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Oct 19, 2007 12:10 am

NN-

I also feel that this could FINALLY free the firm from a huge reliance on kickbacks.   The essence of the delay divulged by a newbie. You aren't long for the Jones model. You are way too intelligent to follow the flock.
Oct 19, 2007 4:35 am

maxstud: what will be the acct min?

Oct 19, 2007 3:27 pm

kickbacks, hmmmm…I wonder if that term was coined by Ted Jones himself…or…maybe the new greedy leaders…hmmm

Oct 19, 2007 3:38 pm

[quote=newnew]I also feel that this could FINALLY free the firm from a huge reliance on kickbacks. Using no loads plus fee will not be a lot more costly than Ashares, if at all, yet the firm receives a highr % of that total cost. I cannot believe anyone would be against it at Jones-all it is is another option.

  It WILL be ready in 2008[/quote]   I can tell you, Weddle is trying to free himself of the "Old" Jones platform.  It is obvious that he (and his team) see the weakness in the pricing model.  They made it clear in their 5 year business plan that relying on very few revenue sources (A share MFD's) was a firm weakness.  I think what people don't realize is that Weddle is not part of the Old Guard, but he also couldn't come in and clean house without getting taken down.  He is making consistent, methodical changes for the better.  I am not a Koolaide drinker.  If the firm wasn't changing, and if the advisory model is not what I hope it is going to be, I will do my 5 years or so (to build adequate AUM) and then move on.  I think Weddle is making the right moves.   Those of you that have not been with Jones for the past few years would be shocked at the changes that have occured.  I have said this before...I used to work for very large organizations, and never have I seen such positive change in such a short amount of time.
Oct 19, 2007 4:41 pm

Broker 24…  You have just opened a can of worms… They are going to come at you with every angle… I agree with you but man ole man-  There are some serious Jones haters here…

  I like you don't care what most of the people on this forum say.. I only troll here and take my real questions to the 'other' forum.  I do agree with your points.. Jim is not like the rest. He also doesn't strike me as a people pleaser.. I love reading is retorts to peoples comments under his Sugg box.. My BOA and I crack up at some of his comebacks.   I think Jones is heading in the right direction.. I'm planning on staying here- Unlike you.   Miss J
Oct 19, 2007 7:49 pm

[quote=newnew]maxstud: what will be the acct min?[/quote]

$100,000

Oct 19, 2007 8:03 pm

Since I have difficulty believing that the GP's look out for others, I must be a "Jones hater". They might be headed for some form of change. During my almost 10 years at Jones, nothing happened quickly, blame it on Bachman and Hill I guess.

Although I left after a year with Weddle at the helm, I found him to be sardonic and sometimes very sarcastic. Some might prefer that approach. In terms of leadership, my preference was Bachman. Hill was a mistake for many reasons.
Oct 20, 2007 1:03 am

he has toned that down, but I love it-breath of fresh air. i agree with Broker24 completely. all change must be done within the system- but I too have never seen so much change so quickly in a co of this size.

  the only thing: of the 20 or so challenges listed in the 5 year plan draft, having 65% revenue from one vendor was near the bottom. should be near the top, and I gave them that feedback --whatever that's worth
Oct 21, 2007 1:03 pm

[quote=MISS JONES] Broker 24… You have just opened a can of worms… They are going to come at you with every angle… I agree with you but man ole man- There are some serious Jones haters here…



I like you don’t care what most of the people on this forum say… I only troll here and take my real questions to the ‘other’ forum. I do agree with your points… Jim is not like the rest. He also doesn’t strike me as a people pleaser… I love reading is retorts to peoples comments under his Sugg box… My BOA and I crack up at some of his comebacks.



I think Jones is heading in the right direction… I’m planning on staying here- Unlike you.



Miss J[/quote]



Hey Miss J,



If you have seen my posts over the past year or so, you will see that I am relatively balanced in my opinion of Jones. I have previously voiced many of the things I don’t like. As with any channel, there are pros and cons that you have to balance. For me, I wanted to have autonomy, but could not go indy out of the box (I had no book yet). I had worked in corp finance for 12 years or so, and did not want to be back in an “office” environment with a BOM and others hovering. So I was never going to go wirehouse (not that I have any problem with them, I just don’t want that setup). I may eventually go Indy if the time and circumstances are right. But Jones seemed like the right place for me to start. I don’t regret it at all. Yes, I would like higher payouts and an advisory platform, but in your first year or two it’s tought to sell managed business anyway, since you need the higher immediate commissions to eat and build your book, and you aren’t going to hit a lot of large accounts. So for starting out, it’s not a major loss. That is why the “good place to start” mantra holds true.



Unfortunately, many of the opinions on Jones in this forum are very tilted (in both directions). However, some like to just get people going for fun (ie. BSpears, Spiff), which is fine. It’s sort of entertaining actually.
Oct 21, 2007 1:10 pm

[quote=footsoldier]

Since I have difficulty believing that the GP’s look out for others, I must be a “Jones hater”. They might be headed for some form of change. During my almost 10 years at Jones, nothing happened quickly, blame it on Bachman and Hill I guess.



Although I left after a year with Weddle at the helm, I found him to be sardonic and sometimes very sarcastic. Some might prefer that approach. In terms of leadership, my preference was Bachman. Hill was a mistake for many reasons.[/quote]



I have no illusions about GP’s looking out for others. There are very few business owners or corp executives that are more concerned about others than themselves.



I agree on your observation of the MP’s. Keep in mind how long Bachman had to refine his leadership style. I am sure he was not the same leader 30 years ago. I see Weddle evolving into a respectable leader. But that takes time. For me, it’s really about what they DO, not what they SAY they are going to do. So far, I like what Weddle has said, and he has done it. But my opinions I’m sure are not shared by all. That’s fine - you can’t please everyone.
Oct 22, 2007 3:08 pm

[quote=spikedkoolaid]Mr. Maxstud,

I think you may be right.  I can tell you 2 things: 1.  the FA will not have control over pricing 2.  The FA will not have control over portfolio design. I think you may be wrong about the mid-2008.  I say they will dangle the carrot for 1 more year and at the regionals in 2008 they will say that we are rolling it out in 2009.  [/quote]   I think you need to stop talking about Jones and what you think is going to happen.  It's like picking your fantasy football team based on the 2002 season.   None of you guys who routinely spout off about Jones have been around the firm for a while and have no real basis on which to make your claims.  It is not the same firm you worked for.   They are working hard to change the mindset of the FAs from Investment Rep to Financial Advisor, ie Financial Assessment & Solution Tools, improving email, fee based platform in 2008, improving track training for seg 4 and 5 FAs, etc.   They are going from a build it to a buy it mindset in IT.  Which means we get new technology faster than ever before.  Performance expectations are going up.  Compensation packages for new FAs are improving.  I've been here for over 10 years and I've never seen the firm make changes this quickly.  Some things are the same, but there are a lot of improvements.   Spiked - I'm going to say you are wrong.  The only real thing to hammer out with the fee based platform is the pricing structure and how it meshes with our current system.   You may be right about the pricing.  We may not have any say over it.  However, with the MAP program we can discount it if we choose.  Maybe they'll give us some latitude with this new program also.    There are going to be some ETFs in the new platform.  Probably nothing more spectacular than the ones tracking the major indices, but they'll still be there.   foot - I liked Bachman too.  But he NEVER would have entertained the thought of a fee based platform for the average client.  Change is good.         
Oct 22, 2007 4:20 pm

Spiffy, how will you incorporate the Turkeys into the new platform?  I really loved those frozen turkey's.  Will this stop the sales contests you guys run?  I mean, how can you come off as a planning firm and still have sales contests???

Oct 22, 2007 6:03 pm

That’s actually a good question.   I haven’t thought about the fee based model and the diversification contest.  I guess it’s the same way you would look at it for incentives like that at other firms.  Base it on production. 

Oct 22, 2007 6:10 pm

But what about the turkeys? 

Oct 22, 2007 6:11 pm

Sounds like a good suggestion box question.

Oct 22, 2007 8:52 pm
bspears:

But what about the turkeys? 

  Does anyone other than Spears actually care about the turkeys?  Those contests are pretty much designed for newbies, and nothing more.
Oct 22, 2007 9:03 pm

"Good Morning Jim.  I liked your new haircut in the newsletter.  You look sharp.  I was asked by a financial advisor, not at our firm, about the sales contests.  Specifically, they asked about the frozen turkeys.  Are these turkey's still being purchased from your brother?  If it is, tell him they're the best my wife and I have eaten.  Anyways, are you planning to keep these contests, once we roll out our new financial planning scheme? You know Jim, there is NO ONE who would work harder at accomplishing your goals than me.  I would work night and day for you.  I would get you coffee anytime you need it, anytime!!  All I'm asking oh mighty one, is  for a GP position.  I know, I know, I spend a lot of time on that forum, but its just to defend you and the firm.  There are a lot of bad people out there, and I have to keep the scheme going.  I know my production is down, but I have a blister on my foot, and I haven't been able to get out door to door.  Anyways, I hope you keep the sales contests, the plaques, the pictures of you and Doug and Bachman. (Yours is the best) Your most loyal servant, Spiffy.

PS....Miss Jones spends way to much time on these boards, and I've reprimanded (spanked) her.   
Oct 22, 2007 9:58 pm

"Dear Spiffy, I take great pride in the fact we have a system in which the little people in our firm can contribute.  We have had many inside this great regime who wanted to stifle the voice of the many low producing profit centers who won’t leave.  I appreciate your concern of our great tradition of sales contests.  This, my comrade, will continue.  I personally pick out the prizes and squezze the live turkeys, just to make sure the struggling IR and their family gets a quality product.  See, Spiffy, we’re all about family here.  We promote within the most loyal, revenue churning suck ups we can. 

I sit here with a grin on my face like a proud papa.  I thank you for your contribution to the motherland.  I remember being a young lad like you, trodging through the snow in Lebanon Indiana, bugging the shit out of people..just enough to get them to "buy some today."  Well, you can see where that gets you.  Anyway, thanks for your loyalty, your concern on the contest and spanking Miss Jones.  I may have to try that.  I've put your name in the hat for the next round of GP promotions.  Its not what the company can do for you, its what you can do for the company. Stand tall my friend, for we are different.
Oct 23, 2007 6:34 am

Spiffy–

I've only been off the kool aid for 1 1/2 years.  I do believe that Weddle has a little different approach than his predecessors.  I don't agree that things have changed so much as you say.  I can tell you that you are still losing veteran FA's at a rapid pace.  You are still a firm that promotes mediocrity, i.e., "As long as you run a profitable office, you will be here for a long time."  They have raised the performance standards but they still get excited about a $10k net month.  Do they really think that $120,000 a year before expenses is a good wage for a business owner?  I think they should start recogonizing the $20k net month.    The one barometer that I think you can look at is where you are getting your people(new recruits from).  Most of your growth has to be organic because the platforms at the Smith Barney's, UBS, LPL, Wachovia are far superior to the $10k muni bond/$25k A Share Mutual Fund/5 stock pack/and $4000 Roth IRA business model.   I know for a fact that Transfer FA recruiting department at Jones has a very difficult time selling the 5 year Smith Barney Rep to leave his $15-$20 million fee-based accounts and move to the Jones model.    I was in the top 20 in the firm in the MAP program when I left.  It's a good program and I've heard it's gotten better.  Too bad a lot of upper management was so resistant to the growth of the program when I was there.
Oct 23, 2007 1:15 pm

risk/reward. 120K before expenses is not horrible in the first few years when the FA risked NO upfront capital (unlike most biz owners in general). Many of us will take that risk/reward ratio, esp when we can run our own shop (albeit within firm parameters; another tradeoff many of us will take in the first few years).