[quote=IndyEDJ]

Bunny:

I found your list very interesting because you could have said the same things about EDJ when I left them in 2000.  Jim Weddle is a good man and he has a long way to go to turn the firm around and get it into the 21st Century.  If he doesn't, Big Bad Wachovia is just down the road.

IndyEDJ

10. Eliminate the green screen and the 1980s throwback computer system.

9. Stop new college grads from getting plum offices because they are the regional leader's kid.

8. Up the incentives for transfer brokers.

7. Stop hemming and hawing about fee-based and just do it.

6. Stop opening 5 offices in small towns.

5. Itemize every single thing on the P&L statement.

4. Stop pushing credit cards.

3. Develop more tools for rich investors.

2. Get better research.

And, the number one thing I would do if I were Jim Weddle tomorrow:

1. STOP REVENUE SHARING. IT'S NOT ETHICAL AND BARELY LEGAL!

Obviously, none of this will happen within a foreseeable timeframe (except maybe the computer improvements and the development of a fee-based platform), so I guess the only alternative is to go somewhere else. So if you GPs really read this forum, make a close note of everything I just wrote. That’s why so many brokers are bailing out.

B Spears and now_indy,

I found it amusing that you both would bring up the "we have been in business since ___" date issue.  I woke up this morning thinking about B's comments about fraud and liars and on this point he is correct.  They shove so much B.S. down your throat so you can just spew it out at people when you meet them. "Oh, you've never heard of Edward Jones?" "We've been aroung since 1871 and there's an office on every street corner.", "I'm really suprised that you've not seen some of our 10,000 offices." Spiff, there is and always will be some bitterness because the Jones guys in town are my competitors and always will be.  In fact, they always were, even when they were telling me "we're here for you, (just don't get in my way and I'll smear you all over town if you get near anyone I'm prospecting for)." I was told to just mention the RL's name, it'll add credibility.  It just added to his book because the people think an Edward Jones office is connectected to every other office and we all get paid no matter which office the business is done in.  That's why they put so many offices in small towns, just to add visibility to the older offices and drive business to the GP in town.

There are some good EDJ brokers but for the most part they all just spew the BS they are told to spew by the GPs.

Free brings up a wonderful wire I received from a vet in another town.  I was out dking one day. Stopped by a farmhouse, proceeded to knock on the door.  No answer.  Left a card and rates in their door.  A week later, I followed up with a phone call.  “Oh we’re with xxx broker in x town. Oh, sorry I didn’t know this. (EDJ SPEW NEXT) If you need to drop off a check or get a copy of your statement, we’re right here in town.”  Two days later I get a 3 page wire warning me to stay away from his clients…I will take clients from you …blah blah blah…Don’t bite the hand that feeds you…bullsh*t.  I will call St Louis and let them know your prospecting my clients…Here I’ve been with EDJ’s about 4 months.  What a wonderful feeling.  THey can all burn in hell for that matter.  Am I prospecting the client now…YOU BET!! F u…

[quote=Spaceman Spliff]

10. Eliminate the green screen and the 1980s throwback computer system.

9. Stop new college grads from getting plum offices because they are the regional leader's kid.

8. Up the incentives for transfer brokers.

7. Stop hemming and hawing about fee-based and just do it.

6. Stop opening 5 offices in small towns.

5. Itemize every single thing on the P&L statement.

4. Stop pushing credit cards.

3. Develop more tools for rich investors.

2. Get better research.

And, the number one thing I would do if I were Jim Weddle tomorrow:

1. STOP REVENUE SHARING. IT'S NOT ETHICAL AND BARELY LEGAL!

[/quote]

Good list.  I left in 2003 and it seems things haven't changed at all.

The P&L obfuscation was the main reason I left.  I had the distinct feeling that I was being screwed, and I was right.  No kisses, no  flowers, no cards 

I quit looking at my p/l when I made more with a lower production month than my best month ever. 

WOW, bspears is kinda bitter.  Either you didnt get along with your RL, you were below standard and/or you you think everyone is out to get you.  Maybe all 3.  Typically, not in all cases, by typically, if a FA is happy producing at a good level, has a decent RL, and has a reasonable personality, then he/she will not have this disgust with Jones.  He/She may still seek other opportunities, but this hatred is not good for you.  I gurantee you that any other firm would never had paid me earnings on a LP that had not been issued.  JOnes had no obligation to pay me in 2005 and 2006 for my LP, but they did.

[quote=bspears]I quit looking at my p/l when I made more with a lower production month than my best month ever.  [/quote]

No kidding.  When I looked at my P&L I noticed that the amounts that were deducted became proportionally larger as my grosses when up.    I felt like the Red Queen in Lewis Carroll's "Through the Looking Glass" that "in this place it takes all the running you can do, to keep in the same place."

Why wouldn’t they pay you your earnings…they were paying themselves. Revenue sharing was still flowing in…trades were still being made…TRUTH HURTS.

Good stuff Babs.  Responses that are actually thought through. 

[quote=Dust Bunny]

1. get rid of the antique DOS based techonology system and create a high speed internet system of research and storage capabilities.   Have a storage/library on line of forms from the various vendors that are commonly used and keep it up to date.  Client approved reports and sales materials to keep each rep from having to invent the wheel and download duplicates.  Library of approved letters.  - They're working on getting rid of the green screens.  I'd guess in the next couple of years they will completely go away.  All of the vendors we use have links on Jonesnet to their websites where all of the documents are available for printing.  If you can't find it, just call the Jones dedicated team and they'll point you right to it.  The library of approved letters is called Word Power.  It's not all inclusive, but it covers probably 90% of anything I'd ever want to send out.  I'm not sure what you mean by client approved reports and sales materials. 

2. Set up a series of interactive web seminars and training sessions.  Get rid of the time consuming traveling that burden the IRs. Especially those in more remote and rural areas. - I know they're doing a lot more web based things today than before you left.  New IRs still have to do some training.  Other than Regional Meetings a couple of times a year, I really don't do much travelling.  However, I am in STL, so maybe I would do more if I lived in say, Northern CA.

3. send the Regional Leaders to some sort of management training.  Give some of them a personality transplant. - They go through courses called LDC and Advanced LDC before they ever make it to RL status.    

4. More accountability and oversight of the actual management skills of the RL.   Get rid of the nepotism and favoritism in the regions.  A bad RL can kill the momentum in a region - I agree.  However, if your RL were to actively manage your, like a BOM, should he stay in production?  Would it piss you off if he called and asked why you weren't placing any trades?  Or if you had to report your every move to him?  One of the things I love/hate about Jones is that nobody manages me.  Thus the amount of wasted time on this forum.  Nepotism and favoritism are just a part of the business world.  The favorite guy gets some favors.  It's not going to go away.

5. Eliminate the point system for trips and incentives that tend to encourage the reps to jam clients into inappropriate areas so they can get the points they need.  In fact, get rid of the trip/reward system anyway as the SEC and NASD are looking askance at this. - I would venture to say that most of us don't think about those trips when we're looking at managing assets.  We focus on the portfolio system and the asset allocation there.  At least I do.  I might make a push for something like LI if I think I'm going to need a category, but the only reason I might have to push is because I haven't been doing a good enough job asking people about it in the first place.  They aren't going to get rid of the trips until someone tells them they have to.  

6. Create a user friendly and economical fee based platform.  Make sure that people actually are trained and understand the system. - I agree wholeheartedly. 

How's that for a start.

[/quote]

Not bad, but not as good as Bab's list.

[quote=Spaceman Spliff]

10. Eliminate the green screen and the 1980s throwback computer system.  - See Bab's list.

9. Stop new college grads from getting plum offices because they are the regional leader's kid. - This a really rare occurance.  "Plum" offices usually go to some transfer broker Jones is trying to land, or in my area, to some FA from another region wanting to move his office. 

8. Up the incentives for transfer brokers. - Why?  We get transfer brokers as it is.  If someone needs to get a bonus check to come work for you, as soon as that bonus check can be cashed, don't you think they'll be wanting another one from some other company?

7. Stop hemming and hawing about fee-based and just do it. - I agree.

6. Stop opening 5 offices in small towns. - Agreed.

5. Itemize every single thing on the P&L statement. - All the info can be found if you really want to look for it.  The problem is that most people don't want to.  Some like the basics, some like the detail.  I think the P&L hits the middle ground. 

4. Stop pushing credit cards.  - Matt Oechsli in the Feb 2006 issue of RR said that there are 9 key financial areas.  Banking services is one of the areas he said affluent investors are going to demand from their financial quarterback.  This includes credit cards.  If I can get my clients to use a Jones card, it's good for me two ways.  One I get credits on my P&L and two it reinforces my relationship with them everytime they use it.  I need more of my clients to use them come to think of it.

3. Develop more tools for rich investors. - Like what? 

2. Get better research. - For the focus Jones has our research is very good.  We are different than the rest of the industry with a longer term outlook.  But if you track their results, they are usually very good. 

And, the number one thing I would do if I were Jim Weddle tomorrow:

1. STOP REVENUE SHARING. IT'S NOT ETHICAL AND BARELY LEGAL! - While I don't totally agree, I would agree that this is an industry issue that needs to be dealt with. 

1. Help all brokers that aren't LP or GP's with their insurance cost.

2. Itemize the P & L

3. Itemize the P & L

4. Itemize the P & L

5. While you are at it, itemize the P & L

6. Anyone that inherits an office greater than 10M can't be asked to speak about how they are successful.

7. Incent older brokers to give up their out of state clients.

[quote=Spaceman Spiff]

Not bad, but not as good as Bab's list.

[quote=Spaceman Spliff]

1. STOP REVENUE SHARING. IT'S NOT ETHICAL AND BARELY LEGAL! - While I don't totally agree, I would agree that this is an industry issue that needs to be dealt with. 

[/quote] [/quote]

If they get rid of RS...Jones' Net Income would be ZERO

The model stock portfolio is a joke. So is the lack of etf quotes.

[quote=noggin]

6. Anyone that inherits an office greater than 10M can't be asked to speak about how they are successful.

[/quote]

I hear Lee Tyse's (sp?) daughter is giving her success speeches now.  Let's see, now, 1 GK from a RL and then took over a large segment 4 office when the guy went to AGE.

And she talks about doorknocking and following the recipe.

Ain't that the truth. Don't put people on a pedestal when they didn't sweat it out.

I’m not saying she doesn’t work hard, and I don’t blame her for taking hold of the opportunities in front of her.  Just don’t spend 6 months in the field and start giving presentations on what it takes to succeed.

AGE used to do that as well with BM’s and their kids. Must be something in the water around St. Louis?

[quote=companyman]I'm not saying she doesn't work hard, and I don't blame her for taking hold of the opportunities in front of her.  Just don't spend 6 months in the field and start giving presentations on what it takes to succeed.[/quote]

That was one my biggest complaints with Jones.  We had a guy in our region who came from another firm and took over a pretty large ($50Mill+) book. At a spring regional the RL gushed over how well he was doing, and this guy got up and lectured us on prospecting, building portfolios, etc.  He was doing some big months.  About a year later, he leaves Jones.  I spoke with the guy who took over his office, and it turns out that the guy was just churning mutual funds. He would basically tell every client that their allocation was all wrong, and then move them to another fund family . I don't think he did ANY prospecting, he just raped the book and left.