The Beginning of the EDJ experience
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[quote=Moraen]Jones will hire tractor salesmen - I’ve seen it. They have a special place in their hearts for knife salesmsen.
This part is bashing. Jones cares about making the sale. Not about helping the client. [/quote]So the two are mutually exclusive? It's not Jones it's the sales person that makes the decision on what to sell to a client. I've always thought you could service through sales.
A tractor salesman selling investments. You don’t see a problem with that? It’s a little different than tractors or knife.
We all start somewhere. I doubt most people in here majored in finance in College. I see no problem in a persons background - this is not nuclear science.
A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
The S&P 500 is down 32% since May 29, 1999. If a tractor salesman sells a client $40,000 of American Funds, the client is paying the advisor $2,000 in commissions for the privilege getting into these funds, which took the tractor guy 5 minutes to put together the portfolio on Morningstar. Did the tractor guy do ANYTHING to earn $2,000 of commission? At the very least, clients should have peace of mind that they person they are paying commission to should be qualified to do financial analysis. I mean, the guy is probably botching his attempt to explain standard deviation to the client. God help him if the client took calculus in college and asks the advisor to delve further into the alpha and beta of the hypothetical. BTW, I'm not saying that advisors in general don't do much to earn whatever commissions are earned from selling clients funds. I'm just saying that if they do get that upfront hit, hopefully the advisor is qualified and spends more time than tractor boy probably would.A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
[quote=Moraen]A tractor salesman selling investments. You don’t see a problem with that? It’s a little different than tractors or knife.
[/quote] ae=oThe S&P 500 is down 32% since May 29, 1999. If a tractor salesman sells a client $40,000 of American Funds, the client is paying the advisor $2,000 in commissions for the privilege getting into these funds, which took the tractor guy 5 minutes to put together the portfolio on Morningstar. Did the tractor guy do ANYTHING to earn $2,000 of commission? At the very least, clients should have peace of mind that they person they are paying commission to should be qualified to do financial analysis. I mean, the guy is probably botching his attempt to explain standard deviation to the client. God help him if the client took calculus in college and asks the advisor to delve further into the alpha and beta of the hypothetical. BTW, I'm not saying that advisors in general don't do much to earn whatever commissions are earned from selling clients funds. I'm just saying that if they do get that upfront hit, hopefully the advisor is qualified and spends more time than tractor boy probably would.[/quote] He earned the $2000 by making a sale without trying to explain standard deviation, alpha, beta, or any of that other crap. If fact, most of the 2m is for not showing a silly hypo that YOU have to show because you can't get people to trust what you say.[quote=voltmoie]A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
The S&P 500 is down 32% since May 29, 1999. If a tractor salesman sells a client $40,000 of American Funds, the client is paying the advisor $2,000 in commissions for the privilege getting into these funds, which took the tractor guy 5 minutes to put together the portfolio on Morningstar. Did the tractor guy do ANYTHING to earn $2,000 of commission? At the very least, clients should have peace of mind that they person they are paying commission to should be qualified to do financial analysis. I mean, the guy is probably botching his attempt to explain standard deviation to the client. God help him if the client took calculus in college and asks the advisor to delve further into the alpha and beta of the hypothetical. BTW, I'm not saying that advisors in general don't do much to earn whatever commissions are earned from selling clients funds. I'm just saying that if they do get that upfront hit, hopefully the advisor is qualified and spends more time than tractor boy probably would.[/quote] He earned the $2000 by making a sale without trying to explain standard deviation, alpha, beta, or any of that other crap. If fact, most of the 2m is for not showing a silly hypo that YOU have to show because you can't get people to trust what you say. [/quote] You are fat, and not attractive to the opposite sex in any way whatsoever.[quote=3rdyrp2][quote=voltmoie]A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
Jones won't hire a 22 year-old without a college degree. period. They will (just as all other firms will) hire someone without a degree that already has industry experience and a book of business. And FWIW, it's not Wind reincarnated. It's someone trying to make everyone THINK it's Wind. I can't believe you are all buying into this load of crap.I tend to agree with B&H. But if this isn’t a put-on… Do you think Jones would hire anyone, black, white, otherwise at 22 with no college degree and no experience? The young people that I saw there all had college.
Sorry B24, a friend of mine from my training class who I still speak with was exactly that, 22 no college degree, no industry experience.
LOOK. I dont have to lie i id hope neither would EDJ. I feel like its almost a dream opp, i applied on careerbuilder, took their online assesment, and scored high enough to be given a call. If they are not going to hire me bc of age or whatever then why call me back? Why tell me to visit the local EDJ in my area? Why not just tell me to try back in 10 yrs squirt. wtf i thought my parents were negative as sh*t but you guys are the quintessence of it… If thats the truth then i guess my stay here will be short-lived and yal can all wonder where the supposed new “Windy” went… get over it, that ride is getting old…
Geez thanks for restoring some hope in me. All i sem to be getting is a bunch of bias and opinions, when i simply asked for some good advice, not if im old enough or Black enough, or "Windy" enough...Sorry B24, a friend of mine from my training class who I still speak with was exactly that, 22 no college degree, no industry experience.
I like my firm, and for the most part the complaints I have about Jones are minor complaints that would be similar elsewhere. I don't think I would want to have started somewhere else. With that said, I have a problem with this line of thought. I am a year out and did what Jones told me out of the gate. Most of my clients got killed, those in AF more than some others. I also sold a lot of PG because "it couldn't hurt anyone". PG goes -20% almost instantly. It was about 6 months in when I realized that I was doing my clients an incredible disservice by not knowing why I choose one fund over another and one investment over another. Even "conservative" investments can be bad for a client if you don't understand how it relates to their overall portfolio. If I learned anything this past year it is that I was tremendously undereducated when it came to product, and I fault the firm for that. I have friends that worked previously for other firms that had 10x the knowledge than I did. I am not saying I could have helped the client avoid the crater that was the '08-'09 market, but I certainly should have done better than I did which was about what they could have done themselves. It is not nuclear science, but there is a reason good advisors get better returns for their clients than bad ones.We all start somewhere. I doubt most people in here majored in finance in College. I see no problem in a persons background - this is not nuclear science.
A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
Geez thanks for restoring some hope in me. All i sem to be getting is a bunch of bias and opinions, when i simply asked for some good advice, not if im old enough or Black enough, or "Windy" enough...[/quote] JB -For what its worth I don't think having a college degree matters, I was just stating a fact. I don't think industry experience matters either because everyone starts somewhere. Guys have built huge businesses using Asset Allocation Funds and selling individual bonds. (Not that I am supporting that method) If you want to make it you will. Maybe it takes you a while to get going, maybe it doesn't. If you put the work in you will make it regardless of background. Standard Deviation, Alpha, Beta who the hell cares. Market down 32% over last 10 years who cares. Our job isn't to pick the best investments, its to put clients in a position to reach their financial goals over the long term. If you put a guy with 100k rollover at age 40 into an average fund and now he is 50 and its still 100k, but you have coached him to stay put, you have done your job and that guy has a great advisor.[quote=Ron 14]Sorry B24, a friend of mine from my training class who I still speak with was exactly that, 22 no college degree, no industry experience.
Geez thanks for restoring some hope in me. All i sem to be getting is a bunch of bias and opinions, when i simply asked for some good advice, not if im old enough or Black enough, or "Windy" enough...[/quote] JB -For what its worth I don't think having a college degree matters, I was just stating a fact. I don't think industry experience matters either because everyone starts somewhere. Guys have built huge businesses using Asset Allocation Funds and selling individual bonds. (Not that I am supporting that method) If you want to make it you will. Maybe it takes you a while to get going, maybe it doesn't. If you put the work in you will make it regardless of background. Standard Deviation, Alpha, Beta who the hell cares. Market down 32% over last 10 years who cares. Our job isn't to pick the best investments, its to put clients in a position to reach their financial goals over the long term. If you put a guy with 100k rollover at age 40 into an average fund and now he is 50 and its still 100k, but you have coached him to stay put, you have done your job and that guy has a great advisor. [/quote] I think this mindset is great for advisors seeking to have 300 clients with $40,000 avg. assets.[quote=JBEliteIII][quote=Ron 14]Sorry B24, a friend of mine from my training class who I still speak with was exactly that, 22 no college degree, no industry experience.
I think an advisor who spends his time buried in statistics thinking he is getting an edge on the markets is insane and arrogant.
I like my firm, and for the most part the complaints I have about Jones are minor complaints that would be similar elsewhere. I don't think I would want to have started somewhere else. With that said, I have a problem with this line of thought. I am a year out and did what Jones told me out of the gate. Most of my clients got killed, those in AF more than some others. I also sold a lot of PG because "it couldn't hurt anyone". PG goes -20% almost instantly. It was about 6 months in when I realized that I was doing my clients an incredible disservice by not knowing why I choose one fund over another and one investment over another. Even "conservative" investments can be bad for a client if you don't understand how it relates to their overall portfolio. If I learned anything this past year it is that I was tremendously undereducated when it came to product, and I fault the firm for that. I have friends that worked previously for other firms that had 10x the knowledge than I did. I am not saying I could have helped the client avoid the crater that was the '08-'09 market, but I certainly should have done better than I did which was about what they could have done themselves. It is not nuclear science, but there is a reason good advisors get better returns for their clients than bad ones.[/quote][quote=voltmoie]We all start somewhere. I doubt most people in here majored in finance in College. I see no problem in a persons background - this is not nuclear science.
A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
Notice I said "over the NEXT ten years" I met a client yesterday that has lost 84K in over a year. Her hot shot New York firm has had her in two C class mutual funds for the last 14 years and she's down 55% ... My point being the grass is the same color in almost every yard.
Hind sight is always 20/20 .. no matter how good you were you got blown up in this market.
You shouldn't spend your time getting buried in the stuff, but if this is something a person is going to make a career out of and anticipates acquiring high net worth clients, it should be a pre-requisite to be able to explain elementary concepts like MPT or the difference between alpha and beta. We don't require that in any situation the President of the United States sing the Pledge of Allegiance, but if Obama said in an interview that he didn't know the words to it you'd feel a little weird, right? There are just some things as a financial investment PROFESSIONAL you should know.
I agree and if you have a college degree you may or may not have learned those things there.
I like my firm, and for the most part the complaints I have about Jones are minor complaints that would be similar elsewhere. I don't think I would want to have started somewhere else. With that said, I have a problem with this line of thought. I am a year out and did what Jones told me out of the gate. Most of my clients got killed, those in AF more than some others. I also sold a lot of PG because "it couldn't hurt anyone". PG goes -20% almost instantly. It was about 6 months in when I realized that I was doing my clients an incredible disservice by not knowing why I choose one fund over another and one investment over another. Even "conservative" investments can be bad for a client if you don't understand how it relates to their overall portfolio. If I learned anything this past year it is that I was tremendously undereducated when it came to product, and I fault the firm for that. I have friends that worked previously for other firms that had 10x the knowledge than I did. I am not saying I could have helped the client avoid the crater that was the '08-'09 market, but I certainly should have done better than I did which was about what they could have done themselves. It is not nuclear science, but there is a reason good advisors get better returns for their clients than bad ones.[/quote][quote=SometimesNowhere][quote=voltmoie]We all start somewhere. I doubt most people in here majored in finance in College. I see no problem in a persons background - this is not nuclear science.
A tractor salesman turned Jones rep. will most likely sell a client a bond or some American funds product. Doubt either of those will harm a client too much. It might not be a perfect fit but I’ll bet they do better with those products over the next 10 years than a CD at the bank.
Notice I said "over the NEXT ten years" I met a client yesterday that has lost 84K in over a year. Her hot shot New York firm has had her in two C class mutual funds for the last 14 years and she's down 55% ... My point being the grass is the same color in almost every yard.
Hind sight is always 20/20 .. no matter how good you were you got blown up in this market.
[/quote] Volt, that wasn't an attack on you. It was criticism of our firm. Not everyone got "blown up" in the market (I have a good friend that had several accounts that were only down 5% last year). I don't expect myself to do that (yet), but being just a little bit better than the worst is not good enough for me, and it shouldn't be for anyone. Many people who were just a little bit better than the worst (myself included) do so sometimes because they don't understand the product and how it relates to the economy as a whole. I believe that is my firm's fault as much as mine for sending me out on the street with a pat on the back and an American Funds Resource Guide. It's not like that everywhere. Our value proposition is not that we sell funds/stocks/bonds/etf's/VA's/etc, people can do that themselves these days. Our value proposition is guidance and advice, and we charge a premium for it. Selling 30 year bonds is not good for everyone, even on a 10 year time horizon. Most people at the firm will say it is. I hated it when we were in training and they would say "you can't hurt anyone with xxxxx", pitch it on every call. Wrong. Please don't take this as an insult because people I know and respect say the same thing, but I think that the comment "xxxx is good for everyone" is a thing that people say when they don't know what the hell is happening. I am not saying that everyone needs to be an economist or study charts ad nauseum, but we have a duty to do more than a little bit better than someone else. I think that starts with training on product which we don't get enough of. We just get a "sell this and don't worry about it".
An advisor who had significant amounts of clients who only lost 5% last year is timing the market or not participating in it. It will not be something he will be able to do consistently.