Good EDJ Story

42 replies [Last post]
12345's picture
Offline
Joined: 2006-12-04

Let me first say that I am not an EDJ hater. I am a rookie so my opinion is worthless regarding them or any other firm for that matter. That being said the local EDJ rep strolled into my mother in law's store yesterday. They were casually talking and the subject of me pursuing the career of FA came up. My mother in law mentioned I was working at one of the wirehouses and the EDJ rep replied that when I get some more experience I should check them out, but then cautioned my mother in law that "EDJ is about as difficult as Harvard to get into and that they only hire the best". I am not knocking them in any way but do they actually tell you this stuff and you believe it or is this something that this FA thought of on their own? Sounds like they just finished a Big Gulp of kool aid.

snaggletooth's picture
Offline
Joined: 2007-07-13

Wow.  The curriculum is bit tough, between figuring out how to miss breakpoints and justifying paying surrender charges to ALL clients.  Also, the only product they know is American Funds.  But as tough as Harvard?!?!  It's not good to lie to prospects on the 1st meeting. 

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

There is a limited number of people willing to become door to door salesmen, and of that pool, a limited number who are groomed and can put together a sentence.  So, yes, it can be spun that it is hard to get in.

bspears's picture
Offline
Joined: 2006-11-08

All edj reps are phd's...Pig headed doorknockers...

snaggletooth's picture
Offline
Joined: 2007-07-13

Edward Pwns wrote:
There is a limited number of people willing to become door to door salesmen, and of that pool, a limited number who are groomed and can put together a sentence.  So, yes, it can be spun that it is hard to get in.

You're just as f'd as the rest of them.  You are brainwashed.  "It can be spun that it is hard to get in".????  It can be said it is hard to be successful in this business, not hard to to get into Jones.  There is a reason so many bail from Jones.  Stop denying yourself from better opportunities.

bspears's picture
Offline
Joined: 2006-11-08

I think pawns was agreeing with you...by being sarcastic.

snaggletooth's picture
Offline
Joined: 2007-07-13

Oh gotcha...my bad.  I can't multi-task on no sleep.........

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

Lol, don't be so hard on me, snaggletooth.  Most of the hires I've seen were truck drivers, waiters, a/c repairmen, and car salesmen.  Most of them are good people and personable.
I'll never forget the guy who did my hiring interview.  Shows up late for the meeting in a BMW 7.  I see him a year later at a regional and he's driving a Hyundai.  I was like, "where's the 7?  Oh that was just for show, hahahaha." 
Oh and bspearsfan, just for you, "If you've got some money available, I think you should buy some today."

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

snaggletooth wrote:Wow.  The curriculum is bit tough, between figuring out how to miss breakpoints and justifying paying surrender charges to ALL clients.  Also, the only product they know is American Funds.  But as tough as Harvard?!?!  It's not good to lie to prospects on the 1st meeting. 
I'd agree that the Harvard statement is a bit bold. 
snaggletooth what are you smoking?  Most Jones brokers go out of their way to hit breakpoints not miss them.  If we wanted to miss breakpoints we'd sell a lot more B shares like they do at Amex or AGE.  Tell me what surrender charges ALL of our clients pay.  I've seen dozens of life insurance cases and annuity contracts that I've had to pass on because of the surrender charges.  Compliance has an issue with clients losing any money to get out of something.  Those are the kind of statements that make me think you don't know any Jones FAs, you just read about them here.     

snaggletooth's picture
Offline
Joined: 2007-07-13

Spaceman Spiff wrote:
snaggletooth wrote:Wow.  The curriculum is bit tough, between figuring out how to miss breakpoints and justifying paying surrender charges to ALL clients.  Also, the only product they know is American Funds.  But as tough as Harvard?!?!  It's not good to lie to prospects on the 1st meeting. 
I'd agree that the Harvard statement is a bit bold. 
snaggletooth what are you smoking?  Most Jones brokers go out of their way to hit breakpoints not miss them.  If we wanted to miss breakpoints we'd sell a lot more B shares like they do at Amex or AGE.  Tell me what surrender charges ALL of our clients pay.  I've seen dozens of life insurance cases and annuity contracts that I've had to pass on because of the surrender charges.  Compliance has an issue with clients losing any money to get out of something.  Those are the kind of statements that make me think you don't know any Jones FAs, you just read about them here.     

Kudos to you Spaceman Stiffdick.  Actually one of my favorite broker buddies I used to work with at Mothership Merrill started at Jones.  He is a great guy.  Of course I made sweeping generalizations, but next time I'll check with you before I post to ensure I don't offend YOU. 
 

snaggletooth's picture
Offline
Joined: 2007-07-13

Edward Pwns wrote:
Lol, don't be so hard on me, snaggletooth.  Most of the hires I've seen were truck drivers, waiters, a/c repairmen, and car salesmen.  Most of them are good people and personable.
I'll never forget the guy who did my hiring interview.  Shows up late for the meeting in a BMW 7.  I see him a year later at a regional and he's driving a Hyundai.  I was like, "where's the 7?  Oh that was just for show, hahahaha." 
Oh and bspearsfan, just for you, "If you've got some money available, I think you should buy some today."

I'm sorry pawn, sometimes my tooth gives me a huge inferiority complex.  It makes me look like a rat gnawing on a slice of cheese.
The story about the guy's Beemer was great.  Don't tell mama, the repo man, he is a comin'!

bspears's picture
Offline
Joined: 2006-11-08

Oh no, no, no....I got creative and used..."If you have the funds available, I believe you should act today.  Should I place the order for 50 or 100,000?  (don't say anything here...they will say yes, no or just hangup.  Alot would just hangup) Maam, since you've asked two questions (1 why are you calling me, 2 Do I know you?) I believe we should sit down and review this great investment.  Will 10 on Tuesday or 3 on Thursday work? Actually, before you answer, I have to drop some paperwork off in your area, can I just stop by in 2minutes?  Oh, you live on a rural farm, with noone for miles, well its close to your area. I can be there in a few minutes, I'd hate for you to lose out on this guaranteed mutual fund. They usually hang up and call police.  I put my notes in and moved to the next call.  I loved that place!!

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

snaggletooth wrote:Spaceman Spiff wrote:
snaggletooth wrote:Wow.  The curriculum is bit tough, between figuring out how to miss breakpoints and justifying paying surrender charges to ALL clients.  Also, the only product they know is American Funds.  But as tough as Harvard?!?!  It's not good to lie to prospects on the 1st meeting. 
I'd agree that the Harvard statement is a bit bold. 
snaggletooth what are you smoking?  Most Jones brokers go out of their way to hit breakpoints not miss them.  If we wanted to miss breakpoints we'd sell a lot more B shares like they do at Amex or AGE.  Tell me what surrender charges ALL of our clients pay.  I've seen dozens of life insurance cases and annuity contracts that I've had to pass on because of the surrender charges.  Compliance has an issue with clients losing any money to get out of something.  Those are the kind of statements that make me think you don't know any Jones FAs, you just read about them here.     

Kudos to you Spaceman Stiffdick.  Actually one of my favorite broker buddies I used to work with at Mothership Merrill started at Jones.  He is a great guy.  Of course I made sweeping generalizations, but next time I'll check with you before I post to ensure I don't offend YOU. 

Thanks, I'd appreciate it.

bspears's picture
Offline
Joined: 2006-11-08

Contrare' my good buddy.  THe breakpoint avoidance program was taught far and wide in my region.  Do you associate with others in your region, other than hanging with your buds from home office? (They don't count)  Now that I reflect on a lot of your comments, other than wanting to be GP, you probably were part of the work avoidance group sitting in St Louis waiting for a big office to come open...were you not?  I want to also thank you and your company for the 622k transfer today, I owe you one. Make it a great day and weekend.

snaggletooth's picture
Offline
Joined: 2007-07-13

bspears wrote:Contrare' my good buddy.  THe breakpoint avoidance program was taught far and wide in my region.  Do you associate with others in your region, other than hanging with your buds from home office? (They don't count)  Now that I reflect on a lot of your comments, other than wanting to be GP, you probably were part of the work avoidance group sitting in St Louis waiting for a big office to come open...were you not?  I want to also thank you and your company for the 622k transfer today, I owe you one. Make it a great day and weekend.
Nice work Britney Spears.  It's always good to bring an amount like that in.  What, besides you of course, was their reason for moving?

bspears's picture
Offline
Joined: 2006-11-08

Would there need to be any other reason.  You probably don't know my story, but 5yrs at Jones, left first of the year for LPL and just casually bringing over my old book, 1 acct at a time.  I enjoy hammering spiffy whenever possible...see, I'm bitter and I hate the network marketing firm of EDJ.

snaggletooth's picture
Offline
Joined: 2007-07-13

bspears wrote:Would there need to be any other reason.  You probably don't know my story, but 5yrs at Jones, left first of the year for LPL and just casually bringing over my old book, 1 acct at a time.  I enjoy hammering spiffy whenever possible...see, I'm bitter and I hate the network marketing firm of EDJ.
Well good for you.
After watching Napoleon Dynamite, I offer all EDJ prospects a Boondoggle Keychain.  It seems to be enough to get them to transfer.  I have one ACAT in hand too. 

pretzelhead's picture
Offline
Joined: 2007-03-23

snaggletooth wrote:
bspears wrote:Would there need to be any other reason.  You probably don't know my story, but 5yrs at Jones, left first of the year for LPL and just casually bringing over my old book, 1 acct at a time.  I enjoy hammering spiffy whenever possible...see, I'm bitter and I hate the network marketing firm of EDJ.
Well good for you.
After watching Napoleon Dynamite, I offer all EDJ prospects a Boondoggle Keychain.  It seems to be enough to get them to transfer.  I have one ACAT in hand too. 

Can you send me a boondoggle keychain, mine broke when I keyed the word's car.

snaggletooth's picture
Offline
Joined: 2007-07-13

pretzelhead wrote:snaggletooth wrote:
bspears wrote:Would there need to be any other reason.  You probably don't know my story, but 5yrs at Jones, left first of the year for LPL and just casually bringing over my old book, 1 acct at a time.  I enjoy hammering spiffy whenever possible...see, I'm bitter and I hate the network marketing firm of EDJ.
Well good for you.
After watching Napoleon Dynamite, I offer all EDJ prospects a Boondoggle Keychain.  It seems to be enough to get them to transfer.  I have one ACAT in hand too. 

Can you send me a boondoggle keychain, mine broke when I keyed the word's car.

Sure thing, I'll send it out today.  Would you like a portrait by Deb as well?

pretzelhead's picture
Offline
Joined: 2007-03-23

No, just the keychain. 

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

bspears wrote:you probably were part of the work avoidance group sitting in St Louis waiting for a big office to come open...were you not? 
I've suspected that....maybe still in the program.

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

bspears wrote:Contrare' my good buddy.  THe breakpoint avoidance program was taught far and wide in my region.  Do you associate with others in your region, other than hanging with your buds from home office? (They don't count)  Now that I reflect on a lot of your comments, other than wanting to be GP, you probably were part of the work avoidance group sitting in St Louis waiting for a big office to come open...were you not?  I want to also thank you and your company for the 622k transfer today, I owe you one. Make it a great day and weekend.
Did anyone besides me think it was strange that a $622K account that spears "left" in his old office took over 7 months to move?  And that he is "casually" moving his old book over to his new office?  Everyone that I've heard from on this site that has jumped from firm to firm has said move everything as quickly as possible.  Your approach seems like you are leaving a lot of assets behind by just waiting. 
What spears, didn't the big client think you would make it on your own?  Didn't you call him and tell him where his trusted advisor was moving too?  Why didn't he jump ship back in January when you left?  I would think a $622K account would be one that I would want to make sure I move within the first weekend.  I don't buy the casual approach to asset moving that you lead us to believe.  I think it took losing the next Jones guy and maybe the office sitting vacant and maybe a few desparate phone calls from you begging him to at least come talk with you before the guy gave in.   
Maybe it was just me.

Indyone's picture
Offline
Joined: 2005-05-30

Spaceman Spiff wrote:bspears wrote:Contrare' my good buddy.  THe breakpoint avoidance program was taught far and wide in my region.  Do you associate with others in your region, other than hanging with your buds from home office? (They don't count)  Now that I reflect on a lot of your comments, other than wanting to be GP, you probably were part of the work avoidance group sitting in St Louis waiting for a big office to come open...were you not?  I want to also thank you and your company for the 622k transfer today, I owe you one. Make it a great day and weekend.
Did anyone besides me think it was strange that a $622K account that spears "left" in his old office took over 7 months to move?  And that he is "casually" moving his old book over to his new office?  Everyone that I've heard from on this site that has jumped from firm to firm has said move everything as quickly as possible.  Your approach seems like you are leaving a lot of assets behind by just waiting. 
What spears, didn't the big client think you would make it on your own?  Didn't you call him and tell him where his trusted advisor was moving too?  Why didn't he jump ship back in January when you left?  I would think a $622K account would be one that I would want to make sure I move within the first weekend.  I don't buy the casual approach to asset moving that you lead us to believe.  I think it took losing the next Jones guy and maybe the office sitting vacant and maybe a few desparate phone calls from you begging him to at least come talk with you before the guy gave in.   
Maybe it was just me.
Nah, it wasn't just you.  Based on past experience, it's very possible that this client wanted to see Britney established before he/she moved the account.  Of course, it's equally possible that this was a result of disparaging remarks made by EDJ reps regarding Spears' new business.  I've seen garbage like that firsthand.  A local Jones rep implied that since I had left the bank, I was likely to move again soon, and would thus, not be a stable advisor.  Local Jonsies pooled together and ran advertisements along the lines of "Has your advisor moved again?  Now might be a good time to look at Jones."  It was pathetic and to my knowledge, it netted them collectively, one account of about $80K.
So sure...I think that the seed of doubt was in the client's head.  Probably put there by the well-meaning new Jones rep that just wanted to make sure that the client's assets were taken care of.
No personal offense intended, Spiff, but you've got some slimy brothers...

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

I think there is a fair share of slime everywhere in this biz.  Jones is no exception.  I've not seen anyone in my region make a personal attack against someone like yourself.  
Now, I might have been inclined to keep a list of your clients that I had doorknocked or been referred to over the years and when you left, make sure that I see them in person in the next week or so.  If I'm the first person to tell them their advisor has jumped ship, it can't be good for you.  The AGE/Wachovia thing has actually opened a few doors for me like that.

bspears's picture
Offline
Joined: 2006-11-08

Spiff, are you high?  I have accts moving over all the time...I feel very confident in my ability to build a business and will definately be here until I retire.  Others who moved a 18 months ago or so..still have clients moving.  I feel NO pressure to move anyone at this time. Remember, I BUILT THE BUSINESS IN MY OLD OFFICE...so I will do it here also. I've made very little effort to move my book...you're right the desperate calls will turn anyone off.  It does help with the revolving door at AMWAY, I mean Jones, sorry.  The amount of assets which have moved is way ahead of my own projections.  THanks for asking and I'll let Betty know you thought she should have moved quicker.

bspears's picture
Offline
Joined: 2006-11-08

Oh and on the disparaging remarks from the old office..you bet.  Lets see, he moved to be more aggressive, he wanted to make more money, he'll just move your stuff if you go there.  The best...well, he can't sell American funds, and you like american funds, right? I took it with a grain of salt.  I know I will be here long after the 10th Jones sales guy/girl rolls thru.  I have never talked bad about Jones to anyone who talked with me, I stated I wanted to be able to shop for groceries at a large supermarket, and not a convenience store.  I get my bitterness out here...

bspears's picture
Offline
Joined: 2006-11-08

Isn't this a great business....A lady whom I prospected while at Jones, who would never take me up on having her "stuff" looked at, just called and set an appt for Thursday. I haven't talked to her since I moved over. She must have dialed the wrong number.

gad12's picture
Offline
Joined: 2006-12-06

I must confess I'm not as bitter as bspears, but I've already had similar experiences.  Prospects I had almost written off, have been very open to meeting and moving their assets to me now that I'm not at Jones.  Of course this is probably true with all firms.  Some people have bad experience or opinons of everyone.

bspears's picture
Offline
Joined: 2006-11-08

Spiffy, I'm actually in a non bitter mood today and am feeling very sorry for you. Yes, I really am.  I understand you thinking its strange a 622k(really 621799) acct would take 7 months(actually 5) to move over.  I really am very calm and confident about my move and my ability to build my business. You forget, I BUILT THE BUSINESS IN THE OLD OFFICE.  I will build it here, except bigger and more profitable.  I have no pressure to move ANY of my accts.  I was well prepared when I moved, have a great location, low overhead and LOVE what I'm doing.  If it takes someone a day, month or year to move, I DON"T CARE.  I only want the clients who want to move to me.  If they want to stay at my old office and speak to a new broker every year or so..good for them, I don't care.  I'm way ahead of my own projections on asset transfers, Income is WAY ahead and, again, I love it here.  I understand your thinking your clients wouldn't do business with you at SPIFFY INVESTMENTS, but some, Spiffy, are meant to own and some are meant to loan.  I'm like this in the carwash business. I have a friend who has multiple carwashes.  He called and mentioned he scouted a location close to me and wanted me to put one in...well, when I learned it would take 500k minimum to put it in I had to tell him I couldn't and he went ahead and did it...some can and some can't. You my friend, can't.

blarmston's picture
Offline
Joined: 2005-02-26

Spears.... So... You're happy you left Jones??? Successful with the move??? Sorry, I am not quite sure based on your posts...

bspears's picture
Offline
Joined: 2006-11-08

Blarm, good question.  5 months into my move, I'm very grateful for the support I've recieved.  I've moved, on my screen today, 13,533,021. I left 28mil of transferable assets.  My income is as of the first part of July way above my all of 06 income at Jones.  I have absolutely no pressure to generate sales.  I put into the system 1200 worth of trades today, from a walk in.  I'm not only transferring old EDJ accts, also AG, Morgan, Waddell and Reed, other LPL, and if the prospect decides to transfer tomorrow, Merrill.  I talk differently to clients and prospects.  I take every other Friday off.  I don't doorknock, I don't make product calls and I DON"T beg people to do business with me.  My name is on the door.  My assistant makes sure she stays busy, because I PAY HER.  SO YES, I"M VERY VERY VERY HAPPY I MOVED, AND I"M HAVE NO IDEA IF I'M SUCCESSFUL OR NOT, ONLY TIME WILL TELL.

pretzelhead's picture
Offline
Joined: 2007-03-23

Spears,
Are you Indy now? I don't know if I missed that or if you haven't said.

bspears's picture
Offline
Joined: 2006-11-08

Yes, LPL since Feb.

bspears's picture
Offline
Joined: 2006-11-08

Also, I don't have rah rah Amway meetings to go to quarterly, I don't have other brokers looking at my production, I don't wear a name tag, I don't have to put doug hills picture on my wall, I don't put up cheap wood trophies on my walls, I don't work Saturday promos, I don't go to call sessions, I don't pay 1000 per month for health insurance, I paint the walls any freakin color I want, I say my company was started in 2007(I was born in 1969), I have cold beer in my office Fridge,

blarmston's picture
Offline
Joined: 2005-02-26

Spears- its time to get over it doggie... Move on... Congrats on your new situation.  I wish you well... But to put it bluntly, you are starting to sound like a whiny b!tch...

farotech's picture
Offline
Joined: 2007-01-05

I disagree. What's the required T12 to move to LPL? 

troll's picture
Offline
Joined: 2004-11-29
bspears's picture
Offline
Joined: 2006-11-08

Blarm, go f yourself!

FreeFromJones's picture
Offline
Joined: 2006-11-29

BSpears,
You are right in saying that not everyone moves over within the first month after you moved, but you do have a good idea that they will be moving.  Spiffy, I didn't think it was strange that I had a 1.2 mil account move over 4 months after I did.  I knew they were going to move and didn't rush them.  I knew thy were slow movers because of four years of "Knowing My Customer".  I've had people I never planned to move come to me and say they don't want someone young enough to be their Grandson to manage their money. The new Jones guy is young enough to be my son and he's oh so sute in his little Edward Jones advertisements in the local paper.
Spiff, Jones does suck for you and a lot of times for the customer, but if you like it, that's your business, just don't spew on those of us who don't like it and decided to control our own destiny.  BSpears, I understand your pain and your feeling of betrayal because I was there, too.  Time to work on making more money that you could have ever made at Jones and to enjoy a life like you never could have while at Jones.  No more candy a$$ meetings to attend, if you don't want to go, and no more candy a$$ RL telling you to just say "if you $10,000 you should buy some TODAY!!"

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

Spears - Honestly, I DON'T CARE.  I don't care if you got put on goals at Jones and had to leave.  I don't care if you thought Doug Hill himself stole money from your checking account.  I don't care if you just didn't like EDJ green and Agreeable Grey on your walls.  Whatever the reason you left - I DON'T CARE. 
I'm happy that you feel it's OK that you leave 50% of your book behind.  Maybe you justify it by saying that those were accounts you didn't really want to begin with anyway.  It's your biz, you run it the way you want.  BTW -
FFJ - Your  experience with Jones and my experience with Jones are completely different.  Maybe that's why my posts come across the way they do.  I've never been to a meeting I didn't want to go to.  I've never had a RL poke his nose into the way I run my business.  I've never felt betrayed.  I feel like I can make just as much money at Jones as I could if I went Indy.  Maybe I've just got blinders on though. 
My clients aren't suffering.  They're making the returns they need to meet their goals.  Whether they do it with funds, stocks, bonds, CDs, ETFs, options, annuities, gold, or whatever they get the returns they are looking for.  If they don't, they leave. 
I think a lot of you that love to say how horrible Jones is didn't stick around long enough to see how good it could be.  You scratched and clawed your way up the hill, then right about the time it leveled off, you decided to start climbing another hill.  It's your business, run it the way you want. 
Oh yeah.  I have cold beer in my office fridge too.  
 
 

AllREIT's picture
Offline
Joined: 2006-12-16

Spaceman Spiff wrote:snaggletooth wrote:Wow.  The curriculum
is bit tough, between figuring out how to miss breakpoints and
justifying paying surrender charges to ALL clients.  Also, the
only product they know is American Funds.  But as tough as
Harvard?!?!  It's not good to lie to prospects on the 1st
meeting. 
I'd agree that the Harvard statement is a bit bold.

What he should have said is that EDJ is like Harvard Extension School...

www.extension.harvard.edu
snaggletooth what are you smoking?  Most Jones brokers go out of their way to hit breakpoints not miss them.

No wonder they all use AF exclusively.

bspears's picture
Offline
Joined: 2006-11-08

Concerning your comments on climbing the hill, did you sit in HQ and wait for a big office to come open.  I guess I could have sat around blowing smoke up some GP's ass waiting for the great opportunity to open up.  Your probably the one at all the meetings talking about dking your way to success...and hell, you didn't do it. Your a fraud like the company you work for.

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

No big office here.  I did take over a small office ($9 mil to start, but about $3 mil left in the first year), but it wasn't something I was looking for.  I did a lot of doorknocking.  Still do in fact.  And I've got the 2 foot tall stack of prospecting logs to prove it.  I'm not the guy at the meetings standing up tooting my own horn.  I leave that to the guy in the region that just took over a $40 million book.
I've never said anything on this forum that wasn't true.  You may not agree with me, but still it's the truth as far as I know it. 
And AllReit - I've used more Goldman and Franklin this year than American.  They have breakpoints too.    

Please or Register to post comments.

Industry Newsletters
Careers Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×