$18.33 per account EDJ settlement
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I'm so happy I got my check for the preferred funds settlement! How about you? And then, hearing we might get a check for working there because of overtime.... awesome! Making money from the firm that spent so much time spouting lies about fellow brokers that were doing well and to those who left. I read Broke24-7 who said his region doesn't do that...Broke----they do, and you don't stop them. How many times have you told the newbies not to believe the hype when they come back from St Louie and spout the garbage? A cult has "group speak", and when someone doesn't speak, it says the same thing. I was told by EDJ it is human nature---the human condition....really? We can't control our behavior any better than that? Funny that we had someone leave the firm I work for now, and we got an e-mail saying where he went, and telling us to give his phone number to clients that might call. He was producing $500+. The e-mail was from compliance.
Eddie is hurting. Lawsuits galore, and the one for defamation and slander from a broker who moved away from the mess that is Jones.....It's going to be a good year, x-Jonesies...wait and see. It's going to be a good year!
Have any of you thought about organizing a defamation and slander class action? Just wondering......[quote=donatello]
I'm so happy I got my check for the preferred funds settlement! How about you? And then, hearing we might get a check for working there because of overtime.... awesome! Making money from the firm that spent so much time spouting lies about fellow brokers that were doing well and to those who left. I read Broke24-7 who said his region doesn't do that...Broke----they do, and you don't stop them. How many times have you told the newbies not to believe the hype when they come back from St Louie and spout the garbage? A cult has "group speak", and when someone doesn't speak, it says the same thing. I was told by EDJ it is human nature---the human condition....really? We can't control our behavior any better than that? Funny that we had someone leave the firm I work for now, and we got an e-mail saying where he went, and telling us to give his phone number to clients that might call. He was producing $500+. The e-mail was from compliance.
Eddie is hurting. Lawsuits galore, and the one for defamation and slander from a broker who moved away from the mess that is Jones.....It's going to be a good year, x-Jonesies...wait and see. It's going to be a good year!
Have any of you thought about organizing a defamation and slander class action? Just wondering...... [/quote] Well since there is no cost to us "the none" LP brokers.. Who cares! Everyone knows the GP's have the most to gain and in this case most to lose.. Doesn't effect "us" day in day out. Luckly we aren't traded so we doesn't have upset stockholders, so the point I am trying to make is: what do you former brokers (REALLY) care so much for??? Smile, take your check and MOVE ON! - All of us here at Jones have. Miss JShouldnt they really be compensating the clients for being pushed into preferred funds and not the brokers??? How were the brokers hurt in all of that?
You can thank me personally for all that cash…I got the ball rolling the Revenue Sharing investigation…$200+ million and counting…
[quote=donatello]
I'm so happy I got my check for the preferred funds settlement! How about you? And then, hearing we might get a check for working there because of overtime.... awesome! Making money from the firm that spent so much time spouting lies about fellow brokers that were doing well and to those who left. I read Broke24-7 who said his region doesn't do that...Broke----they do, and you don't stop them. How many times have you told the newbies not to believe the hype when they come back from St Louie and spout the garbage? A cult has "group speak", and when someone doesn't speak, it says the same thing. I was told by EDJ it is human nature---the human condition....really? We can't control our behavior any better than that? Funny that we had someone leave the firm I work for now, and we got an e-mail saying where he went, and telling us to give his phone number to clients that might call. He was producing $500+. The e-mail was from compliance.
Eddie is hurting. Lawsuits galore, and the one for defamation and slander from a broker who moved away from the mess that is Jones.....It's going to be a good year, x-Jonesies...wait and see. It's going to be a good year!
Have any of you thought about organizing a defamation and slander class action? Just wondering...... [/quote] My region must be similar to B24's, because we have guys leave from time to time and I've never heard anyone speak badly about them. Especially not to the extent that would cause someone to file a defamation and slander suit. I'm not saying it doesn't happen, but I've not heard it. Yeah, Jones is really struggling right now. I'm not sure how we're keeping the lights on. My LP is only projected to make 18% this year. I don't know how I can make it. I'm sure the GPs are struggling too. I'm not sure how they're going to make those payments on their Bimmers. All sarcasm aside, while the lawsuits are definitely not what you want to see from your company, Jones is not hurting in any manner. Net revenue for 2007 was up 18% over 2006. We have 9% more FAs, 12% more client assets, and a 12% pretax profit margin (the highest margin in 10 years). So, you keep spouting off that Jones is hurting. I'll keep cashing my LP checks. While Miss Jones might not have been incredibly eloquent with her previous post, the message is correct. What happens with the class action suits and all that garbage doesn't really affect us in the field. Oh, we get some questions about it, but it doesn't change the relationship we have with our clients. It is going to be a good year. Hopefully for ex-Jonesies as well as Jonesies.Just curious, what exactly are you counting in your $200 million?You can thank me personally for all that cash…I got the ball rolling the Revenue Sharing investigation…$200+ million and counting…
I think it’s higher but I’ll let you bring up EJ’s U4 at the FINRA site so you can add it up yourself. Search for Firm and then “View Full Report as PDF”…you’ll see all the official fines: http://www.finra.org/InvestorInformation/InvestorProtection/ChecktheBackgroundofYourInvestmentProfessional/index.htm
Merrill had one fine that was $200MM by itself. I guess they’re a REALLY bad firm by your standards…
Not bad…hipocritical…that’s the issue all us ex-cultists hang our hat on. The firm also lies and distorts the truth to their IR’s…oops…FA’s.
bragging about LP checks?
bragging about not being public? Sound like two more jones brain encryptions. Soon they will tell us we are getting a bad deal because we have to pay for the "upkeep of our own computers" (they won't even understand what I a mtalking about.) Here a post I sent to Broker 24: Broker24, Cults have certain characterisitcs. Three of the most prominent are isolation of its members, destroying the reputation of those that leave and having the "we are the only ones that do it right" attitude. Jones is guilty of these. (I am not angry, so please do not read any negative voice inflection into this post.) If jones methods are so righteous, why the isolation? Why can't jones reps attend industry events? Why can a rep be held up as the "model for all newbies to copy" and then when he/she leaves 2 months later, the new ir meetings for the next year are just meetings for the firm to bash that same reps reputation? Why do jones reps automatically bash the investments offered by other firms that jones doesn't offer as unethical and/or unsuitable? This is usually done with a very pompous attitude. When I first left, a jones "buddy" stopped by my new office. He actually walked in and explained to me that if I put people in a mutual fund at my new b/d, it's a less ethical transaction than putting a client in the SAME fund at jones. (figure that one) Two jones guys walked in to my office (at seperate times) and the FIRST thing they asked was, "Who pays for the upkeep of your computers?". (Obviously a jones brain encripted phrase. Another cultic behaviour.) You have never had a pompous attitude in your posts-I appreciate that. Anti-jones cult...not really. Just keepin it real. -------------------------------------------------------------------------------------------------------------- jones folks-once being a jonesified kool aid drinker myself, I feel bad for your naivity. Life is so much better outside.I've not visited the FINRA site before, so thanks for the link.
Maybe I'm not reading the PDF correctly, but I can only find $76.75 million in fines. $75 mil (the one Doug Hill paid his $3 mil for), one for the state of Maine for $250K, and one for Missouri for $1.5 mil. I believe there are several entries for the same fine listed. I find it funny that LPL was fined for the same exact thing. Now, the fine wasn't as large, but still the principle is the same. Does that make LPL a bad firm too? I guess I can't go work for them either. Out of the frying pan into the fire. I took a little time to search other firms like AG, Merrill, Raymond James. All of them have been fined. Failure to supervise, illegal trading, not getting the best price, etc were all very prevalent at all of the firms. I saw several entries for fines on fee based accounts that were not regulated properly. I think MS got dinged pretty good for that one recently. You can keep riding that "I got the ball rolling on RS" horse, but it's going to give out on you one of these days. I find it terribly ironic that while we got fined $75 mil for doing the "illegal" revenue sharing they didn't say to stop. Last year on mutual funds alone (we also get RS on annuities and 529 plans) Jones made just shy of $125 mil on revenue sharing. If you add the annuities and insurance it jumps to $166 mil! How's that make you feel, big boy?Spiff-
The difference with LPL was that none of it went to the FA. At Jones not much of it stays with the FA.[quote=GoneIndy02]
Cults have certain characterisitcs. Three of the most prominent are isolation of its members, destroying the reputation of those that leave and having the “we are the only ones that do it right” attitude.
Jones is guilty of these.
[/quote]
This is one of the same arguments that have been made from the time I first found this site. I’m not going to waste hours debating a topic that neither one of us would change the others mind. But (there’s always a but) in 2003 Bachman said to a group of brokers in my area and our clients (roughly 300) that Jones “was not the only right way” to do business. That we were “one right way, but not the only right way.” Was this an isolated event or a presentation given multiple times in multiple cities? You have your view, I have mine.
Also, as trivial as it may be, I recently attended a wedding of a current broker where 4 previous EDJ reps also attended. Albeit, 2 no longer in the business. One is at MSDW and the other at AGE. Maybe this was an isolated event, or maybe your situation was an isolated event. You have your view, I have mine.
The clients don't know where the money goes. They just know that there is a revenue sharing agreement. So, I get your point, but if the two companies got fined for revenue sharing then they got fined for the same practice materially.
The money only goes back to FAs as P&L credits. Then it only matters if you are profitable and what the bonus bracket is. I would guess that the majority of the RS money stays with the firm. Well, at least with the GPs.I just re-read my post- I just celebrated 2 years on the site!! Because of my “closed minded” view, I’m sure someone will tell me that I am still only 6 months out, that I took over a $50MM book and I have no clue about anything. By the way, to get back on topic, I got 2 $18.33 checks yesterday too. I think I’ll take my family to the Chinese restaurant next door to my office and buy another $9.99 pair of shoes from Payless to go with my K-Mart suit and Santa Claus tie that I got driving my '79 pinto after doorknocking last Saturday. If there’s anything left over, I think I’ll send Doug Hill a thank you card for allowing me to make him so much money these last 6 months.
Signed, Incredible Hulk, AAMS
[quote=Incredible Hulk] [quote=GoneIndy02]
Cults have certain characterisitcs. Three of the most prominent are isolation of its members, destroying the reputation of those that leave and having the "we are the only ones that do it right" attitude.
Jones is guilty of these.
[/quote]
This is one of the same arguments that have been made from the time I first found this site. I'm not going to waste hours debating a topic that neither one of us would change the others mind. But (there's always a but) in 2003 Bachman said to a group of brokers in my area and our clients (roughly 300) that Jones "was not the only right way" to do business. That we were "one right way, but not the only right way." Was this an isolated event or a presentation given multiple times in multiple cities? You have your view, I have mine.
Also, as trivial as it may be, I recently attended a wedding of a current broker where 4 previous EDJ reps also attended. Albeit, 2 no longer in the business. One is at MSDW and the other at AGE. Maybe this was an isolated event, or maybe your situation was an isolated event. You have your view, I have mine.[/quote] I heard Bachman say that many times. It wasn't an isolated event. Now, Doug, he might have felt differently.
My situation was in no way an isolated event. Others in this thread can add their own experiences if they care to.
I did not hear the Bachman speech, nor was that attitude ever present at ANY jones meeting that I ever attended. I appreciate your input. Congrats to the new groom. He hasn't been tainted as bad as many have. Your post still doesnt answer the question: Why does jones not allow their brokers to attend industry events? What are they afraid of? Some of the best ideas are found at these industry meetings. Your clients don't get these non-jones ideas I guess. Read some of the posts when someone speaks of an energy partnership. The pompous jones replies are completely negative and display ignorance of planning issues around the product. Wouldnt this fall under the "one right way, but not the only right way" category. It should, but it normally doesn't.This is so much fun! I love my $18.33 and all my clients calling and mailing them in! It’s wonderful. I get to frame the letter that came with it and put it up in my office, and tell everyone the story of EDJ…the real story. Call all your clients and those few that didn’t come. It’s going to be a great year…I’m telling you!
Just for the record, I still think I'm on to something with another class action against EDJ for slander. I just found out there are a few still bad-mouthing e-Jonesies 2 years out and counting! Guess they are a little irritated that the 20 out of 50 that left in the region in 2 years are still bringing those accounts in and getting paid extrodinarily well to do it. Folks...give it up. Your LP WILL be affected. Don't be so foolish...it's embarrasing and it's just a matter of time. Before I forget, did any of you see the article about the sheep-shearer gone EDJ FA? It's awesome. The reporter was astounded that a person who was qualified for sheep-shearing and never worked in financial services or had any background was hired by EDJ. Must have something to do with "shearing your clients"! Can't wait until EDJ gets managed accounts. Here's what will happen....UIT for a year or two (4% upfront)...then managed account! Upfront and then ongoing....Can't wait! SUPERSTARRRRRRRR!!![quote=Spaceman Spiff]
The clients don't know where the money goes. They just know that there is a revenue sharing agreement. So, I get your point, but if the two companies got fined for revenue sharing then they got fined for the same practice materially.
The money only goes back to FAs as P&L credits. Then it only matters if you are profitable and what the bonus bracket is. I would guess that the majority of the RS money stays with the firm. Well, at least with the GPs. [/quote] The difference is the EJ took out an ad in the WSJ saying how bad the other guys are and then...BAM...$75 mil. fine. EJ is so hipocrital...and still is. Don't bother with the whole P&L credits thing...90% of all the RS dollars stay in the GP's pockets. GP's want to annuitize their revenue but think it's a sin if you do it (ie...lower payout on C-shares and no fee-based accounts) Just another hypocrisy. Spiff, I'm glad you're happy there and I think you're one of few reasonable EJ guys on the site but if you look outside a bit more...you'll leave and I'll be happy to help you do it.