Edward Jones rep doorknocked my Dad
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My Dad called me up to tell me that he was solicited by an Edward Jones rep, new to the territory, and that she pitched him a “safe” 4% in-state GO muni bond. When my Dad tried to tell her that he wasn’t interested because his son (me) was also a Series 7/66 + insurance licensed advisor, she told him that I did not have access to this bond and could not sell it to him because I am not with Edward Jones. She went on to say that Edward Jones possesses a special agreement/contract to sell this state muni bond.
Maybe I’m still a newbie to the business, but being that Muni bonds trade on the open market, could I also easily snatch up this same exact bond by calling my broker-dealer trading desk and purchasing it within a brokerage account for my Dad? Or does EDJ have access to “special” tax free bonds that an indy has no access to? This sounds kind of fishy…
Sounds like you don’t actually know, meaning your Dad would benefit from having an advisor who is offering a quality product.
[quote=Ron 14]Sounds like you don’t actually know, meaning your Dad would benefit from having an advisor who is offering a quality product. [/quote]
ZING!
As much as I hate to, I’m going to have to lay a big FAT CO~SIGN on this post. Nice work Ron, you’re catching onto how things work around here.
That was pretty good, I have to admit.Sounds like you don’t actually know, meaning your Dad would benefit from having an advisor who is offering a quality product.
You guys should never under any circumstances think a BankFa has offered anything of value. Didn’t your firms teach you this ?
[quote=Ron 14]You guys should never under any circumstances think a BankFa has offered anything of value. Didn’t your firms teach you this ?[/quote]
Sorry, I’m a bit lost here - don’t know if you’re being sarcastic or not.
The reason for my post was that I am asking the board if it is honest to tell a prospect that an independent rep cannot sell the same municipal bonds, publicly traded, as an Edward Jones rep, because that indy does not have “authority” or a “contract.” I think this is B.S., but I wanted to make sure that it was just a desperate sales pitch and not a legitimate claim.
[quote=TRIP]
[quote=Ron 14]You guys should never under any circumstances think a BankFa has offered anything of value. Didn’t your firms teach you this ?[/quote]
Sorry, I’m a bit lost here - don’t know if you’re being sarcastic or not.
The reason for my post was that I am asking the board if it is honest to tell a prospect that an independent rep cannot sell the same municipal bonds, publicly traded, as an Edward Jones rep, because that indy does not have “authority” or a “contract.” I think this is B.S., but I wanted to make sure that it was just a desperate sales pitch and not a legitimate claim.
[/quote]
You should always assume that people are being sarcastic here. It’s the air we breath.
What difference does it make if it is a legitimate claim? Are you really going to let your dad buy the bond from someone else anyway? If you are really concerned about whether or not another broker is telling a lie then have your dad find out what the issue is, then call your bond desk and ask them if they can get it.
The only time a firm has the market on a bond is at new issue if they are part of the selling/underwriting team. Now, there may be several firms with a selling agreement. Once it goes to market, then yes, any bond desk should be able to buy it on the open market. However, you need to know about the bond in order to ask teh bodn desk to buy it.
My guess is that the EJ FA was either blowing smoke or your Dad misunderstood her. My bigger guess is that you are a troll like all the other "I just accepted a job with Edward Jones after I graduated High School last week" that have piped in the past few weeks.B24,
Great first part, I think you actually helped this fella. I don't think the EJ FA was blowing smoke, I think she didn't fully understand that EJ might not be the only firm within the selling agreement. She was just regurgitating the old Ed Jones line about new issues and how they're the only ones with access to it.Honestly, I have never in my career at Jones heard any line about us being the exclusive issuer of a bond. Maybe in some circles they talk like that, but if someone had even half a pulse while studying for the S7, they would understand basic underwriting. So I am serious when I say I don’t know what the “Ed Jones line” about new issues would be.
But you may be right - she may think they are the only ones in the selling agreement.Miss Jones asked me to send her a picture of myself masturbating. I’m sure she’s rotten enough to lie to people, too.
If Ed Jones underwrote the bond, and there were no co-underwriters, then it would be safe to say that EDJ advisors would have exclusive access to the muni. ED Jones underwrites a lot of new issues in small towns where competition is weak.
Her opening pitch was “I’m new to the area”…This means she’s a newbie and could probably rattle off a grab bag of American Funds fund names and not much more. I wouldn’t put too much stock in her knowledge of EDJ’s exclusivity rights to muni bond offerings. Just sayin’.
She might not have known much about it, but her mentor, field trainer, sales desk, Seg 1 support specialist, and RL would know about it. Chances are she got the idea from one of them.
I hate to disappoint you, buddy, but if honesty is what you're looking for, you're very much in the wrong profession.[quote=Ron 14]You guys should never under any circumstances think a BankFa has offered anything of value. Didn’t your firms teach you this ?[/quote]
Sorry, I’m a bit lost here - don’t know if you’re being sarcastic or not.
The reason for my post was that I am asking the board if it is honest to tell a prospect that an independent rep cannot sell the same municipal bonds, publicly traded, as an Edward Jones rep, because that indy does not have “authority” or a “contract.” I think this is B.S., but I wanted to make sure that it was just a desperate sales pitch and not a legitimate claim.
I’m not sure about this, but I’ve heard that New Jonesy’s have a tendency to not know what the EFFFFFF they’re talking about when they first hit the streets. Oh, wait… maybe that was just me.
I’ve heard that all noobs in the entire industry don’t know what they’re talking about when they first hit the streets. I’m pretty sure that’s not just limited to EDJ.
hmm, interesting. haha
I know spiff, I know. When I think about all the dumb things I said, and dumb mistakes I made when I first started, I cringe.We do too. Sorry, I could not resist that one.Funny, when I think about all of the dumb things I still say, I cringe.