Edward Jones Performance Exception
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[quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something. [/quote]
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn't generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn't have someone else whispering in his ear. Cash is also a great example. Good brokers don't turn investments that don't need it.[/quote] Herin lies the conflict of interest Jones puts on its advisors by not allowing them to charge an advisory fee on any asset type. If the client holds 500k of american funds, the other guy made $10k (gross), while the EJ guy gets 1250/yr (gross). The next client that walks in with cash and invests 500k puts $10k gross to the advisor, for no more work, and in some cases less because the advisor got to set up the portfolio from the beginning. Wake up Jones.[/quote] Not exactly sure how this is a "conflict of interest" but I will bite anyway. MAP Individual Stocks and Bonds Advisory Solutions Mutual Funds Both fee based. Wake up LuvIndy.....We have.
rankstock
why dont u STFU u tool.
u put ur loser pix in this place?
KMA u jerk
i wish u were here. id like to just kick ur a^&
If you can’t handle the heat…well, you know the rest.
I understand I'm being harsh here. But if you can't handle a little heat in a forum like this, you shouldn't be in here. I have seen 50+ brokers fail over the last 15 years I've been around, and there is a reaccuring theme. "It's (fill in the firm name here) fault. I didn't get a fair chance. Why is (fill in office manager's or regional leaders name here) picking on me? When are they going to realize I am so great even though I didn't do any work?" Over the years I have become jaded. I wish all the new people all the best in the world, but don't go bitching about how it isn't fair. Life isn't fair. Either work your ass off and succeed or fail and move to a bank or credit union. CDO, you don't like my photo?[quote=B24]HR, that opinion does NOT exist at Jones. They believe (or at least act like) anyone that leaves ends up losing half their book because none of the clients could bear to leave Edward Jones.
In one sense, they might be right in many instances. Jones does a great job (as they should) of getting FA's to "sell Jones". I think the FA's do this a lot to their detriment. I, for one, do not use Jones's name as a big advantage. Although I do use the current debacle in the industry to our advantage. But I want to be sure that if I ever leave, my clients barely remember the name of the B/D I work for. You will notice I have very little "Jones" crap around my office. That's for a reason. Don't get me wrong, I like our firm, I just have to protect my future.[/quote]Smart man.
[quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something. [/quote]
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn't generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn't have someone else whispering in his ear. Cash is also a great example. Good brokers don't turn investments that don't need it.[/quote] Herin lies the conflict of interest Jones puts on its advisors by not allowing them to charge an advisory fee on any asset type. If the client holds 500k of american funds, the other guy made $10k (gross), while the EJ guy gets 1250/yr (gross). The next client that walks in with cash and invests 500k puts $10k gross to the advisor, for no more work, and in some cases less because the advisor got to set up the portfolio from the beginning. Wake up Jones.[/quote] Not exactly sure how this is a "conflict of interest" but I will bite anyway. MAP Individual Stocks and Bonds Advisory Solutions Mutual Funds Both fee based. Wake up LuvIndy.....We have.[/quote]
Tell me how you can transition an existing portfolio into either of those platforms without selling existing positions to make the deal happen and I'll kiss your ass.
Although it sounds enticing, I think I will pass on you kissing my ass. Frankly, I am not sure why you even offered. I sure did not ask you to kiss my ass. Okay. Enough on my ass and on to what I think was your point (You did not make it clear).
Since Jones now has fee based you are critical of Jones not allowing us to just slap a fee on existing assets. Call me crazy but it seems there should be something in it for the client. No selling of existing positions whatsoever? Just keep what you already had? No conflict. Client should not pay a fee for nothing. On second thought, I will take that ass kissing.Iceco1d,
I agree with everything you said. The difference is LuvIndy framed his question (or statement) so that it is unrealistic, not practical, and involves no advice. Keep everything. Pay me. End of story. Your response involves advice and responsibility to the client. His (or Hers?) closing of "Wake up Jones" added nothing to his post except confirmation the he is a bitter, childish, idiot.[quote=LuvIndy] [quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something. [/quote]
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn't generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn't have someone else whispering in his ear. Cash is also a great example. Good brokers don't turn investments that don't need it.[/quote] Herin lies the conflict of interest Jones puts on its advisors by not allowing them to charge an advisory fee on any asset type. If the client holds 500k of american funds, the other guy made $10k (gross), while the EJ guy gets 1250/yr (gross). The next client that walks in with cash and invests 500k puts $10k gross to the advisor, for no more work, and in some cases less because the advisor got to set up the portfolio from the beginning. Wake up Jones.[/quote] Not exactly sure how this is a "conflict of interest" but I will bite anyway. MAP Individual Stocks and Bonds Advisory Solutions Mutual Funds Both fee based. Wake up LuvIndy.....We have.[/quote]
Tell me how you can transition an existing portfolio into either of those platforms without selling existing positions to make the deal happen and I'll kiss your ass.
[/quote] OK, let's say that the client currently owns mutual funds that for some strange reason, probobaly just pure dumb luck, all happen to be funds that are a part of the Advisory Solutions platform. Or maybe 90% of them are and he just holds a couple that aren't, but that do the same thing as the ones currenlty in AS. I can petition the AS folks to let me use his fund XYZ in lieu of their fund ABC. All the funds move in in kind. He sells zippo. Now, we may rebalance the portfolio, but he doesn't completely liquidate any of his positions. BTW, I can use a custom model that he and I put together ourselves that includes all of his exisiting funds. I may only have to rebalance the portfolio slightly to get it into the right paramaters. I'm now exposing my right butt cheek to my computer monitor. Good thing it's Saturday and I'm in the office by myself. I'll consider it kissed by your chapped, crusty lips.
[quote=ytrewq]Iceco1d,
I agree with everything you said. The difference is LuvIndy framed his question (or statement) so that it is unrealistic, not practical, and involves no advice. Keep everything. Pay me. End of story. Your response involves advice and responsibility to the client. His (or Hers?) closing of "Wake up Jones" added nothing to his post except confirmation the he is a bitter, childish, idiot.[/quote]Ice covered it for me. It's important on highly appreciated stock, quality bond positions, existing funds that the advisor already uses, the list goes on. The point is you can't tell the client "I'm only making an investment change because it's in your interest. It's up to you to take my advice, but my livelihood does not depend on you taking my advice, it's on me giving it to you and communicating with you on a regular basis."
I feel quite secure in my offer not needing fulfillment.
Truth is Jones people (which used to include me) do not fully understand the alternative because they don't have it available to them. Jones is living in the past and probably even in many ways management doesn't realize it (though they're getting closer).
[quote=Spaceman Spiff][quote=LuvIndy] [quote=ytrewq][quote=LuvIndy][quote=Incredible Hulk] [quote=Potential] [quote=Borker Boy]Is gross production 1% of new assets brought in that month? Bringing in new assets doesn’t mean squat. You’ve gotta sell them something. [/quote]
Doesn't one necessarily imply the other? How can I bring in assets and not sell them something?
Thanks for your insight.[/quote]
I have transferred in mutual fund portfolios and done internal exchanges that didn't generate a dime outside of the .25% 12b1. I have transferred in Vanguard accts just so the guy doesn't have someone else whispering in his ear. Cash is also a great example. Good brokers don't turn investments that don't need it.[/quote] Herin lies the conflict of interest Jones puts on its advisors by not allowing them to charge an advisory fee on any asset type. If the client holds 500k of american funds, the other guy made $10k (gross), while the EJ guy gets 1250/yr (gross). The next client that walks in with cash and invests 500k puts $10k gross to the advisor, for no more work, and in some cases less because the advisor got to set up the portfolio from the beginning. Wake up Jones.[/quote] Not exactly sure how this is a "conflict of interest" but I will bite anyway. MAP Individual Stocks and Bonds Advisory Solutions Mutual Funds Both fee based. Wake up LuvIndy.....We have.[/quote]
Tell me how you can transition an existing portfolio into either of those platforms without selling existing positions to make the deal happen and I'll kiss your ass.
[/quote] OK, let's say that the client currently owns mutual funds that for some strange reason, probobaly just pure dumb luck, all happen to be funds that are a part of the Advisory Solutions platform. Or maybe 90% of them are and he just holds a couple that aren't, but that do the same thing as the ones currenlty in AS. I can petition the AS folks to let me use his fund XYZ in lieu of their fund ABC. All the funds move in in kind. He sells zippo. Now, we may rebalance the portfolio, but he doesn't completely liquidate any of his positions. BTW, I can use a custom model that he and I put together ourselves that includes all of his exisiting funds. I may only have to rebalance the portfolio slightly to get it into the right paramaters. I'm now exposing my right butt cheek to my computer monitor. Good thing it's Saturday and I'm in the office by myself. I'll consider it kissed by your chapped, crusty lips. [/quote]
Spiff, if this is reality it's a step in the right direction. It shows who is in charge though if you have to "petition" to give the advice you want to give.
You're right. Jones does control what goes into Advisory Solutions. The SMA managers control what happens with their money too.
I can't see Jones ever giving us a full fee only practice option. It would be a great option to have so that I could compete fully with everyone else, but they're way too conservative for that. Even though they'd make a ton more money and their revenue streams would be much more predictable, it'll never happen. Of course John Bachmann sat on the stage at South Campus one day and vowed that Jones would never do fee based business and if anyone wanted to do it, they'd have to leave the company. Maybe I'll be proven wrong some day. I think some of us do understand the alternatives out there. I'd love to be able to tell people that no matter what form of investments they want to use the fee is still the same. Sit in cash if you want, my family still gets to eat. But, since I'm not willing to go indy or RIA at this point in my life, I'll work with what I've got. And I think I fulfilled the statement : Tell me how you can transition an existing portfolio into either of those platforms without selling existing positions to make the deal happen and I'll kiss your ass.However, being the nice guy I am, I won't hold you to it. Anyway, it's not Thursday and I'm not into that kind of thing any day but Thursday.
Spiff, as has already been said, you are one of the most reasonable Jones dudes around. Keep a level head like you are and you will be in good shape.
We’ll agree to disagree on who owes you what in the ass-kissing department.
Jones will never have a full fee only platform b/c it would scare them to death that the client would have a deeper relationship w/ the broker than the firm. This would hurt Jones when brokers come and go.
I tend to think it would be because of the compliance issues associated with a full fee only platform. A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors. They don’t have compliance officers on staff like non-indy B/Ds do.
I don't think Jones is under any misconceptions that our clients are loyal to us, not specifically to Jones. I have very few clients in my office that got to me because they were looking specifically for EDJ and I just happened to be the guy closest to them. Now, there are some, but not that many. Those are the folks that if I ever left Jones would more than likely stay behind. Luv - thanks for the kind words.Hey , Me,too, I might follow you as well, coz they would probably put me into on-go basis.
Um…what? Perhaps the Canadian to American translation didn’t come across so well. Try again.
[quote=Spaceman Spiff]I tend to think it would be because of the compliance issues associated with a full fee only platform. A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors. They don’t have compliance officers on staff like non-indy B/Ds do.
I don't think Jones is under any misconceptions that our clients are loyal to us, not specifically to Jones. I have very few clients in my office that got to me because they were looking specifically for EDJ and I just happened to be the guy closest to them. Now, there are some, but not that many. Those are the folks that if I ever left Jones would more than likely stay behind. Luv - thanks for the kind words. [/quote] Bzzzz, wrong answer my friend.....Do you really think that because you are independent that compliance gets a pass????More Jones fables that the followers take as gospel. Spiff (and other Jonsies who read this forum), let me say it one more time: “You don’t know what you don’t know!”
[quote=noggin][quote=Spaceman Spiff]I tend to think it would be because of the compliance issues associated with a full fee only platform. A company like RJ or LPL knows that they are simply the back office and not truly responsible for their advisors. They don’t have compliance officers on staff like non-indy B/Ds do.
I don't think Jones is under any misconceptions that our clients are loyal to us, not specifically to Jones. I have very few clients in my office that got to me because they were looking specifically for EDJ and I just happened to be the guy closest to them. Now, there are some, but not that many. Those are the folks that if I ever left Jones would more than likely stay behind. Luv - thanks for the kind words. [/quote] Bzzzz, wrong answer my friend.....Do you really think that because you are independent that compliance gets a pass????[/quote]Just had my annual audit today. No passes here....
Sorry, my bad. My assumption, which was just that, not something Jones has ever told anyone, was that because you folks had to have your own person responsible for compliance in your office that there wasn't the huge field supervision team at LPL like we have at Jones.
Sooth - let me say this back to you: You're not as smart as you think you are.