Office In Transition "OIT" at Ed Jones
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spears - sorry to rattle your chain, but you were the best person I could think of yesterday to play the part of the poor downtrodden, beat upon, former EDJ guy. I guess I could have used noggin, but he and I haven’t traded as many jabs as you and I have. My sincere apologies for dragging your good name into this discussion.
Did your clients tell you exactly what the OIT person said about you? Care to share any of that with us or should we just leave it to our imaginations? cj - you must confusing me with B24, cause the only thing I did in that thread was to pull some quotes out of the Jones history book I've got in my office. Again, explain to me why in the world would a salaried person put themselves at risk, both of getting sued for slander and for losing their job with EDJ, to badmouth a departing FA? Explain to me while you're at it, why there aren't any slander suits involving departing FAs? If these rogue OIT FAs were out there doing what you folks are suggesting they are there would be dozens of lawsuits involving those FAs. We live in a litigous society. It doesn't take much to make people sue happy. Especially if you're already pissed at your previous employer. Why would they take the risk of ruining the Jones reputation in a small town in Indiana just to keep under $10 million in AUM from going to LPL? The lawsuit alone would kill the next Jones FA's possibility for success. It's just not worth it. So, if you've got some real stories to tell, like what the lady actually said, or what conversations you overheard while listening in to the HQ OIT phone calls, great. Post them. Otherwise this thread is just going to go on for days with us throwing jabs back and forth. We need better entertainment than that.ss
you ask "why" You live in own little green fantasy world, where the firm is good to it's people, never ever does wrong and discloses all. litigation costs money, the small AUMs doen't have that sort of money. why do oits risk reputation is small towns...cuz they ain't staying long. Head office is one thing for taping out-bound calls. Once the oit is in the small town that's a different story. you don't want to beleive, who says you have to? as far as your timeline or whatever you call it, you never heard of "spin doctors" sure the option players from waaaaaay back in your firms history probably didn't make money but when was that 10, 20, 30 or more years ago? What are the requirements for options/commodities trading? How much would it cost to change and maintain such a structure????Spiff, not trying to enter an argument that isn’t mine, but it is important to remember that when you are in the Jones machine and someone leaves, it is in the culture to treat them as the enemy. They do it with good intentions, but you can not deny that when someone leaves, it is natural to think badly of them when you are at Jones.
Passers have been treated extra well by EJ, so they are even more inclined to think this way. It is in their subconscious and they don't even know it.I know plenty of people who have left Jones and of them all I know of only one who I know personally was badmouthed after he left. He left with a chip on his shoulder and a sour grapes attitude, then started calling to recruit other EDJ FA’s to his new indy biz. More power too him, but he deserves whatever is said about him. As far as the other guys, most of us can barely keep all their names in our head, much less spend any time at all talking about them.
cj - you're logic is flawed. The only offices who get those travelling OIT people are big offices. Jones isn't going to send one of their few OIT folks to an office of $10 MM for two weeks. Those folks only go to offices of, I think, $25 MM plus. It might be $20 MM. So, those folks who leave ARE going to be able to afford a local attorney to file a slander case if they were so inclined. Most attorneys would work on a contingency of winning, so there might not be any money out of pocket for the departing FA. It would be relatively easy for any FA who left Jones to find a lawyer who would love to have a case like that on their books. Now, as far as the options thing goes. I'm not sure why you're harping on me about it. Perhaps your reading comprehension isn't so good. Or I've pushed enough of your buttons (which I'm pretty good at, just ask spears) that you're looking for any way you can to make me and Jones look silly. Here, I'll put it in big print so it's easier for you to see and maybe comprehend. I'll even make it green because I read once that green is easy on the eyes: cj - you must be confusing me with B24, cause the only thing I did in that thread was to pull some quotes out of the Jones history book I've got in my office. Now, if you're going to argue with me about some quotes in a book that answered the original posters questions, then you've got issues beyond my comprehension. I didn't write them, didn't edit them, just typed them as a I saw them. I don't honestly care if Jones allows us to use options or not. I know some guys who swear by them and some that wouldn't touch them with a ten foot pole. I'm apathetic to the issue (that means I don't care). I have enough trouble trying to figure out MPT, much less whether to straddle or spread, put or call, or bet red or black.Are you that naive to believe this doesn't go on Spiffy? My answer to the client about the badmouthing...was I don't care what they said. I just kept pulling money out of the office, another 61k last week. She stated I went to LPL to sell unsafe investments. It HAPPENS all the time. Now if the advisor been there for 6 months..sure...they probably don't sweat it...but I was in an office with 34mil and not only was it the OIT jerkwad...also the new new who came in to take my office, because she wasn't making it in another town, started the whole "why did he sell you that bond" to plant a seed of doubt on my abilitities to manage money. She lasted about 4 months...I've taken every account I wanted, now I get the ones who I don't , but don't have the balls to tell them no. This is not a pissing contest, this is reality, got it, reality. You will never know until you leave...and until you do, you don't know half of the shit your firm does.
spiffy
You live in own little green fantasy world, I hear Tinkerbell calling you.yeah, when i left the incoming rep who met with multiple clients of mine told them all to “be aware of the 1% fee this guy is going to try to start charging you…”
funny stuff.I had the same situation…OIT guy flown in from St. Louie, call team attack, GP calls to my larger clients, and finally the permanent guy calling my clients. I figured we each give it the old college try and the clients land where they want. When the permanent guy started slinging mud, I considered it a low blow. Not very professional. By the way, the rest of the folks in our region pretended like we (my wife and I) were dead. So much for the big happy green Kool Aid drinking family.
Piker - When you divorced yourself from the family, what did you expect to happen?
BTW, permanent guys don't play by the same rules as OIT guys. If I'm the guy who permanently took over your office, I'm probably not going to feel any compulsion to stick to some nice guy routine to keep the assets I was promised. In fact the more ACATs I see the more pissed off I'm going to get. That might make me start saying things I wouldn't normally say. I'm not saying it's right, just what I think might happen. Now if it was the OIT guy or the GP slinging mud, that's another story. ice - the thing I love about this forum is that on one thread you can be taking swings at each other and on another agreeing wholeheartedly about something else. I knew when I types spears name into the post that he'd come up swinging. I hadn't pushed his buttons in a while and it was getting pretty boring around here. We needed a good bar fight to keep it interesting. horse - And so did you start charging them a 1% fee?nope. they still sit in A shares unless they are clients who were more “active” while i was at Jones, which is very very few. my current business model is fee based, but i have not rolled A share people into a fee based model simply for the heck of it.
I met with a former AG Edwards employee yesterday who wants to roll her $200K 401(k) to me.
It's 100% invested in American Funds, but I'm almost positive Franklin Templeton will outperform American over the next decade or so.She's open to ideas, and I'm experiencing an internal battle between doing what's right versus what will help me keep my dot above the red line. I mean, come on, would a real salesman pass up the opportunity to gross $5500?
Damn I hate conflicts-of-interest. Hmmm.... I've got it! Advisory Solutions!!!!![quote=Borker Boy]I met with a former AG Edwards employee yesterday who wants to roll her $200K 401(k) to me.
It's 100% invested in American Funds, but I'm almost positive Franklin Templeton will outperform American over the next decade or so. [/quote She can roll it to you in cash, but buy American Funds at NAV. AF has that policy. I had a prospect in a similar situaiton, with a 500k rollover, and 25k of it in American Funds. Sharp guy. Figured out he could move his funds in the 401k entirely to American Funds, then roll it to me and build his portfolio with American Funds at NAV.spaceman sissy,
Could you clarify something for me? OIT's and GP aren't permitted to sling mud but those who permanently take over an office can.....and you would if too many ACATs came in? Tinkerbell is ready to take you to the lost boys and Peter Pan (you know the man child in green)That pretty much sums it up. It's the difference between being an FA for Jones and being a salaried employee of Jones. C'mon, surely your vast background in compliance has taught you that there is a difference. The new FA in the office doesn't have a team leader checking in on what's going on in that office. If an OIT guy is found to have been slinging mud like you say, then there's a pretty good chance he might not get to keep his job. If the new FA slings mud, he might not keep his reputation squeaky clean, but a TL isn't going to pull him aside one day and read him the riot act.
See, the OITs and GPs are acting as an extension of the firm. If I were the attorney handling the slander suit, I'd surmise that if those people are saying things like that, then Jones Companies, LLLP must be endorsing it. After all, those people derive their income and marching orders directly from EDJ HQ. So those people must simply be an extension of the corporation as a whole. If it's the local FA, Jones HQ can say that they can't control what the local FA says and in fact they don't agree with his statements and are disappointed that someone who they entrusted with such a great amount of responsibility would choose to conduct themselves in such a manner. I'm not attorney, but that's the way I would see it. Now me personally, I would like to believe that I would have a better grasp of my emotions if I were going into a competitive situation. I would like to believe that I would conduct myself in a more professional manner and not resort to mud slinging. I'll probably not have to ever deal with that particular situation though as I'm pretty well set in the office I'm in right now.[quote=Borker Boy]
You might want to brush up on the rules so you can get paid on your next rollover. Plan assets must be invested in the American Funds at the time of the rollover. If a distribution has already been taken from the plan, assets must have been invested in American Funds at the time of distribution. (NAV pricing will only be applied to those assets that were invested in American Funds in the shareholder’s retirement plan; assets not invested in American Funds at the time of distribution are not eligible for NAV pricing.) A copy of the participant’s most recent retirement plan account statement must be attached to the IRA application.[/quote] Borker: He moved all his investments in his 401k into Fundamental Investors(which was his only plan choice), THEN rolled it to me a day or two later and invested into a diversified blend of American Funds in an IRA with me .... at NAV. He has given me some referrals, probably out of shame, so at least I got something out of it.[quote=Spaceman Spiff]
That pretty much sums it up. It's the difference between being an FA for Jones and being a salaried employee of Jones. C'mon, surely your vast background in compliance has taught you that there is a difference. The new FA in the office doesn't have a team leader checking in on what's going on in that office. If an OIT guy is found to have been slinging mud like you say, then there's a pretty good chance he might not get to keep his job. If the new FA slings mud, he might not keep his reputation squeaky clean, but a TL isn't going to pull him aside one day and read him the riot act. You are correct there is a difference between jobs between being in head office and out in the field
See, the OITs and GPs are acting as an extension of the firm. If I were the attorney handling the slander suit, I'd surmise that if those people are saying things like that, then Jones Companies, LLLP must be endorsing it. After all, those people derive their income and marching orders directly from EDJ HQ. So those people must simply be an extension of the corporation as a whole. If it's the local FA, Jones HQ can say that they can't control what the local FA says and in fact they don't agree with his statements and are disappointed that someone who they entrusted with such a great amount of responsibility would choose to conduct themselves in such a manner. Yes this is what I have experience as well. I'm not attorney, but that's the way I would see it. No you are obviously not a lawyer Now me personally, I would like to believe that I would have a better grasp of my emotions if I were going into a competitive situation. I would like to believe that I would conduct myself in a more professional manner and not resort to mud slinging. I'll probably not have to ever deal with that particular situation though as I'm pretty well set in the office I'm in right now. [/quote] Yes one one hope you act professionally. Unfortunately there is a flaw in your understanding of of a few basic principles that are manditory in the the secruties industry. Anyone with a Series 7 license is required to act in the similar manner, whether they be in head office or in the field and are held accoutable by FINRA. As for handling a liable/slander suit as you suggest would open up the firm to an inquistion by FINRA. If the firm is not able to control a registered individual there is problem with "failure to supervise". If there are multiple occurance of such "mud-slinging" with consequences from HO then FINRA would investigate why the re-occurances. In either event the lawyer for the ex ej FA would be in the driver seat.Great, thanks for the compliance lesson. With the moniker you have, I would assume your grasp of all things compliance related would be better than mine. I would still assume that the two groups of people might have different compulsions for acting the way they would. Right or wrong.