Edward Jones Digital File Cabinet
Have any Jones people been using the new scanning/electronic file cabinet feature since it rolled out? It is awesome! I am sure we are probably the last on the planet to do this, but we pretty much have no hard copy files anymore (other than insurance I think). I have been loading old brokerages statements (prior firm), social security statements, tax returns, trust docs, you name it. I am also saving my Morningstar Hypo’s and financial plans to the file cabinet now, so I have historical records of what I gave each client in the past.
I am just curious if people at Jones or other firms use this feature for other types of things that help your productivity.Why are you doing it instead of your assistant?
EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
Is there a concern that your B/D can cut you off from all of your records?
LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC. Honestly, I’ve not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.[quote=Indyone]LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC. Honestly, I’ve not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.[/quote]Interesting. I've not been comfortable with iDoc because of that very issue...
I think you're putting it lightly when it comes to non-indy b/d's. I think if you scanned everything into Jones' system and didn't retain the paper copy for yourself, or have a backup digital copy, there is almost NO WAY they would give you copies upon your departure.
As an LPL newbie, I asked this question of the compliance rep during the process. He did say they will sell you the disk with the info and that LPL does not want the clients without a rep, or the hassle of handing out accounts, so would encourage clients to go with you. He claimed LPL does not want the liability of handling client accounts without an advisor, so they’ll turn everything over to you. Hopefully we won’t have to test this theory.
I’ve also been told that LPL will provide you with a portable hard drive (temporarily) with all of your docs on it. You basically download your data, and then send it back (where they delete it to use for another LPL guy who is leaving). I’m guessing that 'ole Jones would NOT be so accomodating. I can picture that phone call, “yeah, I’m here in my new LPL office, can you send me all of my files please?”
We had an LPL rep in our town leave, and LPL just sent his clients a "your rep has left, please find another rep" letter. They would NOT recommend other LPL advisors.[quote=now_indy] I’ve also been told that LPL will provide you with a portable hard drive (temporarily) with all of your docs on it. You basically download your data, and then send it back (where they delete it to use for another LPL guy who is leaving). I’m guessing that 'ole Jones would NOT be so accomodating. I can picture that phone call, “yeah, I’m here in my new LPL office, can you send me all of my files please?”
We had an LPL rep in our town leave, and LPL just sent his clients a “your rep has left, please find another rep” letter. They would NOT recommend other LPL advisors.[/quote]
Apples & oranges. Any wirehouse or captive BD would fight to keep the accounts, not just Jones. I don’t think you would see Merrill express mailing their client database over to their 1mm producer that just went indy.
Indy firms are not fighting for accounts, they are fighting for reps.
You are right. Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. Question though. Where do you get the impression that EDJ reps have low self esteem?EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
You are right. Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. Question though. Where do you get the impression that EDJ reps have low self esteem? [/quote] Sedona, our self-esteem is just fine. I was simply stating the obvious. Jones was behind the technological curve for many years. We're now at parity with most firms. I wouldn't read into my comment too much. Jones is actually making a push to continue making such improvements to technology that they aim to be one of the best in the industry. Based on their investment and changes made in the past 18 months, I would say they are on pace to do that (if they continue).[quote=Sedona] EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
Yes, they really have fixed the commissions screens…
What is the Digital File Cabinet? I went to see my Edward Jone/Rotary friend and he told me he never heard of it.
He must not be paying attention, or either his BOA hasn't told him about it. It's a pretty neat set-up. No more keeping folders or stacks of papers of statements, etc.
[quote=Indyone]LPL has indicated that they will sell you a portable hard drive with all your information on it if you leave, and I assume they put it in writing when you use the optional document part of iDOC. Honestly, I’ve not checked due to thoughts of continuing to develop my own internal system that I KNOW will come with me without any hassle.
I'm fairly confident that non-indy B/Ds would tend to be much less accomodating if an advisor left and wanted to get digital files of all their documents.[/quote]For what it's worth, I had my annual audit last week. One thing I always do when they are in is ask the auditor what she is seeing in terms of 'best practices' at other offices she audits. After only a few moments reflection-she commented that the offices she's seen who are using iDoc (LPL's imaging system) SWEAR by it. She said they unequivocally LOVE it.
**See the separate thread I've started on iDoc and outside digital imaging systems so we can avoid hijacking this one any further**
I would imagine the biggest reason for Jones and all other firms to start imaging is to make it harder for reps to get client info so they can move there book.
This is the only technolgy Jone really jumped on.[quote=Greenbacks]
This is the only technolgy Jone really jumped on. [/quote] Huh? Do you work at Jones?[quote=Greenbacks]I would imagine the biggest reason for Jones and all other firms to start imaging is to make it harder for reps to get client info so they can move there book.
This is the only technolgy Jone really jumped on. [/quote] I'm sure that's part of the issue, but only a small part. My guess would be that we got a transfer broker from another firm (yes, we do get them) who used his company's iDoc like system and loved it. Probably made a suggbox to the IS folks and got them thinking outside the box. Now we have the scanning system. Now my 3-n-1 machince no longer functions as a 2-n-1 machine. Now if we can just get rid of these stupid green screens.Space,
I don’t disagree with your post, but isn’t it kind of depressing to think that the Jones IT folks might consider adopting a document imaging system - something that many firms have been using for years now - to be ‘thinking outside the box?’
Ouch.
[quote=Morphius] Space,I don’t disagree with your post, but isn’t it kind of depressing to think that the Jones IT folks might consider adopting a document imaging system - something that many firms have been using for years now - to be ‘thinking outside the box?’ Ouch.
[/quote]
It’s actually been on the docket for some time. They have several things that have been in process for the past 18 months, and things that are still in process. Since the “new guard” took over, they have been rolling out new technology and systems as fast as possible. However, you can only bring so many things out at once.
You are right. Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. Question though. Where do you get the impression that EDJ reps have low self esteem? [/quote][quote=Sedona] EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
Most posts mentioning EDJ comes as a joke/complaint/or self excusing for being there. I never worked there, and I get all the jokes about cold walking, but if these EDJ reps are unhappy, they should vote with their feet (no pun intended) and leave. Lot's of regionals would love their business, maybe even the RIAs if you got your 65/66.
But if you're in and unhappy, seem to want to leave but can't... it would seem like a cult-like situation.
Not to sound so much like ‘just another smug indy guy’…but I am amazed that you folks in employee model concerns aren’t at least considering how a paperless system makes it consderably harder for you to leave and take your clients, and easier for your employer to “play defense” and keep them.
Hey-don’t get me wrong. In the end if you take good care of your clients, I think they’ll follow you anyway…
I agree Joe. Reminds me of a familiar, oft-repeated adage in other climes: “Start with the end in mind.”
You are right. Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. Question though. Where do you get the impression that EDJ reps have low self esteem? [/quote][quote=Spaceman Spiff][quote=Sedona] EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
Most posts mentioning EDJ comes as a joke/complaint/or self excusing for being there. I never worked there, and I get all the jokes about cold walking, but if these EDJ reps are unhappy, they should vote with their feet (no pun intended) and leave. Lot's of regionals would love their business, maybe even the RIAs if you got your 65/66.
But if you're in and unhappy, seem to want to leave but can't... it would seem like a cult-like situation.
[/quote] Don't base your knowledge of EDJ reps by what you read on here. Most of the time when you read that somebody's feet hurt (cough...cough...spears...cough...cough) or that they're tired of doorknocking, they're new FAs. Doorknocking is tiring. I'd guess that cold calling is monotonous. I'd guess that newbies at any firm get tired of the way their firm suggests they build their book, and are going to find some venue to complain about it. Overall, I'd say that EDJ FAs are a very upbeat group. After all, we are the best darn sales force in the world and the #1 place to work in Texas. Now, back to the imaging system. I don't think that the IT people understand that it would be more difficult to leave Jones if we didn't have any paper files. I think they are looking for ways to make their lives and ours a little simpler. Once the bugs get worked out of the system we'll save time and ultimately money on all the paper and 800 number bills for the hundreds of fax machines Jones owns. And I won't have a stack of paper that needs sorted sitting on my desk all the time. If I were ever going to leave Jones, I'd make sure that I made physical copies of everything I wanted to take with me in regards to client accounts. So, no worries about that for me.
You are right. Jones isn't perfect, but it's a heck of a lot better than a lot of places out there. Question though. Where do you get the impression that EDJ reps have low self esteem? [/quote][quote=Sedona] [quote=Spaceman Spiff][quote=Sedona] EDJ is behind many firms (AGE and ML have had it for a while) but I’m sure you’re not the last. It amazes me the low self esteem EDJ reps have. Your firm is not perfect (neither is any other) but you have a lot going for you.
Most posts mentioning EDJ comes as a joke/complaint/or self excusing for being there. I never worked there, and I get all the jokes about cold walking, but if these EDJ reps are unhappy, they should vote with their feet (no pun intended) and leave. Lot's of regionals would love their business, maybe even the RIAs if you got your 65/66.
But if you're in and unhappy, seem to want to leave but can't... it would seem like a cult-like situation.
[/quote] Don't base your knowledge of EDJ reps by what you read on here. Most of the time when you read that somebody's feet hurt (cough...cough...spears...cough...cough) or that they're tired of doorknocking, they're new FAs. Doorknocking is tiring. I'd guess that cold calling is monotonous. I'd guess that newbies at any firm get tired of the way their firm suggests they build their book, and are going to find some venue to complain about it. Overall, I'd say that EDJ FAs are a very upbeat group. After all, we are the best darn sales force in the world and the #1 place to work in Texas. Now, back to the imaging system. I don't think that the IT people understand that it would be more difficult to leave Jones if we didn't have any paper files. I think they are looking for ways to make their lives and ours a little simpler. Once the bugs get worked out of the system we'll save time and ultimately money on all the paper and 800 number bills for the hundreds of fax machines Jones owns. And I won't have a stack of paper that needs sorted sitting on my desk all the time. If I were ever going to leave Jones, I'd make sure that I made physical copies of everything I wanted to take with me in regards to client accounts. So, no worries about that for me. [/quote] Agreed. When a firm is looking at spending that much time & money on technology, I don't think it's to keep guys from easily moving their books. They do plenty of other things to prevent that (as do all B/D's). Someone that wants to move their book will just move it. Having electronic files won't really stop them. If you plan in advance, you can get everything copied that you need. And I would say 90%+ of Jones FA's are not actively planning to leave, so they would be building the proverbial church for Easter Sunday. The truth is, Jones really is trying to improve their technology dramatically. It's funny, people on this board all say that they or their firms are already using this technology, but then when Jones starts using it, it must be for some underhanded, devious reason.
Its just another reason to justify the $1300 per month for the communication fees. Ignorance is Bliss
As opposed to the money the indy guys pay for their computers, internet access, software, etc. I know, I know. You guys come out WAAAY ahead of $1300 per month. But, I have to do zero thinking about my computer system, programs, etc. It’s a tradeoff.
B24 - Haven't you figured it out by now? EVERYTHING that the GPs decide to do is to either put more money in their pocket or make it more difficult for us to leave when we want. Those new FAST tools are just there to give the next guy in your office more ammo to keep your clients. The new imaging system is there so you will image docs and then shred it, thereby destroying the last phyiscal copy of your clients 401k statements. The new mutual fund wrap account is going to be designed to suck in your clients and never let them go, all the while those evil GPs are going to start fleecing those same clients with high wrap account fees. And don't even think about leaving. The super secret Jones police are stationed outside your door right now. See, they've been monitoring your web activity and noticed that you spend some time on this site. It's a known hangout for anyone at Jones who wants to go indy soon. So, they've got your place, and mine, staked out ready for us when we leave.If I was still at Jones today, I would would be careful of being to simple--it could come back to bite you when and if you leave, and you are right Spiff most people would stay (90%) but some will leave for one reason or another...but for that 10% it makes all the difference in the world if you plan far in advance--gather strategic info--and don't give em a clue you are leaving.
One other thing that came to mind as I was reading…if the imaging system is (as ours is) based on Adobe Acrobat, it shouldn’t be hard to save a copy of the image to your computer for recall later.
It’s also server based, so there’s no way for us to save anything to any personal files. Nice thought though.
Not really. I hate that charge. Personally, I don't understand the AMOUNT. I realize we have to be charged something, but c'mon. It seems like they pretty much charge the entire IT division out to the field.Its just another reason to justify the $1300 per month for the communication fees. Ignorance is Bliss
Actually, not true. They are saved, and open as PDF files. You can open them and save them to your hard drive.It’s also server based, so there’s no way for us to save anything to any personal files. Nice thought though.
You are technically correct. However, once saved to the HDD there's not much besides opening it that can be done. You can't burn a disc on our systems. At least I don't think you can. So, even if it's on the HDD, it's still stuck in the Jones system.
Spiff, if your computer has a USB slot, then you could always transfer files to a Jump Drive, microdrive, portable USB drive or even an MP3 player. Assuming that works, you can thank me later for helping you plot your ultimate escape…
Spiff, if your computer has a USB slot, then you could always transfer files to a Jump Drive, microdrive, portable USB drive or even an MP3 player. Assuming that works, you can thank me later for helping you plot your ultimate escape…
Actually.......no. I tried doing that a few weeks ago to move a seminar file onto my laptop, and low and behold, the option to save to alternate disk drives is disabled (confirmed by IT dept). I guess they are technically protecting "their" systems. However, I was able to e-mail it to myself and save on my laptop. Worst case, you could just print them out.
I guess I shouldn't be surprised, but I am...a little...[quote=Indyone] Spiff, if your computer has a USB slot, then you could always transfer files to a Jump Drive, microdrive, portable USB drive or even an MP3 player. Assuming that works, you can thank me later for helping you plot your ultimate escape…[/quote]
Actually…no. I tried doing that a few weeks ago to move a seminar file onto my laptop, and low and behold, the option to save to alternate disk drives is disabled (confirmed by IT dept). I guess they are technically protecting “their” systems. However, I was able to e-mail it to myself and save on my laptop. Worst case, you could just print them out.
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