Churning, cont'd
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Okay, for those of you Jonesies who allegedly missed the original push to get us to move our 529 assets to John Hanc0ck at NAV for a 1% commission, a new wire came out this morning to again inform us that the program is still available for “those prospective clients whose 529 assets need to be repositioned.”
Can anyone say CHURNING? Also, I'm going to go out on a limb and predict that Jones's all out push for us to move as many existing assets into Advisory Solutions as possible - in order to "upgrade" their accounts - is going to be the next big, black eye for the firm. This just isn't right.[quote=Borker Boy]Okay, for those of you Jonesies who allegedly missed the original push to get us to move our 529 assets to John Hanc0ck at NAV for a 1% commission, a new wire came out this morning to again inform us that the program is still available for “those prospective clients whose 529 assets need to be repositioned.”
Can anyone say CHURNING? Also, I'm going to go out on a limb and predict that Jones's all out push for us to move as many existing assets into Advisory Solutions as possible - in order to "upgrade" their accounts - is going to be the next big, black eye for the firm. This just isn't right.[/quote] I thought JBEliteIII was going to be the next big, black guy for the firm.[quote=Borker Boy]Okay, for those of you Jonesies who allegedly missed the original push to get us to move our 529 assets to John Hanc0ck at NAV for a 1% commission, a new wire came out this morning to again inform us that the program is still available for “those prospective clients whose 529 assets need to be repositioned.”
Can anyone say CHURNING? Also, I'm going to go out on a limb and predict that Jones's all out push for us to move as many existing assets into Advisory Solutions as possible - in order to "upgrade" their accounts - is going to be the next big, black eye for the firm. This just isn't right.[/quote] Borker, I have said this before, but try to take it to heart... Ignore the stuff you don't like at Jones and do your own thing. Don't worry about 529's and Advisory accounts. Every firm has things you won't like. Get over it. Or go indy.What wire are you talking about? I looked at Uptick, my broadcast wires, my personal wires, and my email and I saw nothing about the JH 529 plan @ NAV “push” you referred to. If they’re marketing this thing, it’s not to me.
I also don't think there is an "all out push for us to move as many existing assets into Advisory Solutions as possible" going on. I think I've received more wires on mortgage rates recently than Advisory Solutions. Do they believe AS can be a beneficial program for our clients, us, and the firm. Absolutely. Do we get information about it in Uptick? Absolutely. But I don't think there is any all out push as you describe it. There is a push to get our clients to move to e-delivery. There is a push to get us to bring more assets in the door. There is a push to get us to talk with our clients and "upgrade" their portfolios. You can vent (or whine, whichever the case may be) as much as you feel is necessary. One question though. How do you come to work everyday and work up the gumption to convince clients to come to a company you don't believe in, or that you think is "churning". If it were me, I'd be looking at other opportunities. Maybe we should also be having a discussion on churning. You seem to miss the point, which is to make money. I'm not going to make my month by moving clients to a JH 529 plan. If I'm going to risk an arbitration hearing on churning, I'm going to make it worth my while.Speaking of mortgage refi's, you guys get a great cut on referring those. It is probably the easiest payout on the grid for the least amount of work. Bravo to EJ for allowing their reps to help improve the financial situation of their customers and get paid for doing so.
I work at Jones and I have not felt a push to move clients into the
Advisory Solutions program. Also, I have not seen anything about moving
clients into a John Hanc*** 529 plan.
This thread has to be a joke. I didn’t even realize John Hanc*** had a 529 plan. I also have less than a million in 529’s because I don’t actively prospect for them. Any broker with serious assets doesn’t have time to. Borker Boy must be a seg 1 or 2 broker with nothing better to do than bitch. As far as Advisory Solutions is concerned, if you rotate a client into the platform before 2 years, your pay will get cut or it won’t be allowed. If Borker Boy is worried so much about fees, maybe he/she should go work at Scottrade?