Another Thing I miss

Ahhh!  That was a nice stroll down memory lane.

Too funny.

EX- No Problem.

Hey, I even have an UNUSED Federated Beach Bag left over from my last trip- I'll send it to you.

[quote=munytalks]

Seeing all those wonderful comments about the Fantabulous trips that Edward Jones sends their employees on as a reward for all their hard work, dedication, doing what's right- no REALLY right for the client - I found myself missing those trips. I found myself feeling selfish, and GREEEDY for making so much more money when I was happy leaving it on the table before.

So this last weekend, I was lying around my own pool. And just as I was getting really comfortable I got up and took a shower. Got all dressed up and put on my old Green Name badge. I set up a cocktail table and Stood up and announced my name , where I was from and my Can-sell date to the people who could hear me on the golf course.

I then made out a check for $1500 (the tax I would have paid for that trip) and mailed it the Battered Brokers Shelter.

I spent the rest of the evening viewing an old training video- with a smile plastered across my face.

Boy I fee better now.

[/quote]

You and I are a lot a like.  Just this weekend I had my wife dress up like one of my old girlfriends, she put on a wig and everything.  Then I had her pick a fight with me, lie to me and threaten to cheat on me just like my old girlfriend used to.   Boy living in the past.  Good times.

Muny - We have a "Protective" beach towel that can go with the beach bag.

How about the way you were always reminded before a trip how you were supposed to behave yourself?

Before her trip to St Maarten my rep was notified that the hotel was on a nudist beach, and as such Edward Jones reps are not permited to be nude on the beach. Our comment was, if she's not wearing her name tag how will they know she's with Jones?

(by the way, she says any romantic notion she had about nude beaches was forever changed by the horror she witnessed during the "nude beach volleyball" game)

Devoted- EXACTLY the same thought I had when on a Nude Beach in France- HOWEVER, I did get caught.  I shouldn't have worn than D@#MN Putnam Sunvisor!

Max- (You do that too??!!)

So what you are saying is, you have to apologize for Putnam IN "uniform" and OUT of "uniform"?

[quote=Devoted SA]

So what you are saying is, you have to apologize for Putnam IN "uniform" and OUT of "uniform"?

[

UUHHH, boy- you REALLY do know your way around, don't you!

But hey, I WAS with the BEST D@#$MN  Firm in the entire Free Flippin' Universe!!

Man, I can't tell you all the Putnam crap I have.  My favorite of which is the embroidered shirt that I use when I'm painting.

I will say though, that I do have a very elusive "American Funds" polo.  Most brokers have only heard about them.

Ex - you must have given them about $25 mil for that $20 polo

Seems like a fair trade, doesn’t it? 

Can’t wait to finish reading this come Mon.  Wife and I are headed out of town for the wkend.  Have a good weekend everyone.

My all time favorite

That's a great question, I am glad you asked.

Before her trip to St Maarten my rep was notified that the hotel was on a nudist beach, and as such Edward Jones reps are not permited to be nude on the beach. Our comment was, if she's not wearing her name tag how will they know she's with Jones?

Obviously your rep was never a true Edward Jones rep at heart otherwise she would have had  E   D   J  tatooed in green on her ass.  No need to wear a name tag.

I have very nice black canvas briefcase tote that had Edward Jones embroidered on it in white.  You can hardly see where I picked out the embroidery.

I use all my EDJ and other promotional T shirts to paint the fence and work in the yard.

Babs-

I put my Ted Jones Blue Blazer up for sale on e-bay. I got $19.95 for it.

I think a guy named... Butkus bought it.

I hope I can sell my Blue Blazer for $19.95.  I recruited 10 people to Jones and I got this crazy clock from some east coast firm.  It was the most ridiculous gift I have ever been given. 

In 8 years at Jones no Diversification trips to Vegas.  It seems as though they don't trust the IR's to behave themselves.  When I was in Monte Carlo and betting $200 per hand a GP pulled me aside later in the week and asked if I had a gambling problem.  I couldn't believe the audacity of some the hosts on those trips. 

When I was in Brazil, one of the single Jones IR's brought a hot little local babe to the cocktail hour.  He was reprimanded by the GP's.  I think he could've been fired for that.  Just crazy!

Spiked…I know i have criticized you in the past for being a crook. I still think that you are…but you have pointed out alot of goofs at Jones that I believe to be true. Here is a question…Are “they” watching over you the entire div trip to make sure you are doing as you are supposed to be doing? I have always wondered that.

Peanut,

I know you didn't ask me, but I can tell you what I have seen on Div trips in my years at Jones.

One broker rented a sailboat while in the Carribean- she and her husband were avid sailors. They skipped around a couple of Islands to make the most of the trip-it was her first win. Each evening at cocktail hour and morning at breakfast people who knew her were being asked about her whereabouts. Problem was- she skipped out on the "Meeting". If you don't attend the meeting, JOnes has trouble writing the trips off to the IRS. She got pulled aside by GP's and 'scolded' for her 'thoughtless' behavior.

The GP's keep tabs on Jones folks during all trips, Div Trips, Due Dilliegence, etc. They make notes and put it in your 'call path'. There are two reasons they keep notes- such a asking Spike if he has a gambling problem- One) they track you at Jones for partnership/leadership- etc. Two) they may need to build a case against you someday if they fire you- or think you may sue Jones for something.

Do they watch over you to make sure you "are doing what you are supposed to be doing"- define that when you are on vacation. For some people, when you are on vacation, you need to feel like you are 'off the clock'. At Jones, you never are.

MUNY _

That was a classic!

Yes--"CALLPATHID"  I had that command for awhile.  I used to read stuff about other brokers in the region that was entered.  It's like an electronic file.  RL put most of the stuff on there--but It was interesting to see the kind of crap that was on there.  You could look at product mix, notes, even look at the trades that were placed that day by the IR.

Muny--you reminded me of that!!!  I had forgotten all about it. 

Zacko, we had it for a while too, then they did away with it in our region because someone complained about Leadership Team members knowing “what you’re doing”. After that we had VRIP, which was comm screen for each IR in the region.

[quote=footsoldier]

My all time favorite

That's a great question, I am glad you asked.

[/quote]

Feel...Felt...Found

I know how you feel others have felt the same, but then they found.....that Jones was a really crappy place to work.

Dear Mr. Peanut,

Thanks for the backhanded apology.  I'm a crook, but I speak the truth. 

I can speak for myself.  One time at a Van Kampen Due Diligence meeting in Houston, my buddy was only showing up to the meetings he felt were important to his business.  The other time he was out on the phone or at the gym working out.  Greg Dosman (our Area leader at the time) called my buddy 6 weeks after it happend and inquired about his whereabouts at the Jones meetings (can sell date/introductions/what did you do b/4 jones..blah...blah).  My buddy said he was on the phone or at the gym.  Dosman said he would have to reimburse Van Kampen for missing some of the meetings.  They docked his commission check for one month almost $550. 

I have many more stories, I will post in future posts....keep tuned in.

I always hated those trips and regional meetings.  I could opt out of the trips, but if you didn’t show up for the meetings all hell would break loose. 

In addition to having to attend the worthless and tedious workshops the RL and other GP wannabees would tell us what to do on our own time.  They told the female IRs that we couldn't/shouldn't sit together at meetings and even at the "fabulous" (sarcasm alert) dinners we were told who to socialize with.  My husband hated those stupid award dinners (circle jerks is what he called them) and only came because I wanted to have at least one normal person to talk to. 

I got sent back to St Louis after my first year out because I had grown my office in some top percentile.  Whatever.  Doug Hill did an inspirational (not) speech to the IRs and spouses about how he schlocked bonds over and over to be the success he is.  My husband said "Are you effing kidding me ?!?"   I said ignore it...I do.   The St Louis Zoo was pretty nice, I must admit.  We had a private EDJ cocktail function at the Zoo after hours.

A vacation to me is when I DON"T have to be around people from work and don't have to discuss work.   I like to go where I want and when I want and not have big brother watching me to see if I am embarrassing the firm.  Screw that.   I also don't consider it a vacation to be around a bunch of irritating bratty children, but unfortunately EDJ was all about being a "family" and constantly trying to force togetherness.  My family is raised. I want adult activities.

Geez,

It sounds like their recruiting posters - freedom to build your business... and independent office..... has some strings attached.  But hey, shouldn't they have the right to do this after all their taking 60% of my pay and paying my BOA?

[quote=Devoted SA][quote=footsoldier]

My all time favorite

That's a great question, I am glad you asked.

[/quote]

Feel...Felt...Found

I know how you feel others have felt the same, but then they found.....that Jones was a really crappy place to work.

[/quote]

Now that's very funny... I appreciated that .

Babs - your husband has a terrible mouth. Boy, Jones really is a terrible place to work. I mean, trying to create a cohesive region, creating a family atmosphere for my “bratty children.” As far as the adult activities, was your husband looking for a real circle jerk? I’m sure you use these words with your clients… It really irks me when some FA puts on a fake persona to sell investments. I bet you’re a republican and a democrat all in the same day aren’t you.

Oh grow up, incredible.  I can create my own “family atmosphere”.  My son (I’m a single parent, living CL, geat stepdad BTW, not allowed to attend regionals) wasn’t allowed to come to the dinner where I won my first production award.  Some family.

[quote=spikedkoolaid]

Greg Dosman (our Area leader at the time)

[/quote]

That name is another blast from the past.  Talk about a talentless boob who kissed ass all the way to GP'dom.  Someone told me that he sort of got "demoted" into another role within the GP ranks.  I don't know if that is true or not.  I do know that if he ever left Jones that he couldn't get a job managing a 7-Eleven.  And to think he's knocking down a half mil or more pure year.  Absolutely unbelievable.

I was privy to a situation involving the GP discussed above where he actually told an IR's "partner" not only to leave the hotel where everyone was staying during a regional, but attempted to persuade the person to leave the geographical area.

HR did some fancy dancing afterwards. Jones is one of the only companies I can think off the top of my head that tries to inflict its bizarre morals on the troops. Part of the double speak. Bachman marries his secretary, and people turn the other cheek. An IR wants to bring their companion on a trip or a regional, and the moral police synchronize their GPS devices to watch over us.

Once again, proof that this company is seriously misguided. And they talk about culture.

[quote=Incredible Hulk]Babs - your husband has a terrible mouth. Boy, Jones really is a terrible place to work. I mean, trying to create a cohesive region, creating a family atmosphere for my "bratty children." As far as the adult activities, was your husband looking for a real circle jerk? I'm sure you use these words with your clients... It really irks me when some FA puts on a fake persona to sell investments. I bet you're a republican and a democrat all in the same day aren't you.[/quote]

Well, since you recognize yourself with the Bratty Children remark then you must understand how annoying it is to be forced into somebody else's idea of family.   I have a family and children, who are now grown.  I don't need to be crammed into yours.

I guess a cookie cutter lifestye in a cookie cutter office with a cookie cutter mind set and a cookie cutter portfolio for your clients works for you.   That is why they call you guys clones and talk about drinking the kool-aid.   If you can't take a little adult talk on this board, I wonder how you can possibly handle real life?

Incredible Hulk= big body, little mind

Dear Footsoldier,

You speak the truth.  The IR was in Yosemite with her partner and on the second day, Dosman told her to go home.  He is a right-wing Christian conservative and he felt like he was within his Area Leader duties to send her home. 

The funniest part was, that was the weekend they broke out with the inclusion videos.  HR reprimanded him.  John Bachman and Dosman had to write a letter of apology and Bachman came out and spoke to our clients in San Francisco as a token of Jones screwing it up.  From that point on, Jones has had to be a little more liberal with their policies on who can go on trips/regionals/etc. 

They do it on a case by case basis, now.  If you are the beneficiary of your partners IRA and life insurance policies, If you have a joint checking account and if you have lived together for an extended period of time and have kids together then they will allow a non-married couple to attend the events.

[quote=Soothsayer][quote=spikedkoolaid]

Greg Dosman (our Area leader at the time)

[/quote]

That name is another blast from the past.  Talk about a talentless boob who kissed ass all the way to GP'dom.  Someone told me that he sort of got "demoted" into another role within the GP ranks.  I don't know if that is true or not.  I do know that if he ever left Jones that he couldn't get a job managing a 7-Eleven.  And to think he's knocking down a half mil or more pure year.  Absolutely unbelievable.

[/quote]

We heard a rumor that he was banished to "lower Siberia" (Retirement Plan Marketing) for playing the "My GP-nis is BIGGER than YOURS is!" game. (I think he slapped some IR around and then got called on it)

[quote=noggin][quote=Devoted SA][quote=footsoldier]

My all time favorite

That's a great question, I am glad you asked.

[/quote]

Feel...Felt...Found

I know how you feel others have felt the same, but then they found.....that Jones was a really crappy place to work.

[/quote]

Now that's very funny... I appreciated that .

[/quote]

 Thanks !

Spike-

It also depends on the initials after your name... like GP for example.

RL/GP in San Francisco is not married to her partner but has ALWAYS been allowed to bring him along as 'spouse'. No one acutally ASKS- but those who know her... know.

DOSMAN- got sent to lower Siberia for a little infraction. (Cover your eyes Hulk and any other 'Green' thing) He covered up a problem for a GP , then LIED about it. Yes. UNETHICAL. Lying. BUT, becoming a GP is ALOT like making your bones in the Mafia. ONce you are in, you are in for life.

It sounds like Mr. Dosman and Mr. Tim McCoy are back in the same department again (Retirement Plan Marketing).  Dosman is a JOKE! 

I remember going to dinner with McCoy in Germany and him bringing sales literature to dinner on a diversification trip.  He talked for 3 1/2 hours and my wife couldn't believe he could talk about the business so much.  McCoy has to be the biggest sicophant of them all.  He never was an IR and never knocked on a door and made it all the way to GP status. 

Sounds like the GP/RL in SF must have a life insurance policy with her partner. Or real estate. I wonder who approves this stuff now that Weddle is managing partner.

Maybe its Brett Campbell who is in charge of firm behavior now. I mean administration. Wouldn't you like to be a fly on the wall during one of those conversations.

FOOT SOLDIER SAID:

 Wouldn't you like to be a fly on the wall during one of those conversations.

I WAS a fly on the wall, HOW do you think I KNOW these things, anyway?

Maybe I should change my name to SUPERFLY ....

Spiked, and others for that matter…How do you find out what is in your Call path id file? What is used now since the old green screens are dying off? Do individuals have the ability to look at what is in their own file?

p-nut,

What's wrong getting a little paranoid over what your employer has on you?

Make friends with someone that has access to it. Listapp is the one with all the info though I think.

Another invasion of privacy. I guess they have the right to do what they want. But as an employee you would think WE would have the right to see what is being said.The spokesman for our region (notice I did not say leader) uses listapp against us. Some associates in SL have access to listapp and out in the field, anyone who is on the GP's leadership team has it. Usually they conveniently forget to turn it off when someone leaves the team.

What I think is absolutely wrong is the GP/RL has access to everything I do.  He can see trades, he can look at my clients accounts, etc. Anyone else see a problem with this?

I know when talking to IR's that have listapp, it was always couched prior to the breach, (you didn't hear this from me) I would inevitably find out production numbers in our region. Like it really matters.

[quote=peanutbroker]Spiked, and others for that matter....How do you find out what is in your Call path id file? What is used now since the old green screens are dying off? Do individuals have the ability to look at what is in their own file?

You can TRY asking your IRD Leader in STL. That is the one you really want to see. You may have to submit a written request via HR. But I wouldn't do that unless you have a really good reason. It will send a flag. Often STL will just give you a verbal "There's nothing in there".BTW the only people on Leadership Team that can get the REAL FULL CallPath is either the RL or the Growth Leader.

Best laugh I have had in awhile.

Muny speaks the truth...I have another funny one.  When I was in St. Louis for a meeting (segment 3), I ended up staying out at the casinos all night and didn't get back to the hotel until 5 a.m.  I called the training center and told them I was sick and I wouldn't be at the training until the afternoon.  Well, good ole Jack Cahill called my room and I wasn't there.  He then called the front desk and the guy that drives the shuttle van told Jack that he had dropped me off at the Hooters down the street for lunch. 

Cahill asked me about this and I didn't deny anything.  I told him I like the chicken wings at Hooters and that I was just starting to feel well enough to eat.  I told him that I was planning on attending the afternoon training sessions.  Cahill typed all of this stuff on my ListApp and my Regional Leader had to call me and say that Hooters was not an acceptable place to have lunch.  The RL said that I should've used better judgement.   Looking back, I think Big Brother is always watching.

Peanut,

The best way to find out what's in your file is to befriend folks back in St. Louis and just kind of do it gently.

Spike- BEE-U-TEE-FULL! So I take it you DIDN'T get your Top Gun Hat and Ted Jones Boxing Glove shirt?

On another Note Spike: was this all night excursion BEFORE your trip to Monte Carlo? See WHY the GP on the trip asked if you had a gambling problem? It was in your callpath and they were watching.

Note to Peanut: Get friendly with your IRD person in STL but NEVER trust them. They can enter info on your callpath too. And EVERYTHING you say WILL be used against you in a court of crap.

[quote=spikedkoolaid]Muny speaks the truth…I have another funny one.  When I was in St. Louis for a meeting (segment 3), I ended up staying out at the casinos all night and didn’t get back to the hotel until 5 a.m.  I called the training center and told them I was sick and I wouldn’t be at the training until the afternoon.  Well, good ole Jack Cahill called my room and I wasn’t there.  He then called the front desk and the guy that drives the shuttle van told Jack that he had dropped me off at the Hooters down the street for lunch. 

Cahill asked me about this and I didn't deny anything.  I told him I like the chicken wings at Hooters and that I was just starting to feel well enough to eat.  I told him that I was planning on attending the afternoon training sessions.  Cahill typed all of this stuff on my ListApp and my Regional Leader had to call me and say that Hooters was not an acceptable place to have lunch.  The RL said that I should've used better judgement.   Looking back, I think Big Brother is always watching.

Peanut,

The best way to find out what's in your file is to befriend folks back in St. Louis and just kind of do it gently.[/quote]

Man, do I know that feeling of paranoia...even when you feel like you've done nothing wrong.  That sounds like the same old crap I dealt with at the bank.  My thought is, any time you are EMPLOYED by someone else, assume that EVERYTHING you say and do can be monitored...email, phone conversations, whatever.  The technology exists (well, maybe not at some firms) to watch pretty much everything you do.  A couple of months ago, I sat in my office eating lunch and watching the start of March madness...completely guilt-free.  That is just one of the reasons why most folks go independent for reasons other than the money.

A couple of months ago, I sat in my office eating lunch and watching the start of March madness...completely guilt-free.  That is just one of the reasons why most folks go independent for reasons other than the money.

That's right.  I have a fully stocked bar and refrigerator in my office and on Fridays after 4pm some of the good ole boys and gals like to stop in the office and have some "refreshments" gossip and generally just shoot the breeze for about a half hour.  They usually have just gotten off of the golf course. These guys and gals have mostly 7 figure accounts with me. They are my best referal sources and sometimes bring in their golfing buddies who open an account later.  Can you imagine being able to do that at EDJ?

[quote= A couple of months ago, I sat in my office eating lunch and watching the start of March madness...completely guilt-free.  That is just one of the reasons why most folks go independent for reasons other than the money.[/quote]

AMEN, BROTHER. 

Call associate relations. If it is part of your HR record they have to tell

you about it. If they don’t give it to you, you can call the new super secret

complaint line about employee ethics.

GT-

You are assuming it is part of the HR record. I would not doubt that they use it for inside communication between management.

I am sure they conveniently lose the data when pressed. They are worried about employee ethics, they ought to look in the mirror first.

Just finished the manadatory firm element on financial incentives. Now I am required to tell my clients that there is a potential conflict of interest when they buy one of the eight preferreds (excuse me now there call focus fund families).

Here is my dialogue:

Mr. and Mrs. Smith, EDJ is just like a grocery store. When I offer you an investment with Putnam, in addition to the commission, the on-going service fees, my firm receives an incentive which equates to over half of our net revenue, and  95% goes to the equity partners in the firm. My firm feels it important to provide (inferior) these eight fund companies to you because they provide me and my firm with not only financial incentives but they support us at most of our meetings and trips.

The compliance department has advised us NOT to use the grocery store analogy because the stores don't provide any analysis about the products they offer. Other than American and Franklin (a recent addition to our product line), the only fund family I have not been burned with so far, I would conclude that our mutual fund department asks who will pay the most for our mind space (instead of shelf space at the grocery store) as a way to stay in the fold. Certainly, Federated, Hartford, Putnam, and Van Kampen are mediocre at best. So what is so different than the grocer?

Oh yeah, Mr. and Mrs. Smith, one more thing. Please disregard the blatant conflict with Hartford. The general partners forgot to tell us to tell you that they owned a stake in the mutual funds from the very beginnning and received income every year for almost ten years before terminating the relationship with a 70M payment. You will find this information buried in the small print of our disclosure. One final issue, let's plan our lunch next week at MickeyDees to spend the $32 you are going to receive as your share of the 75M settlement. Any questions? Great and I almost forgot, Who else do you know that would like to take advantage of this awesome opportunity? After all, this is an industry problem not just EDJ.

Footsoldier,

Thank you kindly for that nice Sunday morning laugh!

Footsoldier,

Well said, couldn't agree more.

Footsoilder thats a good one.  Sound exactly like what the home office would ask you say to your prospect. Yea, sure just keep on selling those fund familys.  Keep the flow moving to the GP's....

Will it ever end....

Footsoldier,

Good stuff.  I will add a joke of the day...

Edward Jones Product Review

...they should just call it what it is, the "kick back" generating dept.

It's a crazy thing when you think about it but all EDJ really boils down to is a way for the GPs to create personal wealth through kick-backs via their loss leader the IR.  It's really ingenious.  Take out those kick backs and what do you have?  Surly not a viable company.  That's all EDJ really boils down to.   Isn't that kind of the way Amway works??  

Great remarks Footsoldier.    

Malcolm-

And when one takes the time to read the recently filed 10K and you see the companies owned under EDJ holdings, your realization of their business model is exactly what you assert. EDJ Brokerage represents 20% of net profit.

Where does the rest come from? Ah ,the devil is in the details. If the kickbacks were eliminated this firm would be very different than it is today.

A question for the masses.

What other securities/brokerage firm does EDJ Holdings own?

footsoldier -

What are the other securities/brokerage firms EDJ Holdings own? What was the story on the Money Market account?

Kudos, Footsoldier!

Once your eyes have been opened, nothing will ever look the same again.

The 10K references several companies within Jones Financial Companies, LLP. They also own many insurance agencies (Can you say override?)in different states and in Canada. And yes, they own a firm called Conestoga Securities. All told these companies, LLC's and partnerships generated MORE net revenue to its parent than EDJ Brokerage. And as some of us can figure out, revenue sharing made up the majority (that means more than 50%)of net revenue to its equity partners.

Its all in black and white. Malcolm is right, the model is ingenious. It is nothing new, just the standard wholesale/retail model.  The product happens to be financial services. The profits are made as a RESULT of the Brokerage not because of it.

 Footsoldier- great job!

Don't forget one thing that does make EDJ different from ALL other FIRMS- the fact that they get the Reps to VOLUNTEER their time making the machine go.

(In some Regions- you are VOLUN-TOLD what you will do...)

What is wrong with owning other businesses? 

you mean to tell me raymond james never receives revenue sharing. or kickbacks as you say

Success-

They all do it. But name another b/d that shares any with the troops. Do you have any recollection how many times we have been told there is only one profit center?

I am guessing thousands over my career.

But your argument that others do it makes it ok or standard in the industry crap is full of ethical holes. Remember ethics. You and I will have another mandatory firm element training coming up soon on ethics. As if the last one on financial incentives wasn't enough to make you puke.

[quote=footsoldier]

The 10K references several companies within Jones Financial Companies, LLP. They also own many insurance agencies (Can you say override?)in different states and in Canada. And yes, they own a firm called Conestoga Securities. All told these companies, LLC's and partnerships generated MORE net revenue to its parent than EDJ Brokerage. And as some of us can figure out, revenue sharing made up the majority (that means more than 50%)of net revenue to its equity partners.

Its all in black and white. Malcolm is right, the model is ingenious. It is nothing new, just the standard wholesale/retail model.  The product happens to be financial services. The profits are made as a RESULT of the Brokerage not because of it.

[/quote]

What I'd like to know is...are the #'s on the recruting and menu of services propaganda INCLUDING the revenue from the "other" Jones companies?

(i.e. "Edward Jones has more than x # of offices nationwide, and in Canada and the United Kingdom. Edward Jones serves x # of individual investors nationwide, earning x # of revenue nationwide."  You know the annoying blurb that's required at the end of EVERY advertisment)

At the time, (back when kool-aid used to quench our thirst) it was somewhat a point of pride to tout working for the "largest" brokerage firm serving "individual investors" making the most "revenue" as compared to Merrill, SB, MSDW and others.

i certainly agree that having the revenue sharing flow to the ir’s p&l was a conflict.  The new system works fine (assets)

Success-

Wake up dude and smell the coffee. If you and I aren't putting our clients funds into rev sharing products, they won't have anything to split with anyone. 

Just becuase they calc it based on assets, doesn't mean they are any cleaner. If it is not paid to the firm there is nothing to split. Using assets makes it look like there is less conflict. It just isn't so. Otherwise your trips would be subsidized by unit trusts, research, banking services, etc. More freaking double speak.

You are on the GP track.

footsoldier

so you are in favor of getting rid of revenue sharing across the board?

success-

There was a time many moons ago where the term "conflict" was avoided at all costs. Fiduciary comes to mind.

When talking to a CPA today, I asked the following; 

Mr. Jones, when you refer me to one of your clients would you prefer I remain free of any conflicts. Or would it be alright with you if I just disclose to your client that I have a conflict and let them decide.

In my opinion, if our reputation matters at all we should remain conflict free. Just my two cents. If that means rev sharing goes away, bye-bye. The GP's will figure out how to replace it.

THAT IS GREAT!!!

Revenue sharing will never dissappear at Jones.  It is a serious conflict, but our business is full of conflicts.  Jones has always pretended to be something they are not.  In some ways, this makes them worse than your typical brokerage firm.

At Jones your true rank of importance:

1.  GP

2.  Rookie IR

3.  BOA & STL Associates

4.  IR's 2 years out and less

5.  VET IR

The Jones backers always want to point fingers and say all firms have

revenue sharing. Has anyone taken the time to compare Jones to the rest of

the big firms when it comes to bottom line revenue sharing payments?

Truth-

If it is true that EDJ is the largest seller of non proprietary fund products, then I would guess no one participates to the same level as EDJ.

I certainly could be wrong, my info comes from Jones management. Maybe that is why the SEC came down with such a hefty fine.

One of the half-truths that was going around for a while was when Bachman/Hill article in the WSJ came out calling for MF reform and more disclosure, it pissed of the big wirehouses and they encouraged the regulators to look into EDJ rev sharing practices. Are there any GP's that would care to comment (of course off the record).

Is anyone else bored with this subject?

IH-

Great question I am glad you asked. NO. Why even ask such a STUPID question. If you and no one around you responds to this thread it will slowly go away.

Now go sell some more Goldman funds. Or Van Kampen. Or Hartford and for good measure throw in the Federated funds too. Make sure you hit a breakpoint and give them the damn disclosure.

FS -

When are you planning on leaving EDJ? I’m guessing you fit the “typical” mold that everyone on this site seems to think the Jones broker is. 18 mos selling and struggling with your own inadequacies. So you take it out on your employer to befriend a few cyber nerds who spend every waking minute reading this ridiculous banter. The sooner you give up and join the bank the better.

Hulkster-

I'll leave on my terms when I am ready. The difference between you and me is very simple. I can and do think for myself. If you look at all the facts (read the disclosure and the 10K) you might take a different stance. I am amazed at folks who attack rather than make up their own minds after understanding the facts. Refute anything I have said. I dare you. You can't because you choose not to look inward.

Don't attack the messenger. Look beyond the words for the real truth and decide for yourself. I have and this is not the company that I signed on with. I am not far from my ten year anniversary with this firm. Believe it when I say I have given them long enough. And in their eyes I am successful. In my eyes I have given up way more than I ever received.

Tru dat homey.

[quote=zacko]

Revenue sharing will never dissappear at Jones.  It is a serious conflict, but our business is full of conflicts.  Jones has always pretended to be something they are not.  In some ways, this makes them worse than your typical brokerage firm.

At Jones your true rank of importance:

1.  GP

2.  Rookie IR

3.  BOA & STL Associates

4.  IR's 2 years out and less

5.  VET IR

[/quote]

Zacko--

You left out item 1(a). : Underachieving, talentless, dipsh*t, sense of entitlement relatives of GPs

[quote=Soothsayer] [quote=zacko]

Revenue sharing will never dissappear at Jones. It is a serious conflict, but our business is full of conflicts. Jones has always pretended to be something they are not. In some ways, this makes them worse than your typical brokerage firm.

At Jones your true rank of importance:

1. GP

2. Rookie IR

3. BOA & STL Associates

4. IR’s 2 years out and less

5. VET IR

[/quote]

Zacko–

You left out item 1(a). : Underachieving, talentless, dipsh*t, sense of entitlement relatives of GPs

[quote=Incredible Hulk]
7. Crybaby quitters who didnt get an LP offer.[/quote]

When exactly was the last "bond in drag" offering completed.....5 or 6 years ago?  

Incredible Hoax:  LP offer?  lmao...I was a top producer.  It was never about the LP. 

I had 50k LP coming in the offer about the time I left--that was in 2003.  As you know, they pulled back the offer and have yet to offer one since.  The LP was not a bad deal--but it really wasn't as great as Jones hyped it to be.

RJ gives me FREE stock options (That means I don't have to pay for them--something you are unfamiliar with at Jones)...and they are up substantially.  symbol:RJF.  The options are given based upon production--so I know what I am getting in advance & not based upon some arbitrary feeling of any RL or AL.

Grow up clone--you have no idea what your talking about. 

If I were a betting person, I would give 2 to 1 odds that EDJ will not go through with the LP offering this time either. They have already made it known that the profit bogey is at least twice the number in 2003. For folks like success who haven't figured out what a calculator is , it will impact less new advisors and help only those that have been out alot longer. The propoanda will be disseminated at the regionals, because brokers will say what a steal, they didn't have to pay for it and receive income for it.

Zacko is right on again. Someday others will figure it out.

[quote=Incredible Hulk]

7. Crybaby quitters who didnt get an LP offer.[/quote]

Hulk--You left out No. 6.  So typical for a Jones guy who just doesn't pay attention to all the little things.  For the record: was offered LP in 2003 just barely 3 years from can-sell date as a new/new scratch starter with then Segment 4 numbers.  Would have been Seg 5 under new system.  So, you can save all that bullsh*t. 

What I was referring to was having a pool of new brokers in a region.  Good people with good credentials: Economics degree from private university, Ivy-league graduate (swear to God, I can't make this stuff up), military acadamy graduates, MBAs, former bank VPs, etc. etc.  People out busting their hump and hitting the benchmarks along the way.  People who took significant pay cuts to come to work for Jones.  All of a sudden a new guy who was hired from outside of the region shows up in your town.  He is a high school dropout who went back to get his GED.  He knows no one in the area, and moved to town solo after his recent second divorce (before the age of 30).  Was the assistant manager of a CarQuest store before being a Jones broker.  The $24K training salary represents a 20% raise from his last job.  Any guess who got the $15MM Goodknight?  Any guess who was the relative of a GP?  Any guess who cried endlessly about "getting screwed."  Afterall, he was promised even more.  It's too hard.  Wah, wah, wah.  I just had an expectation that assets and opportunity would be awarded based on things like merit and accomplishment, and people that I was proud to be associated with would be the first considered.  Wow, what a "culture" to be so proud of. 

Fs,

you're right, i'm stupid.  I pissed off b/c i make $250K a year, and LOVE my life.  As for the LP.  SO what if they dont give it to me.  I have to come up with 25%.  fine by me.  I do agree that the process of selecting the LP's and the amount you get is a little fuzzy, but I can live with it.  I have never met 1 guy that left jones to go independent that kept their business practices the same.  You guys stand behind, "oh its in the best interest of my clients b/c i can now offer more options."  Bottom line it always about the benjamins.  Always will be with you.  I bet you sell the L-share at protective fo some lame dick annuity with johm hancock or jackson national.. next time you sell a trad. annuity, tell your client you are getting paid 6% and see what they say.  You client would die if he know on a 500k order you were grossing 30K  cant wait to hear this response.

[quote=success]

Fs,

you're right, i'm stupid.  I pissed off b/c i make $250K a year, and LOVE my life.  As for the LP.  SO what if they dont give it to me.  I have to come up with 25%.  fine by me.  I do agree that the process of selecting the LP's and the amount you get is a little fuzzy, but I can live with it.  I have never met 1 guy that left jones to go independent that kept their business practices the same.  You guys stand behind, "oh its in the best interest of my clients b/c i can now offer more options."  Bottom line it always about the benjamins.  Always will be with you.  I bet you sell the L-share at protective fo some lame dick annuity with johm hancock or jackson national.. next time you sell a trad. annuity, tell your client you are getting paid 6% and see what they say.  You client would die if he know on a 500k order you were grossing 30K  cant wait to hear this response.

[/quote]

Success-

You write with an accent.... where you from? "YOU CLIENT" IF HE KNOW>>> or, are you just not used to using a computer?

Success - so you’re doing $750k and change in production at Jones?  Good for you - seriously.  I’ve talked to one guy who did that much and he had to have $200M AUM since he didn’t use fee-based products.

FS, twice the profit number? I think you have the reading comprehension issues that plaque many Jones IRs who post here. Re-read the information. As for if an offer comes? Who cares. I recieved a very nice check from the "pool" without putting up any money.  To use your words "if I were a betting man" I would bet you will miss the cutoff this time also.

BR, I am over both the assets and the gross you mentioned above with only 20% of it fee based. Sounds like a senior vet working 20 hours a week and living off of trails. I doubt there is a lot of transaction or new business in your example.

Success: I would disagree with you in your blanket statement that everyone changes their practices when they change firms. Many do, but attacking Zacko is barking up the wrong tree. I knew him at Jones and I see his posts here. Same pactice from what I read. Maybe he has gotten a bit more arrogant about it though!

guest1,

this wasnt meant for zacko, it was for footsoldier.  I respect most of zackos posts

as for my accent, i dont proof my posts.  and yes i can use a computer.  also, i am still waiitng for some more replies.  when was the last time you told your client the commission you get on a trad. annuity? 

[quote=success]

Fs,

you're right, i'm stupid.  I pissed off b/c i make $250K a year, and LOVE my life.  As for the LP.  SO what if they dont give it to me.  I have to come up with 25%.  fine by me.  I do agree that the process of selecting the LP's and the amount you get is a little fuzzy, but I can live with it.  I have never met 1 guy that left jones to go independent that kept their business practices the same.  You guys stand behind, "oh its in the best interest of my clients b/c i can now offer more options."  Bottom line it always about the benjamins.  Always will be with you.  I bet you sell the L-share at protective fo some lame dick annuity with johm hancock or jackson national.. next time you sell a trad. annuity, tell your client you are getting paid 6% and see what they say.  You client would die if he know on a 500k order you were grossing 30K  cant wait to hear this response.

[/quote]

Success,

The 6% we receive as indy's is the same 6% that Jones receives.  The GP's have chosen to give the IRs 4.5% and keep the remainder.  If you don't believe me ask one of your wholesalers.  Start with Lincoln.

Thanks Gone- I was just about to point out the same thing:

Success- weren't you aware that Jones juices the Insurance products a couple points in the back office BEFORE you get to see the commission? Gee, such a BIG producer as you certainly should be invited to Top Producers conferences.... that's where you learn how the 'sausage' is REALLY made... Or, you could read the NEW Revenue Sharing disclosures for Annuity Products...

success-

You are going to find this hard to believe, but I haven't left Jones. And my annuity biz is substantially less than the firm average. Once again all you can try to do is lame personal jabs. So typical.

Guest1-

It was my understanding that the bogey was going to be around 40k. Now if that isn't twice the number of 2003, I'll replace the batteries on my calculator.

FS- TWICE the PROFIT BOGEY from 2003??!!

Now that is an interesting turn of events: In July 2005 I heard a GP from STL announce in a group of about 30-35 Brokers that a) LP was to be coming out in the Spring of 2006-(okay, missed that) AND- since it had been so long since the last offering they were going to make EVERY effort to include as many people as possible-even doubling the number of Associate candidates to 'make it up to everyone'. HE said they would be LOWERING the Profit Bogey to make this happen.... pretty strange.

Guest1 has far more tenure than me so maybe he knows more.

But if I were a GP and I wanted to incent IR's from not leaving without carving too much out for new limited partners, what better way to accomplish the goal than make the bogey high enough not to include the masses in the 20-40K range. I have heard from Hill and now Weddle that they don't NEED the new influx of cash (or the new limited partners).

I hate that I have become so skeptical of my firm.

I find it comical that success and others berate reps  who don't follow their path ,  go indy or take checks from wirehouses because all they care about is the benjamin." Like they (IR's and GP's) don't.

Guest1 - the amazing thing with this guy is that he still door knocks.  Blows my mind.  I know of one guy who has $100M, but only does $350k.  He wants to go indy to increase his ROA, but says that his clients are with him because he’s with EDJ, not because he is who he is.  It’s just mind-boggling to see someone who came in new/new and has no idea why his clients are there.  He’s a complete tool. 

"Success,

The 6% we receive as indy's is the same 6% that Jones receives.  The GP's have chosen to give the IRs 4.5% and keep the remainder.  If you don't believe me ask one of your wholesalers.  Start with Lincoln."

I don't post about most of the commentary because most have their minds made up anyway, but this statement is 100% false.  I know and I can prove it one on one to anyone.  Unfortunately there are a bunch of wholesalers who quite frankly don't know the difference between what is paid to various companies.  Jones takes a lower upfront in favor of larger residuals for the IR.  Could they make 6 or more?  Sure...but they would have to trade that for lower future payments and have chosen to take the way that keeps you getting paid better in the long run.  You can go back to saying  that you think we are hypocritical or liars or that GPs make good money or whatever else the latest goofball idea on this board is, but I know this statement to be completely false.  Absolutely and without any shred of problem stating such.

Incidentally, this is true on all insurance products.   Jones doesn’t get an ‘override’ on any insurance product.  They have gotten something akin to revenue sharing, this I will agree to.  But that is passed on to the broker in the same way that RS was on Mutual Funds.  Now you can return to calling us kool-aid drinkers or what-have-you. 

[quote=success]

 I bet you sell the L-share at protective fo some lame dick annuity with johm hanDcock or jackson national.. [/quote]

  he he he

Proudlp-

If Jones doesn't get an override, then why all the insurance agencies owned by EDJ Holdings? It can't be because they like paperwork, unless its green.

Come on dude. You can't really believe this.

proudlp:

I have never worked at Jones but what you are saying is, correct me if I am wrong, wholesalers do not know there product? I doubt it!

Jones takes a lower up front commision so they can pay a larger trail?

So does Jones pay the rep a .25 or .50 or 1.00% trail on the annuities?

And if they do pay a larger trail do they take back 70% of the trail and the rep keeps the 30% on the trail?

Either way I would perfer to choose how I get paid if I do an annuity.

Be it 7% or 5% or 2% with a trail income of my choice.

[quote=proudlp]

"Success,

The 6% we receive as indy's is the same 6% that Jones receives.  The GP's have chosen to give the IRs 4.5% and keep the remainder.  If you don't believe me ask one of your wholesalers.  Start with Lincoln."

I don't post about most of the commentary because most have their minds made up anyway, but this statement is 100% false.  I know and I can prove it one on one to anyone.  Unfortunately there are a bunch of wholesalers who quite frankly don't know the difference between what is paid to various companies.  Jones takes a lower upfront in favor of larger residuals for the IR.  Could they make 6 or more?  Sure...but they would have to trade that for lower future payments and have chosen to take the way that keeps you getting paid better in the long run.  You can go back to saying  that you think we are hypocritical or liars or that GPs make good money or whatever else the latest goofball idea on this board is, but I know this statement to be completely false.  Absolutely and without any shred of problem stating such.

[/quote]

Jones takes less up front on VA's so that "future payments" are better?  What are you talking about proudlp?  Future payments being revenue sharing?  Maybe you mean trails?  If I recall, the trail on a traditional annuity at Jones is 25bps.  How is that any better than what we get?  Being indy, I get the same trail and quite a bit more up front.  You will never convince me that Jones is not giving their IRs a haircut on VA business.  They absolutely do.  Do you really think that the annuity companies are paying Jones 4.5% gross with a 25bps trail and they just happen to pay the rest of the b/d's more?  Lay off the kool aid!

Yup..You all are all correct...I'm just full of kool-aid and obviously wrong.  (I was hoping to hear about the kool-aid). I'm tired...irritated and not going to debate people who already have their mind made up.  It is akin to writing a congressman...they already made their mind up before I wrote anyway, so all I do is get myself upset about an issue.

As I'm leaving the group I do believe it worth pointing out that anything you want can be found in the financial filings of companies and with insurance commissioners.  I'd challenge those who are so sure we take a haircut to find it and prove it...But I'd not donate my life to it because you are going to be looking a long time. 

So long to the group...I'm tired of me, my company, and my own reputation being treated like dirt in here...Got money to make elsewhere.

Ok here is the real truth.  Jones get 6.5% from all B-share annuities sold through the Hartford.  They pay the IR out based on 4.75%.  They will tell the IR’s that they do not hair cut that is a bold faced lie.  I have a good friend who works for Hartford/Planco.  He told me the real scoop several years ago.  Not only do the GP’s get 60% of the 4.75 but they keep a whole lot more on the front end.  When I was at Jones I was told by a GP not to bring it up again.  It would only cause problems.  They can candy coat it anyway they want.  The truth is the truth. 

I had  a client who transferred in a Metlife Bonus Annuity while I was at Jones. He wanted to add more money. I called Insurance Services , (#91, right?) and was told "No Problem." I called Metlife and asked how much will I get Paid?  SEVEN BPTS! Wow, that was pretty cool.  NOTHING I ever sold at Jones paid 7 points.... then I called Insurance Services again... and was told, Yes you will get paid, but not 7 pts- 5% gross and 35% of that to you.....

SO, Proud LP- WHERE did those other 2 points go? Is there a Homeless Edward Jones General Partner Foundation out there somewhere? Did EDJ refuse the extra 2 points? And if it's true that Jones takes LESS than other B/D, then WHY wouldn't every single freakin' Annuity company in the whole Free world be throwing themselves at your green feet?

You said you can go head to head on this- so, bring it on. Where did my other 2 points go?

[quote=proudlp]

Yup..You all are all correct...I'm just full of kool-aid and obviously wrong.  (I was hoping to hear about the kool-aid). I'm tired...irritated and not going to debate people who already have their mind made up.  It is akin to writing a congressman...they already made their mind up before I wrote anyway, so all I do is get myself upset about an issue.

As I'm leaving the group I do believe it worth pointing out that anything you want can be found in the financial filings of companies and with insurance commissioners.  I'd challenge those who are so sure we take a haircut to find it and prove it...But I'd not donate my life to it because you are going to be looking a long time. 

So long to the group...I'm tired of me, my company, and my own reputation being treated like dirt in here...Got money to make elsewhere.

 COWARD- Come back and fight llike an Incredible Hulk!

hoosier, "I have a friend who told me" is factual? Come on. PL asked you to prove it, nice try. This argument has gone on a long time and was likely started by someone upset that they could not sell a bonus rate annuiy to a client and left Jones. Find the buried money on the 10k and we'll talk.

muny, guess you missed the touchdown bonds! Me too, whew!

Well at least you did not attack anyone personally. I appreciate someone who says I give.

Maybe success with his 250K income will go as quietly. I would still recommend a calculator for both of you.

Guest1-

Let's see, EDJ is philanthropic. Out for the green in black and white. Read below and tell me what YOU think. Few IR's take the time to read the fine print at Jones. From the 10K filed 3/31/06.

ORGANIZATIONAL STRUCTURE
At December 31, 2005, the Partnership was organized as follows: The
Partnership owns 100% of the outstanding common stock of EDJ Holding Company, Inc., and 100% of the outstanding common stock of LHC, Inc. ("LHC"), each of which is a Missouri corporation. The Partnership also holds all of the partnership equity of Edward D. Jones & Co., L.P., and EDJ Leasing Co., L.P., each of which is a Missouri limited partnership. EDJ Holding Company, Inc. and LHC, Inc. are the general partners of Edward D. Jones & Co., L.P. and EDJ Leasing Co., L.P., respectively. In addition, the Partnership owns 100% of the outstanding common stock of Conestoga Securities, Inc., a Missouri corporation, and also owns, as a limited partner, 49.5% of Passport Research Ltd., a Pennsylvania limited partnership, which acts as an investment advisor to a money market mutual fund and as a limited partner, 49.5% of Passport Research II Ltd., a Pennsylvania limited partnership, which acts as an investment advisor to a mutual fund. The Partnership owns 100% of the partnership equity of Edward
Jones, an Ontario, Canada limited partnership, and all of the common stock of Edward D. Jones & Co. Canada Holding Co., Inc., an Ontario, Canada corporation, its general partner. Through its Canadian entities, the Partnership owns all of the partnership equity of Edward Jones Insurance Agency, an Ontario, Canada limited partnership, all of the common stock of Edward D. Jones & Co. Agency Holding Co., Inc., an Ontario, Canada corporation, its general partner, and 100% of the common stock of Edward Jones Insurance Agency (Quebec) Inc., a Canada corporation. The Partnership also owns 100% of the equity of Edward Jones Limited, a U.K. private limited company, which owns 100% of the equity of Edward Jones Nominees Limited. The
Partnership owns 100% of the equity of Boone National Savings and Loan Association, F.A., (the "Association"), a federally chartered stock savings and loan association. The Partnership also owns 100% of the equity of EJ Mortgage L.L.C., a Missouri limited liability company. EJ Mortgage L.L.C. owns 50% of Edward Jones Mortgage, a joint venture. The Partnership holds all of the partnership equity in a Missouri limited partnership, EDJ Ventures, Ltd. Conestoga Securities, Inc., is the general partner of EDJ Ventures, Ltd.

The Partnership is the sole member of Edward Jones Insurance Agency Holding, L.L.C., a Missouri limited liability company; California Agency Holding, L.L.C., a California limited liability company and
Edward Jones Insurance Agency of New Mexico, L.L.C., a New Mexico limited liability company. Edward Jones Insurance Agency Holding, L.L.C. is the sole member of Edward Jones Insurance Agency of Wyoming, L.L.C., a Wyoming limited liability company. The Partnership and Edward Jones Insurance Agency Holding, L.L.C. are members of Edward Jones Insurance Agency of Massachusetts, L.L.C., a Massachusetts limited liability company. Edward Jones Insurance Agency Holding, L.L.C. and California Agency Holding, L.L.C. are members of Edward Jones Insurance Agency of California, L.L.C., a
California limited liability company. All of the insurance agencies engage in general insurance brokerage activities.

The Partnership holds all of the partnership equity of Unison Investment Trusts, L.P., d/b/a Unison Investment Trusts, Ltd., a Missouri limited partnership, which has sponsored unit investment trusts. The general partner of Unison Investment Trusts, L.P., Unison Capital Corp., Inc., a Missouri corporation, is wholly owned by LHC. EDJ owns 50% of issued common stock of S-J Capital Corp., a Missouri corporation. Conestoga owns 100% of the outstanding stock of CIP Management, Inc., which is the managing general
partner of CIP Management, L.P. CIP Management, L.P. is the managing general partner of Community Investment Partners II, L.P., Community Investment Partners III, L.P., L.L.L.P., Community Investment Partners IV, L.P., L.L.L.P. and Community Investment Partners V, L.P., L.L.L.P., business development companies. EDJ owns 7% of the Customer Account Protection Company Holdings, Inc. ("CAPCO"), a captive insurance group.

During 2002, the Partnership's affiliates, Edward Jones Insurance Agency of Nevada, Inc., Edward Jones Insurance Agency of Alabama, L.L.C., EJ Insurance Agency of Ohio and EDJ Insurance Agency of Texas, Inc., were dissolved. The Partnership's affiliates, Edward Jones Nominees PEP Limited and Edward Jones
Nominees ISA Limited, both 100% owned by Edward Jones Limited, a U.K. private limited company, were also dissolved. Edward Jones Insurance Agency (Quebec) Inc., a Canada corporation, was organized. During 2003, Community Investment Partners V, L.P., L.L.L.P., a business development company, was organized, and the Partnership's affiliate, Edward Jones Insurance Agency of
Montana, L.L.C., was dissolved. During 2004, Passport Research II Ltd., a Pennsylvania limited partnership, was organized, and the Partnership's affiliates, Edward Jones Insurance Agency of Michigan, L.L.C. and Cornerstone Mortgage Investment Group II, Inc., were dissolved.

[quote=munytalks] [quote=proudlp]

Yup…You all are all correct…I’m just full of kool-aid and obviously wrong. (I was hoping to hear about the kool-aid). I’m tired…irritated and not going to debate people who already have their mind made up. It is akin to writing a congressman…they already made their mind up before I wrote anyway, so all I do is get myself upset about an issue.

As I’m leaving the group I do believe it worth pointing out that anything you want can be found in the financial filings of companies and with insurance commissioners. I’d challenge those who are so sure we take a haircut to find it and prove it…But I’d not donate my life to it because you are going to be looking a long time.

So long to the group…I’m tired of me, my company, and my own reputation being treated like dirt in here…Got money to make elsewhere.

COWARD- Come back and fight llike an Incredible Hulk!

Guest 1-

The Partners admit it on the 10K. Why can't you?

All of the insurance agencies engage in general insurance brokerage activities.

88M in profit came from the companies noted on the last page. I guess you would call this buried treasure. The only reason to be a general agent is for the override. Period, end of story. Have a nice day. I am continually amazed at the correlation of stupidity and success at EDJ. Be a clydesdale, put one foot in front of the other, keep your eye on the target, and make those calls every day.

Can't wait for the regional meeting introductions (now that should be a thread by itself!).

[quote=hoosier]Ok here is the real truth.  Jones get 6.5% from all B-share annuities sold through the Hartford.  They pay the IR out based on 4.75%.  They will tell the IR's that they do not hair cut that is a bold faced lie.  I have a good friend who works for Hartford/Planco.  He told me the real scoop several years ago.  Not only do the GP's get 60% of the 4.75 but they keep a whole lot more on the front end.  When I was at Jones I was told by a GP not to bring it up again.  It would only cause problems.  They can candy coat it anyway they want.  The truth is the truth. [/quote]

This is the truth. 

I transfered from a bank platform to Jones and the excact same Hartford fixed annuity had a lower pay out to me at Jones.  When I called the wholesaler when I was compteting for business with another firm. I was using a proposal for a group 401K VA, I received two commission quotes. They accidentally quoted me the commission the other firm would be getting instead of the much lower Jones commission.  In addition the Hartford VA for Jones was only allowed to have the "preferred" funds making it a proprietary product while the Hartford product the other firm could offer had a much wider range of sub account companies which included a S&P 500 indexed fund.  I lost the business because the employees wanted that fund and a wider selection.

It is the truth that Jones takes a haircut on the payout on insurance products and then takes a further haircut off of the gross pay out the IR receives. 

FS,

thanks for the advice on the calculator.  Apparently, you feel that I do not the INDY platform.  Actually, it can make alot of sense for the right person.  If it was so clearly better for everyone, why is there a  merill, jones etc.  I'll say it again.  My commission, bonuses and profit sharing make my payout 48%.  I know i have some expenses, but not much.  my share of the phone is 40 bucks and stamps average maybe $50 a month.  I write off all expenses - cell phone, car, etc.  I dont need any more deductions.  i write off a ton now.  So for me, it is NOT clear in term of money.  More products to sell - sure.  But i dont need an index annuity to sell.  they suck and you know it. 

Bottom line.  You dont have to like Jones, but stop bashing the firm that trained your ass.  they at least gave you the opportunity.  thats right, they gave it to you before you sold the first damn stock.  so at least have a little respect

[quote=babbling looney]

[quote=hoosier]Ok here is the real truth.  Jones get 6.5% from all B-share annuities sold through the Hartford.  They pay the IR out based on 4.75%.  They will tell the IR's that they do not hair cut that is a bold faced lie.  I have a good friend who works for Hartford/Planco.  He told me the real scoop several years ago.  Not only do the GP's get 60% of the 4.75 but they keep a whole lot more on the front end.  When I was at Jones I was told by a GP not to bring it up again.  It would only cause problems.  They can candy coat it anyway they want.  The truth is the truth. [/quote]

This is the truth. 

[/quote]

This is totally TRUE. I could not believe it when I did a Hartford Ret Plan proposal and had funds in it that I had never heard of while I was at Jones.

Do any of the folks at Jones have any comments on the mailer sent out by Brett Campbell, Dan Timm, and Price Woodward regarding IR payouts at different firms and how Jones stacks up?

It basically reaks of the usual bs that only a committed believer would accept as explanation for their terrible payout.  And they compare Jones net payout with other firms net payout which anyone who has ever worked at Jones knows is bs.  Name a broker at another firm who has to pay for postage, toilet paper, office cleaning, etc. etc.

Some of my favorite quotes, "our unique compensation package does not translate easily into a standard industry model." And my personal favorite is, "Compensation, however is not the only job factor to consider."

That's right, you can't put a value on not having to attend lame meetings, where they talk about the same sales ideas and the importance of firm growth year after year after year.  I've gotta say I also enjoy having a few more arrows in my quiver with increased product offerings.

HULK- Not meant as an insult-

ProudLP started the topic then ran when he couldn't defend his position- hiding behind the "I'm better than than this" attitude.

You, on the other hand, will stay latched on like a Pit Bull and a mailman.

I agree with you that the training and support helped in the beginning. 

But how long is enough before you realize the benefits don't outweigh the trade-offs. Maybe when you try to transition your biz with the new succession plan in a few years the light will come on.

You are a good fit. I am not. At least I recognize it.

Bottom line.  You dont have to like Jones, but stop bashing the firm that trained your ass.  they at least gave you the opportunity.  thats right, they gave it to you before you sold the first damn stock.  so at least have a little respect

I have no respect for anyone who misrepresents themselves, cheats and lies to get their way.  I was a transfer broker so I didn't need to have my ass trained.  I should have looked a little more carefully into the company beyond their propaganda and not taken the RR survey of satisfied brokers at face value.  My fault.  They cost me a lot of money while I was there and I should have left much much sooner.  Again, my fault.

Nevertheless, If you are happy there then that is fine. As I have said before there are plenty of good people who work at Jones and plenty of qualified IRs.  Just don't believe everything they tell you and try to at least educate yourself on what the rest of the industry is like. 

The biggest objection I have with the drones and clones, who post cheerleader type posts about Jones, is the snotty, supercilious attitude that everyone else who isn't at Jones and especially those that left the fold, are evil and operate without any ethics or that we must be failures to have left the company.  As if they/you hold a monopoly on being the "good guys".  Your company is perfect, good the best:  everyone else is out to hose their clients and are hacks according to previous posts by Jonesers.

That attitude is clearly a cultist mind set and is why you hear the kool-aid references so often.

So I was on the golf course the other day with three guys I didn't know and we start going around the usual, "what do you do?"  What was interesting was my response now versus my response when I was at Jones.  I told him, "I own my own financial firm."  Just saying that response I surprised myself.  Prospects admire someone who owns their own business.   At the end of the round he asked me for my card.

At Jones I would've gone on with the usual script, "I help individual investors and small business owners..blah..blah..blah!"  This never packed the same punch as, "I own my own financial services business."  I am so happy I made the change.  I just had my Best Month Ever in the business and contrary to the clones and drones out there I didn't sell any Indexed Annuities.  I brought in $2mm in new money that I would've never gotten at Jones.  HAPPY, HAPPY, JOY, JOY!

[quote=spikedkoolaid]

So I was on the golf course the other day with three guys I didn't know and we start going around the usual, "what do you do?"  What was interesting was my response now versus my response when I was at Jones.  I told him, "I own my own financial firm."  Just saying that response I surprised myself.  Prospects admire someone who owns their own business.   At the end of the round he asked me for my card.

At Jones I would've gone on with the usual script, "I help individual investors and small business owners..blah..blah..blah!"  This never packed the same punch as, "I own my own financial services business."  I am so happy I made the change.  I just had my Best Month Ever in the business and contrary to the clones and drones out there I didn't sell any Indexed Annuities.  I brought in $2mm in new money that I would've never gotten at Jones.  HAPPY, HAPPY, JOY, JOY!

Congrats!

Go celebrate with some Cold Beer and Hot Wings at Hooters!

And maybe an Indian Casino

All In Texan Hold 'em or Black Jack?

What happened to the sanctimonius Guest1.

He challenges us to find the buried treasure in the 10K, and we prove to him , proudlp, and the green monster that the firm that feels ethics is so important is unethical (Not because of what they do but what they say). An example is we (the IR's) are the only profit center. That's true for EDJ brokerage and way off the mark with EDJ Holdings.

The firm is in trouble. Maybe not tomorrow, maybe not next month, but clearly growth is stagnate, profits are down to the point that the wholesale division makes more than the retail. The model will change or the inevitable will occur. The partners will sell out to the highest bidder leaving the troops in the trenches to find employement elsewhere. After all we are employees. The GP's could give a rats ass about us.

And all the babble from the loyals, is an attempt to make themselves feel better, by denigrating us who speak the truth about EDJ. Babs is right, when we leave or consider a change we have gone to the dark side.

Foot, sorry I missed the post where you showed the earnings from other sources. Check out how many umbrellas LPL or RJFS has under their entity.

[quote=Guest1]Foot, sorry I missed the post where you showed the earnings from other sources. Check out how many umbrellas LPL or RJFS has under their entity.[/quote]

Why would that matter?

No firm would want Jones. Possibly a bank like BAC, but they would

inevitably close about 6,000 branches. Jones will survive unless a few things

on the regultory front occur.

Guest-

What matters is how you respond to the lies, half truths, by our management. It does not matter what LPL or RJ does. I would guess they don't share anything with their reps and keep it for themselves. So what.

As Malcolm said in an earlier post, the Brokerage business is the engine that drives the back door revenue. And if I were a GP I would rev share with any vendor that would be willing. It's a pay to play environment.

Another question for Guest, Success, the real Hulk, proudlp and any others who think Jones is the real deal.

How can ED trust company, a fiduciary, participate in rev sharing? Aren't they held to a higher standard than us?

Holy cow!!  can we get off this revenue sharing topic.  Jones knows revenue sharing is slowly going away.  why do you think there is talk of wrap accounts at Jones?  As for the trust company, i have no idea.  There is probably stuff that goes on in all firms that i would not want to know.  Indy has its merits, but there is no single platform thats the best.  they all have flaws.  Its very amusing to listen to FS get upset at anyone who likes working at Jones.  It is as if he is pissed that he failed at Jones and wants to make sure he lets everyone know.

But success…Bachmann always used to say, “we will never have WRAP accts, or charge management fees,” in facat his exact response to a wire years ago was…“to offer the best mutual funds we can is one thing, to be there for the client is another, charging a management fee…that’s just not right.” 

devoted SA,

you are correct, but I believe weddle is different.  Before FS goes crazy on that one, let me explain.  If the LP goes through this year, it can be said that it was Weddles decision to move forward.  There was no way doug hill was going to bring us the LP.  He was too worried about another $3M fine.  We finally have someone who can at least relate a little more to the IR.  I dont know weddle, but I am sure there are many people who dont care for him.  Thats fine, but I believe he will bringing up wrap accounts.  I dont know what they will look like, but I know it is being heavily discussed.

Do I detect a change of heart?A rational overtone. This from the sacarstic one who in past posts blasts all those who have chosen a different path. Could it be that you are starting to see the real truth?

I hope this won't be construed as going crazy. Dialogue is good and maybe a few GP's are reading and/or participating on these forums. It would be a cold cold day before Weddle rocks the boat with wrap fees. But it is an interesting slant.

Foot.... Weddle introducing WRAP fees at Jones would be more than just rocking the boat....It would be the flippin (did I really just say flippin?) Posideon.

he he he  

It would be interesting to hear the "new" presentation of WRAP fees at Jones....as opposed to the old A vs B share T chart.

[quote=Devoted SA]

Foot.... Weddle introducing WRAP fees at Jones would be more than just rocking the boat....It would be the flippin (did I really just say flippin?) Posideon.

he he he  

It would be interesting to hear the "new" presentation of WRAP fees at Jones....as opposed to the old A vs B share T chart.

[/quote]

Could not agree more!

[quote=spikedkoolaid]

Muny speaks the truth...I have another funny one.  When I was in St. Louis for a meeting (segment 3), I ended up staying out at the casinos all night and didn't get back to the hotel until 5 a.m.  I called the training center and told them I was sick and I wouldn't be at the training until the afternoon.  Well, good ole Jack Cahill called my room and I wasn't there.  He then called the front desk and the guy that drives the shuttle van told Jack that he had dropped me off at the Hooters down the street for lunch. 

Cahill asked me about this and I didn't deny anything.  I told him I like the chicken wings at Hooters and that I was just starting to feel well enough to eat.  I told him that I was planning on attending the afternoon training sessions.  Cahill typed all of this stuff on my ListApp and my Regional Leader had to call me and say that Hooters was not an acceptable place to have lunch.  The RL said that I should've used better judgement.   Looking back, I think Big Brother is always watching.

Focking Priceless Spike, and I am pro Jones

[/quote]

If lying is priceless, than Spiked has it for his Hooters comments and why he “left” Jones. Honesty here Spike? Talk to your attorney lately?

[quote=Guest1]If lying is priceless, than Spiked has it for his Hooters comments and why he "left" Jones. Honesty here Spike? Talk to your attorney lately?[/quote]

If you're looking for honesty, why in the world would you talk to an attorney?

 Thats fine, but I believe he will bringing up wrap accounts.  I dont know what they will look like, but I know it is being heavily discussed.

[/quote]

Maybe it is the same group that is discusssing E-Mail for the reps? If that is the case maybe in 5 to 10 years you can open up fee base accounts.  

Good Luck

Strange, but interesting point.

What would a WRAP account look like at EDJ?

My guess, C shares of the same preferred Mutual Fund families, so as not to disrupt the Revenue Share to the GP's - with the added kick of the annual fee. 60% to the GP's/ 40% to the IR. Yeah, if I was a GP, that might deserve some pretty heavy discussion.

It will not happen.  It’s not close enough to free…

I predict a blanket breakpoint using preferrds. Annuity choices without m&e. I think Hancock funds is doing something like this now.

Wrap, although I think EDJ should consider, would mean they would use institutional or in the case of American F class. That would mean lower fees to GP's. I don't see that on the horizon.

[quote=footsoldier]

I predict a blanket breakpoint using preferrds.

One of the major benefits of a fee based account is the elimination of conflicts.  The GP's at Jones will never give up their conflicts of interest.

As for a  blanket break point schedule for all the pref fund families, the funds would never go for it.  The great thing about the Jones system for fund companies is that one great fund in a family will drive sales of other mediocre or even poorly performing funds.  Federated has Kaufman and Hartford has Cap App.  How much Hartford Dividend and Growth and Federated American Leaders have been sold by IR's to reach breakpoints for clients.  Take that benefit away from the fund companies and their willingness to share revenue decreases rapidly.  Without revenue sharing Jones is dead.  There will never be a blanket breakpoint or fee based accounts at Jones for that reason alone.

[quote=Guest1]If lying is priceless, than Spiked has it for his Hooters comments and why he "left" Jones. Honesty here Spike? Talk to your attorney lately?[/quote]

Guest1(Holder): I'm glad you asked, I have talked to my attorney and she says I have a great case against the mothership for the slanderous remarks that some of the GP's (like yourself) and others have spread to my former clients, the newbies in the region, and people I used to consider friends.  

Care to make any more comments?  I'll add them to the database of files I have ready to go to court.

Wow-

You mean to say that spiked has outed a GP. I wonder if the dialogue will continue. What say you Guest1?

How's the revenues. Are we sharing enough? Nah, we should be thanking our lucky stars to have people like you guiding us through the malaise of products, lying all the way to the friggin bank.

[quote=exdrone]

One of the major benefits of a fee based account is the elimination of conflicts.  The GP's at Jones will never give up their conflicts of interest.

As for a  blanket break point schedule for all the pref fund families, the funds would never go for it.  The great thing about the Jones system for fund companies is that one great fund in a family will drive sales of other mediocre or even poorly performing funds.  Federated has Kaufman and Hartford has Cap App.  How much Hartford Dividend and Growth and Federated American Leaders have been sold by IR's to reach breakpoints for clients.  Take that benefit away from the fund companies and their willingness to share revenue decreases rapidly.  Without revenue sharing Jones is dead.  There will never be a blanket breakpoint or fee based accounts at Jones for that reason alone.

[/quote]

Exdrone--

I disagree with your presumption that the preferred fund families would not go along with a combined or "blanket" breakpoint.  The only company that wouldn't want to play is American.  They are getting 70% of all current fund flows.  I think the other 7 preferred could all increase their share of the pie by working together to unseat American's stranglehold on Jones.  I predict (there I go again) that you will see just such an arrangement (minus American Funds) in the next 18-24 months.

G1…I think you picked the wrong fight, jeep.  Now that you’ve been outed, you might want to go away for awhile…

[quote=Soothsayer][quote=exdrone]

One of the major benefits of a fee based account is the elimination of conflicts.  The GP's at Jones will never give up their conflicts of interest.

As for a  blanket break point schedule for all the pref fund families, the funds would never go for it.  The great thing about the Jones system for fund companies is that one great fund in a family will drive sales of other mediocre or even poorly performing funds.  Federated has Kaufman and Hartford has Cap App.  How much Hartford Dividend and Growth and Federated American Leaders have been sold by IR's to reach breakpoints for clients.  Take that benefit away from the fund companies and their willingness to share revenue decreases rapidly.  Without revenue sharing Jones is dead.  There will never be a blanket breakpoint or fee based accounts at Jones for that reason alone.

[/quote]

Exdrone--

I disagree with your presumption that the preferred fund families would not go along with a combined or "blanket" breakpoint.  The only company that wouldn't want to play is American.  They are getting 70% of all current fund flows.  I think the other 7 preferred could all increase their share of the pie by working together to unseat American's stranglehold on Jones.  I predict (there I go again) that you will see just such an arrangement (minus American Funds) in the next 18-24 months.

[/quote]

American is not getting 70% of the flows currently..

I believe the number is between 64 and 70%.  If that is not correct, why not tell us what you think the correct number is.  Would you agree that it is greater than 50%?  That would mean that American gets more flows than the other 7 combined.  Now, don’t you think the other seven would be interested in banding together to put a dent in American’s disproportionate control of the “Greatest Sales Force in the World”? 

OK - It’s getting REALLY interesting around here… Guest1, you there?

I don’t miss the Kool Aid, or bending over for the GP’s to get their jollies at my expense…Guest1 still loves Kool Aid and bending over (really loves this part), he really longs for Doug “3 Mil” Hill’s inspirational talks…  Who doesn’t miss that 'BS"?

Is it time to open up another postion in Retirmement Plan Marketing for Guest1?  How much marketing could 4 GPs manage to not get done while playing "hangers-on"?

Great Point Sooth- that causes me to wonder. Knowing how many really worthless GP's there are, what the hell is written in their contract to make them unfireable?

When a GP screws up, they just create a position to put them that keeps them out of the limelight. Of course, if it happens to be a RL/GP then they send to "Anger Management" classes or "Tolerance Classes" etc. and then announce their coming out successful at Regional Meetings.

The only way I can see Jones having a blanket breakpoint schedule is if they cook up some cookie cutter asset allocation portfolios ala WM funds.  They will tack on some kind of "platform" fee to make up for losses in rev sharing that will undoubtedly occur.  There is no way Federated, Van Kampen, and Lord Abbett will continue to pay to play if they cant count on Jones clones to force feed their crappy funds forgotten by the rest of the industry. 

I mean where would we be without the Van Kampen Enterprise Fund, or the Lord Abbett Large Cap Growth Fund or the Federated Equity Income fund.  Those are core holdings if I ever saw 'em folks...hold their own in any portfolio...yea right!

I can see it now.  The fee Jones will charge clients for these asset allocation portfolios will not go directly to the IR but to the branch P&L so the GP's can line their pockets and the guru who came up with the plan will succeed Weddle as 'Da Firms managing partner.

Guest1 feel free to take my idea and run back to the home office with it.  PM me a thank you when they send out your picture as the prize for a summer sales contest.

"Greatest Sales Force in the World"? 

Do they really claim that???? Is that tagline shouted at every regional meeting or something????

HILARIOUS.

If you could imagine Elmer Fudd talking like Richard Nixon you would paint a fairly realistic pi'cutre of the former managing partner who coined the phrase.

The new guy's tag line is "Now let's go to work." Excuse me Mr. Weddle but what the hell do you think we are doing when we aren't watching lame videos from you once a quarter.

By the way LP is still coming. More details to follow in upcoming episodes. Fast forward to the next video.

 "Well the regulators still haven't given us any further direction (on revenue sharing changes or elimination) so I guess we will just have to pay those that qualified (still don't know the bogey) income on something they haven't paid for. Pretty good IRR isn't it. Oh yeah the software to calculate IRR is coming soon (actually should be installed by the next quarterly video) so tune in next time. Should be exciting.

As Elmer would say "Ooh"

[quote=Soothsayer]I believe the number is between 64 and 70%.  If that is not correct, why not tell us what you think the correct number is.  Would you agree that it is greater than 50%?  That would mean that American gets more flows than the other 7 combined.  Now, don't you think the other seven would be interested in banding together to put a dent in American's disproportionate control of the "Greatest Sales Force in the World"? [/quote]

Sooth- That may have been true before FT was added.

I didn’t say the other six.  I said the other seven.  Even with FT, American is still getting more than 50%.  Do you want to call me a liar?

[quote=Soothsayer]I didn't say the other six.  I said the other seven.  Even with FT, American is still getting more than 50%.  Do you want to call me a liar?[/quote]

I have no desire to do that, Sooth. You know I respect your input.