Any Edward Jones veterans here...

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DJRoss's picture
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Another Newbie here to this forum. Really nice set up. Here is my story:After selling a business I recently restructured, I decided to jump back into the fray of employment. Almost immediately the Finance Service hounds began knocking on my virtual door with offers.The Insurance Co's were very keen, but I wasn't interested in a single line house, I wanted to have the latitude to truly tailor the solution to the client.The four multi-line companies that actually approached me wereSmith BarneyWaddell & ReedEdward JonesAmeripriseI disregarded Ameriprise when the initial interview revealed a girl who really couldn't speak outside the talking points of "Oh you passed your tests, great, now we need you to come in and meet our Vice President who will be holding a presentation on Tuesday." I was not in the mood for a Hallelujah meeting where some Slick Rick tries to play the "hard facts of survival of the fittest" talk while trying to stroke my ego as being the one among the group that has it. That crap should have died with the penny stock brokers in the nineties.Waddell & Reed were next. I really liked the personal touch, and the manager of the office was clear and concise. He cut to the chase which is what I was after. They would have been a shoe in had they actually had a trading system in place. The official company line was that they have a system that was supposed to be up and running qtr 3 last year, and they are still working on it. This is too bad, because their advisory pedagogy toward the clients was clean and allowed for flexibility. CAVEAT: flexibility if you are geared toward mutual fund solutions. While I am not adverse to mutual funds per se, I like the idea of being able to offer a client trading services at least for part of their portfolio.Smith Barney has been a tomb. They seemed to have trouble actually getting their recruiting in order. I am not sure what that means, but at least locally the left hand doesn't seem to know what the right hand is doing. I also got the impression that they wanted me to cut my teeth with a limited array of products initially. Also they almost acted like they wanted to hide the fact that I was like everyone else going to be a gopher for the established advisors in the office. To me that smells like proprietary throat ramming. Surprises me considering the company.Edward Jones looks to fit my needs best. I like the quasi autonomous setup. Flexibility in working environment. At 39 and one who has owned and developed businesses on both sides of the Atlantic, I am grateful for the concept of having access to resources without the trouble of dealing with a manager who wants to handhold. I also like the localization marketing strategy. My area is not loaded with EJ Advisors which makes this localization strategy an excellent recall and recognition activity. Since people and businesses tend not to move that quickly, your presence can create an organic weighted reliability. I will be having my hour long interview on Monday.I have a few questions that I was hoping current and even former Edward Jones Advisors could answer1. What is the time frame from the second interview to getting all the paperwork signed and begin your 2 month study period?2. Is the testing structure set up like a typical collegiate finals week where you study for 6 weeks and than test out the final 2 weeks?3. Does EJ "sponsor" other licenses above the 7,63/66 and Insurance?4. What are the AUM requirements over the first two years? I unfortunately forgot to ask this when I was talking to the "Manager"5. How does the bonus structure work?6. Some houses are commission oriented in rating your progress while others are more fee focused. Which is Edward Jones?7. Are corporate clients possible at Edward Jones? I believe I read somewhere that they do not possess a single corporate or maybe it the wording was institutional client?Now I understand that every house has its skeletons in the closet. In this industry it is in my opinion more about the individual advisor and less about which house they work for. Having said that, I really think that Edward Jones will work for me at least until the possibility of going Indy becomes a reality. I appreciate any answers to the questions I have put forward, and please if you are only interested in sharing an EJ horror story feel free, just don't expect me to respond. I look at this way. Nobody twisted your arm to work there, and given the lack of proprietary products it really doesn't make sense that the company is behaving in a less than honorable fashion. Being the last privately held granddaddy on Wall Street appeals to me since the company can set its own time frames in regards to growing revenues vs. being beholden to analysts who grease the rails of stock trading with their stars upon thars approach.Thanks again.DJ

troll's picture
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Give us a couple of weeks to read your post and we'll get back to you.....

AllREIT's picture
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Go do a search for EDJ to see this question hashed over 1000 times. PM
Spaceman Spiff, if you want to get some idea's about EDJ from someone
who is inside and likes it.

Briefly, EDJ see's itself as platform for the distribution of financial
products. It is structured as an Limited Partnership which is run for
benefit of the GP's (general partners). Once you understand how EDJ is managed for cash flow, things like the indy offices, preferred funds, low payouts, revenue sharing, weak platforms etc begin to make sense.

DJRoss's picture
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joedabrkr wrote:Give us a couple of weeks to read your post and we'll get back to you.....
, Sorry I can get carried away when typing. LOL

DJRoss's picture
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AllREIT wrote:Go do a search for EDJ to see this question hashed over 1000 times. PM
Spaceman Spiff, if you want to get some idea's about EDJ from someone
who is inside and likes it.

Briefly, EDJ see's itself as platform for the distribution of financial
products. It is structured as an Limited Partnership which is run for
benefit of the GP's (general partners). Once you understand how EDJ is managed for cash flow, things like the indy offices, preferred funds, low payouts, revenue sharing, weak platforms etc begin to make sense.

Which question are you talking about? I asked several, and I believe I was fairly specific.

AllREIT's picture
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DJRoss wrote:
AllREIT wrote:Go do a search for EDJ to see this question hashed over 1000 times. PM
Spaceman Spiff, if you want to get some idea's about EDJ from someone
who is inside and likes it.

Briefly, EDJ see's itself as platform for the distribution of financial
products. It is structured as an Limited Partnership which is run for
benefit of the GP's (general partners). Once you understand how EDJ is managed for cash flow, things like the indy offices, preferred funds, low payouts, revenue sharing, weak platforms etc begin to make sense.

Which question are you talking about? I asked several, and I believe I was fairly specific.

We'll so were we. If you did a little footwork, you'd discover answers to all your questions.

lady_trader's picture
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DJ,
I have been doing lots of searches on this site and there are answers to your questions doing the "search" function. However, I haven't seen this question answered:
7. Are corporate clients possible at Edward Jones? I believe I read somewhere that they do not possess a single corporate or maybe it the wording was institutional client?
 

lady_trader's picture
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After reading many of the different posts, you know what question that I would ask about Ed Jones? I would ask people what they REALLY made each year they started out at Ed Jones. (To be fair, in smaller communities, 50k a year is a great compensation, especially if everyone around you is making 25k a year.)
There was this post that was something to the affect of "What was your EJ eye-opener moment". It was something like a top producer bragging about 70k in trails.
Again, this is the question that I would ask. To be fair, I would ask people to qualify there answer with the city they are in. (Population, average salary of residents, cost of housing, etc.) This would be helpful in understanding how costs of the assistant and office furniture, etc work.
 

Bache&co's picture
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Their 401k is pathetic. The limited partnership option is just as worthless. They are incredibly limited - maybe one step ahead of Waddell as far as products and services. Oh yeah, and its a cult.
   

Bache&co's picture
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Institutional clients? Yes I had a few at EDJ. Not common but wasnt a problem. Ran them as type 9 a.k.a DVP/RVP accounts.

doberman's picture
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joedabrkr wrote:Give us a couple of weeks to read your post and we'll get back to you.....
!!!!!!!!!!!!!!!!!!!!!!! But you've got to admit, the poster seems to have their act together, in knowing what to ask. Hands down, a better class of "newbie" poster than what we're used to seeing, no?

troll's picture
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Bache&co wrote:Institutional clients? Yes I had a few at EDJ. Not common but wasnt a problem. Ran them as type 9 a.k.a DVP/RVP accounts.
Darling, your clients were institutionalIZED, not institutionAL.

troll's picture
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doberman wrote:joedabrkr wrote:Give us a couple of weeks to read your post and we'll get back to you.....
!!!!!!!!!!!!!!!!!!!!!!! But you've got to admit, the poster seems to have their act together, in knowing what to ask. Hands down, a better class of "newbie" poster than what we're used to seeing, no?No doubt!

DJRoss's picture
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I have read the rumor threads here regarding EJ going asset based vs. sticking with their classic pay me now approach.I haven't been able to find a single post that provides clear cut information on what the knew program is like and what the requisites are to any type of wrap account.If I understand correctly, the premise prior to the change was a MAP system with a 500K minimum to qualify.Anyone know what the wrap options are now?

DJRoss's picture
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doberman wrote:joedabrkr wrote:Give us a couple of weeks to read your post and we'll get back to you.....
!!!!!!!!!!!!!!!!!!!!!!! But you've got to admit, the poster seems to have their act together, in knowing what to ask. Hands down, a better class of "newbie" poster than what we're used to seeing, no?Thanks for the kudos.

troll's picture
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DJRoss wrote:I have read the rumor threads here regarding EJ going asset based vs. sticking with their classic pay me now approach.I haven't been able to find a single post that provides clear cut information on what the knew program is like and what the requisites are to any type of wrap account.If I understand correctly, the premise prior to the change was a MAP system with a 500K minimum to qualify.Anyone know what the wrap options are now?
Apparently there ARE no other options right now....they're supposed to roll them out soon, and nobody seems to know the details yet.  Others such as Spaceman Spiff are more qualified to answer this question since I don't work for Jones.  But I did stay at a Holliday Inn Express last night!

Cowboy93's picture
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See my answers below each question...

1. What is the time frame from the second interview to getting all the
paperwork signed and begin your 2 month study period?
--not long...couple weeks tops depending on interviewer's schedule

2. Is the testing structure set up like a typical collegiate finals week where
you study for 6 weeks and than test out the final 2 weeks?
---Sorta, but the actual tests are only 1 day each (7, 66, insurance)

3. Does EJ "sponsor" other licenses above the 7,63/66 and Insurance?
--yes and no; for example, your office must be profitable before they'll
reimburse you for CFP expenses; usually takes 2-4 years to get to
"profitability" by their definition

4. What are the AUM requirements over the first two years? I unfortunately
forgot to ask this when I was talking to the "Manager"
--strangely, there aren't any really...but plan to be sitting on at least
$5m/yr in AUM and you should at least survive; others will quibble w/
this, but by and large you should "make it" if you can scrape together
$25mil in 5 years, $50mil in 10 years, etc.

5. How does the bonus structure work?
--ask EJ; these have improved, but still not huge relative to your payout
form production or the salary

6. Some houses are commission oriented in rating your progress while
others are more fee focused. Which is Edward Jones?
--commission oriented...the only people in the universe that are that way
(among the top 10 brokerage firms anyway)

7. Are corporate clients possible at Edward Jones? I believe I read
somewhere that they do not possess a single corporate or maybe it the
wording was institutional client?
--they brag about NOT having corp/institutional clients...or about the
focus on the individual investor; could be an issue for someone w/
contacts that could lead to institutional-type accounts....you're fighting
w/one arm tied behind your back compared to the big boys

Spaceman Spiff's picture
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The answer to the institutional clients is simple.  The FA can land as many as they want.  We don't have any in house group that goes after clients like a Goldman would.  No one at the home office level is in competition with the FAs for any business. 

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DJRoss wrote:I am grateful for the concept of having access to resources without the trouble of dealing with a manager who wants to handhold.  No manager per se, just some flunky in St Louis that calls to check how many contacts you've made today, or to practice your call script, or pitch the latest bond in newir inventory, etc.  If your sales numbers are good you'll rarely hear from them, if you're numbers dip  they'll call every week.
As an unlicensed newbie going through training you will be treated like a twenty-two year old, fresh out of college.      Nobody twisted your arm to work there, and given the lack of proprietary products it really doesn't make sense that the company is behaving in a less than honorable fashion. Don't give them to much credit.  In practice, their preferred vendors are proprietary funds (and lead them to just as many ethical temptations).
Being the last privately held granddaddy on Wall Street appeals to me since the company can set its own time frames in regards to growing revenues vs. being beholden to analysts who grease the rails of stock trading with their stars upon thars approach.I don't know if this matters.  GPs want to make profit as much (probably more) as any stockholder.  GPs also can have much more direct influence if they are dissatisfied.  They may not have a stock price to manipulate, but they like profit just like the other guys.DJ

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Thanks for the responses, I am getting an interesting picture. I will be talking to a RL this afternoon to ask him a few question regarding some of the issues here as well as concerns.I have also talked to a Prudential recruiter today. Not much on this site (I have search regarding Prudential.) Wonder if there is anyone who has worked for them aside from the one guy with a single post. Pros- ConsI can imagine it would be a bit rough bringing your customers into an Indy business from Prudential given their proprietary line of products.

troll's picture
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Why is it that you dont mention ML, Wachovia, UBS? I dont understand how anyone who is intelligent, and obviously the original poster to this thread is, would consider EJ, and think they have more to offer than SB. But if it seems that SB is in dissarray (which admittedly they are right now, but that will chanage), why not look at another alternative that offers a broader platform? If you are against the wirehouess in general, which lots of folks are, then why not explore hooking up with an independent office, till you build enough to open your own. LPL, from what I understand, and Commonwealth, and others, offer broader platforms than Jones.
The questions I would be asking, considering the market we are operating in, are: 1. what is EJ;s rational in not offerring a broad array of fee based platforms. 2. wha is your lending platform, 3. what is your insurance plaform, your estate planning platform, etc, etc. You get the picture. If you want to build a truly transactional business, go to Jones. But unless you have a truly amazing Rolodex, I think it will be difficult at best for you to bring in clients who are willing to pay you $300 in commission or more for your stock ideas.
 JMHO

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pratoman wrote:If you are against the wirehouess in general, which lots of folks are, then why not explore hooking up with an independent office, till you build enough to open your own. LPL, from what I understand, and Commonwealth, and others, offer broader platforms than Jones.
The questions I would be asking, considering the market we are operating in, are: 1. what is EJ;s rational in not offerring a broad array of fee based platforms. 2. wha is your lending platform, 3. what is your insurance plaform, your estate planning platform, etc, etc. You get the picture. If you want to build a truly transactional business, go to Jones. But unless you have a truly amazing Rolodex, I think it will be difficult at best for you to bring in clients who are willing to pay you $300 in commission or more for your stock ideas.
 JMHOI would love to hook up with an Independent office right out the door. Trust me, I have been pounding the Internet hard for any and all information of indy's in my local area.Since then I have on my own set up interviews with AG Edwards (I know they are in limbo with the Wachovia deal, but that actually makes it rather interesting. Sometimes when the dust settles, you find an opportunity where others flee to other pastures.), Prudential, and  Beneficial Financial GroupAnd yes, I am not interested in working for a wirehouse.

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pratoman wrote:
The questions I would be asking, considering the market we are operating in, are: 1. what is EJ;s rational in not offerring a broad array of fee based platforms. That I haven't figured out, and I haven't received a satisfactory answer. What I am trying to understand is the rationale behind why a wrap account would be considered unethical. If I am meeting with my clients quarterly to review their portfolio together with them, and I am taking their calls which I am sure would average at least 15 minutes a piece over the course of the year, and any protectionary measures I may feel inclined to take (with their blessing) to get them out of a bad investment costs my time, and that is what I am charging them for.So a 200K portfolio with a 1% fee per annum is $2000.If I am lucky(depending on which firm I work for) I get 40% of that which is $800.004 one hour meetings, average 1 15minute phone call per month and maybe 2 transactional changes during the year which take another 1 including any paperwork, verification, etc.That equals 4+1+ (.25 X 12)= 8 hours total.$800/8= $100 per hour. That IMO is a pretty good deal. My lawyer and Accountant charge between $200 and $400 per hour.Now if you pull in a 500K account which is the minimum to be a part of EJ's MAP than you are talking about $250 per hour1000K= $500 per hour this is assuming that you are only putting in 8 hours a year serving each account. Now common sense would show that you are probably spending a bit more time in your stewardship over a 1000K account than a 200K account. By doubling your hours to 16 for a 1000K account you are down to $250 per hour in management fee.The 60% taken by the house is what I would equate to infrastructure and overhead expense. Nothing strange about that either.So with an AUM of 20M consisting of 80 accounts you would have an average cost of $125 per hour given you spent 8 hours per client which would be 640 hours which translates to 80 work days. Hmmm, I wonder since you are spending all that time acquiring new accounts, and working the ones you have, what the effective hourly rate would be. Being generous and assuming you actually work only 8 hour days, and take two weeks vacation and don't work any weekends ever. Assuming that you can kill another two weeks due to holidays, you would have 240 work days left. Having that as your base, your effective hourly rate for helping your customers would be:240 days @ 8 hours per work day = 1 920 hourstotal fee for a 20M AUM portfolio of 80 accounts with a payout of .40 of 1% per annum = $80 000$80 000/1 920= $41.67 per hour.How can anyone complain that this is unethical? Even if you went Indy and kept .85 you would still only be making $88.54 per hour

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To answer some of the questions regarding th Jones advisory fee
platform...it has been confirmed that it will be a mutual fund advisory fee
service. It will likely be 100 bps or less (probably 75 bps). I think they
will offer any MFD company to create a special share class to be used in
this account. Chances are, it will only end up being the preferred
families. That part is just my own speculation. I think they are waiting
for the 12b-1 & Merrill Rule dust to settle before they roll it out. They
want to make sure they don't &$^% it up.

None of this is scientific evidence, other than it has been stated by
Weddle that it will be a MFD Advisory Account.

troll's picture
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DJRoss wrote:
pratoman wrote:If you are against the wirehouess in general, which lots of folks are, then why not explore hooking up with an independent office, till you build enough to open your own. LPL, from what I understand, and Commonwealth, and others, offer broader platforms than Jones.
The questions I would be asking, considering the market we are operating in, are: 1. what is EJ;s rational in not offerring a broad array of fee based platforms. 2. wha is your lending platform, 3. what is your insurance plaform, your estate planning platform, etc, etc. You get the picture. If you want to build a truly transactional business, go to Jones. But unless you have a truly amazing Rolodex, I think it will be difficult at best for you to bring in clients who are willing to pay you $300 in commission or more for your stock ideas.
 JMHOI would love to hook up with an Independent office right out the door. Trust me, I have been pounding the Internet hard for any and all information of indy's in my local area.Since then I have on my own set up interviews with AG Edwards (I know they are in limbo with the Wachovia deal, but that actually makes it rather interesting. Sometimes when the dust settles, you find an opportunity where others flee to other pastures.), Prudential, and  Beneficial Financial GroupAnd yes, I am not interested in working for a wirehouse.Ummm....did anyone point out to you that AGE is a wirehouse?

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Let me clarify, when I say wirehouse, I am referring to playing stock jockey in a cubicle stuffing yesterdays pizza down my throat wondering why I am padding my mentors account at 8 p.m on a friday evening.In all reality, every business in this industry with any reputation is a wirehouse since communications and information networks are connected...Well I take that back, EJ hasn't embraced IT to that extent yet. I am still not sure if they have all received their own email accounts. 

troll's picture
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DJRoss wrote:Let me clarify, when I say wirehouse, I am referring to playing stock jockey in a cubicle stuffing yesterdays pizza down my throat wondering why I am padding my mentors account at 8 p.m on a friday evening.In all reality, every business in this industry with any reputation is a wirehouse since communications and information networks are connected...Well I take that back, EJ hasn't embraced IT to that extent yet. I am still not sure if they have all received their own email accounts. 
Well, you're using a completely different definition of the term than the rest of us.

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this is the definition I am thinking of:National or international brokerage firm whose branch offices are
linked by a communications system that permits the rapid dissemination
of prices, information, and research relating to financial markets and
individual securities. Although smaller retail and regional brokers
currently have access to similar data, the designation of a firm as a
wire house dates back to the time when only the largest organizations
had access to high-speed communications. Therefore, wire house still is used to refer to the biggest brokerage houses.GSMSMLLBBSare all nationals with caps of 20B or greaterAGE is a regional with a cap of around 6B of course with WB acquiring them, that will change things dramatically. Question is if WB will create a separate entity and what that will be valued at.

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DJRoss wrote:Let me clarify, when I say wirehouse, I am referring to playing stock jockey in a cubicle stuffing yesterdays pizza down my throat wondering why I am padding my mentors account at 8 p.m on a friday evening.In all reality, every business in this industry with any reputation is a wirehouse since communications and information networks are connected...Well I take that back, EJ hasn't embraced IT to that extent yet. I am still not sure if they have all received their own email accounts. 
And what exactly qualifies that statement?  When was the last time you worked in the Jones system?  Or is it just based on what you have heard from former Jones brokers that have not been here in years?  They have made so many improvements in the past year, and they are making new improvements to the system every single month.  I have worked for other large companies in the past, but I have never seen a company this size move so quickly in such a short amount of time (after lying dormant on technology for 30 years).
As I write this, I have been playing with my new Palm Treo, and am able to access JCMS (contact management system) on it.  I can see my calendar, my accounts & prospects, and make real-time changes that don't need to be synched.  That is just one of the many new changes we have received oevr the past year (and yes, we all have e-mail, though many advisors have not embraced it yet).

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Broker24 wrote:DJRoss wrote:Let me clarify, when I say wirehouse, I am referring to playing stock jockey in a cubicle stuffing yesterdays pizza down my throat wondering why I am padding my mentors account at 8 p.m on a friday evening.In all reality, every business in this industry with any reputation is a wirehouse since communications and information networks are connected...Well I take that back, EJ hasn't embraced IT to that extent yet. I am still not sure if they have all received their own email accounts. 
And what exactly qualifies that statement?  When was the last time you worked in the Jones system?  Or is it just based on what you have heard from former Jones brokers that have not been here in years?  They have made so many improvements in the past year, and they are making new improvements to the system every single month.  I have worked for other large companies in the past, but I have never seen a company this size move so quickly in such a short amount of time (after lying dormant on technology for 30 years).
As I write this, I have been playing with my new Palm Treo, and am able to access JCMS (contact management system) on it.  I can see my calendar, my accounts & prospects, and make real-time changes that don't need to be synched.  That is just one of the many new changes we have received oevr the past year (and yes, we all have e-mail, though many advisors have not embraced it yet).I am sorry if I offended you. It was not my intent. I was basing this off of several EJ FA's that I have talked to leading up to my answering their request for interview. I have actually passed the second interview and have to call someone to discuss marketing issues. Once my background check is finalized than they will call me to set up a face to face with an FA. Since I have already had several discussions with the local RL in my region, they said I would probably be interviewed by someone else. Regardless, I have been led to believe by these individuals that EJ has not embraced IT to the extant their competitors have. As you explain yourself, there are FA's that have not "embraced" their corporate email accounts.Again I apologize if I struck a nerve. It was not my intention.BTW, I have since had my initial interview with Prudential. If it weren't for the proprietary products, I can imagine myself working there. I may yet decide to do so. They do pay 54 basis points on AUM, and their Life, LTC and Term policies are among the best in the industry.I had my initial interview with AGE today as well. I kind of set it up backwards. I called to inquire, manager called me in to interview, and I have to send him my resume with salary history. He was a pretty cool guy. White haired with bushy mustache. (LOL I got the Abraham Lincoln thing going with the beard though closer to the jaw). We must have looked like two throw backs from another era. In any case, he was clear, concise, and easy to talk to. He made me promise that I would speak to my wife at least 5 times during the interview regarding the burden it would be for us to have me working 12 hour days and going through a couple of dog years while I set up my business.I admit a big part of me was enticed by the prospects of training through AGE. Their product breadth is outstanding, and with Wachovia pending, their product assortment should just get bigger.Well once I send him my resume and salary history we go to the next step which is taking the 8th grade math test and the personality test.Thursday I have my initial interview with a local outfit that has no proprietary products.I have made up my mind to decline Waddell & Reed. I can't see that as being a legitimate option.

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Here we are, 2007, and broke24 reiterates "we have e-mail".  Hell has frozen over.  Okay, everyone lock the doors to YOUR office and quit. Jones now has e-mail....they're on a freakin roll...they will destroy everyone because they now have e-mail and broke24 can sinc his freakin treo...I have a dream, I dream about e-mail...and doorknockin with my new treo...be able to put into my prospects notes..."knocked on Ms Jones door, she barely opened it...I tried to introduce myself and she told me to go f myself and get the hell off my porch".  A todo...call in two weeks and see if she remembers me at her door, and see if I can get her to buy a muni."

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bspears wrote:
Here we are, 2007, and broke24 reiterates "we have e-mail".  Hell has frozen over.  Okay, everyone lock the doors to YOUR office and quit. Jones now has e-mail....they're on a freakin roll...they will destroy everyone because they now have e-mail and broke24 can sinc his freakin treo...I have a dream, I dream about e-mail...and doorknockin with my new treo...be able to put into my prospects notes..."knocked on Ms Jones door, she barely opened it...I tried to introduce myself and she told me to go f myself and get the hell off my porch".  A todo...call in two weeks and see if she remembers me at her door, and see if I can get her to buy a muni."

I wish that you were funny, however, you are merely sad. You are like the old girlfriend that you see at the grocery store, what happened to her? I keep looking for a post from you that actually has nothing to do with EJ......

troll's picture
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To the original poster.
You sound very intelligent. Certainly a plus for an FA starting a career. I am sure your life experience, owning a business and probably having many contacts, will serve you well wherever you end up. And its good that you are doing all this due dilligence.
With that said, I have never seen one poster post so many loooonnnnggg messages. Where do you find the time? You are really (over?)thinking this thing. You cant know everything about a firm before you take a job. You are going to have to take some risk. Go with your gut. Thats it. then just do it.  I have seem many FA trainees come into the biz and suffer paralysis by analysis. Be careful. NUF said.

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pratoman wrote:To the original poster.
You sound very intelligent. Certainly a plus for an FA starting a career. I am sure your life experience, owning a business and probably having many contacts, will serve you well wherever you end up. And its good that you are doing all this due dilligence.
With that said, I have never seen one poster post so many loooonnnnggg messages. Where do you find the time? You are really (over?)thinking this thing. You cant know everything about a firm before you take a job. You are going to have to take some risk. Go with your gut. Thats it. then just do it.  I have seem many FA trainees come into the biz and suffer paralysis by analysis. Be careful. NUF said.LOLI use to own and manage a free lance journalism boutique in Sweden. Had lots of contracts working with copy in English, Swedish, Danish, Norwegian, Finnish, Italian, German, Spanish, etc.I have been writing articles for the last 12 years. So add touch typing, together with someone who is used to getting thoughts out quickly and you have longer posts. At the time this post was started, 45 seconds has transpired.

bspears's picture
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Keep lookin....but don't take your eye off the inventory screens.  You made need to print a call list and hit the phones...Good luck and Good Selling...

BteamBomber's picture
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bspears wrote:
Here we are, 2007, and broke24 reiterates "we have e-mail".  Hell has frozen over.  Okay, everyone lock the doors to YOUR office and quit. Jones now has e-mail....they're on a freakin roll...they will destroy everyone because they now have e-mail and broke24 can sinc his freakin treo...I have a dream, I dream about e-mail...and doorknockin with my new treo...be able to put into my prospects notes..."knocked on Ms Jones door, she barely opened it...I tried to introduce myself and she told me to go f myself and get the hell off my porch".  A todo...call in two weeks and see if she remembers me at her door, and see if I can get her to buy a muni."

By the way, in teh next one or two years, new FAs at Jones will be prospecting and doing in home appointments with a satellite linked Tablet PC.  It will have an interactive map of each community that will pull up all historical info on contacts you've made, access portfolio information and link to the Jones system.  After walking around town with pencil and paper, keeping track of prospects over multiple visits and phone calls, I can say that this system will create unbelievable efficiency for new people getting into their business.  If you are thinking about EDJ.  Try and get in on the pilot program for the tablets.  It will cut 2-3 hours a day out of paperwork and client upkeep and allow you do that extra bit to get ahead early in your career.  It will even reproduce your handwritten thank you cards (a jones requirement) and print them for you in your handwriting (once again a HUGE time saver). 

AllREIT's picture
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Broker24 wrote:. Chances are, it will only end up being the preferred
families. That part is just my own speculation. I think they are waiting
for the 12b-1 & Merrill Rule dust to settle before they roll it out. They
want to make sure they don't &$^% it up.

Oh lordy, 12b-1 and Merrill Rule won't be resolved for ages. The FPA
reasons, the B/Ds have the money, but the FPA is on the side of right.

Given that it is cheap to fight it out, and the SEC got slapped down,
the long term trend is for the MER rule to be voided, unless a special
carve out is created.

In the mean time EDJ is paying a tremendous opportunity cost in waiting.

Maxstud's picture
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AllREIT wrote:
[
In the mean time EDJ is paying a tremendous opportunity cost in waiting.
Amen brother.( and i haven't been to church in 35 years)

Broker24's picture
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bspears wrote:
Here we are, 2007, and broke24 reiterates "we have e-mail".  Hell has frozen over.  Okay, everyone lock the doors to YOUR office and quit. Jones now has e-mail....they're on a freakin roll...they will destroy everyone because they now have e-mail and broke24 can sinc his freakin treo...I have a dream, I dream about e-mail...and doorknockin with my new treo...be able to put into my prospects notes..."knocked on Ms Jones door, she barely opened it...I tried to introduce myself and she told me to go f myself and get the hell off my porch".  A todo...call in two weeks and see if she remembers me at her door, and see if I can get her to buy a muni."

Actually, someone made the statement, so I commented on it...
And not all of us knock on doors and call on muni's, or stocks, or whatever.  Jones' model works for some starting out.  Me, personally, I don't do the product call thing.  We're not all alike, Britney, unlike how you may have been with Jones.  But, I am SURE that once you went Indy you just changed everything about how you prospect. 
My question - why were you so dumb when you were with Jones?  Don't talk to me about the Kool-aide.  You just couldn't think for yourself.  I don't do half the crap that Jones teaches us, and I am doing just fine.  I take the good stuff and leave the rest.  You are just a sorry little gimp that is using Jones as an excuse for why you couldn't produce.  Hate to tell you, but business just doesn't "appear" because you changed shingles.  You are so full of crap.
Sorry to everyone else for my rant.

bspears's picture
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HA HA...apology accepted!!  Broke, not sure how long you've been hitting the neighborhood doors, but as I've stated before...I've had a large number of referrals since hanging my own sign. Actually a nice lighted sign.  So yes, my prospecting has changed.  Will this continue..who knows.  Today, son brings in an annuity for his mother, has a small cd with me, and wants it transferred over.  Now, not a money maker, but 66k of new money I didn't call on..is well, GREAT. I will guess...1.5-2mil has been referred or just new stuff brought to me in 4 months. Some of it, like today, I will change broker of record on  and pull off trails, others needed invested. Great, you don't drink the koolade, and once you get past your 3 yr mark in 09, maybe you could move to!!  I think you're pissed because you work for the man, get fspends all freaking day, have to go to newir meetings, call sessions, hit your 25 contacts per day...and give 65% to the GP.  Hell, I was mad as hell too...don't take it out on me..look around

Broker24's picture
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Spears, I think you're missing my point. I'm not pissed about anything.
What was I going to do, go indy out of the gate?? Not gonna happen in
my community. Jones has been very good for me. I don't get FSpends
(yes, I actually do what is right for the client), I'm not a New IR, nor
Segment 1, so I didn't attend those for very long (actually, my New IR guy
was really good - he held the meetings on Thursday nights at a nice
restaurant - and it was close to me - and it was actually helpful starting
out), we don't have call sessions in my region (I think they used to), and
our payout is basically the same as all wirehouses/regionals. My guess is
that I work in a very good region. There is very little concentration of
offices here (one about every 25-35 miles, some more, some less). Only
a few towns in my state with more than one office (none with 3), and
those were all Goodknights. And we all actually like each other. Yes,
there are some goofballs - not sure how they actually do business. But
overall, a really good region. I actually enjoy the comradery.

Here's the deal, and I can't believe I have to say this again; I wouldn't have
known where to start in this business without direction. I have very good
business sense due to my background, but that didn't mean much until I
learned the business. Jones gives you the best chance of making it in this
business (out of the gates). No, I will never make as much as a big
producer at Merrill, UBS, SB, etc. But that is not what I am concerned
about right now. Right now I am concerned about finding clients and
building the business. I have quickly crossed the "I-will-make-it-in-the-
business" threshold. I don't want to worry about compliance, doing
payroll, ordering pencils, fixing my PC, whatever. That is not a dig
against Indy's or whatever. It is a statement that I am getting the most of
what I need at this point in my career. Will I eventually want to go Indy?
Maybe. Probably. Maybe not. I could potentially make more. I would
have more freedom. But I may also decide (which many do) that my
income is high enough and I don't want the headache of changing firms
and building my own shop (50,000 wirehouse brokers can't all be wrong).
But maybe I will. But right now I can't really concern myself with that.

Spears, I know what your perspective is. You probably came from a
region with a million offices, lots of kool-aide flowing, lots of old vets
making coin, and lots of newbies getting wiped out. I am fortunate that I
am not in that situation. I would have never put myself in that situation.
Despite what we witness with some newbies (at any firm, as we have
witnessed on this forum), I have a head on my shoulders, and a
sophisticated financial background that allowed me to research the
opportunity first, know what I was getting into, and adapt where
necessary.

Finally, Spears, we are not all drones. Maybe that is what you witnessed, I
don't know. Some of us just like a certain environment, appreciate
certain aspects of Jones, and are mature enough to get over the things we
don't like in a job. Is it forever? Who knows. But until then I am not
going to cry victim. I'm not that weak.

noggin's picture
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Joined: 2004-11-30

Great Post broker24!!! It does make a difference what region you start in.

Edward Pwns's picture
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Joined: 2007-05-23

Broker24, with all of your self proclaimed business genius and wits, how in the hell did you wind up a door to door salesman?
 
 

Indyone's picture
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Joined: 2005-05-31

Well said, B24.

bspears's picture
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I can just hear all the gasps coming from the Merril, SB  and UBS reps when you clump yourself in with them...believe me..you work at a 3rd tier firm, at most.   Knock yourself out Broke, as I've said before, you will get no where in the Jones system without drinking the koolaid.  Who's weak...hmmm...let me just stay here doing all the work for the man..well...because I'm to chicken sh*t to think on my own, don't have the balls to step up for my family and do this on my own! IF your a female Broke, sorry for the balls comment.  You spew the propaganda...don't want to worry about compliance, order pencils, do payroll...blah blah...you dumbass.  How much time do you think it takes todo any of this.  Are you on the phone all the time, 10 appts per day??  Hell no, the time you spend defending your weak firm, you could have done payroll, ordered pencils(not sure why pencils) and reviewed your trade blotter.  Stay...all of you drones STAY...I don't want anymore Indy's running around.  THis is too good a position to have everyone doing it.  STAY YOU MONKEES!!!

Spaceman Spiff's picture
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Edward Pwns wrote:
Broker24, with all of your self proclaimed business genius and wits, how in the hell did you wind up a door to door salesman?

The same way of bunch of you guys ended up becoming cold callers.  He made an educated decision to pursue a business opportunity in his back yard.  You guys made a decision to work for a wire, bank, or yourself.  He went in with eyes wide open. 
 

DJRoss's picture
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Joined: 2007-06-22

Please try and behave. This isn't productive

bspears's picture
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Joined: 2006-11-08

DJ you're right!  Bspears is done with the bashing. 

troll's picture
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Joined: 2004-11-29

bspears wrote:I can just hear all the gasps coming from the Merril, SB  and UBS reps when you clump yourself in with them...believe me..you work at a 3rd tier firm, at most.   Knock yourself out Broke, as I've said before, you will get no where in the Jones system without drinking the koolaid.  Who's weak...hmmm...let me just stay here doing all the work for the man..well...because I'm to chicken sh*t to think on my own, don't have the balls to step up for my family and do this on my own! IF your a female Broke, sorry for the balls comment.  You spew the propaganda...don't want to worry about compliance, order pencils, do payroll...blah blah...you dumbass.  How much time do you think it takes todo any of this.  Are you on the phone all the time, 10 appts per day??  Hell no, the time you spend defending your weak firm, you could have done payroll, ordered pencils(not sure why pencils) and reviewed your trade blotter.  Stay...all of you drones STAY...I don't want anymore Indy's running around.  THis is too good a position to have everyone doing it.  STAY YOU MONKEES!!!Obviously you weren't happy at Jones.  Your departure is so recent, and you're so embroiled in the adverserial process of bringing your clients over that it is, IMHO, clouding your picture of the firm.  I'm not saying it's a "great" firm, but I'd hardly call them third tier.Personally, I wouldn't want to work there, but they have a unique business model that works well for some people, and has done so for years.  You didn't learn anything there did you?  No, I'm sure the training program was useless and you already had all the tools you needed when you joined up.I'm not saying you'll ever be a fan of the firm, just that time will give you some perspective as the bitterness fades.  Move on.  You're free.

Broker24's picture
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Joined: 2006-10-12

bspears wrote: I can just hear all the gasps coming from the Merril,
SB  and UBS reps when you clump yourself in with them...believe me..you
work at a 3rd tier firm, at most.   Knock yourself out Broke, as I've said
before, you will get no where in the Jones system without drinking the
koolaid.  Who's weak...hmmm...let me just stay here doing all the work
for the man..well...because I'm to chicken sh*t to think on my own, don't
have the balls to step up for my family and do this on my own! IF your a
female Broke, sorry for the balls comment.  You spew the
propaganda...don't want to worry about compliance, order pencils, do
payroll...blah blah...you dumbass.  How much time do you think it takes
todo any of this.  Are you on the phone all the time, 10 appts per day?? 
Hell no, the time you spend defending your weak firm, you could have
done payroll, ordered pencils(not sure why pencils) and reviewed your
trade blotter.  Stay...all of you drones STAY...I don't want anymore Indy's
running around.  THis is too good a position to have everyone doing it. 
STAY YOU MONKEES!!!

Actually, my statement was that I would NOT make as much as if I were at
one of those firms. I don't think that clumps me in with them. The point
I was making was that all wirehouse and regional brokers work for their
firms as employees as well (and that they can't all be wrong for doing
that). Your argument is that if you work for someone else, you are
somehow a 2nd class citizen. Now, plenty of other arguments people
make on this forum are valid for some people. But ridiculing Jones
advisors simply because they are employees of the firm instead of owning
their own firm is just an illogical argument. Being independant is not the
only respectable channel in the industry. Though you won't admit it, you
know that there are plenty of people at Jones that are very smart, and do
a very, very good job for their clients.

Spears, I have honestly never witnessed someone with as much anger as
you. I hope you present yourself to clients better than you do with the
written word. You strike me as being very, very young. I can't imagine
anyone over the age of 30 even thinking like you.

Broker24's picture
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Joined: 2006-10-12

Edward Pwns wrote: Broker24, with all of your self proclaimed
business genius and wits, how in the hell did you wind up a door to door
salesman?
 
 

I'm actually a Jehovah's witness in disguise.

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