Come back and post in a few years when you have a clue as to what you are talking about.

You're dangerous because you don't know what you don't know. 

DC, you are an embarrasment to yourself and to our firm.  Do me, the other Jones IR’s, and the rest of the folks on this forum a favor and never post again.  Whether or not there is any bit of truth in some of your statements is now irrelevant.

Well said, Broker24.



DCedjones has very ably demonstrated the ignorance and arrogance that

draws the ire of the rest of the industry. "10 times the ethics"

notwithstanding.

DC,

     If I were still at Jones, I'd be embarassed that you were on my team.  You quoted the Bible --- As the bible says: "let those who have wisdom understand..." ---  You need to understand that the reason there has been Jones bashing is because of folks like you who want to spout off.  The reason people hate Jones is because of full-page Wall Street Journal articles that hold Jones up as the keeper of the moral code while they are battling their own battle over to disclose or not to disclose revenue sharing.  If Jones folks like you would quit thumping their chests and saying look at me, then I sure the number of I hate Jones postings would dwindle. 

Grow-up!!!

And a final word to the independents...going independent is great...if you want to keep up with the constantly changing rules and regulations (that get stricter) every year in our industry...and you feel confident that you can monitor yourself against pursuit of your own best interest...at Jones we have a compliance department (best in the industry) that does all this work for you...why is that great?...lets try a little analogy...if you were the police looking for folks in the community who are likely to have violated the law, where would you crack down first?...the house on the street located right next to a police station and a retirement community?...or the house further down the street with no visible address markings, thats hidden under the shade of some trees, and that no one else on the street really knows the owner...independents look out...watcha gonna do when they come for you?...

Again the brainwashed line that Independent advisors are running wild, don't actually have compliance departments and poor us have to figure everything out on our own.  Get a clue.  I have more compliance rules and oversight now than ever when at Jones. And much better communications, memos etc with the compliance department. 

Plus I never have to listen again to that joke of a compliance presentation at a regional meeting put on by some shlub who was press ganged into being the "compliance guy".

[quote=DCedjones]Jones door-knocking model is difficult, but ask yourself this...who would you be more responsive to with your life savings?...a guy on the phone who you have never met?...or a guy (or gal) who has made an effort to come to your door on numerous occassions, introduce themself in person (the classy old-fashioned way) and physically deliver you proofs in writing of all the ideas that have been pitched?...as well as being located in a visible office around the corner from you to add to credibility...i think these aspects of the door-knocking logic are untouchable (still not to say that the work is  not hard and the sales cycle sometimes slower this way...slower but sweeter)[/quote]

As an investor and a client of an FA, I hate the idea of door-knocking, whether you're selling investments (from preferred fund families or MAPs with account minimums of $500k), your religion or the greatest carpet cleaner known to man.  I would rather answer a cold call from a broker and meet with them face-to-face in their office.  I like meeting with people in person - but it has to come from something else other than a knock. 

Plus, what if the door-knocking FA has a face for radio??? 

You're saying that fee-based advisors are biased for selling funds with the lowest cost to them?  What about selling from preferred fund families?  How is that different?  I like Clay Finlay and Oberweis' China Opportunities funds, respectively...Both of which have performed phenomenally this year.  The question I would have for you is a).  can you sell them, and, b).  would you sell them over a piss-poor Van Kampen fund?

I respect guys like Broker24 that at least can formulate a thought on their own (even though they may love the firm) as opposed to spewing the garbage you did, chief.  Best of luck. 

And don't come a-knockin' on my door. 

Why do you assume that fee based accounts are never in the best interest of the client?

There have been many discussions between fee based and commission sales.

The client's needs are first.  Money comes with doing the right thing for people.

You can do that either with fees or comissions.

The problem with EDJ is that they try to control how their reps build their business.

I am sure there are many ethical people at EDJ.

You’re a company parrot…nothing more.  Come back when you learn to think for yourself.

[quote=Indyone]You’re a company parrot…nothing more.  Come back when you learn to think for yourself.[/quote]



This has to be a troll. No one could be so stupid. I hope.

I’ve looked at several firms including Jones, and am happy to say that I have decided NOT to go with Jones, and IR’s like this one are a big reason why.  To think I could have OD’ed on this Kool-Aid too.

Well, you just want to go to a firm that lets you PROSPECT the way you want and build your book the way you want.  From my understanding, EDJ does not let you do that.

Personally, I cannot see myself building a book by door knocking.  And, I would hate to have to sell A shares only.  I LOVE financial planning and I want to be with my clients for the long run.

With A shares only, EDJ seems limited.

[quote=maybeeeeeeee]

Well, you just want to go to a firm that lets you PROSPECT the way you want and build your book the way you want.  From my understanding, EDJ does not let you do that.

[/quote]

Actually the door-knocking was one of the few things I like about EDJ.  I would rather get out in my neighborhood and introduce myself to people I have probably already seen out and about than trying to cold call hundreds of strangers a day, takes longer but I've already prepared the wife for 14-hour days for the next couple years, who the heck needs sleep anyway? 

You are 100% correct in my wanting to prospect any way I want, in addition I don't want to start at 0 every month, I don't want to be limited in what products I sell, and I DON'T want any of that dang kool-aid.  And as long as we've got Mr. EDJ quoting the bible....

"Of what use is money in the hands of a fool, since he has no desire to get wisdom." -Proverbs 17:16 

I wanted to quickly dispell a few myths being broadcast by "fee-based" "financial planners" with "CFPs" who "aren't salesmen" [to you CFPs out there...even though I am training for mine, we all know the game...mostly older established guys who are trying to box-out competition from younger guys...they know we cant compete on performance.

Of course you have some generally valid points. I wonder if you are really close to being a CFP? A rep with experience, perspective, a holistic view of the industry could better argue your points.

How is the revenue sharing on mutual funds at EdJ morally superior to the fees chareged in wrap accounts? You'll never win that arguement.

EdJ is a good firm, better to see how it can fit in with all the other successful branded and independent models. Do yourself a favor and get your CFP license, for a start.

By the way, DCed, as an Ameriprise franchise owner, I consider myself to be "independent". Why shouldn't I? No one bothers me here, and I don't have to sell any of their stuff. I can do ETFs in wrap, build individual security portfolios, and don't really care about selling insurance and annuities, so who a cares about "choice" there?

So, DCed, if you are established at Jones, and heading toward more "wrap", and like to charge commissions, and so on, why don't you start thinking of yourself as being independent. I am so sick of industry pundits trying to shape our thinking - our perception of ourselves, our self-image, with so many little labels driven by so much ego.

Last I checked, it was the bottom line, profit, that matters. If you get to run that through a schedule C, that's better for everyone. Maybe the real issue is how you are framing your thinking on the big picture.

I appreciate your post, if nothing else, for stirring the pot at the starting line of a new year. You get my vote for most interesting post. Happy new year.

[quote=Broker24]DC, you are an embarrasment to yourself and to our firm.  Do me, the other Jones IR’s, and the rest of the folks on this forum a favor and never post again.  Whether or not there is any bit of truth in some of your statements is now irrelevant.[/quote]

Hate to tell ya Broker, but he’s basically touting the company line that we’ve seen in the past on this board.  He’s probably your RL!

[quote=babbling looney]

And a final word to the independents…going independent is great…if you want to keep up with the constantly changing rules and regulations (that get stricter) every year in our industry…and you feel confident that you can monitor yourself against pursuit of your own best interest…at Jones we have a compliance department (best in the industry) that does all this work for you…why is that great?..lets try a little analogy…if you were the police looking for folks in the community who are likely to have violated the law, where would you crack down first?..the house on the street located right next to a police station and a retirement community?..or the house further down the street with no visible address markings, thats hidden under the shade of some trees, and that no one else on the street really knows the owner…independents look out…watcha gonna do when they come for you?..

Again the brainwashed line that Independent advisors are running wild, don't actually have compliance departments and poor us have to figure everything out on our own.  Get a clue.  I have more compliance rules and oversight now than ever when at Jones. And much better communications, memos etc with the compliance department. 

Plus I never have to listen again to that joke of a compliance presentation at a regional meeting put on by some shlub who was press ganged into being the "compliance guy".

Joe, say it ain't so!  The truth is, I am sure there are some people like this in our firm.  In my experience, many IR's relly enjoy working for the company, and acknowledge that there are "weaknesses" in the model.  However, I have never met anyone that would actually talk about other firms, or better yet, an entire facet of the industry the way this punk did.  Most of the people I am close to would think this guy was a complete lunatic if he started talking like that.  Sure, plenty of us exchange stories like ...."oh I got this client that was with XYZ firm who's portfolio was a disaster, blah, blah, blah...".  But honestly, few of us really bash other firms as a whole (OK, disclosure, I bash Primerica - I have yet to see a halfway decent portfolio come out of one of their "offices").  Like every single firm out there, indy, regional, wire, whatever, there are good advisors, there are poor advisors, and there are some borderline criminals.  But it should not really be a reflection of the entire firm.  I am not sure a few knuckleheads on this forum are a proxy for the overall picture of any single firm.

I think this guy is really just trying to get a rise out of us...

Broker24- I like you work for Jones. I like you think that there are more of us than there are of that DCED or at least I hope at our company.

[quote=maybeeeeeeee]

Well, you just want to go to a firm that lets you PROSPECT the way you want and build your book the way you want.  From my understanding, EDJ does not let you do that.

Personally, I cannot see myself building a book by door knocking.  And, I would hate to have to sell A shares only.  I LOVE financial planning and I want to be with my clients for the long run.

With A shares only, EDJ seems limited.

[/quote]

Your understanding is a little clouded if the only info you get about Jones is what you get on this board.  There's as much anti-Jones kool-aid here as there is Jones kool-aid. 

The doorknocking is the way we start our businesses.  It works and gets us people we have actually met to talk to.  However, beyond the initial training period there is no rule that says we have to prospect.  I know lots of brokers who built their book by cold calling, buying lists and mailing seminar invites, or simply joining chamber and networking.  As long as the production numbers are there no one is going to question where you get your prospects.  

If you've ever walked into a business and asked to see the owner, you've doorknocked.  Translate that same concept to a house and you get the picture of what doorknocking is like for us.  Don't knock it until you try it.  

Once we get the prospects in the doors we can sell whatever we want.  Stocks, bonds, funds, etf's, uits, VA, FA, etc.  Our choice, not the firm's.   In my office my preference is funds, but that's my choice, not the firms. 

Where did you get the impression we have A shares only? We can use A, B, or C shares with any given client.  Just like everywhere else, the share class has to be appropriate for the client.  We get a little high and mighty at times because there is so much abuse of B and C shares out there.  For instance, I have a prospect who works with Ameriprise.  $300K+ account, all B shares.  Broker keeps switching from one fund family to another starting the CDSC fees over again.  That's just wrong.  Have the guts to explain how A shares work or put a wrap on his account.  Don't dodge the "I get paid to do what I do" issue with B shares. 

I love Jones, but the guy who started this thread is mental.  Some points have a bit of validity, but the attitude is all wrong.  The only thing missing in the post is the link to the article he put in his local paper that says "ALL OTHER BROKERAGE FIRMS SUCK!!" 

Happy New Year to you all.