Edward Jones is the BEST

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Incredble Hulk's picture
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Please tell me why Edward Jones is NOT the best?  I have not heard one good answer.

Starka's picture
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Incredble Hulk wrote:
Please tell me why Edward Jones is NOT the best?  I have not heard one good answer.

 
Given your, shall we say limited experience and abilities, Edward Jones probably is the best.  For you.

troll's picture
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Incredble Hulk wrote:Please tell me why Edward Jones is NOT the best?  I have not heard one good answer.For big green dumb guys, EdJones probably is the best!For those who prefer to be allowed to think for themselves, there are many other more attractive options....

Indyone's picture
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uh...I think this joker is spoofing the real "hulk"...or else he suddenly can't spell his own name...

iconsult100's picture
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Joined: 2005-09-07

#1 - Their technology would be cutting edge, if it was in 1992.
#2 - Their Rep peddle the same old stocks, bonds and mutual funds to everyone blindly with no real thought behind them.
#3 - Look at their model portfolio vs ever other firm on the street.  Reg. Rep. did a comparison and they came in at the bottom in every major category.
#4 - Their is no emphasis on annuitizing your business, it's all about getting the trade done and charging the big upfront fees.
#5 - Door knocking.  This is so stupid.  You're an investment professional, act like it.
#6 - They do not have the tools you need in order to provide comprehensive financial planning.
#7 - I've been approached 3 times by their recruiters who have "a wonderful opportunity to take over the book of a retiring IR."  The book has never been over $25 million.
#8 - 401K and Pension Plans.  The capabilities are virually non-exhistant.  
#9 - Just talk to the reps.  Most of them do not have the fundamental knowledge of finance and economics.  They are sales people.
#10 - Everything that Edward Jones has is available at every other firm on the street, only the other firms can beat the pants off of Jones in each of the categories listed above.

troll's picture
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Indyone wrote:uh...I think this joker is spoofing the real "hulk"...or else he suddenly can't spell his own name...Damn man you're right!

The Truth's picture
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Joined: 2004-12-01

Ethics would have to be at the top of your list Hulk. If you don't see it now,
that means you are not looking hard enough.

bankrep1's picture
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Joined: 2004-12-02

They are the best firm on the street for me.  I take 1-3 new accounts from there per month, new client mostly over 200K.  I cannot reveal my secret but it is available only because I work in a bank environment.

iconsult100's picture
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bankrep1 wrote:They are the best firm on the street for me.  I take 1-3 new accounts from there per month, new client mostly over 200K.  I cannot reveal my secret but it is available only because I work in a bank environment.
Jones is definately the easiest place to take clients from.  No question.

Incredble Hulk's picture
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Joined: 2006-05-26

Wait, I thought Edjones had no big accounts.  Jones is not the easiest place to take clients from.  We live and breath for the client in their town, go to ther church, and use their Chinese restaurants and drycleaners. 
We have a bond with our client.

Philo Kvetch's picture
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Joined: 2005-05-17

Is it your contention that you are the only one who goes to the same church as your clients?
I really hate to point this out, but you really are pretty stupid.  EDJ is probably where you belong.  And clearly, they deserve you.

noggin's picture
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iconsult100 wrote:
bankrep1 wrote:They are the best firm on the street for me.  I take 1-3 new accounts from there per month, new client mostly over 200K.  I cannot reveal my secret but it is available only because I work in a bank environment.
Jones is definately the easiest place to take clients from.  No question.

I hate to disagree but by far the easiest place to take accounts from is the bank...

troll's picture
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Incredble Hulk wrote:Wait, I thought Edjones had no big accounts.  Jones is not the easiest place to take clients from.  We live and breath for the client in their town, go to ther church, and use their Chinese restaurants and drycleaners. 
We have a bond with our client.Yep...in the old days they used to call them "touchdown bonds".....

Incredible Hulk's picture
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Indyone wrote: uh...I think this joker is spoofing the real "hulk"...or else he suddenly can't spell his own name...
Congratulations, you are the first to pick up on this....

Indyone's picture
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Joined: 2005-05-31

Cool...I'll pass on the prize, though...

Incredble Hulk's picture
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Joined: 2006-05-26

I'll take the prize!

EdJehovah's picture
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Joined: 2007-02-01

 Jones is a great place to work.  I'm free from having someone standing over me.  My financial well-being is second to the needs of my clients.  Everyone of you out there knows in your heart of hearts that paying an up-front sales charge, and 25bp thereafter, is an effective, cost-effective way to build long-term wealth for your clients.  However, most of you like the 125bp AUM to sit and you move little around.  But isn't putting the client first most important?  Jones brokers are less paid, but I think the data will show Jones clients do very well on a risk/reward/cost basis.
but the question was why isn't EDJ the best?  Because my feet hurt, and new guys get flung mega million books and then get paraded like kings of sales tactics, discipline, and work ethic. 
that said, I'd say Jones is ONE OF THE BEST.
 ED

ExPropTrader's picture
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Joined: 2006-11-19

EdJehovah wrote:
 ................, but I think the data will show Jones clients do very well on a risk/reward/cost basis.
 

Again your ignorance shows, don't "think" do the research and you'll find that Jones customers are at the bottom of the average return.

FreeFromJones's picture
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EdJehovah said
 Jones is a great place to work.  I'm free from having someone standing over me.  As far as you know. There's always someone standing over you.My financial well-being is second to the needs of my clients.  There's a little of this at every firm, but why should you be able to make money for your clients but not be compensated properly for doing so? Everyone of you out there knows in your heart of hearts that paying an up-front sales charge, and 25bp thereafter, is an effective, cost-effective way to build long-term wealth for your clients.  This is your opinion!!! There are many ways to build wealth for your clients and if you give them the proper advice, there is no reason that you should not be paid for your knowledge.  In this profession (notice the pro) you are the one with the knowledge and the ideas just like doctors and lawyers are paid for their advice, we are allowed to make a living too.However, most of you like the 125bp AUM to sit and you move little around. You sound like you've drank the koolaid all the way to the bottom of the pitcher..."all fee-based advisors just sit on the portfolios and get paid for doing it.  They offer no real value to the clients."  Funny thing is that clients want a professionally managed account and don't mind the fees if they are making a good return on their money. But isn't putting the client first most important?  Jones brokers are less paid, but I think the data will show Jones clients do very well on a risk/reward/cost basis. That's right, Jones is the only firm that does what is right for the client. 
but the question was why isn't EDJ the best?  Because my feet hurt, and new guys get flung mega million books and then get paraded like kings of sales tactics, discipline, and work ethic. 
that said, I'd say Jones is ONE OF THE BEST.
 ED
Get a life ED!  You, too will soon figure out that the koolaid is really "unsweetened" and that it'll be a long time before they add any sugar.

bspears's picture
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Joined: 2006-11-08

EDJ SUCKS

success's picture
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FFJ,
First, I think JOne is a great firm..  perfect? no.  However, we all know that the client comes first.  Period.  Having said that meeting the needs of clients means different things, especially fee structures.  Maybe I dont want to pay you 1.5% to give me your advice.  You operate on the exact same public info. as we all do.  Its how you interpret that data.  If you think you can build a stock/MF portfolio better than anyone else, more power to you.  I'll say you cant!!  Its ALL about putting your clients in the best investment possible to meet their needs at the cheapest cost.  All this BS about I am a professional, i should be paid like.  blah blah blah.  I agree we are professionals, but giving good advice should NOT come at the highest expense to your client.  Its easy to pick stocks and investments in up markets.  Lets go through another 50% decline and see how many of you are left!!!!!!!

Broker7's picture
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Success,
 Edward Jones is a good firm..for a select person.   It is a good employed platform that allows you to feel somewhat independant from home office, but the platform has been set up for low net worth prospecting.   EDJ is rolling out FA's and managed money this spring/summer. Trying to catch up with the times.  YOU will be asking your clients to pay you 1-2% for your advice.  I hope you are ready to do that.

EDJ to RIA's picture
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EdJehovah wrote:
 Everyone of you out there knows in your heart of hearts that paying an up-front sales charge, and 25bp thereafter, is an effective, cost-effective way to build long-term wealth for your clients.  However, most of you like the 125bp AUM to sit and you move little around.  But isn't putting the client first most important? 
I used to beleive this too when I was at Jones. They do an excellent job of brain-washing.
The costs of investing at Jones:
3.5% A-share load over 10yrs (b/c IR is not going to manage or change ANYTHING!) = .35%
Annual expense ratio (avg.) = .80%
Avg. turnover cost in funds = .35%
So that total is 1.5% EVERY year to "sit" on a mutual fund portfolio.
Compared to paying me 1.25% per year. If you have some money available I'd recommend you buy some today!

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success wrote:
FFJ,
First, I think JOne is a great firm..  perfect? no.  However, we all know that the client comes first.  Period.  Having said that meeting the needs of clients means different things, especially fee structures.  Maybe I dont want to pay you 1.5% to give me your advice.  You operate on the exact same public info. as we all do.  Its how you interpret that data.  If you think you can build a stock/MF portfolio better than anyone else, more power to you.  I'll say you cant!!  Its ALL about putting your clients in the best investment possible to meet their needs at the cheapest cost.  All this BS about I am a professional, i should be paid like.  blah blah blah.  I agree we are professionals, but giving good advice should NOT come at the highest expense to your client.  Its easy to pick stocks and investments in up markets.  Lets go through another 50% decline and see how many of you are left!!!!!!!

Wow, I had to stop "interpreting data"(whatever that is) for a moment to respond to this.  It is interesting how the fees Jones reps accuse others of charging creep up over the course of a thread like this.  You cant make your point at 1% so someone takes it to 1.25% and now this guy assumes 1.5%. 
All that aside, how many different fund families do you own in your Jones 401(k)?  You probably dont realize this, but the choices you have are hardly the best ones out there.  They're just the ones willing to pay blood money to the GP's.
If I left the business tomorrow, I would gladly pay a professional 1% for access to the best managers available. Those hired for their core competancy rather than their willingness to provide kickbacks.  I would also expect an asset allocation model with more than four asset classes and quarterly reviews with my advisor.  If you can do that for all your clients on 25pbs more power to you, but I happen to know better.
BTW, how many Vangard funds have you sold today.  Gotta do it he cheapes way possible......right?

troll's picture
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Can I just say...?
When I see a kid who is thinking about joining the military, I do everything I can to dissuade this kid from doing something that might get him killed!
But when I see the same kid or another kid IN the military, I tell him/her "Atta boy!" "Good on ya son!" I'm not about to make the guy feel bad, he's already in the mess, I want him to do his best there.
So yeah, when Edjehovah is now saying that jones is a good place to be. I'll say "There ya go! Go get'em killer!" The guy's in a word of hurt and he's trying to work his way through! Telling him that he's being deluded doesn't help anybody but Jones (because when you've destroyed the guy and he leaves, he's leaving his book behind for Jones to snare the next rabbit. If he's successful, he'll eventually leave and take his book with him!
Beat up on Spiff? Sure, have at it. He's up and running. But have some compassion for these noobs! If they make it, they deserved your respect. If they die, it's sad , and you beating on them didn't make it happier!
Meanwhile, Noobs. Don't get up in our face!

ExPropTrader's picture
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Whomitmayconcer wrote:
Can I just say...?
When I see a kid who is thinking about joining the military, I do everything I can to dissuade this kid from doing something that might get him killed!
But when I see the same kid or another kid IN the military, I tell him/her "Atta boy!" "Good on ya son!"

I agree to some degree but but if I join the Marines and get a $5000 signing bonus and then some ignorant kid is giving me crap cause he got $50 and a meal at Dennys for signing-up with the National Guard, and telling me how much better he is to boot, well I'm gonna let him know exactly where he stands on the food chain.  Same goes for EDJ.

Spaceman Spiff's picture
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Whomitmayconcer wrote:
Beat up on Spiff? Sure, have at it. He's up and running. But have some compassion for these noobs! If they make it, they deserved your respect. If they die, it's sad , and you beating on them didn't make it happier!

Go ahead, take your shots.  Water off a duck's back. 

ExPropTrader's picture
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Spaceman Spiff wrote:Whomitmayconcer wrote:
Beat up on Spiff? Sure, have at it. He's up and running. But have some compassion for these noobs! If they make it, they deserved your respect. If they die, it's sad , and you beating on them didn't make it happier!

Go ahead, take your shots.  Water off a duck's back. 

Fortunately Spiff even though you may "fit" with EDJ, thankfully you are not the typical kool-aid guzzler, I rather enjoy your postings.  If all the Jonesers used your common sense there would be alot less EDJ bashi. 

The Judge's picture
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Joined: 2006-06-06

OK I bite; I DESPISE all of the talk about Edward Jones (pro or con) bit I do have 2 questions for any EDJ's:
- Do they require door knocking? Or do you have your choice of prospecting methods (cold calling, networking, mailings, etc)?
- What is this term/analogy about a "hamburger" relating to investments? I have my hunch but please fill me in.
Oh Kathleen (the original Joneser on this board back in 1997) where have you gone?

Indyone's picture
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Yes...I too would like to have the mystery of "the hamburger" unraveled.  I guess if no one coughs up here, I'll have to break down and ask one of my Jonsie friends...

gad12's picture
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The Judge wrote:
OK I bite; I DESPISE all of the talk about Edward Jones (pro or con) bit I do have 2 questions for any EDJ's:
- Do they require door knocking? Or do you have your choice of prospecting methods (cold calling, networking, mailings, etc)?
- What is this term/analogy about a "hamburger" relating to investments? I have my hunch but please fill me in.
Oh Kathleen (the original Joneser on this board back in 1997) where have you gone?

 
Soon to be ex Joneser here.  Doorknocking is required for your first few months as they monitor you somewhat closely.  (Although no one really watches you except for an hour or so when your mentor goes with you, so I guess you could just lie about it.)  After that you are pretty much left alone and TOLD that door knocking is the best.  i.e. Mentor calls and says have you been door knocking this week?  But there is no ongoing requirement to door knock.  I quit seriously door knocking about 6 months in and have done fine. 
As far as the hamburger, it's some stupid selling techinque they teach at training that I never really paid attention to and don't really know.  I THINK it's like this.  You make a sales call and the intro, is the bottom bun, the info on the bond/stock is the meat, and the close is the top bun (i.e buy some today) and bingo there is your hamburger.
Go figure.

bspears's picture
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Joined: 2006-11-08

Yes, you are required to DK early on.  You can't do anything other than get name, address and phone number.  When I went to KFC or KYC,,,many in my class (all long gone) didn't do any dking, while the guillable(sp) bspears did as I was told!  I lasted and moved on, while all but 1 is still in the system.  He is struggling, and will never make the 18k requirement for segment 3. He'll soon be shown the door.  I actually like to get out and see people.  But, I don't go door to door, I see people at rotary, lions club, 4h meetings, softball games etc...Just being seen, and I love talking about MY new business. 

success's picture
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Ex,
I never said I was against fee based and I dont are if we use 1% for examples.  My point is that there is nothing wrong with A share funds.  Also, dont fool yourself that you are any smarter or better at picking stocks and funds just b/c you charge an advisory fee.  Whether its fee based or load funds, we are all in the same boat with information.  You may think you can do it better now that you can charge these assets fees, but you are still the same as you were before - trying to do the right thing.  Both models have there purpose.

anonymous's picture
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Joined: 2005-09-29

Success wrote, "Its ALL about putting your clients in the best investment possible to meet their needs at the cheapest cost."
Wouldn't it be cheaper for the client to go to a $100/hour fee only planner who could recommend no-load funds?  Their $500,000 investment would cost $100 instead of $10,000.
It's not about being the cheapest.  It is about doing what is best for the client.  Cheapest is not what's best for the client.  Investor performance is what counts, not investment performance.  Forget about my fee-only example.  For a buy and hold investor, "A" shares are much cheaper than being in a fee account.  This does not make it better for the client. 
The major problem with "A" shares is that the interest of the rep and the interest of the client are not alligned.  Success, if you build a decent book using "A" shares, you won't be able to afford to service your clients.   Hell, you will need a $1,000,000 book of business to earn $100,000 before expenses.  This means that you have a choice of giving good service to your existing clients while you struggle financially forever or ignoring your clients to constantly focus on getting new clients. 
The bottom line with "A" share funds, is that you can sell them to customers, but you can't sell them to clients.

gad12's picture
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Joined: 2006-12-06

anonymous wrote:
The major problem with "A" shares is that the interest of the rep and the interest of the client are not alligned.  Success, if you build a decent book using "A" shares, you won't be able to afford to service your clients.   Hell, you will need a $1,000,000 book of business to earn $100,000 before expenses.  This means that you have a choice of giving good service to your existing clients while you struggle financially forever or ignoring your clients to constantly focus on getting new clients. 
 

I think you meant $40,000,000

anonymous's picture
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Joined: 2005-09-29

Actually, I meant $100,000,000.00!  100 million x .25% (trail on an "A" share) x .4% (my guess on a Jones payout to the rep) = $100,000.

Broker24's picture
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Joined: 2006-10-12

Although they "Require" doorknicking in the beginning, if you have
another method (like if you had previous experience or some really good
network), you can do it. As long as you have prospects in your system
and start producing, nobody cares. You will only get pressed to
doorknock exclusively if you are not producing. If you produce, they
leave you alone. I know guys that were new/new that didn't doorknock
one day after their training period and were very successful (one that
comes to mind was a successful business owner previously, and well
tapped in - he got to $90mm AUM in 6 years, new/new, no GK, no daddy
GP, nothing - but he would be the rare exception).

But honestly, most EDJ new/new's had no previous experience, so they
really have no choice but to DK. However, if you are not REALLY
successful doing it, you need to find other ways to prospect to
supplement DK/cold calling. I see too many Jones guys get lost because
they don't know how to network, develop referral networks, etc.

Incredible Hulk's picture
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Joined: 2006-03-24

Incredble Hulk wrote: Wait, I thought Edjones had no big accounts.  Jones is not the easiest place to take clients from.  We live and breath for the client in their town, go to ther church, and use their Chinese restaurants and drycleaners. 
We have a bond with our client.

This may be my favorite post of all time.

newnew's picture
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Joined: 2007-02-23

THE HAMBURGER REFERS TO "ASKING OPEN ENDED QUESTIONS TO OBTAIN FINANCIAL INFO,ETC". IT MEANS SOMETHING LIKE
1. YES, I UNDERSTAND YOUR QUESTION/CONCERN (GET IN STEP)
2. HERE IS THE ANSWER---(THE "MEAT")
3. FOLLOWUP QUESTION SUCH AS "ANYTHING ELSE?"

Roadhard's picture
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Joined: 2007-02-23

Answer to your question, Yes you will door knock!  Does it work or help?  Yes, people will remember that you came by at one time.
I have been working in Jonesville for 14 years, close to six figures in AUM and the time has come for me to work directly for my clients and not the pockets of the GP's.  Unlike some of you I am not bitter over my treatment the last 14 years.  I started NEW/NEW as you call it on these posts.
I'm retired from the Military and I'm very proud to read your support for our young men and women that have served and continue to serve this great country.  So as you can add up 22 years in the military and 14 years at Jones = senior (grandfather).
I will be indy in < 45 days.  There is a lot of work going into transferring out a large book from Jonesville.  I know there is a lot of bashing of EDJ and a large amount of it is justified.  I have done the goodknight program and have a large sum in LP.  I agreed  the indy model is the best model for most of us.  But please try and remember that some of these rookies need to start somewhere and Jones is not a bad place to get a book started. 
I would ask that you wish me luck since this is St Patrick's Day, but luck had nothing to do with me making it this far in the business and luck won't have anything to do with me making it as a Indy.  So the countdown is 45 days! 
By the way this is a team event--2 from Jones to start own business!

uwec86's picture
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Joined: 2004-11-30

Roadhard,
Congrats on the move...It will be hard work for a month or so and then it's back to your normal routine.  Please PM me if you have any questions and would even be happy to give you my phone number and e-mail in case you want some suggestions on how to streamline this process.
What firm are you going to?
Good luck!

FreeFromJones's picture
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Joined: 2006-11-29

Roadhard,
From another retired military ex-Joneser, good luck.  Yes you will enjoy life more.  Yes, it's good to be the owner and not the employee.  As retired military, we know what it's like to be employees, not getting to make your own decisions, etc..., so becoming independent and becoming your own boss (for real) is a huge relief and a breath of fresh air.  Enjoy not letting EDJ keep so much of what you've worked for each month.  Feel free to contact me directly.
 

Mucho de Tejas's picture
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Joined: 2007-03-08

Just FYI, I would be EXTEMELY careful in how much information you disclose until you and your buddy are out of there. It is way too easy for the home office to narrow down who you are and put a crimp in your plans.
Good luck going indy.
 

bspears's picture
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Joined: 2006-11-08

The gestapo is always lurking.  It would be nice for one of their techies to tell us how they operate. 

FreeFromJones's picture
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Joined: 2006-11-29

Mucho is correct.  Stay stealth until you leave, then you can blast anything you want to anyone you want to.  Watch out for the hidden camera in the Jones monitor though and you know they're always listening!!  They're likely to do what they can to keep you, or at least to keep YOUR CLIENTS, so be careful not to fall under the GP spell.

Roadhard's picture
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Joined: 2007-02-23

LPL, and roger out!

Broker7's picture
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Joined: 2007-02-23

Just left jones!! they hold my U4/5 for 30 days....looks like I have some down time as they do damage control.!!

bspears's picture
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Joined: 2006-11-08

why are they holding your u-whatever?

FreeFromJones's picture
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Joined: 2006-11-29

B7,
They shouldn't be holding it because they should want to wash their hands of you as soon as possible.  If you are staying in the industry, they are liable for your actions as long as they hold your U5.
I assume you left today because it's the last day of the EDJ selling month?  Good luck!!  and welcome to life after koolaid.

bspears's picture
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Joined: 2006-11-08

Go inside a little room and lock yourself in.  After 20 days come out and you will be detoxed from the Koolaid.  It will be hell for the first few days...wanting to flip someone from one fund family to another, 1035 from a good annuity to another, sell stocks with low cost basis to the client.  Hell, you'll still be telling people, if you have the money today, I think you should buy some.  If you thought you had any buds at the devil firm, you don't now.  WELCOME ABOARD!!

uwec86's picture
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Joined: 2004-11-30

EJ can't legally hold up your U5...only the NASD or the state can do that.  Mine came over in hours, a guy I know had to wait a couple of weeks.  The guy kept going with client meetings and had them sign undated forms...Don't let EJ win...kick some a$$!!!

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