How much can you (reasonably) make in this biz?
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Thats because you’re new. You shouldn’t be working with too many products anyways. Once you hit the 1-2 year marker it’ll hit you one day and you’ll say “If I have to explain the storied history of the Growth Fund of America ONE MORE TIME to a new client I’m going to shoot myself!” There will come a point when you want to get more sophisticated (And your clients will want that too).
[quote=iceco1d]PS - Can you short @ EDJ? Honest question, I don’t know the answer.[/quote]
I didn’t know American funds could be shorted.
PS - Can you short @ EDJ? Honest question, I don’t know the answer.
Nope.
As a matter of practice, yes we can. That being said the firm discourages us from recomending shorting as a strategy, and we need a non-solicitation letter. As for borrowing against securities, hell yeah, bring it on! As for options, to tell you the truth, the only option strategy that I would have any interest in for a long term investor would be the sale of covered calls.[quote=iceco1d] PS - Can you short @ EDJ? Honest question, I don’t know the answer.[/quote]
Nope.
I’m not that far gone from Jones, but I certainly don’t remember being able to short ANYTHING. I recall that “shorting, because it has unlimited downside, is certainly prohibited by Edward Jones” or something to that effect.
I’ve actually heard that it is possible also. They just keep it on the very very very very very very very downlow.
They don't want us poking ourselves in the eye with any sharp objects or anything.Yep. Gotta sign two letters absolving the firm of any liability, but it can be done.
Ice - you use the words “not EDJ bashing” more than I crap. Not iceco1d bashing, just making a casual observation.
That's because the last time I posted a factual observation, a few EDJ reps jumped on post like st!nk on sh!t. I want it to be very clear that I'm not trying to offend EDJ reps, nor am I trying to poke fun at EDJ as a company; but just answer a question. I've never work there, so I'm speaking as an outsider, but I think EDJ is a fine firm.[/quote][quote=voltmoie]Ice - you use the words “not EDJ bashing” more than I crap. Not iceco1d bashing, just making a casual observation.
What is so "fine" about EDJ?
Don't be too hard on ice. He doesn't make a practice out of making sure we all understand everything that EDJ does wrong and/or make up a lot of things that he imagines EDJ does wrong.
EDJ has always been a company designed for the masses, not the UHNW crowd. Don't get me wrong, I'd love to work with 5 people with $20MM portfolios and call it a day. However, there are a ton more people with $500K- $1MM portfolios that don't have any desire to use any of the things that ice mentioned Jones doesn't have. So, Jones will continue to be a company that is designed to cater mostly to the average Joe out there. My guess is that even if places like MER or MS have all of those things, the average FA there doesn't use any of them on a regular basis except maybe the fee based account that can encompass everything. My issue, which hasn't changed a bit even though Jones launched Advisory, with those type of fee based accounts is that I've seen too many times that it can create a lazy advisor who gets paid regardless of if he actually does anything with the client or not.