Leaving EDJ before Can-Sell
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yea sorry about that.. I had to delete and repost my response.. Yes, we are able to pick our trips.. We have 17 destinations in the first contest and 21 in the second or you can combine your two trips for what is called a super trip with 6 options there.. I agree with you.. I certainly take trip outside our contest trips but those are free of charge. The last trip i went on I stayed at the Four Season.. So they aren't low end hotels.. Miss JSee above your post Miss J.
yea sorry about that.. I had to delete and repost my response.. Yes, we are able to pick our trips.. We have 17 destinations in the first contest and 21 in the second or you can combine your two trips for what is called a super trip with 6 options there.. I agree with you.. I certainly take trip outside our contest trips but those are free of charge. The last trip i went on I stayed at the Four Season.. So they aren't low end hotels.. Miss J[/quote] Did you consider door knocking all the hotel guests at the Four Seasons every morning, handing them their free USA Today papers and introducing your services? I'm sure there's some qualified guests there.[quote=snaggletooth]See above your post Miss J.
What kinda FA really thinks those trips are free? You pay for them with lower payouts. That is why you pay taxes on them at the end of the year. That fact alone should make any FA reconsider whether they are really happy or just brainwashed drones.
Why is it that Jones FAs are brainwashed clones, but MS, ML, UBS brokers are successful, professional advisors?
This conversation reminds me of that other long portfolio management thread going on.Ummm… perhaps because you are brainwashed drones? If not, feel free to contact your home office and ask them if you can think for yourself for awhile…
Just too hard to resist…I think it falls under the category of never ask a question if you don’t want an answer…
I have heard the brainwashed comment many times…I am not brainwashed but I know many other Jones FAs that are. I think the main reason it is made is because of the heavy sales in American Funds by new FAs. For me American only consists of 20% of my book while others is closer to 80%
I’m gonna go completely off the board here.
You’re 22 years old, right out of college with no real office experience let alone industry experience and the market is crap for prospecting… any respectable BOM would have pointed out each of those factors to you during your interview while politely turning you down and suggesting taking a more traditional sales oriented path and trying to follow the FA path later in life.
Now that you are licensed, you may as well try to cope for a while. Have you considered talking to your BOM about putting the program on hold and becoming a sales assistant, operations personnel, financial consultant, etc. The firm retains you, you get industry experience and sale experience and maybe in a few years you’ll be in a better position to try the FA route again, if that’s what you should choose to do.
You can retain your licenses if you quit, but you need to become employed by a bd within a year to retain your 66 and 2 years for the 7 and that could be pretty hard considering… In addition, I think you would have to prove yourself pretty incompetent in order to not be held responsible for your contractual agreement and in that case, your licenses could absolutely be removed.
The firing thing, well, if you keep moral at the current level, you might just get there, but is that what you really want?
I understand your dribble and where you believe you are correct, but it doesn't answer the question. Let me make it simpler for your brain. If I work for MS, ML, UBS, etc I have to play by their rules. You don't have 100% autonomy (sorry it that's a big word for you) to do whatever you want. It's a wirehouse. You do what you want to inside their box. Same thing at Jones. At ML, if I want to run portfolios based on ETFs, or preferred stocks, or CEFs, I can. At Jones, same deal. If at ML, I don't have a selling agreement with XYZ fund family, I can't work with them. Same thing at Jones. We have to work under the policies and procedures that the firm puts into place. So, I'll ask it again. Why is a Jones FA brainwashed, and a ML FA an respected financial advisor?Ummm… perhaps because you are brainwashed drones? If not, feel free to contact your home office and ask them if you can think for yourself for awhile…
A shot on my vocabulary and intelligence? I expected more from you spiff…
I think the basic answer to your question is that they are more respected due to the firms they work for and the size of accounts they handle. They play by the rules within their companies, but the companies in question all have so much more to offer clients than Jones. 30 year bonds and MFD's are not always the answer. The companies you mentioned do not have a systematic program the teaches the employees their companies are the only good and ethical company in the country and their brokers don't have to be de-programmed when they go indy. Hope that answers your question Mr. Defensive...Sorry, too much caffeine this morning. My apologies for taking a shot at your intelligence.
OK, let me ask this a different way. We all sit down with our clients and map out their retirement lives, college planning, etc. They have to earn, say 8%, to meet their goals. I might do that with A share mutual funds, an annuity, stocks, and bonds. The ML guy down the road might use C shares, ETFs, stocks, and some CEFs. We both hit the 8% number for our clients. What makes me brainwashed and not the ML guy? His firm? The size of the account? He goes to work everyday believing that ML is absolutely the best place that everyone he comes into contact with should invest. Does that make him brainwashed about ML? I don't think so. Likewise for the EDJ guys out there. I've been incredibly involved in training at EDJ in my career here. I've never heard anyone say that EDJ is the only good and ethical company in the country. We believe we do some things better than everyone else. Guess what. That ML guy thinks the same thing about his company. Having a belief that you do things better than everyone else is the way you should be thinking about your company. Whether you're ML, EDJ, or indy. If you don't think that way, you probably ought to be looking at other firms.That is a valid point, however, those firms you mentioned all signed the Broker accord with the understanding that brokers move on. Not everyone fits into the square hole. Because of the way Jones is set up, a compliance nightmare, you have to standardize your companies approach. There is no thinking outside the box because you don’t have the resources to control things that aren’t standardized. Think about it honestly for awhile and you will see what I mean.
When I was there, I sold etf's, Closed-end funds, and tried to sell some international stuff. I occassionally did tax-swaps on long bonds that benefitted the client every time. All of those things were considered bad for the client by compliance because "it's not the Jones way" (yes that is a direct quote from the compliance department). Selling Duke Realty in 50's was wrong because "we are a buy and hold firm". Now that you offer ETF's they are a fine thing. As for tax swaps, and CEF's I no longer know Jones' opinions. The fact that you didn't mention Private Placements, Structured products, Principal protected securities, options, and other derivative strategies tells me you don't really understand what ML, MS, GS, and others really offer. When I left, I was shunned by people I had known for years because I was no longer part of their cult-ure. So even if the training doesn't push it, the meetings (weekly, monthly, quarterly, and annually) certainly do. Spiff--- I know you disagree with me because of where you are at. I read your posts all the time and you seem like a decent guy. But just look at the post by the ex-jones brokers and read them honestly without the bias of thinking we are disgruntled or couldn't make it at Jones. We aren't unhappy an most of us were very successful and Jones. I for one, won every award offered including the famed Pacesetters award. Like most of the indy's we just wanted to offer more things to our clients. Try reading our posts from the standpoint that we are trying to get you to look at reality (sort of like an intervention ).