Jones #14

It makes a whole hell of a lot of sense if you happen to be a General Partner of Jones.

this just in>>>>>

jones rated #1 firm to work for....um... I mean #1 by it's advisors....wait....#1 in Canada ......no #1 in UK or .....ah!!!!!!!

Oh here's an objective survey on people actually in the industry that are outside looking in....buy and hold = dead last.  Beautiful...I can't wait to hear the spin.

If I’m not mistaken,…  It’s the second year in a row.

What did everyone else think of the discussion?

Any shock that there was no response from the Kool-aid society?

I think that Ed Jones provides a great entre into the industry.  Many IRs decide to stay because it's the right model for them.  However, if you look at the rest of the industry, you'll find that most have a much broader platform that will encompass training into other avenues as opposed to a 99% MF business.  This is why you don't see many reps  moving from Merrill to EDJ and why they were number 14 from a recruiter's standpoint.  Simply put - we look at it from the views that there are groups of companies to recruit for and companies to recruit from (Jones being the latter).

glug glug glug glug glug glug

Please may I have some more of that great kool-aid?

It is fairly amusing that there has been little response from active EJ… They must be at some conference getting brainwashed, or at Pay Less getting new walking shoes…

[quote=Revealer]Latest issue of On Wall Street, a recruiters roundtable was asked to rate the firms they know as a buy, sell or hold. jones was ranked dead last (#14). All 12 panelists ranked jones as a "sell" with the comment, "Business model doesn't make sense." What say supporters/haters?  [/quote]

I think it’s interesting to hear what recruiters have to say about the deals available, but beyond that, they have an agenda that makes their comments on what’s happening in the firms themselves and what’s their future just too compromised to take seriously. You’ll never, ever, hear a recruiter say “life’s good at most firms” because their livelihood is based on convincing people that the next firm’s better on that they’re (the broker) trapped on a sinking ship and they need to bail now while they still can. Whatever the current trend has been, expect them to keep hammering on the firms involved to squeeze out every broker they can get out and when the tide turns, (so long as they’re hired to recruit for said firm) they’ll be talking up the “amazing changes in the culture” like there’s no tomorrow.

It will depend, though, mikey.  There are good and bad recruiters.  I'm sure I could make a hell of a lot more by disrupting more broker's careers, but that's not how I personally want to do business.  There's too much at stake and I'd like to continue on with my good reputation.  If someone says they're happy, I don't push it.  With 800,000+ brokers out there, I'm bound to run across someone that would benefit from a new opportunity.

I also like to shy away from those that only move for the check.  What does it say about me if everyone I recruit stays for the 3-5-7 years (or however long that contract is) and then moves again for a check. 

I would agree, though - there are some that are relentless in this.  They'll work for Merrill today, then all of a sudden, something great happens at Wachovia and they're on to the next BD. 

[quote=BrokerRecruit]

It will depend, though, mikey.  There are good and bad recruiters.  I'm sure I could make a hell of a lot more by disrupting more broker's careers, but that's not how I personally want to do business.  There's too much at stake and I'd like to continue on with my good reputation.  If someone says they're happy, I don't push it.  With 800,000+ brokers out there, I'm bound to run across someone that would benefit from a new opportunity.[/quote]

I'm not trying to damn your career field, simply pointing the underlying agenda. The day a roundtable of headhunters can tell On Wall Street that SB/ML/MS/WA/UBS are all pretty much the same packages with only short-term disruptions and/or pluses to differenciate them, is the day they're all largely out of work.

Add to that the fact that few of them have ever been brokers and fewer of them still have been in management in brokerage firms, and you end up with a group of people whose knowledge of the deals available is interesting, but  their views on how firms will work, do work and should work is pretty meaningless.

I think that those who try to make it working as an external recruiter for a wire will not make it.  How many wire brokers have relationships with other branch managers and know what's going on at other firms.  While I do represent a wire, most of my business is generated on the independent and start-up side for both retail and institutional producers.  There isn't a wire rep that is going to be inclined, simply because of my call, to take a meeting with another wire.  I can't convince anyone to do that.  They must have already had a thought in their mind and I catch them at the right time.  It's as plain as that.

The smaller firms, indy BDs, etc. that have a strong story to tell is where recruiters will make their living in the future.  Anyone who says "I think I'm going to make $100k this year recruiting solely for Merrill" is buying the good drugs.

I'm shocked that we were picked dead last. I went home and told my wife and kids the sad news. Everyone was crying. Even little tiny Tim was sobbing until the dog knocked his crutches out from under him and everyone had a good laugh. I really don't know where to turn. Our business model doesn't make sense. I guess it would be better if we at Jones left our senseless branches next to the Dental clinic, boarded a bus for New Jersey and jammed ourselves into a room full of really nice greyish cubicles. THAT would be fun. Then I could hear Ricky Roma next door selling the next great investment banking product to Mrs Delores Kawicki of Great Neck, New York. I now realize that making 3-4 hundred grand a year, driving to my own office where no one bothers me but my hyperactive BOA's, leaving at 4 pm. every day to watch my kids play sports or coach baseball is really a pathetic, horrible way to live.

Once again, when the truth is evident moron’s like Bill play the nonsubstance response card but they can’t wait to show the Reg. Rep report from their own people.  Again proving why some many hate the cult.

I don’t play either card, dickwad. I speak only for myself and what I know. Reports mislead in many directions. I will admit, however, to being a moron. But, as my Father always said, it’s better to be a moron than a dickwad. Or was it the other way around.

[quote=Bill Fakkland]I don't play either card, dickwad. I speak only for myself and what I know. Reports mislead in many directions. I will admit, however, to being a moron. But, as my Father always said, it's better to be a moron than a dickwad. Or was it the other way around. [/quote]

I've said it before and I'll say it again, Bill you are one funny guy!

I see the GP'anese classes are finally paying off. Your use and grasp of the language would make any gp proud.  Have you seen your email, I mean wire to Mr. Hill congratulating him on his "early" retirement from his managing partner position?

That was good Bill.  We have beat this subject to death.  If you like where you work great.  Who cares. Wire house, EDJ, indy.  As long as we each are happy with where we are are then why do any of really care where the other works.   

Some of us like me have a bone to pick with EDJ because in my case at least I don't like how they handled things at all when I left but heck, it isn't a bad company to work for if you want to run your business their way.  I'm still am angry over things but I don't fault you just because you like working there. 

Lets just all have a good year and make a lot of money while we also go out of our way to do what we each think is best for our clients.

We need something to spark this site and make it half way interesting again.  Maybe Put or Greenhills will make some more appearances.   

Professor Bill,

Dickwad - grow some hair on the bald head of yours bozo, I read your kool aid preaching posts and see the bulls#*t you foam from the mouth with.  Just like you and BPD, spin machines who try and make jones pretty in every light with reality details the obvious.  You are just as arogant as the cookie cutter slam you client in this mutual fund GP douches in St. Louis are - it's not gonna get you there by the way!  It's IRs like you as demonstrated by your past posts that "we are the only ones doing what's right for the client" mentality that cause the slinging that goes on here.  Get it through you brainwashed bald head - you work for a cookie cutter firm that keeps you inside the box, step or look outside of it, bye bye!  You don't play either card....and Jones doesn't sell american funds.

met a guy today who is moving 380k from edward jones… Its probably the largest account firmwide… He may even get a call from the top to persuade him to stay

[quote=blarmston]met a guy today who is moving 380k from edward jones..... Its probably the largest account firmwide... He may even get a call from the top to persuade him to stay[/quote]

Now, that's funny!!

Isn’t it amazing that a perfectly decent conversation deteriorates when Bill comes into the picture, ranting, raving and calling names.   That kool-aid is GREEN Bill, and it sure does get you riled. 

[quote=compliancejerk]

[quote=Bill Fakkland]I don't play either card, dickwad. I speak only for myself and what I know. Reports mislead in many directions. I will admit, however, to being a moron. But, as my Father always said, it's better to be a moron than a dickwad. Or was it the other way around. [/quote]

I've said it before and I'll say it again, Bill you are one funny guy!

I see the GP'anese classes are finally paying off. Your use and grasp of the language would make any gp proud.  Have you seen your email, I mean wire to Mr. Hill congratulating him on his "early" retirement from his managing partner position?

[/quote]

compliancejerk

The last guy to say something like that was Doug "3 Mil" Hill Mr Bill F-upped's Idol and he had to pay 3 million to stay out of jail..............

Wasn't Bill F-up the one defending selling 80 year olds 30 year bonds?   They don't even buy green bannas.......so why not take advanatage of them, yes Doug "3 Mil" Hill would be very proud

Roger that Player it was him.  But remember, he doesn't play either card, just his own.

csmelnix…I give you the second place award for the most inarticulate poster on the board! Before you run to find your dictionary, that means you are a really bad writer. Player, of course, wins the award for the poster most likely to be seen on America’s  most wanted. His ramblings and ranting conjure up the image of a young Charles Manson cutting and pasting ransom letters for kidnap victims. I would be very afraid of being Player’s client. His wild-eyed appearance, sitting in his office in camoflage clothing would be my first warning sign. Csmel, on the hand, is just a dumb guy who can’t write or spell. Hopefully he can find work as a politician someday.

[quote=Bill Fakkland]csmelnix...I give you the second place award for the most inarticulate poster on the board! Before you run to find your dictionary, that means you are a really bad writer. Player, of course, wins the award for the poster most likely to be seen on America's  most wanted. His ramblings and ranting conjure up the image of a young Charles Manson cutting and pasting ransom letters for kidnap victims. I would be very afraid of being Player's client. His wild-eyed appearance, sitting in his office in camoflage clothing would be my first warning sign. Csmel, on the hand, is just a dumb guy who can't write or spell. Hopefully he can find work as a politician someday. [/quote]

This comment from the guy that uses dickwad and moron in his post ......  what a jokester.

Does anyone know of someone who was with EDJ but is no longer and lives in Southern Illinois?  Rep, BOA does not matter.  Please PM me if you do.  Thanks fellas.

An Oh btw the Bill F you are just all goofy .  You be drinkin too much of that Jones Juice.  Let me tell ya' somethin' boy...the GPs have been peein' in y'alls' jug!

dickwad - thanks for proving my point....You are a former professor; an overeducated know it all; registered democrat, and have nothing of substance to counter the real issue raised.  Going in on my response to you earlier chuckling as I misspelled a few words knowing full well your response would be just that.  YOU ARE A TOOLE!!!!!

Opine that for a bit Professor. 

[quote=Lance Legstrong]

An Oh btw the Bill F you are just all goofy .  You be drinkin too much of that Jones Juice.  [/quote]

Hey, it might not be "jones juice" that's getting to him. It coud be fumes from the dry cleaner next door to his office.

Oh… I see. You spelled words wrong on purpose. I never thought of that obvious possibility. Do you dribble soup on your polyester tie on purpose too? You know, the one that comes down to about button 3 on account of your gut. I think we all know who the funniest guy on this forum is. I wish Edward Jones would tighten up their hiring practices so that uneducated folk like csmell don’t flunk out, join a firm with lower standards, and ultimately infect this forum with not only bad spelling and grammar, but an overall disease of extreme dullness.

Bill,

I bet your the kind of guy that gets out of the shower to piss. 

BTW it's hard to join a firm with lower standards than Jones.  Stay comfortable in their box...

Go back and read some of your old comments that counter anti-jones arguments.  You play the same card over and over again.  You hit on somebody for their misspellings and their intelligence.  Like I said before you and BPD counter the same way over and over again.  Not surprising considering you come from the well trained IR world of EDWARD JONES (as I genuflect).  There is no other firm that is more of a laughing stock than that of the one you're with.  Maybe that's the reason the report that began this thread and that you failed to ever counter, came out the way it did. 

[quote=Bill Fakkland]Oh... I see. You spelled words wrong on purpose. I never thought of that obvious possibility. Do you dribble soup on your polyester tie on purpose too? You know, the one that comes down to about button 3 on account of your gut. I think we all know who the funniest guy on this forum is. I wish Edward Jones would tighten up their hiring practices so that uneducated folk like csmell don't flunk out, join a firm with lower standards, and ultimately infect this forum with not only bad spelling and grammar, but an overall disease of extreme dullness.[/quote]

My god you're so ridiculuous you're a caricature of a real professional.

Do you wear short sleeved shirts under your suits?

I’m shocked that we were picked dead last. I went home and told my wife and kids the sad news. Everyone was crying. Even little tiny Tim was sobbing until the dog knocked his crutches out from under him and everyone had a good laugh. I really don’t know where to turn. Our business model doesn’t make sense. I guess it would be better if we at Jones left our senseless branches next to the Dental clinic, boarded a bus for New Jersey and jammed ourselves into a room full of really nice greyish cubicles. THAT would be fun. Then I could hear Ricky Roma next door selling the next great investment banking product to Mrs Delores Kawicki of Great Neck, New York. I now realize that making 3-4 hundred grand a year, driving to my own office where no one bothers me but my hyperactive BOA’s, leaving at 4 pm. every day to watch my kids play sports or coach baseball is really a pathetic, horrible way to live.





Bill…I thought what you wrote was hillarious…Sounds like you have worked hard and are enjoying the fruits of your work. I love the ability to spend time w/family in a town I grew up in.

Now to address the I am stupid, flunk out of jones and join a firm with lower standards:  let's see.

Bill you work for a firm that:

limits/restricts all product offerings to 8 fund families, 6-7 VAs, in house bonds etc.  Forces you to do insurance business through them and double dips on your commission.  You can't align yourself with a CPA, attorney or financial institution to add revenue sources to your, I mean, Jones business.  You have to give up your ability to manage your (Jones') clients assets if you wish to utilize Jones' trust services.  You spend countless years building up a business that at the end of the day belongs to Jones instead of you.  You work under a model that provides no exit strategy for you.  You are unable to provide tax or estate planning advice/guidance.  You lack the ability to provide your clients with comprehensive financial planning.  You have zero ability to provide fee based planning or an advisory fee arrangement, you can not annuitize your practice.  Jones prohibits IRs from dealing in any type of alternative investments, hedge funds, managed futures, options, limited partnerships etc., under the guise that they are "risky" AKA they don't trust their IRs to do what is right and lack the ability to properly police them.  The only way to grow under jones' model is to constantly add more and more accounts, which prevents you as an IR from properly servicing clients and providing the guidance they deserve.    Jones owns your business you don't, they own your clients, you don't.  You have some of the most ancient technology on the street. Still, they at Edward Jones feel that they deserve to take at least $.60 of every dollar you earn.  You still pay an enormous premium for health insurance, pay for your phones, 1/2 your postage and marketing costs, the national marketing, and any bonus you may give to your BOA.  Jones is a great strategic partner aren't they?

I left jones to join one of the most respected independent firms on Wall St., I am a 100% owner of my business.  My b/d believes in an open architecture platform where they add more products and platforms to the shelves instead of limiting them.  This gives me much greater control to build a business model that I want to pursue.  I can do insurance business internally or via direct appointment and by the way, I keep 100% of that target premium.  I can charge a fee to provide financial planning, I have several fee based platforms I can utilize, I maintain the management of my clients accounts if I chose to use my b/d's trust services.  I have complete control over my exit strategy.  I control my overhead which allows me to control my net and this allows me to decide how I grow my business, what type of client I want to work with and avoid the need to take all comers and continuously open more and more accounts in order to grow.  I also have the ability to align myself with a CPA or attorney, even a financial institution if I so desire.  My b/d also allows me to utilize option strategies, alternative investments like 1031s, REITs, limited partnerships, fund of hedge funds, managed futures and more - they actually have the ability to supervise that type of business and have the confidence in the advisors knowledge and ability.  My b/d is known for having some of the best if not the best technology in the industry.  And the best part, it only costs me $.10 on the dollar. 

Yes, I am very stupid compared to you as evidenced by my choice.

How about my failure at Jones?  I left just after selling there for 5 years, during which I gathered about 379 house hold accounts and had a bit over $28,000,000 in AUM.  I decided I wanted to control my own destiny and business due to a number of events while at Jones.  During my due diligence, I identified 150 (roughly) house holds that I wanted to bring, of which 141 came with me.  I have been indy now for 3 years, I have now 184 house hold accounts and $42,000,000 in AUM.  I grossed $470k this past year and was able to NET - a language you can't understand at jones, .68% of that.  My practice is close to being 93% annuitized or recurring revenue.  That is velocity per client you will never see at jones. Every house hold gets a comprehensive financial plan built for them, sometimes I charge a fee for it, most times I do not.  Every client account receives a detailed financial policy statement that covers their objectives and goals, and risk tolerances.  It details what investments can not be used, what their accounts will be measured by, that is, what risk adjusted rate of return formula is used and why, what benchmarks are used to compare and why, what the asset allocation parameters are and the rules for which rebalancing or a trade is to be affected.  They are told how this particular account fits into their overall financial plan. 

You see dickwad - this is why I left jones, because I failed there, I failed to deliver the service my clients deserved because of the restrictions jones placed on me.  Boy, I guess I am stupid.

csmelnix....

[quote=Bill Fakkland]Oh... I see. You spelled words wrong on purpose. I never thought of that obvious possibility. Do you dribble soup on your polyester tie on purpose too? You know, the one that comes down to about button 3 on account of your gut. I think we all know who the funniest guy on this forum is. I wish Edward Jones would tighten up their hiring practices so that uneducated folk like csmell don't flunk out, join a firm with lower standards, and ultimately infect this forum with not only bad spelling and grammar, but an overall disease of extreme dullness.[/quote]

bf,

you are such a "card". I love the way you describe your KYC classmates above. Lower standards than your firm, again with the jokes.  I throughly enjoyed how you were able to use dickwad and moron in a previous post.  It really shows what standards you wsh your firm would improve on.

What a way to start the week…csmell vomiting his entire sorry career all over the place in a fit of insecurity and compliance dude not being funny. I need coffee.

[quote=Bill Fakkland] I wish Edward Jones would tighten up their hiring practices so that uneducated folk like csmell don't flunk out, join a firm with lower standards, and ultimately infect this forum with not only bad spelling and grammar, but an overall disease of extreme dullness.[/quote]

That extreme dullness seems to keep you pretty engaged.

[quote=Bill Fakkland]What a way to start the week...csmell vomiting his entire sorry career all over the place in a fit of insecurity and compliance dude not being funny. I need coffee. [/quote]

Would it help if they used shorter words so that you could understand what they were saying?

[quote=Bill Fakkland]What a way to start the week...csmell vomiting his entire sorry career all over the place in a fit of insecurity and compliance dude not being funny. I need coffee. [/quote]

Compliancejerk called you "BF" and I think THAT'S pretty funny.

That would amuse you Dirky.    

Just got issue with article in it... Love how one panelist remarks that she has placed "a number of almost million dollar producers" last year out of Ed Jones. And Jones has been a very, very good target. Yet the mantra at Jones is turnover not up...not losing vets... I guess those producers "Just dont fit in" either BBD. 

Take another toke from the Kool-aid bong.

Bill F-upped

You need an enema.........First get your head out of there...........

You can't handle the TRUTH 

Don't you like how BF avoided addressing any substance I raised as well as the original article pertaining to this thread?

Bill,

Help me out...it sounds just like your angry and won't address the real issues...csmelnix laid it out clean and said some pretty clear stuff but every post I see from you avoids the real issues..Be a sport!!! Give a real answer I am curious

I’m shocked that we were picked dead last. I went home and told my wife and kids the sad news. Everyone was crying. Even little tiny Tim was sobbing until the dog knocked his crutches out from under him and everyone had a good laugh. I really don’t know where to turn. Our business model doesn’t make sense. I guess it would be better if we at Jones left our senseless branches next to the Dental clinic, boarded a bus for New Jersey and jammed ourselves into a room full of really nice greyish cubicles. THAT would be fun. Then I could hear Ricky Roma next door selling the next great investment banking product to Mrs Delores Kawicki of Great Neck, New York. I now realize that making 3-4 hundred grand a year, driving to my own office where no one bothers me but my hyperactive BOA’s, leaving at 4 pm. every day to watch my kids play sports or coach baseball is really a pathetic, horrible way to live.


Bill…I thought what you wrote was hillarious…Sounds like you have worked hard and are enjoying the fruits of your work. I love the ability to spend time w/family in a town I grew up in.

What kind of dog does jones “let” you have?

[quote=JonesIR]I'm shocked that we were picked dead last. I went home and told my wife and kids the sad news. Everyone was crying. Even little tiny Tim was sobbing until the dog knocked his crutches out from under him and everyone had a good laugh. I really don't know where to turn. Our business model doesn't make sense. I guess it would be better if we at Jones left our senseless branches next to the Dental clinic, boarded a bus for New Jersey and jammed ourselves into a room full of really nice greyish cubicles. THAT would be fun. Then I could hear Ricky Roma next door selling the next great investment banking product to Mrs Delores Kawicki of Great Neck, New York. I now realize that making 3-4 hundred grand a year, driving to my own office where no one bothers me but my hyperactive BOA's, leaving at 4 pm. every day to watch my kids play sports or coach baseball is really a pathetic, horrible way to live.


Bill...I thought what you wrote was hillarious...Sounds like you have worked hard and are enjoying the fruits of your work. I love the ability to spend time w/family in a town I grew up in. [/quote]

JonesIR,

How many brokers in your region actually make 3-4 hundred grand a year.  If it is anything like my old region maybe 2 or 3 out of about 60.  Thats not even 5%.  Wake up.  Smell the kool-aid. 

Actually, just keep chasing the carrot, your rants are entertaining.  And keep comparing Jones to the illusion the GP's have painted for you.  It appears to keep you motivated.

BTW, I think Jones has started puting more offices next to dental clinics...tired of IR's having such aweful teeth.

I'm surprised this post keeps coming back again and again. I am one of the 2 or 3 lucky ones, I guess. Although, as I look at my screen, there are several ahead of me on the chart. I actually have a dental office next to me, as it turns out. I always see the poor guy yanking on someones teeth as I head home at 5. I wonder if he makes more than me....I know he has a nicer car.

BF,

At least the Dentist owns his book of business. How long has the dentist next to you been in business?  Is he divorced?  Does he have any kids in college?  What sort of car do you drive, what sort of car does he drive?  Did he recently purchase the business? Does he also have a nicer house that you? Is he your client?  Does he have more than one broker?

Sure these are regular questions, but as always BF the true "green" koolaid chugger forgets to provide adequate disclosure.....hmmmm sounds like what got his employer into trouble and cost Mr. Hill his job?

As always BF is such a card he forgets to answer any preious questions put to him.

Bill,

You seem to think EXACTLY the thoughts that Jones wants you to whenever your debated.  Your employer is the smart one here--let's not lose sight of that fact.  Your not alone though.  There are many like you within the collective. 

[quote=zacko]

Bill,

You seem to think EXACTLY the thoughts that Jones wants you to whenever your debated.  Your employer is the smart one here--let's not lose sight of that fact.  Your not alone though.  There are many like you within the collective.[/quote]

And that is what really scares the rest of us.  No-one at BF's employer can think for themselves?

All their bulls**t detectors are on the fritz. Can’t get hired @ jones if yours is working.

I am still amazed that about 8 years ago I was as bad as Bill on this very forum.  Maybe 8 years from now Bill will have wised up like I did.  Some of us are slower to figure things out I guess.  I gotta say...man I LOVE having a business that is about 65% annuitized.

I'm close to 50% annuitized myself.  Clients really like it better I've found as well.

Whether you are a fan of the fee based platform or not---it's awfully nice to have the option to choose either and not be pressured ( or recieve a higher payout) to push one over the other.

When I was looking to leave jones one of the guys I talked with at LPL said it like this:

Someday you will have to stop forcing your clients into your model and begin to adapt your model to the client. 

That has stayed with me since.  It just underscores what you said Zacko; it's nice to have all the options available for you to choose with your clients v your b/d choosing for you.

Anyone still at Jones have any comment on the recent compliance notice that says IR’s can’t say in publice that they do financial planning or any kind of planning for that matter?  Have they stripped you of even your quasi professional status and made you a true product pusher now?

Anyone still at Jones have any comment on the recent compliance notice that says IR’s can’t say in publice that they do financial planning or any kind of planning for that matter?  Have they stripped you of even your quasi professional status and made you a true product pusher now?

Wouldn’t this compliance memo somehow affect their adverising and seminars?

I am still reeling from the recent compliance memo on joneslink that attempts to tell us NOT to use analogys. Or only ones that they approve of. They don't like the grocery strore analogy when describing revenue sharing. Where will this end?

I know when I leave. I am feeling more like an employee all the time.

Take my advice and just leave. In light of the considerable legal problems Edward Jones is under the tyranny that they practice  on their workforce will only get worse. In the words of Patrick Henry, "Give me Liberty or give me death"As for me I chose liberty. Don't let Edward Jones, kill your spirit.

I think the new Merrill rule is out to hurt Jones more than any other firm.  Almost every other firm has an RIA that advisors can give advice under.  Jones however is pure b/d and advice was always incidental to the sale of some product.  Now however, the rules have changed and there can be no advice given by someone with only a securities license.

What exactly does it mean to be a CFP at Jones now?

[quote]Anyone still at Jones have any comment on the recent compliance notice that says IR's can't say in publice that they do financial planning or any kind of planning for that matter?  Have they stripped you of even your quasi professional status and made you a true product pusher now? [/quote]

Isn't that technically the case with everyone who is not an RIA?  I know we all dance around it, but it was my understanding that if you are not an RIA, you cannot hold yourself out as a planner, even if you have your CFP.  I realize this doesn't make sense and we all know it isn't true, nonetheless that's the law as I understand it, correct me if I'm wrong.

[quote]I am still reeling from the recent compliance memo on joneslink that attempts to tell us NOT to use analogys. Or only ones that they approve of. They don't like the grocery strore analogy when describing revenue sharing. Where will this end?[/quote]

I'm not familiar with the memo you are referring to.  Did this only apply to a particular analogy about revenue sharing or is there some sort of broad prohibition against unapproved analogies?  If so, I'll be ex-EDJ after my next audit.

I will say that EDJ is currently hypersensitive to any compliance issue right now.  I think part of it is industry wide, but after the big settlement and Hill being crucified, everyone over here is afraid of their own shadow.  I think having a diligent compliance department is a good thing for everyone, but I have been wasting more time lately jumping through unnecessary hoops and explaining myself on transactions that should not be getting flagged for special review.

Hill wasn’t “crucified”, Jesus was. Hill was the lead crook. More lead crooks should suffer the same fate.

[quote=EDJ4now]

[quote]Anyone still at Jones have any comment on the recent compliance notice that says IR's can't say in publice that they do financial planning or any kind of planning for that matter?  Have they stripped you of even your quasi professional status and made you a true product pusher now? [/quote]

Isn't that technically the case with everyone who is not an RIA?  I know we all dance around it, but it was my understanding that if you are not an RIA, you cannot hold yourself out as a planner, even if you have your CFP.  I realize this doesn't make sense and we all know it isn't true, nonetheless that's the law as I understand it, correct me if I'm wrong.

[/quote]

4NOW,

There is a diff with Jones.  Most firms have an RIA that reps with a 65 or 66 license can operate under(as an IAR) and provide financial planning through. Jones doesn't and therein lies the problem. When I was studdying for my 66 this idea of a broker dealer providing finacial planning with its inherent conflicts of interest stood out like a sore thumb.  I thought the recent ruling by the SEC saying that they can no longer do it is a potentially huge blow for Jones unless they modify their business model.

I’ve never heard anyone say Hill was crucified.  Very eloquently stated, turd.

Scroll to the last police blotter item

Lodi Police Department

In the 79 hours since 8 a.m. Saturday, the Galt Police Department handled 540 calls. The following is a sample of calls received by dispatchers.

Saturday

12:33 p.m.: People were leaving fliers on front doors at Cabrillo Circle and Bella Vista Drive. The fliers were in colors that the caller doesn't believe are the city's colors.

1:15 p.m.: Someone burglarized a mailbox in the 1800 block of South Church Street.

1:15 p.m.: Twenty-one cars with booming stereos were at South Central Avenue and Poplar Street.

Sunday

9:09 a.m.: A 1991 Acura was stolen in the 1700 block of South Hutchins Street.

9:38 a.m.: One vehicle was stolen and another one burglarized in the 800 block of South Beckman Road.

11:44 a.m.: Someone in an older car dumped a sofa at Lodi Sickroom Supply, 340 S. Fairmont Ave.

4:34 p.m.: Some people tried to sell items to Orchard Supply Hardware, 360 S. Cherokee Lane, that were stolen from an Orchard Supply Hardware in Stockton.

8:44 p.m.: Gunshots were fired at a house in the 400 block of East Elm Street.

11:14 p.m.: Someone stole a 1996 Nissan Sentra in the 1200 block of South Sunset Drive.

Monday

2:40 p.m.: A man in a suit, claiming that he worked for Edward Jones, was asking very personal questions as he wen door to door at Grant and Eureka avenues.

Yes, it is true, Doug “3 Mil” Hill is back door knocking…