Someone will respond as soon as they implement their technology.  They said Summer but failed to mention the year.  That was January '99.

BWAHAHAHAHAHAHAHAHAHAHAHAHAHHA!!!!  Wait a minute, wait a minute... BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!

Wait a minute, I had to come back and see if the original post asked what I thought it did… BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHHAHAHA… It did!!! Someone else please take this one…

Several of the reps told me that the platform was pretty solid. The recruiter told me it was good too.

Let’s just say that your recruiter may be something more than a little guilty of stretching the truth.  Why don’t you e-mail one of the reps in your area?  Oh, that’s right you can’t!  You’ll have to “wire” him!

Sad to say, they are dead on right about this one - Jones technology is a joke.  Rumor has it that we will be getting DSL and email by the end of the year in all branches, but me has me doubts.

newbie,

I joined in '98 and heard email was coming. then Y2K took over for 1999. Then I heard email was coming in 2000, 2001 and was to be delievered in 2002 when I left.

DSL has been promised since 2000

Can you see a pattern here?

They have email at the Home office.  Jones technology is way behind, but don't ask RR Report Card....that survey says different.  Hmmm, but if it's in a survey it must be true?

ANSWER:  Jones technology is weak.

Jones technology was purported to be the leader in '98 when I started with the firm. Lost our communication entirely for a few days due to our never to be found, satelite. We had to be repointed to a new satelite which was a monumental effort to accomplish firmwide. We were told to go to the firm website for instructions. The problem was we did not have alternate web access at the office (DSL or dialup). That was December of last year.

When the highest paid executive in the firm is the MIS manager (4.3M),you would hope it would be based on merit, not tenure. Still waiting for remote access and email. The RTA in our region says this summer. Hopefully the next managing partner will take on this challenge. It is pitiful.

Ashton--  Thats what the recruiter told me as well…  Once I received the laptop for training, and read the instructions for sending a wire, I knew I was only in it for the training.  It seemed to me that if Jones was not on the cutting edge of “email” then what are the odds they they are doing the right things right in terms of their clients.  That was my perception of their tech based on actually using it. 

Why change the technology if you are one of the powers that be at Jones?  They don't need it.  Push the VAs, the 2-3 fund companies and receive the wires on a few 30 year bonds and you are in business.  Nothing is going to change at that place as long as the GPs are getting 60%+ on their returns.  What is so hard to understand about this?

"Push the VAs"

Jones doesn't push VAs and you know it.  Repeatedly saying so won't make it true.

"the 2-3 fund companies and receive the wires on a few 30 year bonds"

To show that I'm not a complete kool aid drinker, this is a fair criticism.

There are plenty of reasons to criticize Jones if (as seems to be the case) doing so gives your life meaning.  All I ask is that you stick to "The Truth."

so newbie,

what's your assessment on what you've read about your firm's technology.

We haven't even gotten into financial modeling or asset allocation programs. (figure if you can't support email how can you support asset allocation ?????)

[quote=jonesnewbie]

"Push the VAs"

Jones doesn't push VAs and you know it.  Repeatedly saying so won't make it true.

"the 2-3 fund companies and receive the wires on a few 30 year bonds"

To show that I'm not a complete kool aid drinker, this is a fair criticism.

There are plenty of reasons to criticize Jones if (as seems to be the case) doing so gives your life meaning.  All I ask is that you stick to "The Truth."

[/quote]

Newbie, I don't know how new you are, but as late as 5 years ago, my region did most assuredly push VAs (naturally, with the "Where Appropriate" caveat).  Denying it, of course, does not make it not so.

If that's changed, it is to Edward D. Jones' credit.

Starka says 5 years and I say 2 years.  I have a hard time believing they quit pushing VAs over this short of a time frame.  You should have access to the numbers.  What percent of revenue comes from VAs? 

"as late as 5 years ago, my region did most assuredly push VAs"

I don't know if this was a regional thing or if the firm was really that different back then, but I can tell you that Jones is not pushing annuities today. 

First, there is no financial incentive for a broker to sell one.  Our B-share pays 4% gross, just like a B-share mutual fund.  And we sell A-share annuities that have the same commission/break point scale as A-share mutual funds. 

Second, placing an annuity order frequently generates an automatic fspend requesting an explanation of the purchase.  I don't know what the specific parameters are but I know from personal experince that a $50k order for someone in their 50's is enough to kick one out.

Why would a broker sell a product that doesn't pay him anything extra and will likely require him to justify the purchase in writing?  Unless the client really wants it or you think they need it, you won't.

"I have a hard time believing they quit pushing VAs"

You have a hard time believing Jones is anything but pure evil.  It's almost pathological.

"You should have access to the numbers.  What percent of revenue comes from VAs? "

Tell me where to get them and I'll post them.

According to the branch quarterly report, 9% of firm assets are in annuities. Can't break down how many are transferred in versus purchased. For some IR's, it is a considerable revenue source. My branch assets are 3% including both fixed and variable. Most are A share.

Jones is certainly been taking its licks lately but when it comes to annuities and compliance problems, I think this is one are where Jones actually did it right. We have enough problems elsewhere...

Unfortunately, the number would be skewed and would work against you, Newbie.  Now if you could find the number with the recurring revenues dropped out, that might be a different story.

You see Newbie, Jones reps take an hellacious haircut on an annuity ticket.  You get, what, 4.5% on an annuity, with a 25 bp trail (or service fee, if you prefer) starting in the 15th month?  In the civilized world, the identical annuity pays anywhere from 5.5% to 6.5% with 100bp trail.  The difference, you understand, goes to the GP undiluted!  Until the recent cries for full disclosure, this was one of the closely guarded little secrets of the Jones structure.  Can you possibly imagine what a cash cow this could be if, for example, annuities accounted for say 30% of Jones revenue?  Trust me, if the juggernaut of regulatory scrutiny was not rolling right down the hill towards Maryland Heights, nothing would have been done to upset that particular applecart.

In closing, understand that it is NOT my intention to denigrate your employer.  But please, keep your head out of the sand and don't attach any high and lofty motives to the actions of St. Louis. 

additionally your EDJ payout is 40% of gross on the annuity.  Mine is 50%.