[quote=Beagle] [quote=Bobby Hull]

[quote=Beagle]Do you know of anyone who has been successful at another firm who has moved to Ed Jones? [/quote]

HAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[/quote]

It is a serious question!    Do you know ANYONE who was successful at another firm who moved to Ed Jones?
[/quote]

It is a great question.  A superb question.  The answer is that NOONE goes to Ed Jones who has a successful career.

But, plenty of Ed Jones guys come to AGE, RJ, ML, SB after they have had their fill.

[quote=bspears]Just got off the phone with a friend in the next region over...He said the person they've pegged to replace my replacement...are you ready...is selling vacuum cleaners currently.  Vacuums and tablet PC's...what a combination...[/quote]

Don't laugh.  WHen I first started with AGE, one of the best young producers in the company was a guy named David Durelle in California.  He was tearing it up big time.  His prior career was that of Kirby Vacuum Cleaner Salesman. 

One of the fastest growing guys in my region used to sell computer software.  Sales people know how to sell.  Period.  They don't care if it's mutual funds or vacuums.  They know the sales process, how to talk to people, aren't afraid of the phone, and are smooth talkers.  People who are focused on asset allocation, active  vs. passive, alpha, beta, delta, gamma...tend to be introverts who have to learn how to sell.  I wish I was more of sales person. 

So spears, what glorious position did Jones pluck you from when you started your Jones office?  College grad?  Lawncare technician?  Proctologist assistant?

[quote=footsoldier]

Max-

During my time at Jones, I saw only one broker with over 20 years of experience come in from UBS. None from Merrill, SB, Wachovia, AGE, etc. Our region was large about 60 brokers.

A morgan rep took over my office when I left, and he was let go because he was too new in the biz and did not hit production requirements. He was a goodknight before he took the office over so he wasn't much of a producer, but who is early in their career.

Hopefully you see some balance in my statement. I am sure there are some wirehouse brokers who transitioned to Jones, but very much in the minority. In fact, I think Jones would prefer to build the old fashioned way. One foot in front of the other.

We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You’re going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        

Good point Spiff, I always forget about that list.  vbrainy would you like a copy?  Be careful before you answer I might reject you and I know how much you can’t stand rejection.

[quote=Spaceman Spiff]

One of the fastest growing guys in my region used to sell computer software.  Sales people know how to sell.  Period.  They don't care if it's mutual funds or vacuums.  They know the sales process, how to talk to people, aren't afraid of the phone, and are smooth talkers.  People who are focused on asset allocation, active  vs. passive, alpha, beta, delta, gamma...tend to be introverts who have to learn how to sell.  I wish I was more of sales person. 

I will agree to this statement. That is one of the biggest reasons the public looks at financial advisors as a whole so poorly! There are so many reps that pass a simple 7 test and recieve no training after that. At the wirehouse's all they care about is CAN YOU SELL!

[quote=Spaceman Spiff]We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        [/quote]

The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

My previous position was dog groomer.  I was confused when I was recruited by a Jones guy, now gone.  He said I had to interact with people in the dog grooming business…and would be a perfect fit.  During my days as a dog groomer, I had to scoop sh*t and clean up the office, not unlike my days at the old firm.  Any other questions Spiffy?

Brrrrrrrrrrrrrrrrrriiiinnnnnnng....

Brrrrrrrrrrrrrrrrrrriiiiinnnnnnnnng....

"Hello?"

"Hi, is this Elmo? Elmo Guggutitz? I saw your name on the list of Ex Merrill brokers that are now working here at Jones and I'm thinking of jumping ship and taking a big check to go to Merrill and I wondered if I could ask you a few questions?"

"No, this is not Elmo, this is Hal Aightkay, the answering system for your regional supervisor. The sound you hear behind you is the autolock feature on all your technology and your desk and file cabinette drawers... The other sound is the reconfguring of those locks as well as the front door lock.

I thank you for calling in and you can rest assured that as long as you leave the office peacefully and with absolutely nothing but your clothes and your driver's lisence and keys when the local police arrive there will be no need for us to mark up your U-4. Please reamin where you are until the authorities... Ahh, I can hear the sirens now. "

"But...but... I thought you were there to help me!"

"Keeyuhh, As If!" 

Would you rather ask the guys on this forum for advice about a firm before jumping ship, or call another broker who has been there?  It's not the only reason the list exists, but before I seriously thought about jumping to LPL, I might try to track down an LPL guy who is now at Jones AND try to talk with a guy like Joe who is there now.  The list also exists for those of us with friends at other firms who might want to know how the transition went. 

Spears - nice swerve.  Care to really answer the question?

[quote=Gone Indy]

[quote=Spaceman Spiff]We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        [/quote]

The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

[/quote]

The great majority of people who leave Jones are failures too, not unlike the other firms.  We lose big producers, they lose big producers, but at the end of the day, most of the terminations Jones sees is from guys who just don't want to do the work anymore.  They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf. 

[quote=Spaceman Spiff][quote=Gone Indy]

[quote=Spaceman Spiff]We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        [/quote]

The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

[/quote]

The great majority of people who leave Jones are failures too, not unlike the other firms.  We lose big producers, they lose big producers, but at the end of the day, most of the terminations Jones sees is from guys who just don't want to do the work anymore.  They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf. 

[/quote]

"They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf."

And what is wrong with that Spiffy?  Just because you don't offer a wrap program that makes it bad?  I am sure that your attitude will change when the GPs roll out their version (in 2011).

Wow…is that all it takes…wrap 20 into 1.25% and I too can play more golf…It sounds interesting. But, I’m thinking more of 50 in 5 and 100mil in 10.  Say wrap 1/2 in 1% trails and THEN play more golf.  And just think, I don’t even have a tablet pc to lose and my Treo will only sinc to my ACT!..hmmm…what am I thinking…it just won’t happen, I’m only dreaming.  Lets see…Spiffy, I owned a business with multiple locations, sold it.  I started a supply business, sold that.  I started consulting with wanna be small business owners, developing business plans, marketing etc.  But the most fun I had was working my wares with multiple banks on their…lets say…black sheep businesses…the ones who owed a bunch, but didn’t have the assets to cover if foreclosed on.  I was able, at their request, to go in and basically turn the ships around…what a rush.  Geat gig.  I then went stupid…and got snukered…care to guess by who…hint…whats big and green and smells of bs…

So, what qualified you to start an EDJ office any more than the guy currently selling vacuums? 

Snookered?  Really?  You didn't do the due dilligence to find out about Jones before you quit your other gig?  Someone lied and told you it was easy to start a Jones office?  They didn't explain the job was commissioned based?  They didn't explain that you have to find your own people to work with?  If you feel like you got snookered it was your own fault.  You believed a recruiter and the guy who's job it is in the region to hire newbies. 

Indy - Sorry, forgot the emoticon, .  Nothing wrong with wrap fees used appropriately.  But when I see people jump to the independant side simply because Jones doesn't offer a fee based account for the little guys (who probably don't really NEED it anyway) it makes me wonder whose best interest is being looked out for.  Makes me really wonder if it's the clients demanding a fee based alternative because they've figured out how much better it is for them or if it's the marketing arm of all the financial firms and publications out there that have convinced people that a fee based relationship is far superior to a commission based one.  The truth is somewhere in between.  And I'll probably offer the fee based alternative to clients when Jones finally rolls it out.  Let them decide. 

Oh, I know it was my fault. I worked the only way I knew how…waited my 3 years, did due dilligence on other opportunities…and MOVED.  As I was told by an ex EDJ, now working as an internal at a preferred, they treat the EDJ’s brokers differently.  They’re told to call on any amount invested…kind of…you know…hold your hand…give you the “Thanks for the 4200 you put in the Income Fund”, Mike really appreciates it.  Can I give you a sales Idea? You’d think all the Jones brokers road yellow busses to work… He said they only call the wirehouses, Indy’s…hell even AGE, when its considered substantial.  He even was chided by the other internals about working at Jones…DO THEY REALLY DOORKNOCK??  What was it like?  My Van Kampen guy told me…things are different on the Indy side…You’re all grown up now…Don’t be afraid…embrace it.  Spiffy, the war is over. I have work to do for my clients.  Good luck…I hope those tablet PC’s work for you and I hope Broke24 can sinc his Treo all day long…

[quote=bspears]Oh, I know it was my fault. I worked the only way I knew how...waited my 3 years, did due dilligence on other opportunities...and MOVED.  As I was told by an ex EDJ, now working as an internal at a preferred, they treat the EDJ's brokers differently.  They're told to call on any amount invested...kind of..you know...hold your hand...give you the "Thanks for the 4200 you put in the Income Fund", Mike really appreciates it.  Can I give you a sales Idea? You'd think all the Jones brokers road yellow busses to work... He said they only call the wirehouses, Indy's...hell even AGE, when its considered substantial.  He even was chided by the other internals about working at Jones..DO THEY REALLY DOORKNOCK??  What was it like?  My Van Kampen guy told me...things are different on the Indy side...You're all grown up now...Don't be afraid...embrace it.  Spiffy, the war is over. I have work to do for my clients.  Good luck...I hope those tablet PC's work for you and I hope Broke24 can sinc his Treo all day long...[/quote]

Give it a rest moron.

Spiff-

Hard for you to comprehend, but I actually know humans who have left your company, while profitable for the company, and struck it out on their own. I am one and could steer you to a half dozen more off the top of my head. Please stop generalizing. You want to think that people leave because they are unsuccessful.

It's just another example of the propoganda you continue to believe. You should be impressing the GP's with your continued defense of the company. You are a good soldier. Hopefully you can acheive GP status before Weddle and the group sells out to the highest bidder.

I’m always amazed at how much the soldiers will fall on their sword supporting Jones, but then again, 12 months ago I was a staunch supporter, too.  I drank the koolaid, I smoked the cigars, then, I figured out that the RL didn’t give a rat’s a$$ about me being successful.  All he cared about was how much he could sell.  I’m amazed that someone who has worked for Jones for 22 years, who has over $300mm AUM is satisfied to pound the phones and continue to sell bonds for a living.  Spiff, 24, Noggin, it ain’t about technology, it ain’t about fee-based, it’s about being an adult.  It’s about actually owning your business, not being told you’re your own boss but receiving a W-2 at the end of the year.  You guys are still employees and if you’re happy with that, ignore the spew on this board and go earn your paycheck! After all you have to keep your employer and your clients happy!!

[quote=FreeFromJones] I drank the koolaid, I smoked the cigars, then, I figured out that the RL didn’t give a rat’s a$$ about me being successful.  [/quote]

No kidding?  I have never worked for anyone or any company that cared
more about me then their own bottom line.  I think they call it the real
world.

[quote=FreeFromJones] It’s about actually owning your business, not
being told you’re your own boss but receiving a W-2 at the end of the
year.  [/quote]

I have two conflicting views on this continual owning your business complaint.  The first is in my opinion when you work on commission( and I do include fee based planning in that) you do need to think of it as your business.   When I was in college I sold electronics for a retailer and the store manager would often say the each of us were like our own little business within the business.  If you took this literally when you were with Jones then you really did drink the kool aid(with a vodka chaser).
Secondly if you’ve left a firm to go indy and you take 85% of your book with you to your new business, how is that not building a business for yourself?  If you choose to stay then so be it, eyes wide open.