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Aug 20, 2007 6:56 pm

Borker,

I'm not trying to bash you, but a few months back you were thinking of going back into law enforcement.  Are you still on the fence about Jones? 

Aug 20, 2007 7:00 pm

[quote=FreeFromJones]

Spiff, look straight up on this page.  The following is a quote from BB:

"I've been with Jones since December '05 and have been licensed since April '06. Regardless of what the has-beens say, Edward Jones is a fantastic investment firm--just look at client- and employee-satisfaction surveys from this year and years' past."

(emphasis mine)

I have no axe to grind, just don't earn less money than me and call me a has-been.  You know that's the same B.S. that easily flows from all newby's mouths.  It flowed from mine until I figured out just how insignificant most IRs/FAs are in the whole scheme.

Wow, Spiff, is EDJ the only company that offers trips for good producers?  NOT!!

[/quote]

Sorry, my bad on the has been comment.  I apologize.  Poor reading comprehension on a Monday.  BB - try not to bruise their fragile egos in the future.  Also, your $16 mil wouldn't really qualify as big.  Decent, yes.  Not big.  The guy who recenlty took over the $110 mil office was big.  

No, I realize Jones isn't the only company to offer trips.  However, as far as I know they are the only ones who have as many FAs who qualify.    And it's not a first come, first served.  You qualify, you win. 

Aug 20, 2007 7:26 pm

Spiff,

That's OK, I'll forgive you this time.  Yes, my ego was bruised. It seemed rather harsh since I thought you were the one Jones guy here that I can tolerate and actually expect an intelligent thought through response from.

We still want you to play in our sand box.

Aug 20, 2007 8:54 pm

Not making enough to eat 2 months ago and now posting Seg 4 numbers.  Nice turnaround. 

[quote=now_indy]

Borker,

I'm not trying to bash you, but a few months back you were thinking of going back into law enforcement.  Are you still on the fence about Jones? 

[/quote]
Aug 20, 2007 9:41 pm

[quote=Edward Pwns]

Not making enough to eat 2 months ago and now posting Seg 4 numbers.  Nice turnaround. 

[/quote]

I agree. Thanks.

[quote=now_indy]

Borker,

I'm not trying to bash you, but a few months back you were thinking of going back into law enforcement.  Are you still on the fence about Jones? 

[/quote]

I was never "on the fence about Jones." Just on the fence as to whether I wanted to continue working in a field that's so pervaded by criminals.

I've come to the realization, though, that those guys just make me look even better.

Aug 21, 2007 2:02 pm

Are you referring to the criminals on the law enforcement side or the investing side?

Aug 21, 2007 4:03 pm

[quote=Spaceman Spiff]

The only question I have left for you is this:  Fiji, New Zealand, Paris, Hawaii, Amsterdam, Cancun, Captiva, Costa Rica, Bahamas, Tahoe, New York (a great trip I highly recommend it), Nuevo Vallarta, Rome, or St. Maarten?

[/quote]

I went on the New York trip last December (Wow!), and I had to bank my most recent trip, but I'm looking hard at Paris for the '08, Prog. I group.

Also, I was referring to the criminals in the "investing business"--specifically those filthy bonus annuity salesmen. (However, I honestly doubt anyone who frequents this board is involved with raping people with those abominable products.)

In hindsight, I've realized that the people I used to put handcuffs on were much more respectable than the creeps I encounter who are selling that pie.

Aug 21, 2007 6:26 pm

[quote=Borker Boy]

I've never understood the complaint about Jones only using the eight preferred fund companies and having a "limited number of products" available to the brokers/clients.

[/quote]

You need to ask yourself, who chooses those eight.  Most of us who have been in the business a tad longer than you can look at the Alphas and Betas in constructing a portfolio and choose for ourself.

IndyEDJ

Aug 21, 2007 8:12 pm

And…if you look at the alphas and betas of those fund managers in the Jones preferred list, they are really good.  I presented a portfolio to a prospect recently using Goldman, American, and Hartford that had a 5 year beta of .63 and an alpha of 4.63.  The S&P outperformed on 1 yr, but mine was better 3 months, 3, 5, and 10 yr.  It’s not about where you get the ingredients, it’s how you mix them that counts.

Aug 21, 2007 8:28 pm

Spiff, did you tell the client about the revenue sharing?

Aug 22, 2007 12:21 am

Spiff,

Congrats..now all you have to do is find 1,000 more rollovers like that one and you can have a self sustaining business for a while atleast until it is time to try and review all of your accounts properly and utilize all of the planning tools you have at you fingertips.

Aug 22, 2007 2:19 pm

If I had a book worth $375 million I certainly could use all the planning tools I have at my fingertips.  Of course you folks would tell me at about $50 million I need to jump to LPL and "own my book" or something like that.  At $375 million I'll hire spears to do the grunt work for me.  Shoot, spears, maybe at $50 million I'll do a GKN 2 for you.

Yes, I told him about the revenue sharing.  Surprisingly, when they see good performance numbers the revenue sharing isn't an issue.  Hmm...go figure.  

Aug 22, 2007 3:02 pm

HAH, Another 500k transfer from your beloved green yesterday…Good luck on getting to 375 million or is it 37.5 mil?  The less time I spend here, the more transfers I get…hmmm.  Last post of the day for me.

Aug 22, 2007 3:06 pm

Must be kind of frustrating to be rejoicing about getting your old clients to come work with you again. 

Aug 22, 2007 4:09 pm

You must be too young to remember Jim Jones and Koolaid.  Horrible.

Anyway, EDJ micro manages you.  They tell you how to prospect (coldwalking) and you don't own your book.  What more needs to be said?  Oh, they don't do fee based business.

Aug 22, 2007 4:53 pm

[quote=vbrainy]

You must be too young to remember Jim Jones and Koolaid.  Horrible.

Anyway, EDJ micro manages you.  They tell you how to prospect (coldwalking) and you don't own your book.  What more needs to be said?  Oh, they don't do fee based business.

[/quote]

Although it appears Jones will soon join in the fee-based feeding-frenzy, I'm less than convinced that this model is better for the "average" investor than an upfront commission and subsequent low annual expense.

I asserted my opinion on this issue in an earlier post, and I remain skeptical and unconvinced.

Aug 22, 2007 5:30 pm

[quote=vbrainy]

You must be too young to remember Jim Jones and Koolaid.  Horrible.

Anyway, EDJ micro manages you.  They tell you how to prospect (coldwalking) and you don't own your book.  What more needs to be said?  Oh, they don't do fee based business.

[/quote]

Wrong, wrong, wrong.  If anything Jones gives you the rope and let's you hang yourself.  They teach you to doorknock, but as long as you're getting people to invest with you, they don't care where the people come from.  I know very successful FAs who have never once knocked on a door.  You don't own your book anywhere other than at an Indy shop either.  We do fee based business for the right kind of clients.  What we don't do is slap everyone who comes through the doors into a fee based account just because that's the way we like it. 

There's no arguing with the numbers on a buy and hold portfolio of A shares vs. fee based.  The A shares are the most cost effective way to go for the average buy and hold client.  However, I believe people should have some choices as to how they pay me.  I will welcome and utilize the fee based platform when it comes out (unless it sucks).  But I will also show people A shares and give them the freedom to choose.  Just one more way Jones will prove they are better than everyone else.  

Aug 23, 2007 2:00 am

[quote=Spaceman Spiff]

There's no arguing with the numbers on a buy and hold portfolio of A shares vs. fee based.  The A shares are the most cost effective way to go for the average buy and hold client.  However, I believe people should have some choices as to how they pay me.  I will welcome and utilize the fee based platform when it comes out (unless it sucks).  But I will also show people A shares and give them the freedom to choose.  Just one more way Jones will prove they are better than everyone else.  

[/quote]

Aug 24, 2007 4:42 pm

Spaceman not to burst your bubble but I think you know as well as I do that people can add or remove investments (A shares or Fee Based) to make the hypos look better or worse.  Plus it is not matter what the return on the hypo is but our job is about the actual return (what the client gets to keep in his/her pocket) after ALL expenses are paid including TAXES.  In many cases fee based accounts have huge advantages over A share mutual fund portfolios in taxable accounts, but like every investment out there neither is for everyone. 

Aug 24, 2007 6:22 pm

You are correct.  I can manipulate hypos to show whatever I want.  I don't, because it doesn't benefit me in the long run. 

Fee based accounts don't have any tax leverage over a mutual fund portfolio.  Now, before you get your panties in a wad, let me clarify.  The payment to the broker is immaterial as far as the IRS is concerned.  Although some will say the fee is a writeoff and a commission isn't.  It's what you put inside the account that matters.  Actually a well designed commission based ETF portfolio without a lot of moving parts would be very efficient for clients on both a cost and tax front.