Sounds like the GP's are running scared..............their lies are catching-up, and they are loosing more experienced IR's percentage wise and number wise than at any time in their history, and they keep spreading untruths..........................  Don't they realize that some of their IR's actually do read the WSJ, even though their clients don't according to Doug "3 Mil" Hill who should have been sent to early retirement if the other GP's had any hoinesty left in their bodies..........how can any self respecting vet put up with that CRAP?

Oh, they aren't, they are leaving...............

Doesn't someone have a copy they can at least quote from? 

I'll try and get a copy.

I have a copy, but can't paste it.

It's very interesting.  I recruit for indy and wires and some of the info is accurate, some is so far-fetched it is ridiculous.  For example:

"The best of the best keep 2/3 of the assets and customers....The overall average:  55% stay with Edward Jones..."

Ever broker that I have moved from Jones has taken AT LEAST 80% of their assets and 99% of the accounts the want to take. 

The 55% of clients staying behind may be perfectly accurate.  However, I would like to see what these clients have under management - is it $1000, $5000?  I'd be hard pressed to say that a $1M client that has the opportuntity to move to a platform offering a variety of fee-based options (let's say ML, SSB, UBS, etc.) would say "no, let's keep trading C-shares."

Where they get this info is beyond me.

55% assets stay with Jones?  That's an outright lie and they know it. 

Keep in mind that they are continually attempting to re-prove themselves to the vet IR that they are the "best deal" in town.  It seems that they will say almost anything or twist any statistic if it suits their objective.

It is well documented that I took over 90% of the assets within 4 months (75% in the first 60 days).  I know of many others that have similar numbers and i know of NO ONE who has gotten under 50%...unless they inherited a branch and left soon thereafter which is rare.  I now have 125% of the assets I had when I left Jones.  Simply put Jones lies.

If I were at Jones AND recieved that wire--and was contemplating indy---I WOULD be upset.  Upset that yet another twisted truth made it's way to the "Greatest Salesforce in the World".  Soon, they will start calling themselves "The DUMBEST Salesforce in the world"

Smart brokers know better when they read that stuff. 

I've been told they'er starting to feel the pinch at the home office.  It's starting to hurt and they are concerned.  Younger cool aid drinkers will read it and believe it.  They're an insulated bunch that don't know any better.  Yep, the smarter and more seasoned ones will realize it is bull.

All it takes is for an IR to go out and look around and judge the facts.  When you do that, like I did, it's like getting hit in the face with a bucket of cold water.  You just can't ignore the truth once you are exposed to it. 

I’ll quote anything you would like to hear.

BrokerRecruit-

There was something about selling your book as an Indy and the Jones response was something along the lines that selling a book is a myth and the the Jones LP is the answer.  Of couse, Im paraphrasing here..... Help us out.

Check out the great thread somewhere on this board about selling your book. It was started a week ago and has a whooping half dozen posts already! If Jones is over hyped by its IRs the equivalent over hype in the INDY world is “Yeah, but I can sell my book”

Here goes:

fptransitions.com states that the fee-based portion of the book sells for 210% of the production and the transactional side sells for 110% of production, verified either rolling YTD or LY.

EDJ states:

"One of our independent competitors says a book is worth $1,000/million, or a $100M business is worth $100k....

Compare that to the income on your LP after a career at Jones...."

Biggest load of crap I've ever heard.  Show me a producer that sold $100M in assets for $100k and I'll show you the biggest idiot in the world.

I'd also like to know who this supposed indy competitor is and what they were puffing on when they said this...or should I say IF.

Recruit, so what are you saying a book is worth? FP Transitions has plenty of high asking prices but where are the deals being done? Also, with a 30% downpayment what happens when the seller

1) walks away from the deal? Do you come out of retirement?

2) Sues you becasue 2/3rds of YOUR clients do not stay with them once you are gone (Zacko says clients come for him and nothing else, not comforting to a buyer)

3) I read Gaus article, plenty of negative information there. (Does he own FP?, scary man)

My EXISTING LP (not what is in my "pool" will average 50-55k per year without me working. That is today, I wil have more and likely will see 75k in retirement from it, each and every year.

The omnipresent “Guest1” has scored a clear victory…enough to motivate ol’ Bill out of retirement to voice my approval. I’ve been wined and dined (or beered and dined) twice in the last month. My morbid curiosity keeps me from turning down these free lunches with 35 year old guys with really white teeth and expensive suits who say “perfect” every second word. I’m sticking around. My bonuses are actually pretty good these days. I’m making an obscene living, at least for a guy from a small town on the Prairies. The trips are fun…even though there is always at least one guy at my table with a toupee’ who leans a bit too close to my wife after a few beers. I’m a happy camper. The LP, surpise surprise…is GOOD and worth doing, contrary to what Zack etc say. The naysayers are wrong…Jones is okay for some of us who have worked too hard for too long to get sucked in by some Carpetbagger with a yankee accent promising the moon.

Where did you Jones guys get the idea that all books sales go through FPTransitions?  I’ve never bought or sold myself, but I do know a couple of people who have, and it’s been done through business brokers who specialize in our industry.  I won’t say that it’s commonplace, but it’s not the rare occurance that you apparently think it is.

Guest and Bill,

Have you guys never heard of a CPA or attorney selling his practice?Have you ever heard of any business being sold?

Reality is that it happens all the time.  Businesses are bought and sold all the time.  How is our industry any different?

You simply must quit believing the dribble Jones sells you if you want to be taken seriously.

Guest: Are you trying to say that it is impossible unreasonable to sell brokers book or a financial advisor"s practice? Or, are you just repeating the Jones line because that's all you know how to do?

BF:You said, "Jones is okay for some of us who have worked too hard for too long to get sucked in by some Carpetbagger with a yankee accent promising the moon. " This says one thing. Loud and clear. You're scared.  You are too afraid of losing what you have to try anything new or even consider another avenue.  I'm glad you're happy, but for those of us who have girded our loins and taken the road less traveled, the reward is greater than you could imagine.

Ex, immpossible? NO. BUT, it is so overly hyped on this board that the book has XXX value. FEW are sold at what YOU think they are worth. I have a book that many would envy, I have a gross that puts me in the top 1 or 2% of our indutry and I have a net-net payout that would rival yours. I HAVE been to San Diego and Chicago to talk. I have spent hours on the phone with the Florida folks. I am in the best spot for me and my family. But, thank you for the concern. AND, I can imagine.

Starka, no FP is not the only one. Buy, it is the only one anyone ever touts. Although I have not seen or heard of a SINGLE post on here from ANYONE that has bought a book. Where are they ?

Guest1, the truth is that there are only a couple of dozen brokers posting regularly on these boards.  I wouldn't think that it's all that strange that there are no retired brokers who sold a book here.

I do, however, have a friend who has bought several practices and seems to do quite well with the business.  If he wasn't, why keep doing it?

BillF-up, Guest1, lame employees working for slave labor, you think you have it so good, because you don't have enough sense to do the math............You own nothing at Jones, your LP income when you die is gone to your survivors, what's up with that?

By the way, who controls your LP earnings?   

If, you are 50% the producers you claim to be, you only have to look at your own book and see the 20% of (YOUR COMMISSIONS) you are contributing to the GP's get 50% Plus payout, and Lp's get between 15% to 22%(of their own money), and you think you are coming out good on this?  

Simple Math:  500K Gross X's .38 = $ 190K (Minus your expenses)

Best Bonus paid on your Profitablity is nowhere near an additional 100K in your Pocket (20% of your 500K goes to you instead of to GP's  & LP's)  Now be HONEST, is that not better than you are getting?  It's simple even for you two girlie men

Do you love Edward Jones more than your own FAMILY?

Do the MATH..........it's a NO BRAINER, even for you two

* Disclaimer: I am way to conservative on the net payout as an INDY showing only a 58% NET that is closer to 65 to 70% in my office, but 58% is higher than any Edward Jones IR has ever received from personal production, and that is a FACT! 

I have done the MATH........wake-up DRONES & CLONES,

THE TRUTH WILL SET YOUR..F R E E ............

I've considered all the options too, and have been courted by four separate well-meaning Jonsers.  End result for me was a very easy decision to go independent with LPL.  Despite all the hype, Jones is only a quasi-independent organization and was definitley not a good fit for me.  I detest stupid mandatory rah-rah sales meetings that take me out of the office and away from sales opportunities.  I detest selling investments door-to-door and/or calling clients with the stock or bond of the week.  It's obvious that plenty of Jonsers are not happy with what their firm is up to these days.  It speaks pretty clearly to me when a firm puts out a piece full of lies designed to keep reps in the fold through fear, that they themselves don't think they are the best game in town.

If jonsers are happy with their structure, payouts, and the way they can conduct their business, then bully for them.  I too was once a happy camper sipping my company's Kool-Aid until the day they crapped on me once too often.  Now, I am considering sending management a Christmas card, for without their stupidity and stubbornness, I probably would have never considered looking elsewhere.  For my business, the Jones model would have been a huge step backward for both products and available technology.

YAH

I AGREE WITH INDYONE...

I left Jones. I learned alot there in five years. I found my voice there. I left and have never regretted it.  I never drank the Kool Aid. I tell this to my old colleages that are still door knocking after five years..."YOU DON'T NEED JONES TO EARN A LIVING IN THIS BUSINESS."

J-S

Indyone
Senior Member



Joined: May 30 2005
Location: United States
Posts: 230

Good move. Good post. You nailed it.

As a side note.  I was staying at a hotel a few weeks ago and walked by a conference room with someone giving a speach about the wondeful culture of their company.  They were part of a family, and their colleagues were thier best friends.....  I was sure it was a group from my famed alma mater, Edward Jones.  But low and behold, it was A Mary Kay rally.  If they changed the sign on the door, I would not have been able to tell the difference.