The Future of Registered Reps
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"No. This is what friends do. It's possible that you can be both, but your first duty is to your client, not your friend. The "send their wife to the baby shower" is particularly appalling though Spiff (and I know you didn't mean it that way) stinks of Jones Kool-aid, where your wife is supposed to do the "woman" things. Why don't you go to the baby shower yourself?
As for discretionary advisors being sissies, I dunno. They had to ask for the order at some point. I would say they are merely more efficient."
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I agree completely. Probably a form of guilting his clients into staying when they find a better advisor.
I don't have a problem with people running their business either way. One guy wants to sit behind his monitors and do the trading while another one wants to farm out all of the investing decisions to Goldman and focus purely on the planning part. Whatever. Run your business the way you want. I think you folks are misunderstanding that I think one way is better than the other. The only thing I think is completely wrong in this scenario is that Shania think's it's more manly to buy individual stocks and bonds than funds.
My clients stay with me for three reasons - first because they're too lazy to go find someone else. Second, because they like me. Third, because they like everything else I do for them. That includes investments (individual stocks, bonds, bond funds, stock funds, etfs, annuities, insurance, LTC, CDs, Advisory and transactional) and the planning.
Shania - you've not mentioned it in this thread, but do you do any of the planning for your clients or do you do only the investments?
Shania think's it's more manly to buy individual stocks and bonds than funds.
That is hysterical.
[quote=Spaceman Spiff]
My clients stay with me for three reasons - first because they're too lazy to go find someone else. Second, because they like me. Third, because they like everything else I do for them. That includes investments (individual stocks, bonds, bond funds, stock funds, etfs, annuities, insurance, LTC, CDs, Advisory and transactional) and the planning.
[/quote]
I'd have a tough time getting up in the morning if I though the primary reason clients stayed with me was due to laziness!!!!
spiff you're the biggest tool i've ever encountered on any online forum
you're going to be in seg 3 for the rest of your life and you're going to think you're killing it. feel indebted to edward jones for the rest of your life for "giving you the opportunity"
you're the guy who has no tolerance and has 2 glasses of wine at the regional meetings and falls in love with everyone because they're your "friends" they're just like you they're with edward jones ISNT IT GREAT THAT EDWARD JONES BOUGHT THIS WINE FOR US
people like you make me sick
your "financial planning" method for your entire book made of $30k avg households is a joke. if you moved real money and your clients met real producers, they'd eat you for breakfast
"...attend their kid's wedding, send their wife to the baby shower,"
if you showed up at my kid's wedding or my WIFE'S BABY SHOWER i'd think youre mentally ill
i dont want my broker taking pictures of my daughter in law on her wedding day or fondling my newborn baby. showing up in a suit with your edward jones name tag, grabbing the knife and trying to cut the first slice of cake of my wedding cake in front of my entire family
wtf is wrong with you
[quote=Barack Owebama]
(and guess what? FA managed fee based accounts BEAT the crap out of the indexes. at least at 3 large wires where I have seen the numbers)
(I meant trading stocks and bonds (not funds) on a commis per trade basis was REALLY hard to make money for people over the long haul)
[/quote]
you're breaking character, there.
Be careful
ruins the illusion
hurts my feelings.
Since, this thread has become an uncivilized debate, I'll come back and restate my case. The future, is old school. Old school hard work, analysis, equity picking, doing your homework, showing up early, leaving late, giving a damn about the client, rolling up your sleeves, and being a decent civilized person in your chosen profession. This new age crap didn't work, it never had a chance, and nearly ruined our entire financial system.
Fine, you want to do old school, but charge a fee? Ok, so do it. But, this idea we charge a fee to "make more/do less" is a hollow and shallow existence, road to ruin. And if a firm doesn't let you do it old school, then leave, find a better place to work. I have zero respect for a firm that micro manages what a rep sells, because that is NEVER in the best interest of the client.
And, folks, keep it civil....
[quote=Sportsfreakbob]
Shania think's it's more manly to buy individual stocks and bonds than funds.
That is hysterical.
[/quote]
My team sucks. Im on jets bandwagon. Rex=God
I love the guy
revis=best cover corner ive ever seen-ever. (what he did in indy was beyond words)
wrong team favored in foxboro. should have mortgaged house jets plus nine
that defense gets no love. so underated
ryan vs peyton and brady=briliant
u see tommy boy with 5 seconds and NO one open? pricless i hate that annoying ah
Steelers will be tough for jets.
worst machup they could have.
Troy was out in first game
ben is freaking money
the problem? cant run on pitts.
too much on Sanchez
you can get a W.....but you'll need some luck.
plus 2 in T/O
or
special team TD
or 3 plus 30 plus plays for sanchez
id love to see rodgers vs rex...........
so tough to go against Ben in this spot
what a game
i love the MF NFL
(i could see pitts in a blow out. sorry. bringing tough love)
PS
what the fukc is a Seg 3?
has to be Jones lingo. you guys have more inside buzz words and jedi.
that firm is like Waco or Scienctology.
Good analysis Shania - i need you back where you belong, helping me defend my boys. Although lately, i haven't had to.
I think we will give Pitt a serious serious game on Sunday. Troy is back, but not at 100%
[quote=Spaceman Spiff]My clients stay with me for three reasons - first because they're too lazy to go find someone else. Second, because they like me. Third, because they like everything else I do for them. That includes investments (individual stocks, bonds, bond funds, stock funds, etfs, annuities, insurance, LTC, CDs, Advisory and transactional) and the planning. [/quote]
This was a contributor as to why I left Jones. I believe in adding value; I don't want a client to stay with me because they are lazy. I want a client to stay with me because I deliver value every day, and that value can be shown on a piece of paper. Being their friend, crying when their husband dies - I do that shit too.
Do I stay in constant contact? Am I their friend? Am I a schmoozer? Guilty on all accounts. But at Jones you are trained that you - as an individual broker - cannot add value to their returns. Why? Because of course, that would defeat the consumption of Koolaid. You allow the "value" to be added by Edward Jones. Good for you, Spiff. I'd prefer to take that mantel on myself, because "real men" stand up for themselves.
You guys don't have a sense of humor, do you? Or did you really think I was serious with the lazy client comment? Obviously you did because there were several comments about it. I was kidding. Mostly.
GHGR - wow, what's with the attack? First, you don't know anything about how I manage money. Second, you don't know anything about my average account, but you're way off with your $30K guess. And the thing that's wrong with me is that I'm not a machine. I enjoy the personal side of this business much more than the financial. I'm forced to work with the financial issues in my client's lives so that they can continue to do the things they want in their personal lives. You want to keep dialing the phone for $10K bond orders, knock yourself out. I'd rather go to a wedding reception, meet rich Uncle Buck, and get an intro to him from my client and have a piece of wedding cake at the same time. I'll take one Uncle Buck for every 25 of your $10K bond orders.
I don't go where I'm not invited. My clients don't routinely invite me or my wife to their baby showers or weddings. So, I'm not showing up with my name tag trying to cut wedding cake or hold their baby at the baby shower. You can get your panties out of a wad now.
Lock - I completely disagree that Jones teaches us that we cannot add value to our clients lives without the mother ship. Sure, they give us the tools to use, but that's where it ends. It's completely up to us to do the rest. Jones can give me all the tools, recommendations, products, etc they want, but if at the end of the day I don't add value, it's because I'm not using those tools properly.
Lock, in post 52. Guess I cannot read between the lines. Please, tell me what kind of value it is that Jones would not allow you to provide, that you had to leave so you could provide elsewhere? I've always been under the impression that EdJones was an unusually good place over the last several decades for reps AND clients.
IMHO, their model, is kind of like the modern indy. Jones problem is, that there pay has not increased with the significant decrease in the cost of doing biz. Essentially, they are reluctant to share the cost savings, efficiencies of modern technology, etc.
Our costs aren't really changed all that much based on newer technologies. While it is certainly less expensive today to run our network, the nubmer of tools available on that network are almost overwhelming. It used to be if you knew 10-15 commands to type into our old green screens you could run a very big EDJ office without any issues. Today you almost have to have your CFP to be able to fully utilize all of the capabilities of our system.
Our biggest expense has always been the single office setup. The amount of money we spend on leasing 11,300 offices is huge. Not to mention the BOAs, benefits, and hardware to keep those offices running. While it may be cheaper to run a T1 based network than the old satellite system, it's not a significant enough cost savings to make a dent in the bottom line.
And as the firm grows, so do the costs. Our number of home office buildings and the people that work in them continue to rise and therefore so do the costs. We've got big office buildings in STL, Tempe, and Toronto plus some facilities in Anaheim, CA and soon to be in the Orlando area, I believe.
[quote=Sportsfreakbob]
I think we will give Pitt a serious serious game on Sunday. Troy is back, but not at 100%
[/quote]
Rex is master mind with balls of steel.
you know he does?
he goes back to all out blitziing. (like last years team did almost every game)
you must punch Ben in the mouth. (you CAN get to him)
put wallace on revis island and that really limits his options.
if revis can shut wallace down, you might be able to get to him
the problem is your offense cause i think they stuff LT and green. pitts run defense is so damn good.
this thing going under
it might be 3-2 in 3 OT's
what is under? thats my call
i REALLY want the jets to win
love ryan
[quote=primoisanass]take the Steelers
jets won’t do it this time
Green Bay vrs Pitt Super bowl[/quote]
fuking genius