and you didn’t even give him a chance to work his magic…
No way - rank can’t be… no… is that you …
Never mind, I just figured out that Rank only has about $80 MM under management. My old regional leader had close to $300MM. But I’m peeling it away, one dissatisfied customer at a time!
Right now, I’d take an $80 million book and I suspect many of us would. All kidding aside, I don’t always see eye to eye with Rankstocks, but there’s no question that he understands how to prospect and build a business.
Why wouldn't people be moving their account TO Jones, especially at a time like this? How much negative press has ML, SB, et al received in the last 6 months? How many stories about Jones have you heard that says they're paying their execs big bonuses in spite of the billions of dollars that they lost? There is nothing wrong with Jones from a client's perspective. All of the issues that people have on this board are internal issues. Personal preference issues. Whining about not getting an office, or getting put on goals, or my old Jones friends won't talk to me, etc. Clients know that Jones FAs (with the exception of the post about the RL who just lost a $1.2 mil account) pay attention to their clients. They know that they get decent returns. They know that they haven't heard anything negative about Jones in the news in a long time. So, again, why wouldn't people be moving accounts TO Jones?I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere.
No offense Jonesers, it’s not you, it’s the company.
[quote=Moraen]I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere. No offense Jonesers, it’s not you, it’s the company.
Why wouldn’t people be moving their account TO Jones, especially at a time like this? How much negative press has ML, SB, et al received in the last 6 months? How many stories about Jones have you heard that says they’re paying their execs big bonuses in spite of the billions of dollars that they lost?
There is nothing wrong with Jones from a client’s perspective. All of the issues that people have on this board are internal issues. Personal preference issues. Whining about not getting an office, or getting put on goals, or my old Jones friends won’t talk to me, etc. Clients know that Jones FAs (with the exception of the post about the RL who just lost a $1.2 mil account) pay attention to their clients. They know that they get decent returns. They know that they haven’t heard anything negative about Jones in the news in a long time. So, again, why wouldn’t people be moving accounts TO Jones? [/quote]
Spiff -
Just a few reasons:
1) Revolving door - people know that in my area
2) Mutual fund chop shop - people know that around here too
3) Not advisors, they are brokers - people are looking for advisors
4) Revenue sharing
5) And a new one that I was made aware of yesterday - a nice, fat Bernie Madoff affiliation which I’m sure will be downplayed.
Why is ranks book down 20%? Which by the way, I’d love to have an 80MM office too. I’m not even close, so I think ranks asset gathering and prospecting is obviously top notch.
Rank is down because of a flawed investment philosophy that “the Firm” is adamant about sticking to. People are tired of being told, “this is what it looks like to buy low” or “it will come back, it always does”, or “that’s why we diversify, so that if you lose a bunch of money in a bond of a company that we think has great cash flow, you’ll still have 90% of your portfolio”. People want to hear a strategy. A REAL strategy. Something that involves profit taking and making money in the market.
Here, let’s put this money in American Funds, or FT. Let’s keep a “Buy” rating on BAC all the way down to $4 a share.
I mean, really? Do you really think that people want to go to a place that will recommend you buy a stock at $40 a share and then put a hold on it at $4?
The first stock I sold at Jones was at Eval/Grad and it was Apple. I was called out for not selling a Jones recommended stock and was told that it was too volatile (by a trainer) for my 29-year old client.
It was at $38 a share. They put a “Buy” rec at $180?
Really, people should be going TO Jones?
Moraen:
How much is your book down? Or is your book UP? Please do tell. I think been down 20% in a market that is down over 40% is not bad. JackBlack[quote=JackBlack] Moraen:
JackBlack[/quote]
Since I left Jones, I’m actually up quite a bit!
Moraen,
Over 90 posts in only 3 weeks. How do you have time to work in between your hate posting? You may convince the world that Jones is a plague (respectfuly doubt it). Why not spend a tiny bit of time helping your clients and building your business? Won't do you much good to be the man that conquered Edward Jones if you are not even in the industy to gloat about it. Carrying around this much hate is going to eat a hole in you. If you post 90 more times in the next 3 weeks, all of these people you don't know anyway may stop respecting you as the king that they don't know anyway. Life is too short. Let it go.The posting is my therapy. This posting is filling the hole that the hate filled. My guess is that after a couple of more weeks, I’ll be done, and you guys won’t have to hear from me. I’ve already felt incredibly good towards Jones this last couple of days. And I find enough time to do what I need to. Actual REAL marketing plans help. Thanks for the help, though! My life is quite full.
I doubt as well that I will convince the world (just the smart people). And, I don’t do too much prospecting at 11 pm.
Not that you or anyone else cares, but I spent a year planning my exit from Jones, and for the last six months my life has changed so much for the better everybody who is unhappy at Jones should know about it. I just recently started posting on this forum, recognizing that maybe I had some time to indulge in a little porn.
A year planning to move a couple of million $? I’d say you should forget the therapy and work on time management.
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