I have never worked for Jones, don't really know any Jones folks other than by names on account statements I've moved, and for that matter don't care to know any...

But, my question is, how hard must you all ex-Jonesers been bent over to elicite SUCH great distaste for an organization.  I mean, didn't you all do your homework before taking the job???

I did an internship at Northwestern Mutual in college as a college agent.  Those guys get NOTHING.  Pay a desk fee, phone fee, pay all their own expenses, basically everything.  I think it's like that at a lot of places.

So why do you all complain SO MUCH about paying for some expenses...it seems to me it's part of the deal, and if you didn't like it WHY DID YOU SIGN ON???

If you were lied to, that's one thing...but ignorance of the industry employment structures is a poor excuse for such complaining.

An observation.

[quote=BankFC]

I have never worked for Jones, don't really know any Jones folks other than by names on account statements I've moved, and for that matter don't care to know any...

But, my question is, how hard must you all ex-Jonesers been bent over to elicite SUCH great distaste for an organization.  I mean, didn't you all do your homework before taking the job???

I did an internship at Northwestern Mutual in college as a college agent.  Those guys get NOTHING.  Pay a desk fee, phone fee, pay all their own expenses, basically everything.  I think it's like that at a lot of places.

So why do you all complain SO MUCH about paying for some expenses...it seems to me it's part of the deal, and if you didn't like it WHY DID YOU SIGN ON???

If you were lied to, that's one thing...but ignorance of the industry employment structures is a poor excuse for such complaining.

An observation.

[/quote]

Most of the ex-EJers had nothing to compare with, started off in "small town USA" some of the ones that were there longer never had access to such a site as this one.... and alot of us heard only what we wanted to hear.... just like a Moonie won't listen to family once converted all you can do is believe what is being passed down from the mountain (St. Louis).

You are correct we signed on board, but there was a big difference to what we heard and what we lived through.  And talk about (lack of) disclosure. If you don't have anything to compare EJ to, some of us believed that if the firm takes cares of it's clients (like they claim) how could they possibly screw the brokers??????

I can appreciate that.  It just seems to me that one would do as much due diligence as one could before entering a completely new industry. 

Some firms cover more expenses than others, some have better payouts, etc...I guess I just don't get the (or what seems to be) consistently negative feelings towards one particular firm, especially considering that the amount of support above other firms I have seen (see above post).

But, by all means, continue with the EDJ bashing!  I could care less, just so long as, if you could, confine it to your "dedicated EDJ sucks threads." 

BankFC,

Jones mostly hires people new to the industry.  They truly have a great training program, out of necessity.  It takes a lot of training to convert a truck driver to a broker.  I have said numerous times, if you were making 40k as a teacher, truck driver, Walmart manager etc. making 100-200k/year as a Jones IR seems like the greatest thing ever, and that is exactly how the GP's want IR's to think.

Reality is that those who go through the work of build a practice in this business, only to find out how much they are getting screwed and even more, how much their clients are getting screwed by Jones get a little worked up when the light comes on.

If you only knew the lies spread by the Jones  "culture"  about reps from every other firm you too would be a little disgusted.  Especially given the glass house they live in at Jones.  To a true Jones kool-aid drinker, the worst thing for a person to do ever is invest money with a bank rep in a fee based acct.  They are on a religious crusade to save investors from you.  I know because I was there, and for 5 years I bought it.

BTW, did you know that you only sell B share MF's and annuities because you work at a bank?

Not trying to convert you to a Jones-hater just hoping to put some things in perspective.

Happy Holidays

Actually I bought it for about 4 years and spent a year working on an exit strategy. 

The moonie analogy from compliancejerk is perfect.  If you doubt it, try talking to a kool-aid drinker some time.  You shouldn't have any questions after that.

[quote=BankFC]

I can appreciate that.  It just seems to me that one would do as much due diligence as one could before entering a completely new industry. 

Some firms cover more expenses than others, some have better payouts, etc...I guess I just don't get the (or what seems to be) consistently negative feelings to wards one particular firm, especially considering that the amount of support above other firms I have seen (see above post).

But, by all means, continue with the EDJ bashing!  I could care less, just so long as, if you could, confine it to your "dedicated EDJ sucks threads." 

[/quote]

BankFC,

You haven't been reading these very long have you ?  By the way look at the title of this posting, this is all about telling the TRUTH about Edward Jones, it's not bashing if it's the "TRUTH" 

The whole point about us x-jonsers, is the FIRM changed we didn't, the Leadership did.   The best example for you would be imagine your Bank merged with another Bank, only the other Bank was in charge and they changed the culture you were hired under?  You could do all of the due diligence in the world, but when management changes the culture of a Firm changes and not always for the best, and can not be predicted with due dilligence.

I don't hate Edward Jones the Firm, I distrust the Leadership that was not in place when I hired on.  Imagine being married and one day your spouse changes their personality 180 degrees, what would you do, walk out the door, or try to get them to change back to the way it was..........sounds like a movie.

The fact is the Leadership (GP's) Greedy Pricks lied to IR's and to the clients, and some there still believe the GP's, but it is getting less all the time, reality does bite. 

This might just give you a different perspective, from my point of view....hopefully with all of the Bank mergers this won't happen to you.

What happen to you Jones Defenders?

Are you all out there worKing CHURNING and BURNING THOSE OLD LADIES OUT OF THEIR RETIREMENT MONIES..........Bill F-upped, the Great one according to you Drones and Clones condones that activity..............just read about it?

Thanks for sharing. What a COMPLETE breach of confidentiality. I would take the little old lady by the hand, guide her to a computer, and show her how her "new" advisor just vomited the prospective clients personal financial information over the world-wide web. Maybe I would show her son or daughter this post as well. If you don't like the portfolio, which sounds like it was designed to provide maximum income for her, then deal with is in a professional, confidential manner.

Bill F-upped

Is that what you would really do, you sound like  a disciple of Doug "3 Mil" Hill and you would do another cover up?

I would take her by the hand and call her children and have a meeting with a very good Securities Attorney, and have her and them file a complaint with the following:

1) NASD   

2) SEC  

3) State Securities Department

Have the Attorney file a suit against another fraudulent act by Edward Jones,  and take your answer that you put over the world wide web to tell what a sleaze bag you and how Edward Jones IR's really are..............

Anyone that condones that kinda of treatment to a client should not be in our business, and you call your self and Edward Jones ETHICAL?

Bill F-upped you are a DISGRACE...to our INDUSTRY

I have a question.  If I gross $525,000 at Jones and have about a 38% payout. ($199,500 net), $46,000 in bonuses and 8600 in total profit sharing, that comes to a 48% payout.  If I add the trips in then it comes to 50%.  I havent even mentioned the LP return.   So, if my payout is 50%, why would I go indy to get 55-60 % (after exp) payout?  Assume I dont care about selling my book.  I will prob. transition to my kids into to it anyway.  INdy may have more products, but I am willing to bet that most are not that good for our clients, like a $1m B share annuity ticket.

Here's your answer...if I were grossing $525K (which I'm not yet having just gone indy this past summer), I'd be netting at least 75%, maybe more since I don't get a haircut to the lowest common denominator on product.  That's over $130,000 difference per year and I get to choose my own trips.

Also, you'll transition the book to your kids IF they are interested and IF Jones sees fit to allow that.  If both of those conditions are not met, you're probably throwing away a minimum of half a million dollars.

As far as product goes, I do a lot of fee-based business and my understanding is that Jones fee-based platform leaves a lot to be desired...that's just one example, but it's the one that happens to be most important to me.  As far as products that are not good for clients, see my previous thread "another reason to detest Edward Jones" or something to that effect.  There are plenty of examples of product that is not good for clients in the Jones arsenal.

It should be obvious that I'm happy as an indy and that you're happy as a Jonser...as long as that holds true, we should both stay put.

I could go on, but all you really have to do is search backwards in this forum and you'll find plenty of other opinions that pretty much already answered your questions.

exdrone wrote:

BankFC,

…Reality is that those who go through the work of build a practice in this business, only to find out how much they are getting screwed and even more, how much their clients are getting screwed by Jones get a little worked up when the light comes on…

[quote=success]

I have a question.  If I gross $525,000 at Jones and have about a 38% payout. ($199,500 net), $46,000 in bonuses and 8600 in total profit sharing, that comes to a 48% payout.  If I add the trips in then it comes to 50%.  I havent even mentioned the LP return.   So, if my payout is 50%, why would I go indy to get 55-60 % (after exp) payout?  Assume I dont care about selling my book.  I will prob. transition to my kids into to it anyway.  INdy may have more products, but I am willing to bet that most are not that good for our clients, like a $1m B share annuity ticket.

[/quote]

Why do Jones people continue to include their bonus to calculate their payout %?  Bonus is kept intentionally low by the firm by continuing to open new offices that are not profitable.  This helps the GP's keep more and pay the IR's less.  You are paying for the much heralded 25,000 offices they want.  Ultimately, you have no control over the bonus bracket you are in so how can you reliably call it part of your payout compensation. 

Profit sharing was more reliable while I was at Jones so I have less beef with that, but it too is determined by the GP's for you.....how can you compare that to total control over your margins as an independant?

As for your 1mil b-share annuity....is that any more appropriate that a million in gmac bonds?  My point is there are inapropriate products avail at Jones and everywhere else if sold to the wrong client in the wrong amount. It shows serious ignorance to assume that a product not offered at Jones is probably inapropriate for the client.  Have you heard of Protective's new B2A annuity?  At 250k it has an M&E of 65pbs and no front end load......If sold appropriately, to  a client with a long time horizon, you could argue that it is more appropriate than your A share product. 

I thought it was very interesting today, an adult son of a client of mine was brought into my office to say hello and give thanks for the solid advice that his parents are getting from yours truly. I asked about his experience in brokerage accounts and he launched into what can be best described as a tirade against a wirehouse that I won’t mention. His words as to why he left there were “when they tried to slam me into their managed account which they would have made more money on”.  I thought that was a very interesting comment from a lay person…

Ex,



You didn’t answer the question. Specifically how is Jones “screwing” their clients?



BPD

Good job, nog.  Although my take is that this is just one more plus of being indy...I don't have to "slam" anyone into anything.  They have the option of going either fee-based or commission.  I've had people tell me they like fee-based because when I call with a suggestion, they know that I'm not motivated by a desire to turn another commission.

To each his own, eh?

[quote=BigPayDay]Ex,

You didn't answer the question. Specifically how is Jones "screwing" their clients?

BPD[/quote]

I did not see your question while I was typing my last response.  Here's one way comes to mind immediately.  Preferred fund families.  I'll believe Jones does due diligence on fund families when the remove one from the list for imploding.  I believe they are in the business of extracting kickbacks, and as long as the payment is made, they stay on the list.  I see that as screwing clients.

Hey playa…the Jones defenders are back!

BBD,

Funny you did not ask me how the IR's are getting screwed, which I also stated in the quote above.  Are you giving me that one?

[quote=exdrone]

[quote=BigPayDay]Ex, You didn’t answer the question. Specifically how is Jones “screwing” their clients? BPD[/quote]

I did not see your question while I was typing my last response. Here’s one way comes to mind immediately. Preferred fund families. I’ll believe Jones does due diligence on fund families when the remove one from the list for imploding. I believe they are in the business of extracting kickbacks, and as long as the payment is made, they stay on the list. I see that as screwing clients.