DETOX REQUIRED AFTER REGION MEETINGS EDJ

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farotech's picture
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Joined: 2007-01-05

The lack of a fee-based program for accounts smaller than 500k is astonishing in today's super-competitive world of financial advice. I can't believe that it's not crippling Edward Jones. Apparently the GPs think the A-share model is far more profitable than widespread usage of wrap accounts.

blarmston's picture
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Joined: 2005-02-26

I would guess that 3% of EDJ's accounts are above $500K, so I bet it isn't a high priority.....

Broker24's picture
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Spaceman Spiff wrote: 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.

Spiff, I think I'm with you on this. I din't hear about the other stuff. And
no Super 8 for us. We stayed at a sweet resort. No joke. This place is
first class (and I worked for the Ritz Carlton company in my past life, so I
have perspective).

Broker24's picture
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Joined: 2006-10-12

GOLPL wrote: 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.

Sounds like a dupe. Only 2 posts??

noggin's picture
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Joined: 2004-11-30

I'm with you broker24....

Maxstud's picture
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Joined: 2005-12-29

footsoldier wrote: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).This from the guy who took 7 years to figure out he was an employee at EDJ.  Just a razor blade away thats all I am just a razor blade away.

spikedkoolaid's picture
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Joined: 2006-04-20

Wow- what a thread!  GoLPL you will get it all!  I left 16 months ago with $50MM and today I clicked the $50MM mark at INDY.  It took about 6 months to get 80% and then the rest just comes over gradually.  Plus you will be able pick and choose who comes with you.

footsoldier's picture
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Max-
A little insight to the razor blade story.
When a friend of mine left Jones about the same time I did, his BOA (a friend of the departing FA) was asked by a StL GP to go to the hardware store and purchase a box of razor blades to etch his name off the door.
She refused because she was afraid she might cut herself. That was a very telling moment how important the firm felt about FA's. They had a transitional rep there that afternoon and a replacement FA within a week. And a new name was on the door soon thereafter.
Business as usual.
 

Maxstud's picture
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Joined: 2005-12-29

Foot,I try not to get involved in these EJ threads because they are really pretty pointless, but somehow I was sucked into this one.  Your above post really boggles my mind, so I will respond and be done with it.I don't know how business operates in your part of the country but where I live the procedure that most companies follow when someone leaves the company are usually pretty consistent.  The person's name is removed from the company directory, their computer access is terminated as well as their e-mail.  Another person in the company is assigned to cover their duties until a replacement can be hired.  Anyone outside the company that may have had business with the departing person is contacted to let them know who will be handling the business going forward.  If the person left on good terms there may be a farewell happy hour for them to say goodbye. The company then continues with business as usual.  Seems pretty straight forward to me.footsoldier wrote:Max-
his BOA (a friend of the departing FA) was asked by a StL GP to go to the hardware store and purchase a box of razor blades to etch his name off the door.
She refused because she was afraid she might cut herself. This is just funny.  My two thoughts are:She sure is lucky the invented safety razors or everyone would think she was French.orI hope she doesn't have young children or they will flunk all their take home projects in elementary school, I remember using Xacto knives and gasp razor blades.

Maxstud's picture
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Joined: 2005-12-29

or if they outlawed razor blades then only outlaws would have razor blades!!!

EDJ to RIA's picture
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Joined: 2006-11-28

noggin wrote: This guy has one client that he manages over 30M in Munis for.....
Now we know you're lying. At Jones you don't "manage" anything. You just sell stuff until you can convince people to buy something different.

Maxstud's picture
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Joined: 2005-12-29

When I was in college in the eighties I was at a party where I was tempted to try cocaine, but them I saw they were using razor blades and thought "Oh my god I might cut myself", so I ran from the party scooping up band aids on my way.Sorry I'm cracking myself up.Happy Friday.

CIBforeveryone's picture
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Joined: 2005-07-12

Maxstud, you are right on that this is what a company does when you worked FOR them. When Jones did this to me on my d-day it was clear I was never the business owner they told me I was.
 
Maxstud wrote:Foot,I don't know how business operates in your part of the country but where I live the procedure that most companies follow when someone leaves the company are usually pretty consistent.  The person's name is removed from the company directory, their computer access is terminated as well as their e-mail.  Another person in the company is assigned to cover their duties until a replacement can be hired.  Anyone outside the company that may have had business with the departing person is contacted to let them know who will be handling the business going forward.  If the person left on good terms there may be a farewell happy hour for them to say goodbye. The company then continues with business as usual.  Seems pretty straight forward to me.footsoldier wrote:
Max-
his BOA (a friend of the departing FA) was asked by a StL GP to go to the hardware store and purchase a box of razor blades to etch his name off the door.
She refused because she was afraid she might cut herself. This is just funny.  My two thoughts are:She sure is lucky the invented safety razors or everyone would think she was French.orI hope she doesn't have young children or they will flunk all their take home projects in elementary school, I remember using Xacto knives and gasp razor blades.

footsoldier's picture
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Joined: 2006-04-30

Maxxie calm down dude....
I am just the messenger. If you want to get to the nitty gritty you and I are replaceable period. Clients can leave anytime they want. If I want out now,I can sell my book to somebody.
You have to look for another job. I'll take my option any day.

Maxstud's picture
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Joined: 2005-12-29

Really where did you book come from?

Maxstud's picture
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CIBforeveryone wrote:Maxstud, you are right on that this is what a company does when you worked FOR them. When Jones did this to me on my d-day it was clear I was never the business owner they told me I was.
Seriously, you really didn't know your were an employee?  Has anyone told you that Santa Claus is a myth?  Wow, I really can't believe you were that naive/

Maxstud's picture
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Joined: 2005-12-29

footsoldier wrote:Maxxie calm down dude....
I am just the messenger. If you want to get to the nitty gritty you and I are replaceable period. Clients can leave anytime they want. If I want out now,I can sell my book to somebody.
You have to look for another job. I'll take my option any day.I just thought of something else, if your clients leave then what kind of book would you sell?  Who is going to buy a book without any clients?  If you clients aren't going to leave why would you sell your book now, and if my clients aren't leaving why do I need another job?  And to ask my previous question again, you built a book that you took with you when you left why can't I take my book with me if I were to leave? If I decided not to leave and I had my book why do I need to look for another job?I also seriously don't expect you to answer any of this.  Just tell me its the kool aid, I am an employee, i will wake up and figure it out in a few years or that I'm a gp in disguise.  You the usual stuff you guys fall back on.  Oh yea bring up doorknocking too thats always a classic one.

footsoldier's picture
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Joined: 2006-04-30

Max-
If my clients were to leave, then obviously I could not include them in my revenue stream. That is truly what is for sale. If I service them, and they remain good loyal clients , they would have no reason to leave. But yeah, they could...and that's why I treat them with respect and provide them with direction and service.
If you are leaving Jones, one interesting result of the transition is you will find out who really finds value in your service and suprisingly who doesn't.
Regarding doorknocking. No different than calling a 1000 numbers. It's just more personal and it does work. It also helps Jones GP's find people that are strong willed and can take rejection.
Kind of like the tone of your questions (strong willed). I will prefer to call you passionate. I think at some point you may find yourself questioning management, and when you do the training you have received can foster a very lucrative career independently. Maybe you can do it at Jones, and good luck, but for me, now, I could never ever imagine my life working for someone else.

farotech's picture
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Joined: 2007-01-05

We should rename the Registed Rep Broker Forums as the Edward Jones forums.

noggin's picture
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Joined: 2004-11-30

EDJ to RIA wrote:
noggin wrote: This guy has one client that he manages over 30M in Munis for.....
Now we know you're lying. At Jones you don't "manage" anything. You just sell stuff until you can convince people to buy something different.

I was using the term loosely, sorry if I offended the great RIA. He has one client that has over 30M in Muni bonds that he SOLD to him. Is that OK?

footsoldier's picture
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Joined: 2006-04-30

Farotech-
I can understand why these forums are filled with folks like me who want to make  sure the other side of the story gets aired. I grant you it goes on ad nauseum. There was a time when these threads were useful for business.
Now it appears we are no better than a coffee clutch. I for one am taking a break. I have done all I can do, and now its time for more productive activities.
So long. Footsoldier actually needs to have a new montra. It was my surname on these boards when I was working for Jones because it was how I felt. Now after almost a year at LPL, it doesn't fit any longer.
Like those who have gone before me, Zacko, etc., thanks for the memories.
Good luck to all and farewell.

bspears's picture
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Joined: 2006-11-08

I shed a tear foot.  Like you, I'm putting down my microphone.  I've preached enough, If you read our posts and still want to head to Jones, Go for it.  I was on this forum early in my employment and defended the green and white as much as I now bash them.  It took me 2 years to pull the curtain back, and I'm glad I did.  Good luck in your quest to 100mil and beyond!

spikedkoolaid's picture
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Joined: 2006-04-20

I guess this is a retirement party!  I'm done too!

farotech's picture
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Joined: 2007-01-05

I know the last post on this topic was several weeks ago, but I noticed that no one mentioned "Johnny the Bagger." Anybody care to comment?

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

Lol. 
 
farotech wrote:I know the last post on this topic was several weeks ago, but I noticed that no one mentioned "Johnny the Bagger." Anybody care to comment?

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