No longer at Edward Jones, looking into options.

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Hey Kool-Aid's picture
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Moraen wrote: voltmoie wrote: ...  Still, I've heard a hundred times "it's your business"  did you never hear this? It's not your business. Still - I think you should leave the business. PDP is there for a reason. Jones may not have the best research when it comes to investments, but they do have research on how likely people are to make it in the business. They probably devote most of their time to it. If you can't make it to PDP, you likely will not make it in this business.
 
You say "it's not your business"...technically speaking you are absolutely correct, I am an employee of Edward Jones!  However, I certainly feel that I am my own boss.  The only true difference to me is that Jones pays for everything and as my business grows, I will have a decision to make since I cannot sell my book upon retirement.  Otherwise, I am here in my office with my BOA, and we can choose to run our business any way we choose, as long as we are legal and eventually profitable.  Even Indy's have certain SEC rules to abide by.
 
Your statement about PDP is spot on!  The numbers required, as a new/new to reach PDP after 17 weeks are laughable and if a Broker can't hit them by that time, they are not cut out for this business at any firm, either due to their lack of skills/personality or sheer laziness!

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

I would agree.  It takes, what, 4 or 5 months of selling, 25 contacts a day, to get to PDP with under $2500 in commissions on the table?  That's one decent rollover.  If you weren't going to do the work at Jones, you won't do the work at some other company.  It sucks there just like it sucks here. 
 
If you can get back into your old industry making the kind of money you referenced before, do it.  You'll thank us later. 

Moraen's picture
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Joined: 2009-01-22

Hey Kool-Aid wrote: Moraen wrote: voltmoie wrote: ...  Still, I've heard a hundred times "it's your business"  did you never hear this? It's not your business. Still - I think you should leave the business. PDP is there for a reason. Jones may not have the best research when it comes to investments, but they do have research on how likely people are to make it in the business. They probably devote most of their time to it. If you can't make it to PDP, you likely will not make it in this business.
 
You say "it's not your business"...technically speaking you are absolutely correct, I am an employee of Edward Jones!  However, I certainly feel that I am my own boss.  The only true difference to me is that Jones pays for everything and as my business grows, I will have a decision to make since I cannot sell my book upon retirement.  Otherwise, I am here in my office with my BOA, and we can choose to run our business any way we choose, as long as we are legal and eventually profitable.  Even Indy's have certain SEC rules to abide by.
 
Your statement about PDP is spot on!  The numbers required, as a new/new to reach PDP after 17 weeks are laughable and if a Broker can't hit them by that time, they are not cut out for this business at any firm, either due to their lack of skills/personality or sheer laziness!

HKA - technically speaking and realistically speaking I am correct. True difference is you work only as a broker of investments (and credit cards and mortgages I guess). I do things that are legal, ethical AND profitable that you can't do. So that means you can't run your Jones office as you see fit. You run it according to Jones. Can you sell your clients bonds that are not in inventory at Jones? Can you sell a stock under $2 to your clients? Can you write covered calls? Can you collar stock?

Jones is a great firm. We will have to disagree about the business ownership thing, since I don't think I'll ever convince you guys.

But at least we can agree on the PDP thing!

fa09's picture
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Joined: 2009-06-03

Why we can't sell covered calls and other perfectly ethical and conservative things I will never understand. And bttw I believe we can't trade stocks under $4 not $2. However the reputation among clients truly is unprecedented, so they do a lot of things right, just ask Jim Cramer.

Hey Kool-Aid's picture
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Joined: 2008-03-30

Moraen wrote: Hey Kool-Aid wrote: Moraen wrote: voltmoie wrote: ...  Still, I've heard a hundred times "it's your business"  did you never hear this? It's not your business. Still - I think you should leave the business. PDP is there for a reason. Jones may not have the best research when it comes to investments, but they do have research on how likely people are to make it in the business. They probably devote most of their time to it. If you can't make it to PDP, you likely will not make it in this business.
 
You say "it's not your business"...technically speaking you are absolutely correct, I am an employee of Edward Jones!  However, I certainly feel that I am my own boss.  The only true difference to me is that Jones pays for everything and as my business grows, I will have a decision to make since I cannot sell my book upon retirement.  Otherwise, I am here in my office with my BOA, and we can choose to run our business any way we choose, as long as we are legal and eventually profitable.  Even Indy's have certain SEC rules to abide by.
 
Your statement about PDP is spot on!  The numbers required, as a new/new to reach PDP after 17 weeks are laughable and if a Broker can't hit them by that time, they are not cut out for this business at any firm, either due to their lack of skills/personality or sheer laziness! HKA - technically speaking and realistically speaking I am correct. True difference is you work only as a broker of investments (and credit cards and mortgages I guess). I do things that are legal, ethical AND profitable that you can't do. So that means you can't run your Jones office as you see fit. You run it according to Jones. Can you sell your clients bonds that are not in inventory at Jones? Can you sell a stock under $2 to your clients? Can you write covered calls? Can you collar stock? Jones is a great firm. We will have to disagree about the business ownership thing, since I don't think I'll ever convince you guys. But at least we can agree on the PDP thing!
 
I guess that is why I highlighted and underlined TO ME .  The things you mentioned may be good strategies for money management, but they are not absolutely  necessary to properly help the type of client that we serve.  The only thing that I would definately find usefull of those things is writing of covered calls.  But the individual investors I am dealing with wouldn't understand some of the more creative ways to invest and are watching there investments beat the S&P which is all they really care about.  I have come across plenty of advisors that are indy and have access to all those wonderful things that you listed and continue to underperform markets and lose money for thier clients, and on the other side of the coin, I have seen Broker's of avg intelligence use Jones Inventory Bonds & American Funds and have their clients well prepared for early retirement.  I am a big believer that the Advisor is much more important thant the available products.  What we have available at Jones may not be as extensive as an Indy platform, but it is more than adequate in the right hands to build a fine portfolio and take care of our clients! 

B24's picture
B24
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Joined: 2008-07-08

Moraen wrote: Hey Kool-Aid wrote: Moraen wrote: voltmoie wrote: ...  Still, I've heard a hundred times "it's your business"  did you never hear this? It's not your business. Still - I think you should leave the business. PDP is there for a reason. Jones may not have the best research when it comes to investments, but they do have research on how likely people are to make it in the business. They probably devote most of their time to it. If you can't make it to PDP, you likely will not make it in this business.
 
You say "it's not your business"...technically speaking you are absolutely correct, I am an employee of Edward Jones!  However, I certainly feel that I am my own boss.  The only true difference to me is that Jones pays for everything and as my business grows, I will have a decision to make since I cannot sell my book upon retirement.  Otherwise, I am here in my office with my BOA, and we can choose to run our business any way we choose, as long as we are legal and eventually profitable.  Even Indy's have certain SEC rules to abide by.
 
Your statement about PDP is spot on!  The numbers required, as a new/new to reach PDP after 17 weeks are laughable and if a Broker can't hit them by that time, they are not cut out for this business at any firm, either due to their lack of skills/personality or sheer laziness! HKA - technically speaking and realistically speaking I am correct. True difference is you work only as a broker of investments (and credit cards and mortgages I guess). I do things that are legal, ethical AND profitable that you can't do. So that means you can't run your Jones office as you see fit. You run it according to Jones. Can you sell your clients bonds that are not in inventory at Jones? Can you sell a stock under $2 to your clients? Can you write covered calls? Can you collar stock? Jones is a great firm. We will have to disagree about the business ownership thing, since I don't think I'll ever convince you guys. But at least we can agree on the PDP thing!
 
You don't have to convince me.  I look at myself like a "branch office manager" (not in the technical sense) or general manager of a business, not the owner of the business.  In the grand scheme of things, you don't have to "call" yourself anything.  But Jones never says you "own" your own business.  You "run" your own business.  There's a distinct difference.  And it's a stupid argument anyway.  It is what it is, and whatever we call it is just semantics.  Anyoen fooled into thinking they can own and sell their book at Jones is either really stupid or, well, really stupid.  It's no different at a wirehouse.

Moraen's picture
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Joined: 2009-01-22

fa09 wrote: Why we can't sell covered calls and other perfectly ethical and conservative things I will never understand. And bttw I believe we can't trade stocks under $4 not $2. However the reputation among clients truly is unprecedented, so they do a lot of things right, just ask Jim Cramer.

I agree that your reputation among the mass affluent is unprecedented. However, the whole "we'll bore you rich" thing is false. Nobody gets rich at Edward Jones.

My guess is that most Edward Jones clients don't know the first thing about investing and so of course think everything is great.

And I like Jim Cramer. I think he did your firm a solid with that statement he put out. I find it odd that Jones leaders bashed him so much.

B24's picture
B24
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Joined: 2008-07-08

Moraen, I liek your posts, but I have to tell you, if you think that Jones is the only firm "not making people rich", then you live in a little bubble.  Maybe we don't sell obscure products or use sophisticated strategies, but the truth is, 95% of all advisors out there are managing just as simply as Jones.  I have almost NEVER seen a wirehouse or Indy portfolio come over that was anything more sophisticated than what we offer.  9 times out of 10, the portfolio is much worse than what I do for clients, and 1 out of 10 MIGHT be even close.  And I'M NOT BEING THAT CREATIVE WITH MY INVESTMENTS.
I have seen a grand total of TWO portfolios come over with options.  And I have probably ACAT'd 50-60 households (the rest being rollovers, checks, CD's, trust transfers, etc.)
I also know several wirehouse AND indy brokers AND RIA's personally.  Exactly ZERO of them are doing anything we can't do.  One indy does American Funds ONLY, another does simple mutual fund models, the two RIA's (OK, IAR's of their RIA so nobody tries to CORRECT me) both do discretionary mutual fund models (actually one uses index funds and ETF's), and the wirehouse guys use primarily SMA's, mutual fund models, annuities, and individual muni's. 
There is a very small % of advisors out there (though a high % in the UHNW space) using sophisticated products or strategies.  And I am not saying that's good or bad, just that your suggestion that Edward Jones is alone in this is patently false (OK, to be fair, you didn't say we were the only firm like this, but it seemed like you were alluding to that fact) .

Moraen's picture
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Joined: 2009-01-22

I didn't mean just Jones at all B. I pretty much meant all firms. And I like "patently false" - I used that earlier.

I see pretty much the same. No matter where it comes from. I think that it is slightly more difficult at a captive firm and I think that the philosophy is one of let's make you some "decent" returns. Yet time after time, I heard "just tell your clients, we may be boring, but we'll bore you rich!".

Anyway. I definitely don't think that Jones is the only one. But, since we were talking about Jones...

DCnew's picture
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Joined: 2007-11-29

Well, I just got home and this thread has been all over the place. I was between 4-8 months past PDP when I was let go(anonymity) and when I hit PDP I was in excess of 120% above standard. The working out of my house thing began to be of great detriment in building relationships, office backed up do to lack of production, adn I couldnt get my head back above water. I did the work, just stopped being effective after awhile. I even had a few rollover/ transfer meetings in my living room, but that ended the relationship once, and put me on the blow off list.
     As stated earlier, I received good advice while at Jones from people on this board, including Spiff early on and I amnot going to bad mouth the firm. At the end of the day in that structure I didnt get the job done, but I feel in a different set of circumstancces, given my success in the beginning and my past experience I have the potential to succeed. I originally posted to get insightful input and opinions.
I am open to different industry ideas, and firm/bank reccomendations for my given situation.
Thanks again
DCNEW

fa09's picture
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Joined: 2009-06-03

Still if the title of this thread was meant to be ironic then kudos. I'm a little slow. If you wanted to trade options you could've stayed at Jones and asked them if it was ok to open an account elsewhere I know they do that for risk takers of options and commodities.

Hey Kool-Aid's picture
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Joined: 2008-03-30

fa09 wrote:Still if the title of this thread was meant to be ironic then kudos. I'm a little slow. If you wanted to trade options you could've stayed at Jones and asked them if it was ok to open an account elsewhere I know they do that for risk takers of options and commodities.
 
The OP was just let go from EDJ...he is looking for LIFE OPTIONS....not to trade options!!!

fa09's picture
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Joined: 2009-06-03

I take back the Kudos Still, you still suck, the kudos rightfully belong to DCnew I misread who started this thread.

fa09's picture
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Joined: 2009-06-03

I know I just wanted to point out the irony in verbage if no one else picked up on it.

Still@jones's picture
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Joined: 2009-03-22

Ah, that's why we went into discussion Put/Call options last week.

Ronnie Dobbs's picture
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Joined: 2009-07-23

I'm sorry. I hate whiners and you are whining. "If only I had this, if only I had that". If you want something you make it happen regardless of your circumstances. Successful people don't start with everything, true success is made by changing your own circumstances. Couldn't work outta your house? Then make a few calls and find a legacy. don't have enough in commissions, then make more calls or change up your process. Everything else is just an excuse for your failure.

Squash1's picture
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Joined: 2008-11-19

DCnew wrote:Well, I just got home and this thread has been all over the place. I was between 4-8 months past PDP when I was let go(anonymity) and when I hit PDP I was in excess of 120% above standard. The working out of my house thing began to be of great detriment in building relationships, office backed up do to lack of production, adn I couldnt get my head back above water. I did the work, just stopped being effective after awhile. I even had a few rollover/ transfer meetings in my living room, but that ended the relationship once, and put me on the blow off list.
     As stated earlier, I received good advice while at Jones from people on this board, including Spiff early on and I amnot going to bad mouth the firm. At the end of the day in that structure I didnt get the job done, but I feel in a different set of circumstancces, given my success in the beginning and my past experience I have the potential to succeed. I originally posted to get insightful input and opinions.
I am open to different industry ideas, and firm/bank reccomendations for my given situation.
Thanks again
DCNEW
 
Jones numbers are probably the lowest in the industry to hit(not a knock, they just ease everyone in) try as a junior fa or somebodys assistant

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