Speak the truth Spike- but April is , historically, a lower month than March and September which is Double Witching for Jones Brokers- end of Diversification Contest Period… And that brings to mind another Secret- more of a Mystery than a Secret- Once a contest is ‘won’ and the broker selects one of the fantabulous locations to vacation-all expenses paid- he gets the tax bill - $5000-$5500. An average of $1500-$1700 taxes are taken out for this ‘free trip’. Yet, one mystery is -Why do we have to attend a business meeting during our “free Vacation” which  is ALWAYS sponsored by one of Jones Product Partners?  AND two, if you can’t take the trip but cash it out, why do you only get $1700 for a $5000 trip? Do You know the answer to this mystery?

I loved the “mysterious” way that a new bond offering like GMAC (before it was junk) would be sold out within minutes of being available.  I don’t know if they still do it, but they would put part of the offering in the NewIR inventory so the poor newbies who were usually playing by the rules would have a chance to call prospects and try to get a sale.

It is physically impossible to call that many people, discuss and sell a bond offering of that size in such a sort period of time. There is no way that they can to that without discretionary trading and EDJ knows it. 

Tomorrow is also the last day to impress the GPs for more of that coveted LP.  Stay tuned…

SPIKED IS A CROOK. GLAD YOU ARE GONE.

Spiked,

Since your confessing your sins, I was curious if you would share with the group how your going to convince your mutual fund clients at Jones to join you on the fee-based side of the force.

Peanut,

Relax if you put 9,000 people in a room a certain percentage of them are always going to be looking out for #1.  It can't be a shocking surprise to you that some IR's game the system.

[quote=Kool-Aid Lover]Relax if you put 9,000 people in a room a certain percentage of them are always going to be looking out for #1.  It can't be a shocking surprise to you that some IR's game the system.[/quote]

Man, that's one of the most profound statements you've ever made on these boards...

I'm going to try to clarify something for everyone:

your - possessive
you're - a contraction of the words "you are"

there - a place - "hey, look over THERE"
their - possessive
they're - a contraction of the words "they are"

a lot - not to be confused with the mythical word alot

Not picking on anyone in particular.  Just seen some poor grammar.  I think I'm starting to take after joe. 

[quote=BrokerRecruit]

I’m going to try to clarify something for everyone:

your - possessive
you're - a contraction of the words "you are"

there - a place - "hey, look over THERE"
their - possessive
they're - a contraction of the words "they are"

a lot - not to be confused with the mythical word alot

Not picking on anyone in particular.  Just seen some poor grammar.  I think I'm starting to take after joe. 

Why is it 1 PM? You on left coast? Bonds trade until 5 PM eastern.

Speak the truth Spike- but April is , historically, a lower month than March and September which is Double Witching for Jones Brokers- end of Diversification Contest Period… And that brings to mind another Secret- more of a Mystery than a Secret- Once a contest is ‘won’ and the broker selects one of the fantabulous locations to vacation-all expenses paid- he gets the tax bill - $5000-$5500. An average of $1500-$1700 taxes are taken out for this ‘free trip’. Yet, one mystery is -Why do we have to attend a business meeting during our “free Vacation” which  is ALWAYS sponsored by one of Jones Product Partners?  AND two, if you can’t take the trip but cash it out, why do you only get $1700 for a $5000 trip? Do You know the answer to this mystery?

That explains why it took 6 wks for money to move from a jones simple to a 401K set up to receive the assets. The delivering (jones) broker was schlepping for a trip.

[quote=Kool-Aid Lover]

Spiked,

Since your confessing your sins, I was curious if you would share with the group how your going to convince your mutual fund clients at Jones to join you on the fee-based side of the force.

[/quote]

It's like this, KAL: "Mr & Mrs Client, I apologize but have no memory of the last few years of my life.  I'm not sure what happened; the last thing I remember is being handed a cup of kool-aid by the branch manager at EJ and WHAM, here we are today.  Fortunately I was able to come to my senses!

I've found another firm that lets me run my own business and gives me access to all the tools I could ever possibly need to ensure my clients have comprehensive portfolio's and unbiased advice.  If you'd like to continue working with me I'll be actively monitoring your accounts to ensure your current investments are always in line with your financial and family goals.

Of course, if you'd rather stay at EJ I'm sure they'll be happy to assign you to someone who'll continue to sell you things.

Either way, I wish you the best."

Done and done.

BrokerRecruit:

I'm going to try to clarify something for everyone:

your - possessive
you're - a contraction of the words "you are"

there - a place - "hey, look over THERE"
their - possessive
they're - a contraction of the words "they are"

a lot - not to be confused with the mythical word alot

Not picking on anyone in particular.  Just seen some poor grammar.  I think I'm starting to take after joe. 

-------------------------------------

BR,

I don't like you're attitude. Their is a place for people like you and it ain't vary nice. Alot of my clients think I'm a genous and you know what, there right! So, if you want to make it in these business, loose the attitude. Now, excuse me while I go and sale some reets.

Freedom,

I get it when a fee-based advisor recommends an investment it's in the clients best interest.  However when a commission-based broker recommends an investment it's because the broker needs to push the sale. 

Thanks, I've achieved a new level of clarity.  So spiked is right, going fee base instantly makes you a better advisor.

KAL,

I think you just articulated the Merrill rule but are to stupid to know it.  Go help someone acheive their goals or something.

[quote=Kool-Aid Lover]

Freedom,

I get it when a fee-based advisor recommends an investment it's in the clients best interest.  However when a commission-based broker recommends an investment it's because the broker needs to push the sale. 

Thanks, I've achieved a new level of clarity.  So spiked is right, going fee base instantly makes you a better advisor.

[/quote]

Actually KAL, I never said anything like that.  You asked how Spiked could convince his clients to move to a fee-based platform.  That's what I gave you.

I think that the best Advisors either do a combination of both, or only work with clients that appreciate their model.  If you're 100% fee based you'll lose clients that don't want to pay an annual fee.  If you're 100% transactional you'll lose the clients that want a higher level of attention paid to their accounts.

Regardless, theirs no point in bashing another successful advisors business model.  If the clients are happy and making money everyone wins.

You seem a little bit cranky, though.  Have you been losing some clients to a fee-based advisor lately?

Was Merril Lynch the company that fired its analyst when he spoke out against Enron before it collapsed, and then replaced him with a pro Enron analyst, in order to keep generating investment banking fees?  I think I read something about this today regarding the Enron trial.  Is ML the company that owned the Nigerian barges? 

I love reets.  They’re my favorite.  Kudos to you, sir. 

Kool Aid chugger:

As someone who who has been a top producer at Jones and now also as an indy--I will say that without a doubt, having fee based alternatives DOES make you a better advisor.  I never thought that while I was at Jones...well, because I was on commission.  You are working within the confines of a system that is designed to push you to A shares and to start near zero every month.  Having those confines removed and being able to advise my clients in an enviornment with:

1.  No preferred funds

2.  Where revenue sharing makes up NO portion of my compensation.

3.  I get paid the same on all investements.

4.  Not being forced to use the same fund family to achieve breakpoints (although alternative families have better funds)

AUTOMATICALLY makes me a better advisor.  Sorry man, you are wrong.