Starting at Edward Jones
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I’m just curious…to all the Jones haters…who do you work for? And why is your company “so” much better than Jones?
Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.
I could not tell you if my firm is better than EJ. I can tell you it is better for me.I’m just curious…to all the Jones haters…who do you work for? And why is your company “so” much better than Jones?
[quote=Bluetang]Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.[/quote]
Can you support this? Whats your payout? Is it tiered? your support is better? How so? Prestige? I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm…except for employees of other firms, The attitude here is getting successful people in the field…I would assume that about the same at every firm…, breadth of product…I guess having clients out performing the market year after year is a bad thing?
Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP…how many of you make that much? Oh and we are in a community of less than 60K people.
Payout- research EDJ in industury mags, always near the bottom Platform- managed money for example, EDJ is getting wraps soon right? Only a decade behind Technology- EDJ thinks its great, that new fangled technology called email is here!! Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment. Attitude- I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8. Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8??? Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8. Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. Just a few thoughts. Now you tell me how EDJ is competitive in each of these areas. GO[quote=Bluetang]Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.[/quote]
Can you support this? Whats your payout? Is it tiered? your support is better? How so? Prestige? I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm…except for employees of other firms, The attitude here is getting successful people in the field…I would assume that about the same at every firm…, breadth of product…I guess having clients out performing the market year after year is a bad thing?
Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP…how many of you make that much? Oh and we are in a community of less than 60K people.
Payout- research EDJ in industury mags, always near the bottom Platform- managed money for example, EDJ is getting wraps soon right? Only a decade behind Technology- EDJ thinks its great, that new fangled technology called email is here!! Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment. Attitude- I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8. Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8??? Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8. Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. Just a few thoughts. Now you tell me how EDJ is competitive in each of these areas. GO[/quote][quote=Eyetattoo] [quote=Bluetang]Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.[/quote]
Can you support this? Whats your payout? Is it tiered? your support is better? How so? Prestige? I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm…except for employees of other firms, The attitude here is getting successful people in the field…I would assume that about the same at every firm…, breadth of product…I guess having clients out performing the market year after year is a bad thing?
Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP…how many of you make that much? Oh and we are in a community of less than 60K people.
Payout - Again whats your structure? Do you have a paid for assistant? Your own branch? Are you able to buy into your company with returns on average of 20%?
Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer. I can out sell 90% of the wrap accounts out there with A share MFs. I put my clients in quality MFs to where there not looking to switch out every other year.
Technology - Are you seriously bashing EDJ because of email? Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ. How long does it take you to get a confirmation of a trade?
Prestige - How is EDJ the Walmart of Investment Firms?
Attitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker.
Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them. I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds.
Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA.
Eyetattoo: I’m just going to pick one of your ridiculous comments above because you are way whacked out on your statements and understanding.
You state you can outsell 90% of wrap accounts with A share MFs. Here's my thought...tell me how you do that? To be fair, here's why I'm asking....first of all...how many accounts have you gone against? You are obviously a VERY new broker by your statements. Also, what do you think it means to have a wrap account that holds Mutual Funds? This is critical because your answer to this question tells everyone what you really know about these accounts....especially those individuals who understand these. Please...do answer. Be brave.Payout- research EDJ in industury mags, always near the bottom Platform- managed money for example, EDJ is getting wraps soon right? Only a decade behind Technology- EDJ thinks its great, that new fangled technology called email is here!! Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment. Attitude- I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8. Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8??? Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8. Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. Just a few thoughts. Now you tell me how EDJ is competitive in each of these areas. GO[/quote][quote=Bluetang][quote=Eyetattoo] [quote=Bluetang]Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.[/quote]
Can you support this? Whats your payout? Is it tiered? your support is better? How so? Prestige? I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm…except for employees of other firms, The attitude here is getting successful people in the field…I would assume that about the same at every firm…, breadth of product…I guess having clients out performing the market year after year is a bad thing?
Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP…how many of you make that much? Oh and we are in a community of less than 60K people.
Payout - Again whats your structure? Do you have a paid for assistant? Your own branch? Are you able to buy into your company with returns on average of 20%? I work at a wire, last year my total compensation was north of 55%, not the highest in the industry, but far higher than EDJ for my production level.
Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer. I can out sell 90% of the wrap accounts out there with A share MFs. I put my clients in quality MFs to where there not looking to switch out every other year. "Different types of investments work at different times. Tech funds were great in the 90's but have not worked well since. Some fund families go through long periods of difficulty, such as Putnam. A wrap porfolio allows me to keep your portfolio invested in the areas of the market that are working without being concerned about making a switch because of commissions. This portfolio pays me according to how well YOU do, not for the recomendation today to buy it. If you take a pay cut so do I." I can outsell 90% of A shares.
Technology - Are you seriously bashing EDJ because of email? Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ. How long does it take you to get a confirmation of a trade? About 1 second. Hahahaha (side hurts). If you are asking this question seriously, you have made my point for me.
Prestige - How is EDJ the Walmart of Investment Firms? Do a quick search, not my term
Attitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker. Second point, the beloved 8 are there not because they are the best, but because of revenue sharing. Looking down on other families because they do not have the same RS agreement is pathetic. Doesn't EDJ spew garbage about doing whats best for the clients?
Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them. I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds. This is not a VERY select or even a select group of clients. They are just clients you don't get (not you personally,EDJ in general). Instead of saying you don't sell something, be honest and say "here at McDonalds, we don't have steak. You will have to go to an actual resturant for that." As far as preferred funds, there is pressure to concentrate your focus on the families. Admit it, its there... for the sole purpose of RS. IMO, having the flexibility to do any fund family is the true barometer of doing what is right for the client.
Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA. I personally know of this situation happening. Cannot comment on how common it is, but I would be offended.
[/quote]
[quote=donatello]Eyetattoo: I’m just going to pick one of your ridiculous comments above because you are way whacked out on your statements and understanding.
You state you can outsell 90% of wrap accounts with A share MFs. Here's my thought...tell me how you do that? To be fair, here's why I'm asking....first of all...how many accounts have you gone against? You are obviously a VERY new broker by your statements. Also, what do you think it means to have a wrap account that holds Mutual Funds? This is critical because your answer to this question tells everyone what you really know about these accounts....especially those individuals who understand these. Please...do answer. Be brave.[/quote]You are right I am a new broker.....with that out of the way here is my answer.......Especially in times like we are in now most clients currently in a wrap account(or any account for that matter) have not heard from their broker at all but still are paying anywhere between .8% to 1%/yr. Yeah A share MFs have a large upfront cost but overtime they are less expensive(10+ years) Unless someone is moving between funds on a regular basis it just doesn't make sense. And my thought on a wrap account that holds mutual funds? Its a account that includes a variety of services wrapped in one fee usually based on the amount under management. With most mutual fund wrap accounts the portfolio is rebalanced automatically based on the asset allocation choice (80/20,60/40,50/50....etc.) And you pay no additional fee when moving from one fund to another.So for you clients with less than $500K why not put them in a fund of funds with either American, Franklin, Lord Abbot, ect..... that also rebalance automatically?
Payout- research EDJ in industury mags, always near the bottom Platform- managed money for example, EDJ is getting wraps soon right? Only a decade behind Technology- EDJ thinks its great, that new fangled technology called email is here!! Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment. Attitude- I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8. Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8??? Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8. Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. Just a few thoughts. Now you tell me how EDJ is competitive in each of these areas. GO[/quote][quote=Eyetattoo] [quote=Bluetang][quote=Eyetattoo] [quote=Bluetang]Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom… off the top of my head.[/quote]
Can you support this? Whats your payout? Is it tiered? your support is better? How so? Prestige? I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm…except for employees of other firms, The attitude here is getting successful people in the field…I would assume that about the same at every firm…, breadth of product…I guess having clients out performing the market year after year is a bad thing?
Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP…how many of you make that much? Oh and we are in a community of less than 60K people.
Payout - Again whats your structure? Do you have a paid for assistant? Your own branch? Are you able to buy into your company with returns on average of 20%? I work at a wire, last year my total compensation was north of 55%, not the highest in the industry, but far higher than EDJ for my production level.
Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer. I can out sell 90% of the wrap accounts out there with A share MFs. I put my clients in quality MFs to where there not looking to switch out every other year. "Different types of investments work at different times. Tech funds were great in the 90's but have not worked well since. Some fund families go through long periods of difficulty, such as Putnam. A wrap porfolio allows me to keep your portfolio invested in the areas of the market that are working without being concerned about making a switch because of commissions. This portfolio pays me according to how well YOU do, not for the recomendation today to buy it. If you take a pay cut so do I." I can outsell 90% of A shares.
Technology - Are you seriously bashing EDJ because of email? Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ. How long does it take you to get a confirmation of a trade? About 1 second. Hahahaha (side hurts). If you are asking this question seriously, you have made my point for me.
Prestige - How is EDJ the Walmart of Investment Firms? Do a quick search, not my term
Attitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker. Second point, the beloved 8 are there not because they are the best, but because of revenue sharing. Looking down on other families because they do not have the same RS agreement is pathetic. Doesn't EDJ spew garbage about doing whats best for the clients?
Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them. I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds. This is not a VERY select or even a select group of clients. They are just clients you don't get (not you personally,EDJ in general). Instead of saying you don't sell something, be honest and say "here at McDonalds, we don't have steak. You will have to go to an actual resturant for that." As far as preferred funds, there is pressure to concentrate your focus on the families. Admit it, its there... for the sole purpose of RS. IMO, having the flexibility to do any fund family is the true barometer of doing what is right for the client.
Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA. I personally know of this situation happening. Cannot comment on how common it is, but I would be offended.
[/quote] [/quote]I asked about the confirmations because you didn't mention where you worked.....I know many Bank Firms don't get instant confirms.....
And 55% is better than what I get but I also have a fully paid for Assistant, my own office and commissions is only one of the five ways we get paid.....so Ill take my 37-39% any day.
Back to the preferred 8 EDJ isn't the only firm that has RS plans in tack and if I find there is a better choice for a client outside of the 8 I put them in it........and out of the preferred 8 American Funds is most arguably the highest used fund by EDJ FAs and also has the lowest RS out of the 8.
Good-you tried. There’s a couple things you are missing. 1. Institutional pricing. 2. ability to do all fund families. 3. boutique exposure–firms that have only ever invested money for $25m+ accounts. You’ve never heard their names in the retail world.
Worst case scenario-client goes into funds without any fees except for institutional pricing through internal expenses and can move out at any time without incurring other fees....basically bot for nothing. Why do they keep them do you think? Because the returns are equal or better than the A shares you love, but the risk (volatility) is lower. HNW investors understand this so well....they don't like paying if they can't understand the reasons, but they don't mind paying for a value they understand. If you want to understand any of these separate issues...ask what you don't understand. You will be the better for it. Also, many of the stock accounts create a client's individual mutual fund along with discretionary trading authority. In effect, you are the portfolio manager. I don't have to call them first. I have many of those. I place one trade to rebalance all accounts within that strategy. It's easy to talk to clients about that. They can see the value in it. Keep learning--just don't think you know this stuff. You don't. I appreciate your honesty. You will do well...especially someday at another firm.Yes wrap accounts are still paying the fee. I don’t discount so 80-100 bps is low. My clients have heard from me as that is part of what they are paying for, contracted contact. Also I do not have to explain to them why Cap World is down 13% ytd because of that “it’s cheaper in the long run” A share charge. They could care less. If cheaper was the answer, you would see a lot more Hyundais (sp?) on the road. The question is value. Which do you value more Mr. Client, paying all today or compensating me for what you get as we go? Do you want a portfolio in Am F that limits you to 30 funds, or would you prefer to have me help you select a portfolio from over 100 families with over 3000 funds without increasing your cost one bit. Would you like a fund that I need to make sure is ok today and have no motivation to ever switch within the fund family, or an investment where I have the fiduciary responsibility to make sure is appropriate now, next year, next decade… and so on. One thing about this business is that sometimes doing nothing is the right thing to do. When I call you to make a change, you will never have to question if it is to earn a commission because doing what is right, which may be nothing at all, is the way I do business.
[quote=donatello]Good-you tried. There’s a couple things you are missing. 1. Institutional pricing. 2. ability to do all fund families. 3. boutique exposure–firms that have only ever invested money for $25m+ accounts. You’ve never heard their names in the retail world.
Worst case scenario-client goes into funds without any fees except for institutional pricing through internal expenses and can move out at any time without incurring other fees....basically bot for nothing. Why do they keep them do you think? Because the returns are equal or better than the A shares you love, but the risk (volatility) is lower. HNW investors understand this so well....they don't like paying if they can't understand the reasons, but they don't mind paying for a value they understand. If you want to understand any of these separate issues...ask what you don't understand. You will be the better for it. Also, many of the stock accounts create a client's individual mutual fund along with discretionary trading authority. In effect, you are the portfolio manager. I don't have to call them first. I have many of those. I place one trade to rebalance all accounts within that strategy. It's easy to talk to clients about that. They can see the value in it. Keep learning--just don't think you know this stuff. You don't. I appreciate your honesty. You will do well...especially someday at another firm.[/quote]Thanks for the response....I appreciate you not being pompous about your answers too. I do understand that most HNW clients understand and like wrap accounts its the clients under $500K that usually don't and in my area that is who I deal with.And as far as going to another firm? Most likely not going to happen...I live in a smaller town and not really interested in moving back to the city especially if Im making $200K+ and having the quality of life that i currently have. Not to say that wont change someday. Ill look forward to picking your brain now that I have found this site!
[quote=Bluetang]Yes wrap accounts are still paying the fee. I don’t discount so 80-100 bps is low. My clients have heard from me as that is part of what they are paying for, contracted contact. Also I do not have to explain to them why Cap World is down 13% ytd because of that “it’s cheaper in the long run” A share charge. They could care less. If cheaper was the answer, you would see a lot more Hyundais (sp?) on the road. The question is value. Which do you value more Mr. Client, paying all today or compensating me for what you get as we go? Do you want a portfolio in Am F that limits you to 30 funds, or would you prefer to have me help you select a portfolio from over 100 families with over 3000 funds without increasing your cost one bit. Would you like a fund that I need to make sure is ok today and have no motivation to ever switch within the fund family, or an investment where I have the fiduciary responsibility to make sure is appropriate now, next year, next decade… and so on. One thing about this business is that sometimes doing nothing is the right thing to do. When I call you to make a change, you will never have to question if it is to earn a commission because doing what is right, which may be nothing at all, is the way I do business. [/quote]I like this presentation…I may just have to use it one day…when our wrap program rolls out.
Okay so I have a questions for everyone…Now that the back and forth pissing match is over(or at least simmered down) How much of your book is in managed money and how much is in A, B, or C shares?
'I’m just curious…to all the Jones haters…who do you work for? And why is your company “so” much better than Jones?"
I'm not a Jones hater. I actually think that Jones is not a bad place to start and I have no doubt that there are some decent size producers there. It's probably the best fit for lots of people. I can just tell you quickly why my firm is better for me. 1) Investment payouts of over 80% 2) if someone buys an insurance policy, I probably make 3-4x the commission on it than I would at Jones. 3) I get all of the benefits (health, life, DI, 401(k) with generous match, pension, free rent, etc.) 4) No pressure to sell any specific products 5) Several nice trips a year with no necessary meetings In fact, the only disadvantage is that I pay for my own staff. Of course, I can afford to pay for a bunch of staff people with the extra comp. Is there any reason that I would want to give up what I have to go and work for Jones?[quote=BigPayDay] MS Looney (Sorry for the mix up),
I do not use VAs in the qualified arena so I am not familiar with these products. I thought you were discussing the “normal” VAs, not in qualified accounts. I do use these and am not aware of any that are Jones only.
BPD
[/quote]
BPD, Babs is right. Nearly every annuity Jones uses is “Jones” specific. I know a lot of the wholesalers, and they’ve shown me the other stuff (or just told me about it). They even help me sell against the other products that the wires use (B shares, I shares, whatever). Our products aren’t bad, they are just primarly preferred funds. Don’t sweat it, but Babs is right.
Another little “secret”…did you know that all the literature we get from the annuity and fund companies are Jones specific? We don’t get the “mainstream” stuff. Funny but true. Again, no big deal, but it really just stems from the A-share and focus list philosophy. Ever wonder why Franklin Templeton stuff only has like 20 funds on their literature that we get? They don’t inlcude all their far-flung funds and sector funds on the Jones literature. I still use some of those funds, but they just aren’t on our stuff.
[quote=Eyetattoo]
I asked about the confirmations because you didn’t mention where you worked…I know many Bank Firms don’t get instant confirms…And 55% is better than what I get but I also have a fully paid for Assistant, my own office and commissions is only one of the five ways we get paid…so Ill take my 37-39% any day.Back to the preferred 8 EDJ isn’t the only firm that has RS plans in tack and if I find there is a better choice for a client outside of the 8 I put them in it…and out of the preferred 8 American Funds is most arguably the highest used fund by EDJ FAs and also has the lowest RS out of the 8.[/quote]
Tattoo, you scare me. I now understand why everyone acccuses Jones of doling out Koolaide. I have read your various threads, and I ALMOST thought you were Spears in disguise, just trying to be a smart-ass. Then I realized you were serious. I assume you just go back from PDP?
B24 that’s funny and you are right…another newbie trying to fight the good fight. He’s way out of his league this time.