DETOX REQUIRED AFTER REGION MEETINGS EDJ

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spikedkoolaid's picture
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So I talked to my buddy who is still at Jones and he was telling me how the NASD is going to model the industry after Edward Jones---Puke! 
He was telling me that they are still blowing smoke about 25,000 Financial Advisors--Mega Puke!
He also mentioned they are going to have diversification trips awards for BOA's (Branch Office Administrators)--Yeah Right!
They are working on a fee based asset allocation model that will be rolled out and will be the envy of the industry--Dangle that Carrot!!
They have figured out how to rally the troops and tell them how great they are and how much they appreciate them and then they send them a bill for the 2 night stay at the Super 8!

Maxstud's picture
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I don't think anyone really cares, except you, foot and spears.

Maxstud's picture
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and EdJehovah

Beagle's picture
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Do you know of anyone who has been successful at another firm who has moved to Ed Jones?

troll's picture
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Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
 
HAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Beagle's picture
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Bobby Hull wrote:Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
 
HAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!It is a serious question!    Do you know ANYONE who was successful at another firm who moved to Ed Jones?

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spikedkoolaid wrote:
So I talked to my buddy who is still at Jones and he was telling me how the NASD is going to model the industry after Edward Jones---Puke! 
He was telling me that they are still blowing smoke about 25,000 Financial Advisors--Mega Puke!
He also mentioned they are going to have diversification trips awards for BOA's (Branch Office Administrators)--Yeah Right!
They are working on a fee based asset allocation model that will be rolled out and will be the envy of the industry--Dangle that Carrot!!
They have figured out how to rally the troops and tell them how great they are and how much they appreciate them and then they send them a bill for the 2 night stay at the Super 8!

His RL must have received a completely different agenda than mine did. 
No mention of a BOA diversification trip.  They did mention the fee based model in a video.  My interpretation is that it will be a mutual fund advisory account only.  Not traditional fee based.  Sort of like buying one of the Goldman Strategy portfolios, just through Jones and I get to keep a bigger piece of the fee.  We hear the 25,000 FA number from time to time.  I've been hearing it since I started with Jones over 10 years ago.   If we can just stop putting so many of them in my neighborhood I'd be happy.

FreeFromJones's picture
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It never stops.  I hope they all enjoyed the traditional meal of hamburgers and hot dogs on the first evening and that they all got their rocks off congratulating the award winners.  Typical response "I'm so happy that Edward Jones gave me this opportunity to earn $89,000 again this year and I hope to break $90,000 next year. For all of you newbies out there, just keep working hard and you can be at this level in 8-10 years just like me. I Love Edward Jones!!!"

noggin's picture
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Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......

bspears's picture
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In my old region we had a used car salesman...he was top sales generator all of 2004 at the local chevy dealer.  He was at seg 3 when I left...I would have loved to have given my old boa a diversification trip......to the unemployement line!!

spikedkoolaid's picture
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Interesting responses!
I was at Jones for 8 years and I heard 25000 FA's back in 1998. 
I also heard they were going to get email--it took 6 years to put that into place(are they still using monochrome screens?)
I also heard they were getting fee-based-That was officially 1 1/2 years ago.
I also heard they were going to dole out the partnership, it took 3 years after the legal troubles.
Amazing how they dangle the carrot!
BTW, In 8 years at Jones I never saw one IR that was recruited from Smith Barney.  I used to ask why can't we attract FA's from Smith Barney, they used to say because they have a golden handcuffs there and they don't want to move. 

Gone Indy's picture
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noggin wrote:
Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......

I'm calling BS on that one.  I spent seven years at the cult and NEVER saw one decent transfer broker.  In fact the only transfer brokers were from the banks or recently fired from a wirehouse for lack of production.

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noggin wrote:
Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......

I don't believe you. 

noggin's picture
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Gone Indy wrote:noggin wrote:
Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......

I'm calling BS on that one.  I spent seven years at the cult and NEVER saw one decent transfer broker.  In fact the only transfer brokers were from the banks or recently fired from a wirehouse for lack of production.

You would be absolutely wrong......He is a Segment 5 producer since segment 5 was launched.......Great guy as a matter of fact.

Gone Indy's picture
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noggin wrote:Gone Indy wrote:noggin wrote:
Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......

I'm calling BS on that one.  I spent seven years at the cult and NEVER saw one decent transfer broker.  In fact the only transfer brokers were from the banks or recently fired from a wirehouse for lack of production.

You would be absolutely wrong......He is a Segment 5 producer since segment 5 was launched.......Great guy as a matter of fact.

BS

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noggin wrote:Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
In our region we have a producer who moved from Merrill, he liked the atmosphere better at Jones. Before the question is asked , I would estimate his production north of 750K......That is classic Jones...and you are swallowing the whole hook.I'm not saying you are lying.  You indeed were probably told a producer from Merrill transfered to EDJ becasue he liked the folksy Wal-Mart environment...but don't believe it.  It's pure BS.Open your eyes Nemo.

noggin's picture
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You guys are simply amazing, do you honestly think that no producer would leave the mother Merrill?? Or that no prodocer would ever come to jones?? The truth is never found in absolutes and to say that there has never been a good producer at a wire house that came to Jones is simply lunacy. Have there been very many, probably not but to say the guy I mentioned wasn't a good producer at Merrill is BS. This guy has one client that he manages over 30M in Munis for.....

Maxstud's picture
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I's very funny on how on this forum an anti-jones statement like, "I once spoke to a guy  who knew a guy that was a GP and he said...." is taken has gospel, but when someone asks has a good broker ever moved to Jones and someone has one in their region it's called bs.

footsoldier's picture
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Max-
During my time at Jones, I saw only one broker with over 20 years of experience come in from UBS. None from Merrill, SB, Wachovia, AGE, etc. Our region was large about 60 brokers.
A morgan rep took over my office when I left, and he was let go because he was too new in the biz and did not hit production requirements. He was a goodknight before he took the office over so he wasn't much of a producer, but who is early in their career.
Hopefully you see some balance in my statement. I am sure there are some wirehouse brokers who transitioned to Jones, but very much in the minority. In fact, I think Jones would prefer to build the old fashioned way. One foot in front of the other.

bspears's picture
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Just got off the phone with a friend in the next region over...He said the person they've pegged to replace my replacement...are you ready...is selling vacuum cleaners currently.  Vacuums and tablet PC's...what a combination...

vbrainy's picture
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Beagle wrote: Bobby Hull wrote:
Beagle wrote:Do you know of anyone who has been successful at another firm who has moved to Ed Jones?
 
HAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
It is a serious question!    Do you know ANYONE who was successful at another firm who moved to Ed Jones?
It is a great question.  A superb question.  The answer is that NOONE goes to Ed Jones who has a successful career.
But, plenty of Ed Jones guys come to AGE, RJ, ML, SB after they have had their fill.

BILLYBOB's picture
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bspears wrote:Just got off the phone with a friend in the next region over...He said the person they've pegged to replace my replacement...are you ready...is selling vacuum cleaners currently.  Vacuums and tablet PC's...what a combination...
 
Don't laugh.  WHen I first started with AGE, one of the best young producers in the company was a guy named David Durelle in California.  He was tearing it up big time.  His prior career was that of Kirby Vacuum Cleaner Salesman. 

Spaceman Spiff's picture
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One of the fastest growing guys in my region used to sell computer software.  Sales people know how to sell.  Period.  They don't care if it's mutual funds or vacuums.  They know the sales process, how to talk to people, aren't afraid of the phone, and are smooth talkers.  People who are focused on asset allocation, active  vs. passive, alpha, beta, delta, gamma...tend to be introverts who have to learn how to sell.  I wish I was more of sales person. 
So spears, what glorious position did Jones pluck you from when you started your Jones office?  College grad?  Lawncare technician?  Proctologist assistant?

Maxstud's picture
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footsoldier wrote:Max-
During my time at Jones, I saw only one broker with over 20 years of experience come in from UBS. None from Merrill, SB, Wachovia, AGE, etc. Our region was large about 60 brokers.
A morgan rep took over my office when I left, and he was let go because he was too new in the biz and did not hit production requirements. He was a goodknight before he took the office over so he wasn't much of a producer, but who is early in their career.
Hopefully you see some balance in my statement. I am sure there are some wirehouse brokers who transitioned to Jones, but very much in the minority. In fact, I think Jones would prefer to build the old fashioned way. One foot in front of the other.Foot,  Yes, this is a very balanced statement and I do agree with it.  I would think that a successful FA at Merrill or any other firm would go indy before they would join Jones because the main selling point would be the independent office.  If they did want to stay with a firm they would probably take the upfront money the other firms offer that Jones doesn't.  Not to mentioned some platform issues.My main point was that beagle asked if ANYBODY who was successful at another firm had EVER joined Jones and when noggin said he knew of someone people called BS.  But if someone makes an outlandish claim about the evils of Jones these same people can't wait to agree.  I truly find it funny. 

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We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        

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Good point Spiff, I always forget about that list.  vbrainy would you like a copy?  Be careful before you answer I might reject you and I know how much you can't stand rejection.

Greenbacks's picture
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Spaceman Spiff wrote:
One of the fastest growing guys in my region used to sell computer software.  Sales people know how to sell.  Period.  They don't care if it's mutual funds or vacuums.  They know the sales process, how to talk to people, aren't afraid of the phone, and are smooth talkers.  People who are focused on asset allocation, active  vs. passive, alpha, beta, delta, gamma...tend to be introverts who have to learn how to sell.  I wish I was more of sales person. 
I will agree to this statement. That is one of the biggest reasons the public looks at financial advisors as a whole so poorly! There are so many reps that pass a simple 7 test and recieve no training after that. At the wirehouse's all they care about is CAN YOU SELL!
     

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Spaceman Spiff wrote:We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        
The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

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My previous position was dog groomer.  I was confused when I was recruited by a Jones guy, now gone.  He said I had to interact with people in the dog grooming business..and would be a perfect fit.  During my days as a dog groomer, I had to scoop sh*t and clean up the office, not unlike my days at the old firm.  Any other questions Spiffy?

troll's picture
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Brrrrrrrrrrrrrrrrrriiiinnnnnnng....
Brrrrrrrrrrrrrrrrrrriiiiinnnnnnnnng....
"Hello?"
"Hi, is this Elmo? Elmo Guggutitz? I saw your name on the list of Ex Merrill brokers that are now working here at Jones and I'm thinking of jumping ship and taking a big check to go to Merrill and I wondered if I could ask you a few questions?"
"No, this is not Elmo, this is Hal Aightkay, the answering system for your regional supervisor. The sound you hear behind you is the autolock feature on all your technology and your desk and file cabinette drawers... The other sound is the reconfguring of those locks as well as the front door lock.
I thank you for calling in and you can rest assured that as long as you leave the office peacefully and with absolutely nothing but your clothes and your driver's lisence and keys when the local police arrive there will be no need for us to mark up your U-4. Please reamin where you are until the authorities... Ahh, I can hear the sirens now. "
"But...but... I thought you were there to help me!"
"Keeyuhh, As If!" 
 

Spaceman Spiff's picture
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Would you rather ask the guys on this forum for advice about a firm before jumping ship, or call another broker who has been there?  It's not the only reason the list exists, but before I seriously thought about jumping to LPL, I might try to track down an LPL guy who is now at Jones AND try to talk with a guy like Joe who is there now.  The list also exists for those of us with friends at other firms who might want to know how the transition went. 
Spears - nice swerve.  Care to really answer the question?

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Gone Indy wrote:
Spaceman Spiff wrote:We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        
The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

The great majority of people who leave Jones are failures too, not unlike the other firms.  We lose big producers, they lose big producers, but at the end of the day, most of the terminations Jones sees is from guys who just don't want to do the work anymore.  They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf. 

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Spaceman Spiff wrote:Gone Indy wrote:
Spaceman Spiff wrote:We have a page on our intranet that is a list of transfer brokers from all of the other firms out there who have agreed to field calls from guys thinking about jumping ship. 100 just from Merrill and Morgan combined.  You're going to tell me that NONE of those people were considered successful at those companies before they came to Jones?        
The fact is that the major wirehouses have increased their minimum production requirements over the past few years and those that can't hack it at Merrill or Morgan have to go somewhere.  When a few of them end up at Jones, the kool aid kids love to announce to everyone that they have signed on a transfer broker from a major wirehouse.  The great majority of these 100 transfer brokers were failures at their previous bd's. 

The great majority of people who leave Jones are failures too, not unlike the other firms.  We lose big producers, they lose big producers, but at the end of the day, most of the terminations Jones sees is from guys who just don't want to do the work anymore.  They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf. 

"They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf."
And what is wrong with that Spiffy?  Just because you don't offer a wrap program that makes it bad?  I am sure that your attitude will change when the GPs roll out their version (in 2011).

bspears's picture
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Wow..is that all it takes..wrap 20 into 1.25% and I too can play more golf....It sounds interesting. But, I'm thinking more of 50 in 5 and 100mil in 10.  Say wrap 1/2 in 1% trails and THEN play more golf.  And just think, I don't even have a tablet pc to lose and my Treo will only sinc to my ACT!....hmmm....what am I thinking...it just won't happen, I'm only dreaming.  Lets see...Spiffy, I owned a business with multiple locations, sold it.  I started a supply business, sold that.  I started consulting with wanna be small business owners, developing business plans, marketing etc.  But the most fun I had was working my wares with multiple banks on their..lets say...black sheep businesses...the ones who owed a bunch, but didn't have the assets to cover if foreclosed on.  I was able, at their request, to go in and basically turn the ships around...what a rush.  Geat gig.  I then went stupid..and got snukered...care to guess by who....hint..whats big and green and smells of bs....

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So, what qualified you to start an EDJ office any more than the guy currently selling vacuums? 
Snookered?  Really?  You didn't do the due dilligence to find out about Jones before you quit your other gig?  Someone lied and told you it was easy to start a Jones office?  They didn't explain the job was commissioned based?  They didn't explain that you have to find your own people to work with?  If you feel like you got snookered it was your own fault.  You believed a recruiter and the guy who's job it is in the region to hire newbies. 
Indy - Sorry, forgot the emoticon, .  Nothing wrong with wrap fees used appropriately.  But when I see people jump to the independant side simply because Jones doesn't offer a fee based account for the little guys (who probably don't really NEED it anyway) it makes me wonder whose best interest is being looked out for.  Makes me really wonder if it's the clients demanding a fee based alternative because they've figured out how much better it is for them or if it's the marketing arm of all the financial firms and publications out there that have convinced people that a fee based relationship is far superior to a commission based one.  The truth is somewhere in between.  And I'll probably offer the fee based alternative to clients when Jones finally rolls it out.  Let them decide. 

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Oh, I know it was my fault. I worked the only way I knew how...waited my 3 years, did due dilligence on other opportunities...and MOVED.  As I was told by an ex EDJ, now working as an internal at a preferred, they treat the EDJ's brokers differently.  They're told to call on any amount invested...kind of..you know...hold your hand...give you the "Thanks for the 4200 you put in the Income Fund", Mike really appreciates it.  Can I give you a sales Idea? You'd think all the Jones brokers road yellow busses to work... He said they only call the wirehouses, Indy's...hell even AGE, when its considered substantial.  He even was chided by the other internals about working at Jones..DO THEY REALLY DOORKNOCK??  What was it like?  My Van Kampen guy told me...things are different on the Indy side...You're all grown up now...Don't be afraid...embrace it.  Spiffy, the war is over. I have work to do for my clients.  Good luck...I hope those tablet PC's work for you and I hope Broke24 can sinc his Treo all day long...

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bspears wrote:Oh, I know it was my fault. I worked the only way I knew how...waited my 3 years, did due dilligence on other opportunities...and MOVED.  As I was told by an ex EDJ, now working as an internal at a preferred, they treat the EDJ's brokers differently.  They're told to call on any amount invested...kind of..you know...hold your hand...give you the "Thanks for the 4200 you put in the Income Fund", Mike really appreciates it.  Can I give you a sales Idea? You'd think all the Jones brokers road yellow busses to work... He said they only call the wirehouses, Indy's...hell even AGE, when its considered substantial.  He even was chided by the other internals about working at Jones..DO THEY REALLY DOORKNOCK??  What was it like?  My Van Kampen guy told me...things are different on the Indy side...You're all grown up now...Don't be afraid...embrace it.  Spiffy, the war is over. I have work to do for my clients.  Good luck...I hope those tablet PC's work for you and I hope Broke24 can sinc his Treo all day long...
Give it a rest moron.

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Spiff-
Hard for you to comprehend, but I actually know humans who have left your company, while profitable for the company, and struck it out on their own. I am one and could steer you to a half dozen more off the top of my head. Please stop generalizing. You want to think that people leave because they are unsuccessful.
It's just another example of the propoganda you continue to believe. You should be impressing the GP's with your continued defense of the company. You are a good soldier. Hopefully you can acheive GP status before Weddle and the group sells out to the highest bidder.

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I'm always amazed at how much the soldiers will fall on their sword supporting Jones, but then again, 12 months ago I was a staunch supporter, too.  I drank the koolaid, I smoked the cigars, then, I figured out that the RL didn't give a rat's a$$ about me being successful.  All he cared about was how much he could sell.  I'm amazed that someone who has worked for Jones for 22 years, who has over $300mm AUM is satisfied to pound the phones and continue to sell bonds for a living.  Spiff, 24, Noggin, it ain't about technology, it ain't about fee-based, it's about being an adult.  It's about actually owning your business, not being told you're your own boss but receiving a W-2 at the end of the year.  You guys are still employees and if you're happy with that, ignore the spew on this board and go earn your paycheck! After all you have to keep your employer and your clients happy!!

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FreeFromJones wrote: I drank the koolaid, I smoked the cigars, then, I figured out that the RL didn't give a rat's a$$ about me being successful.  No kidding?  I have never worked for anyone or any company that cared
more about me then their own bottom line.  I think they call it the real
world.FreeFromJones wrote: It's about actually owning your business, not
being told you're your own boss but receiving a W-2 at the end of the
year.  I have two conflicting views on this continual owning your business complaint.  The first is in my opinion when you work on commission( and I do include fee based planning in that) you do need to think of it as your business.   When I was in college I sold electronics for a retailer and the store manager would often say the each of us were like our own little business within the business.  If you took this literally when you were with Jones then you really did drink the kool aid(with a vodka chaser).Secondly if you've left a firm to go indy and you take 85% of your book with you to your new business, how is that not building a business for yourself?  If you choose to stay then so be it, eyes wide open.

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FreeFromJones wrote:... it ain't about technology, it ain't about fee-based, it's about being an adult.  It's about actually owning your business, not being told you're your own boss but receiving a W-2 at the end of the year. 

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Maxstud wrote: FreeFromJones wrote: It's about actually owning your business, not being told you're your own boss but receiving a W-2 at the end of the year.  I have two conflicting views on this continual owning your business complaint.  The first is in my opinion when you work on commission( and I do include fee based planning in that) you do need to think of it as your business.   When I was in college I sold electronics for a retailer and the store manager would often say the each of us were like our own little business within the business.  If you took this literally when you were with Jones then you really did drink the kool aid(with a vodka chaser).Secondly if you've left a firm to go indy and you take 85% of your book with you to your new business, how is that not building a business for yourself?  If you choose to stay then so be it, eyes wide open.
I subscribe to the philosophy that everyone (even non-salespeople) should think of themselves as self-employed. Even the Wal-Mart greeter should realize that he is his own business that Wal-Mart hires to stand at the door every day. But that's a mental thing.
I really think Jones wants it's reps to think it is their own business. I was encouraged to call myself a business owner when I visited other businesses or went to the Chamber of Commerce, etc.  Well, LEGALLY, I was NOT a business owner, that was a lie. 
If YOU can't SELL it, YOU don't OWN it.

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now_indy wrote:I was encouraged to call myself a business owner when I visited other businesses or went to the Chamber of Commerce, etc.  Well, LEGALLY, I was NOT a business owner, that was a lie. 
If YOU can't SELL it, YOU don't OWN it.I agree about calling yourself a business owner, I always tell people I work for EDJ.  Did you take any clients with you when you went indy, now_indy?  Can you sell that book now if you wanted?  If so then IF someone decide to leave a firm and they take their clients with them then I would say they are building some equity in a business they may eventually own.

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Max,
They still teach people to say "Hi my name Bob, I've opened a new business here in Podunk, and I'm just out trying to meet other business owners."  It really is BS just as most of the sales pitch Jones teaches you is.  If you want to spend your whole career having your RL tell you "just call and say, 'how would you feel about a 5% investment if you knew it was safe? Well if you have $25000 I think you should buy some TODAY!'" then have a nut man.
 
 

Maxstud's picture
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OK thanks

FreeFromJones's picture
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No problem.  Glad I could help you through this tough part of your "real life".
 
"If you have $5.00 I think you should but some more LP today!"

GOLPL's picture
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GOOD BYE TO THE GREEN PUKE!!!!

GOLPL's picture
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Just resigned after 9 years of sh*t!  You can take my 45k of LP and shove it up Noggins arse!!!!  What a second rate, behind the times, gestapo excuse for a broker dealer.  I will take every dime of my 57mil...mark my words you crappy ass firm.

Tossthekoolaid's picture
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GOLPL,
Lets hear the story. You sound venomous!

footsoldier's picture
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Max-
The only thing we own is our attitude. Yours has to be as an employee. You do work for the man.
Some of us are the man (or woman).

uwec86's picture
Offline
Joined: 2004-11-30

...  They jump to LPL, wrap their $20 mil at 1.25% and play a lot more golf. 

Spiff,
You say that like...it's wrong.

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