EDJ Questions
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B24 - trainwrecks are easy things to start around here. I would place the blame at Sooth’s feet, not yours.
jtx - There's a lot of Jones bashing around here and it doesn't take much to get it going. The mere fact that you mentioned EDJ in your post title will cause a fight.MAN O MAN. I go away for a few weeks and nothing has changed. Just the same ol’ Jones bashing as before. Does anyone out there work to make money for their clients or just sit around trying to bash the last firm they worked for? (I know I have bashed in the past, but I am now a reformed basher) There are still a lot of sore spots out there that are not being medicated properly. BSpears, any suggestions?
Spears is on vacation. So, at least the bashing is somewhat mitigated. And the conversations don’t have a lot of…I don’t know…what is it…you know…this kind of look.
Just listening to this rant makes me want a beer–anybody want one? As an fellow indy I’ll start a tab in Bspears Name!
JTX-25, I have my own indy group and former Jones guy--but I would never hire you for my group-because you don't have a clue--you think you do--when you have many more years of experience under your belt--come and talk with us...I can beat up on Jones a little every now and then because I was there--besides Spiff and B24 can't sleep well without a good beating everynow and then. Yes Jones has some weak spots its true--but your firms weak spot (JTX-25) is it nose in the air FA's. Nuff said--who wants a beer?Roadhard…wife returned from Syracuse last weekend bearing Gifts…Genesee Lager @ 6.99 for a 12 Pack. 30 Pack for 16.99. I’ll share a brew with you Roadhard
Wow. I’ve been reading all of these posts where younger guys have been asking questions about Edward Jones which have turned for the worst, and I guess it’s automatically assumed we’re ignorant, arrogant etc etc. It seems the is a forum consisting of about 95% Edward Jones guys. I guess I learned a good lesson here! I think I’m going to start my own group of people who don’t or haven’t ever worked at Edward freakin Jones.
jtx - why the question about Jones specifically? You said you were curious. The only time I'm curious about what another brokerage firm has to offer is if I'm either thinking about moving there or competing with them. Otherwise, it really doesn't matter what Jones has to offer. It could appear that you might have started a thread like that just for the fun of seeing it implode. So what gives?
Ditto Spiff , recent posters asking a lot of what ifs , how abouts and frankly if they are employed with Firm XYX what is their point? Perhaps their time should be spent working with their current employer…or perhaps it is the prospecting part that is giving them the time here…
JTX again not knowing you and being respectful…you say " I do work for a high powered group though …" . Perhaps you may want to perhaps be a little more humble in your approach. Maybe , do you think some people may take offence to what appears to be a wee bit of an attitude? Just a thought? Are you suggesting that some members are working out of the trunks of their cars? See where people are coming from?
Norway401, as long as its cold and wet! Well just wet a do!
Everyone, its on me![quote=B24][quote=Soothsayer][quote=jtx25]
What types of investment managers does EDJ clients have access too. I was always curious about the platform. I've always heard their platform isn't catered to high networth individuals, and is why they excel in smaller more rural towns? Do you have access to Harding Loevner, Neuberger, Renaissance, Wentworth Hauser etc? What types of investment managers do you have access too?
[/quote] American Funds. They also have American Funds. Or, if your client would prefer, you could do American Funds. Jones and serious money management in the same breath? Your kidding, right? [/quote] Give me a break. People come on here spouting this and that about their ecclectic, beating-the-market investment investment style all the time. You know who is the largest American Funds partner? Edward Jones? Ohhh, juuuust a bit outside. It's Merrill Lynch. Yup, the big boys of Wall Street. Those brilliant guys that just wrote off a few dozen billion. They are the biggest AMF users. And how many investors have been seriously hurt by AMF? I can tell you, it's far fewer than those that have been helped by them. Does it take a genius to put together an AMF portfolio? No. It also doesn't take a genius to sell your firm's IPO-of-the-week to every client you have. I have no idea what firm you are with, or if you are indy. But the idea that (1) something is inherently wrong with AMF, (2) that it's the only product Jones sells (we do 50% MFD's, and of that, about 60% is AMF), and (3) that Jones is the only firm selling AMF is just plain wrong. I know some Indy's that sell ONLY AMF. Nothing else. No bonds. No stocks. No Blackrock or Ivy or First Eagle. No SMA's. No advisory accounts. Not even C shares. Nothing but plain old vanilla American Funds A shares. And no, they are not ex-Jonesers. I have no problem with anyone else's investment style. There are a million ways to solve our client's investment needs. But when people come on here and make stupid statements about American Funds, it just sounds, well, stupid. And for the record, I do use AMF, but only a few of their funds. I probably use funds from about 6 different families (and AMF and Franklin are the only "preferred" families I use). In addition to over 100 MFD families we can use, we also have another 20 or so (including no-loads) in our advisory platform, and about 22 SMA managers. No, it does not span every firm in the world, but it gets the job done just fine. [/quote] 60% of your MFD business is not American Funds, 60% of your entire business is American Funds. In some months, it's closer to 70%. Spin the numbers how you want, 60%+ of Merrill client money doesn't go into American Funds. Some guy came on here asking about SMAs and certain boutique managers and mentioned EDJ in the same sentence. My point was, you walk into any Jones office in America (California, Nebraska, or Georgia. New broker or seasoned vet. Nice location or next to a liquor store. Doesn't matter), you have about a 7 in 10 chance of leaving with American Funds. Period. Do you want to dispute that fact? You see, what you guys do is......... "you take out this ICA Mountain Chart, and then ask your client....(you fill in the 5 minute staged questions here)........and therefore that's why I think if you have the money available you should invest in the American Funds 3-pack today!" (Shut up and wait for client to say something. I know. I've been through the training)Wrong, wrong, and wrong.
Fact: 50% of our total business is mutual funds right now. Last year it was 58% (our 5-year plan quotes 55%). We get the firm updates every month. Fact: American Funds represents 50-60% of Jones' MFD sales (from a revenue sharing disclosure I found). Fact: Fewer people use the "ICA presentation" than you think. That is meant to be a great starting point for rookies. I know an indy friend of mine (that sells ONLY American Funds - not a former Joneser) that has been using that ICA presentation for over 15 years. It's all he does. You have to get off your high horse and realize that AMF is not just a Jones thing.Yes! Another Jones Hater Bi**h slapped by B24. What dont you people get? Yes, there are meatheads at Jones (and at every other firm) that sell using mountain charts and past performance. Yes, there are meatheads at Jones (and at every other firm) that use only American Funds because they think they are the best. Yes, there are meatheads at Jones (and at every other firm) that drink the kool aid offered to them. What is the point ? You guys are always on your high horse and when you decide to get off you will be doing the horse!