[quote=The Truth]Great point about the ethics.  I was talking to a simple minded Jones client and he was wanting an explanation regarding the letter he received from Jones regarding the mutual fund scandal at Jones.  Paraphrasing he said so can I move to any fund family at no cost?  I said yes you can.  He said Calamos, Franklin or Oppenheimer?  I said yes.  He said why did my broker say that that was not the case?   I asked him to make the switch from VK and LA and he said that he was reading the letter wrong.  By the way this broker is a top 10 producer.  So a complaint letter is on the way.  How are you other Jones brokers handling this situation?[/quote]

ROFLMAO - Yes Truth, this post does make a good point about ethics.  Your imaginary little friend apparently got his hands on the free switch letter 3 months before it was actually created.  I am curious to hear how that complaint you filed is going.      

See below (from Jones internal website, posted yesterday):

Free Switch:
We have been granted an exemptive order from the Securities and Exchange Commission, which enables the Free Switch program that was a part of our settlement the US Attorney for the Eastern District of Missouri. Specifically, the order allows Edward Jones clients who owned certain mutual funds as of Dec. 31, 2004, and still own them to sell those funds and purchase other funds available through Edward Jones without paying an additional sales charge.

We expect to notify clients of the Free Switch opportunity via a letter later this summer. We do not yet know the specific date the free-switch period will begin but we do know that it will not commence before Aug. 1.

Once the letter is available we will post it to JonesLink, along with other detailed information about the Free Switch, for you to review.

What is the difference?  

Maybe it's their symbols:

Here are the symbols at Edward Jones:

Managing General Partner & GP's Stunk up the Joint...

IR's that are Drones (LP's) Turned their Head....

IR's That are Clones got bent over and never KISSED.......

BigPayDay  better known as BFD 

[quote=clementine]

[quote=The Truth]Great point about the ethics.  I was talking to a simple minded Jones client and he was wanting an explanation regarding the letter he received from Jones regarding the mutual fund scandal at Jones.  Paraphrasing he said so can I move to any fund family at no cost?  I said yes you can.  He said Calamos, Franklin or Oppenheimer?  I said yes.  He said why did my broker say that that was not the case?   I asked him to make the switch from VK and LA and he said that he was reading the letter wrong.  By the way this broker is a top 10 producer.  So a complaint letter is on the way.  How are you other Jones brokers handling this situation?[/quote]

ROFLMAO - Yes Truth, this post does make a good point about ethics.  Your imaginary little friend apparently got his hands on the free switch letter 3 months before it was actually created.  I am curious to hear how that complaint you filed is going.      

See below (from Jones internal website, posted yesterday):

Free Switch:
We have been granted an exemptive order from the Securities and Exchange Commission, which enables the Free Switch program that was a part of our settlement the US Attorney for the Eastern District of Missouri. Specifically, the order allows Edward Jones clients who owned certain mutual funds as of Dec. 31, 2004, and still own them to sell those funds and purchase other funds available through Edward Jones without paying an additional sales charge.

We expect to notify clients of the Free Switch opportunity via a letter later this summer. We do not yet know the specific date the free-switch period will begin but we do know that it will not commence before Aug. 1.

Once the letter is available we will post it to JonesLink, along with other detailed information about the Free Switch, for you to review.

[/quote]

We are all holding our breaths on this one..........

The BIGGER QUESTION is:

Will a Client at Jones be allowed to exchange their FUNDS at another FIRM, and have JONES pay for the EXCHANGE?

What about clients that have already left Jones, are they out in the cold?

Please inform us how the most ethical Company in the world is going to handle it? 

I started with a 6 million dollar office of stuff the broker left behind for dead. 

16 months later, 20 million and still going strong.  So or all you haters out there...  Stick that in your pipe and smoke it.

The haters that were left behind in the chow line werent worthy of an office.

Mr EDJFLORIDA

My question is are you ready for an office with the big boys?  Chow line, worthy of an office what does that have to do with anything?  16 months and 20 million, not bad but trust me at Jones you can brag about that, but if you want to play with the big boys you better do some research on what is impressive.  I used to be at Jones ("Uptick" funny huh!!!) and I had 20,000,000 after 12 months starting from scratch and I never bragged once and still will not brag because trust me once I left Jones and joined AG Edwards and met brokers from bigger firms and those that went private I learned real quick I was a small fish in a big pond.  I'm sure you recently went to your regional meeting and received your rewards and you are feeling really good about yourself.  Trust me I did too, but someday you will realize all that praise was used as sticky glue and as part of the many ingredients of the kool aid to keep you there.  You see right now you think you are big kid on the block because Jones wants you to think like that.  But in reality compared to everyone else in this industry you are pretty much average.  So before you talk about pipes you may want to think of other places to stick it. 

Success is when you shut up and just smile!!!!

Now that’s funny…i Don’t care who you are.<!–
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[quote=EDJFLORIDA]

I started with a 6 million dollar office of stuff the broker left behind for dead. 

16 months later, 20 million and still going strong.  So or all you haters out there...  Stick that in your pipe and smoke it.

The haters that were left behind in the chow line werent worthy of an office.

[/quote]

After you leave all of those little silly awards will seem to be just that--a reminder of how silly you were to put any stock in them.  I think I remember Zacko saying how he melted them down and made something out of them.  I wish you continued success.  But, please, get over yourself.

All i was responding to was the comments made about brokers who get offices at EDJ and arent worthy of them.  You have to take each person for what they are worth. 

Edward Jones is an awesome firm to start a career with. I couldnt give a damn about the awards that i won.  Its all about the bottom line in the end. 

I am not bragging about myself, as i had a buddy at bear stearns just knock down a 3 billion dollar client, with a B.  So, im nothing special. I just know that i work my tail off and prospect like crazy.  Put me with any firm and i will be successful. However... No pit boss, no one constantly on your butt, thats what im talking about.  Sure, Raymond James is a great place to go independent, but who are you really helping in the end with those 8% paying B share annuities.  Yourself, not your clients.  Ill take the high road anytime, because those clients will tell others about me, and it will snowball, just like buying and holding dvidend paying investments. Compounding...

As for the kool-aid comment.  Im far from a typical EDJ IR, but the package that Jones provides to their lifer's is a good one.  As good as the others.  Profit sharing is excellent, LP is a really nice deal, no overhead for the most part, and bonuses.  Not to mention the trips, which are kinda lame with the EDJ "gatherings" but still nice to take my wife.  No matter where you end your career if you produce you will be successful, but EDJ is low pressure down the stretch. I can be a little league coach, participate in my community, and work less and less while still earning the same income.  and the LP will compound at roughly 20% per year.  Not bad when you are in mid-twenties and have decades for that LP to compound.  why would i want to change that?

Please dont mistake me for cocky, as i am humble.  Just want to let it be known that us youngsters who get Edward Jones offices ahead of the new new who is out hustling... There is a method to that maddness, unfair or not, its business, and im more polished for most who have been in the business for as short as i have.  And there are plenty more of those m age out there who have as much or more potential than me, and far exceed a 40yr old second career retired military guy who is pissed that hes still in his apartment with a laptop and we are in offices.   Its a business.

How many brokers were in the office before you?  What happened to them?  Did they take any assets with them?

During my stint at Jones, I watched several brokers take over existing offices, and in the beginning, felt a certain level of jealousy.  After all, I started an office from scratch in a city where no other Jones office existed!  However, over time I learned that taking over an existing office isn't all it's cracked up to be.  Sometimes it's more work than it's worth, IMHO.

John,

     It was you that started the thread, wasn't it?  Hope all is well at AG.  You forgot to mention that of the 25 mil, 7 was family.  Best wishes.

...........And my point was that offices and assets should be awarded based on merit--things like profitability, accomplishment, volunteerism, sacrifice, etc. etc.  Not, "being in the right place at the right time" or "being the nephew of So-and-So".  In the big picture, 6 million isn't sh*t.  We all know that.  I'm happy for you.  I really mean that.  It was the giving away of $60 million offices to complete idiots from the FAIL--errrrr, I mean PASS program that really pissed me off.  You said it.  It is a business.  Place your bets on the horses that you know can run the track, rather than the ones that you already know can't.

Sooth, wow! You are REALLY bitter about this issue. Did you get passed up for a 5mill Goodknight in your career? I am so sorry, I am sure you are doing ok now…

[quote=Guest1]Sooth, wow! You are REALLY bitter about this issue. Did you get passed up for a 5mill Goodknight in your career? I am so sorry, I am sure you are doing ok now..[/quote]

Read the previous post.  If 6 million is nothing, then 5 million is 17% less than nothing.  When you are a top 5% broker, and are endlessly compared to people who are not that bright, not that talented, and don't work all that hard, then yes, it pisses you off after awhile.  And, I am better now.  Much better.  Thanks for your concern.

[quote=EDJFLORIDA]

I started with a 6 million dollar office of stuff the broker left behind for dead. 

16 months later, 20 million and still going strong.  So or all you haters out there...  Stick that in your pipe and smoke it.

The haters that were left behind in the chow line werent worthy of an office.

GO INDY…

[quote=Soothsayer]

...........And my point was that offices and assets should be awarded based on merit--things like profitability, accomplishment, volunteerism, sacrifice, etc. etc.  Not, "being in the right place at the right time" or "being the nephew of So-and-So".  In the big picture, 6 million isn't sh*t.  We all know that.  I'm happy for you.  I really mean that.  It was the giving away of $60 million offices to complete idiots from the FAIL--errrrr, I mean PASS program that really pissed me off.  You said it.  It is a business.  Place your bets on the horses that you know can run the track, rather than the ones that you already know can't.

[/quote]

Soothsayer,

Get a life.......the GP's own you, bend over  and take it again.

But just remember, Doug "3 Mil" Hill fell on his sword for you or does he stick you with his sword every time you bend over..........you must like it you keep doing it.....

Well SaySo, if you read on to my next post you will get a better understanding on whats going on with me. Not cocky, Confident YES.

You are correct Soothsayer.  Many pass prgram people were notquite making it in their offices or homes so they are brought in because of their potential. Problem is, its not their talent, its their work ethic.

I was hired straight out of college, with interning with two very well known firms snce age 18.  I worked ith one brolker summers in Maryland and another at school near UNC.  6 million in assets from nearly 80 that left the office... Trust me, all i had on my hands was a bunch of PISSED off clients, who still held Worldcoms, Lucents, CSCO's etc.  So, DONT tell me i wasnt worthy of the office.  There was one broker in the office for most of the office's 12 yr lifespan, but i came in after the 3rd broker, making me the 4th.  However, i was the only one who has stayed more than 6 months since the first guy left.  Ive been there 2 yrs and change. 

Just passed on a nice offer from Banc Of America.  I dont want anyone to own me.  Jones lets me do my thing and leaves me alone.  I love it.

No offense to you EDJFLORIDA but they let you do "their" thing, not your thing.  You dont know anything better. You are young and inexperienced and that is what EDJ likes.  There is nothing wrong with having your career at Jones and I congratulate you on your success but don't ever think they let you do "your" thing.  They have trained you to do what you do and sell what you sell.  You have no choices.

IF you really want to do "your" thing, you will need to go to a wire house or go indy. 

My advice to you.  Stay insulated.  Don't learn anything other than what Jones feeds you.  You can go on for many years this way and be quite happy.  14 years with Jones on this end.  Great career, great people but everything changed the last six years. 

Now I am free and I CAN DO MY THING. Good luck. Keep doing what your doing. 

greenhills...  I am free to do my own thing... Meaning... If i dont want to go to work tomorrow, or if i do, I decide.  No one else.

Sure, my products are limited.  But... I have no boss...  Noone on my back saying hey... where were you the last two hours.  Do that on your own time...

Its all my time...

Thats what i meant.

You have a boss. You just don’t realize it yet!