Grass is greener....at Jones

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Jonzed's picture
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Joined: 2004-11-30

There is actually an internal memo circulating that has an item by item comparison of Edward Jones to the Indy's.  You have to see this to believe it.  I've seen it but do not have access to a copy. Can someone post it here?  Should be good conversation.

Player's picture
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Joined: 2004-12-08

Sounds like the GP's are running scared..............their lies are catching-up, and they are loosing more experienced IR's percentage wise and number wise than at any time in their history, and they keep spreading untruths..........................  Don't they realize that some of their IR's actually do read the WSJ, even though their clients don't according to Doug "3 Mil" Hill who should have been sent to early retirement if the other GP's had any hoinesty left in their bodies..........how can any self respecting vet put up with that CRAP?
Oh, they aren't, they are leaving...............

Jonzed's picture
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Joined: 2004-11-30

Doesn't someone have a copy they can at least quote from? 
I'll try and get a copy.

BrokerRecruit's picture
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I have a copy, but can't paste it.
It's very interesting.  I recruit for indy and wires and some of the info is accurate, some is so far-fetched it is ridiculous.  For example:
"The best of the best keep 2/3 of the assets and customers....The overall average:  55% stay with Edward Jones..."
Ever broker that I have moved from Jones has taken AT LEAST 80% of their assets and 99% of the accounts the want to take. 
The 55% of clients staying behind may be perfectly accurate.  However, I would like to see what these clients have under management - is it $1000, $5000?  I'd be hard pressed to say that a $1M client that has the opportuntity to move to a platform offering a variety of fee-based options (let's say ML, SSB, UBS, etc.) would say "no, let's keep trading C-shares."
Where they get this info is beyond me.

zacko's picture
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Joined: 2004-12-01

55% assets stay with Jones?  That's an outright lie and they know it. 
Keep in mind that they are continually attempting to re-prove themselves to the vet IR that they are the "best deal" in town.  It seems that they will say almost anything or twist any statistic if it suits their objective.
It is well documented that I took over 90% of the assets within 4 months (75% in the first 60 days).  I know of many others that have similar numbers and i know of NO ONE who has gotten under 50%...unless they inherited a branch and left soon thereafter which is rare.  I now have 125% of the assets I had when I left Jones.  Simply put Jones lies.
If I were at Jones AND recieved that wire--and was contemplating indy---I WOULD be upset.  Upset that yet another twisted truth made it's way to the "Greatest Salesforce in the World".  Soon, they will start calling themselves "The DUMBEST Salesforce in the world"
Smart brokers know better when they read that stuff. 
 

Malcolm's picture
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Joined: 2004-12-02

I've been told they'er starting to feel the pinch at the home office.  It's starting to hurt and they are concerned.  Younger cool aid drinkers will read it and believe it.  They're an insulated bunch that don't know any better.  Yep, the smarter and more seasoned ones will realize it is bull.
All it takes is for an IR to go out and look around and judge the facts.  When you do that, like I did, it's like getting hit in the face with a bucket of cold water.  You just can't ignore the truth once you are exposed to it. 
 

BrokerRecruit's picture
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Joined: 2005-04-19

I'll quote anything you would like to hear.

Jonzed's picture
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BrokerRecruit-
There was something about selling your book as an Indy and the Jones response was something along the lines that selling a book is a myth and the the Jones LP is the answer.  Of couse, Im paraphrasing here..... Help us out.

Guest1's picture
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Joined: 2005-01-16

Check out the great thread somewhere on this board about selling your book. It was started a week ago and has a whooping half dozen posts already! If Jones is over hyped by its IRs the equivalent over hype in the INDY world is "Yeah, but I can sell my book"

BrokerRecruit's picture
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Here goes:
fptransitions.com states that the fee-based portion of the book sells for 210% of the production and the transactional side sells for 110% of production, verified either rolling YTD or LY.
EDJ states:
"One of our independent competitors says a book is worth $1,000/million, or a $100M business is worth $100k....
Compare that to the income on your LP after a career at Jones...."
Biggest load of crap I've ever heard.  Show me a producer that sold $100M in assets for $100k and I'll show you the biggest idiot in the world.
I'd also like to know who this supposed indy competitor is and what they were puffing on when they said this...or should I say IF.

Guest1's picture
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Joined: 2005-01-16

Recruit, so what are you saying a book is worth? FP Transitions has plenty of high asking prices but where are the deals being done? Also, with a 30% downpayment what happens when the seller
1) walks away from the deal? Do you come out of retirement?
2) Sues you becasue 2/3rds of YOUR clients do not stay with them once you are gone (Zacko says clients come for him and nothing else, not comforting to a buyer)
3) I read Gaus article, plenty of negative information there. (Does he own FP?, scary man)
My EXISTING LP (not what is in my "pool" will average 50-55k per year without me working. That is today, I wil have more and likely will see 75k in retirement from it, each and every year.

Bill Fakkland's picture
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Joined: 2005-01-18

The omnipresent "Guest1" has scored a clear victory..enough to motivate ol' Bill out of retirement to voice my approval. I've been wined and dined (or beered and dined) twice in the last month. My morbid curiosity keeps me from turning down these free lunches with 35 year old guys with really white teeth and expensive suits who say "perfect" every second word. I'm sticking around. My bonuses are actually pretty good these days. I'm making an obscene living, at least for a guy from a small town on the Prairies. The trips are fun..even though there is always at least one guy at my table with a toupee' who leans a bit too close to my wife after a few beers. I'm a happy camper. The LP, surpise surprise...is GOOD and worth doing, contrary to what Zack etc say. The naysayers are wrong..Jones is okay for some of us who have worked too hard for too long to get sucked in by some Carpetbagger with a yankee accent promising the moon.

Starka's picture
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Joined: 2004-11-30

Where did you Jones guys get the idea that all books sales go through FPTransitions?  I've never bought or sold myself, but I do know a couple of people who have, and it's been done through business brokers who specialize in our industry.  I won't say that it's commonplace, but it's not the rare occurance that you apparently think it is.

exdrone's picture
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Joined: 2005-07-01

Guest and Bill,
Have you guys never heard of a CPA or attorney selling his practice?Have you ever heard of any business being sold?
Reality is that it happens all the time.  Businesses are bought and sold all the time.  How is our industry any different?
You simply must quit believing the dribble Jones sells you if you want to be taken seriously.
Guest: Are you trying to say that it is impossible unreasonable to sell brokers book or a financial advisor"s practice? Or, are you just repeating the Jones line because that's all you know how to do?
BF:You said, "Jones is okay for some of us who have worked too hard for too long to get sucked in by some Carpetbagger with a yankee accent promising the moon. " This says one thing. Loud and clear. You're scared.  You are too afraid of losing what you have to try anything new or even consider another avenue.  I'm glad you're happy, but for those of us who have girded our loins and taken the road less traveled, the reward is greater than you could imagine.

Guest1's picture
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Ex, immpossible? NO. BUT, it is so overly hyped on this board that the book has XXX value. FEW are sold at what YOU think they are worth. I have a book that many would envy, I have a gross that puts me in the top 1 or 2% of our indutry and I have a net-net payout that would rival yours. I HAVE been to San Diego and Chicago to talk. I have spent hours on the phone with the Florida folks. I am in the best spot for me and my family. But, thank you for the concern. AND, I can imagine.
Starka, no FP is not the only one. Buy, it is the only one anyone ever touts. Although I have not seen or heard of a SINGLE post on here from ANYONE that has bought a book. Where are they ?

Starka's picture
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Guest1, the truth is that there are only a couple of dozen brokers posting regularly on these boards.  I wouldn't think that it's all that strange that there are no retired brokers who sold a book here.
I do, however, have a friend who has bought several practices and seems to do quite well with the business.  If he wasn't, why keep doing it?

Player's picture
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Joined: 2004-12-08

BillF-up, Guest1, lame employees working for slave labor, you think you have it so good, because you don't have enough sense to do the math............You own nothing at Jones, your LP income when you die is gone to your survivors, what's up with that?
By the way, who controls your LP earnings?   
If, you are 50% the producers you claim to be, you only have to look at your own book and see the 20% of (YOUR COMMISSIONS) you are contributing to the GP's get 50% Plus payout, and Lp's get between 15% to 22%(of their own money), and you think you are coming out good on this?  
Simple Math:  500K Gross X's .38 = $ 190K (Minus your expenses)
Best Bonus paid on your Profitablity is nowhere near an additional 100K in your Pocket (20% of your 500K goes to you instead of to GP's  & LP's)  Now be HONEST, is that not better than you are getting?  It's simple even for you two girlie men
Do you love Edward Jones more than your own FAMILY?
Do the MATH..........it's a NO BRAINER, even for you two
* Disclaimer: I am way to conservative on the net payout as an INDY showing only a 58% NET that is closer to 65 to 70% in my office, but 58% is higher than any Edward Jones IR has ever received from personal production, and that is a FACT! 
I have done the MATH........wake-up DRONES & CLONES,
THE TRUTH WILL SET YOUR..F R E E ............

Indyone's picture
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Joined: 2005-05-31

I've considered all the options too, and have been courted by four separate well-meaning Jonsers.  End result for me was a very easy decision to go independent with LPL.  Despite all the hype, Jones is only a quasi-independent organization and was definitley not a good fit for me.  I detest stupid mandatory rah-rah sales meetings that take me out of the office and away from sales opportunities.  I detest selling investments door-to-door and/or calling clients with the stock or bond of the week.  It's obvious that plenty of Jonsers are not happy with what their firm is up to these days.  It speaks pretty clearly to me when a firm puts out a piece full of lies designed to keep reps in the fold through fear, that they themselves don't think they are the best game in town.
If jonsers are happy with their structure, payouts, and the way they can conduct their business, then bully for them.  I too was once a happy camper sipping my company's Kool-Aid until the day they crapped on me once too often.  Now, I am considering sending management a Christmas card, for without their stupidity and stubbornness, I probably would have never considered looking elsewhere.  For my business, the Jones model would have been a huge step backward for both products and available technology.

jones-sniper's picture
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Joined: 2005-04-05

YAH
I AGREE WITH INDYONE...
I left Jones. I learned alot there in five years. I found my voice there. I left and have never regretted it.  I never drank the Kool Aid. I tell this to my old colleages that are still door knocking after five years..."YOU DON'T NEED JONES TO EARN A LIVING IN THIS BUSINESS."
J-S

exdrone's picture
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IndyoneSenior MemberJoined: May 30 2005Location: United StatesPosts: 230
Good move. Good post. You nailed it.
As a side note.  I was staying at a hotel a few weeks ago and walked by a conference room with someone giving a speach about the wondeful culture of their company.  They were part of a family, and their colleagues were thier best friends.....  I was sure it was a group from my famed alma mater, Edward Jones.  But low and behold, it was A Mary Kay rally.  If they changed the sign on the door, I would not have been able to tell the difference.

csmelnix's picture
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Joined: 2005-06-01

Some people get it and some people don't.  I know I will start a fury by making these comments but I have to.  Those of you who are independent especially former Jones advisors testify to this.  How much more have you learned about being a planner since going independent?  How much more value are you bringing to the table for your clients since moving independent?  Why?
It amazes me how much Jones advisors grow after they put down the kool-aid and really learn that there is more out there to offer clients and really do the right thing for them than mutual funds and Southern Company stock.  Frankly, it's embarrassing that Jones advisors are considering themselves advisors anyway.  The lack of platform and product choices to stay w/i the least common denominator regulatory parameters, only tells half the story.  I love the Jones advisors that brag about treating the clients right - how many of you like all other Jones advisors build the book so clients assets mature and allow you to reinvest for more commission?  Deep down, you know that's why you do it and that it's not about the client.   You know why you do it that way?  Because you can't build a business from a purely advisory based approach.  The fact that you don't even have a choice is embarrassing.   Oh well, at least there are bonuses this year... and LP payouts of $55 or $75k to look forward to in retirement.....after how many years of slaving for the man, and that's what you're bragging about?  
That must be why every former Jones advisor that has gone independent always says....I wish I would have done this sooner!

zacko's picture
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Guys,
Having the flexibilty with your book at end game (as an indy) is an advantage you simply do not have at Jones.  You can spin it anyway you want but the result is still the same.  And, as far as the LP goes?  It's not a bad investment...never said it was.  But--it's not a fantastic investment either.  Especially when you think of all the crap you gotta go through to get it?  and besides, YOUR GIVING THEM YOUR MONEY.  So, there is the opportunity cost of funds that you do even factor in.  That, and the fact that you are paying taxes at the highest rate every year on the earnings and that none of it is deferred. 
Yeah, it's a decent investment overall--but it's nowhere near what Jones makes it out to be and it is certainly not a reason to remain at Jones under any circumstance.  That's like me saying the FREE stock options I get at RJFS which have averaged comparable to LP returns (did i mention free) over the last fifteen years is a reason to go indy.   Sure, they are nice...but it's much more than an LP or free stock options guys.   It's product, flexibility, and takehome pay.  ALL which are better an indy.
As a former Jones broker--I used to be in the skeptics camp.  After all, it's what you were "trained" to do.  Doubting that it could be better in spite of what I have been told and not trusting the recruiters from indy and making excuses for Jones and giving them the benfit of the doubt when I compared firms.  It's almost as if you have to force yourself to think objectively.  Once you do...it's the ONLY way to do business and you guys have no idea what you are missing. 
No offense to broker recruit--but go talk to some former Jones brokers and ask them if they are really happier.  OH BTW..i get trips here too.
 
 
I

BrokerRecruit's picture
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Joined: 2005-04-19

Bill,
you are right - if you are happy at Jones, more power to you.
And to everyone bashing fptransitions.com, I don't care.  It means nothing to me where an FA buys a book or how.  That is the industry average, whether it is purchased through fp or not.  I'm sure there are some that fetch more than that and some (transactional books) that fetch less.
My point was that the statistics in that memo were inaccurate, or at least they are Q4, 2005.  They may have been accurate in 2001, maybe early 2002, but not now.  They hold no bearing.  If I were a new broker and I knew of someone wanting to to sell me their $100M book for $100k, I would purchase it any way I could, shake their hand and, after the deal was done, tell them what a bonehead they are. 
Although, if it were a $100M book worth $100k, it must be mostly, if not all, transactional and probably facilitated by a stock-jockey or, better yet, a mutual fund-pusher.  I do bet, however, that if it were a $100M book at Jones, it would be filled with all of those lovely $500k+ fee-based accounts.

CIBforeveryone's picture
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zacko wrote:
  That, and the fact that you are paying taxes at the highest rate every year on the earnings and that none of it is deferred. 
Yeah, it's a decent investment overall--but it's nowhere

Please clarify what you mean by paying taxes at the highest rate...are you saying that this is because you were in the highest tax bracket anyway? Or are you inferring that the LP income is taxed differently than ordinary.
 

zacko's picture
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Joined: 2004-12-01

LP income is taxed as ordinary income and for me that was at the highest rate.  For most who have Jones LP it will be in either of the top two brackets.  Point is that while it's decent..it's a long way from being the pot of gold at the end of the rainbow.
 

noggin's picture
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Joined: 2004-11-30

Zacko- You still preaching to the masses? How about some business ideas to help us make more money tomorrow and not switch firms..... I hope you are well.

compliancejerk's picture
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noggin wrote:Zacko- You still preaching to the masses? How about some business ideas to help us make more money tomorrow and not switch firms..... I hope you are well.
Nogging it is quite obvious that you prefer the koolaid over the truth, hey that's okay by me. Zacko, uwec, illuminati (where-ever you might be) and of course myself, have given you a way to increase your net/net, spend more time with your family, go on trips when where and with whomever you chose, and most importantly how to ensure how a spouse/family can benefit financially from your hard work should you die.
If you don't want to listen, let alone back up your claims we really don't care.
Just like you were fooled on why the preferred family of funds were "the best", you are being fooled into believing you are working for the most ethical and doing best by the customer brokerage firm and that youre employer will "do right by you".  I thought that way until the3 months before I left (after 5 years). Boy was I wrong, just as I think you are.

zacko's picture
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Going indy is the fastest way to increase your income and make more money tomorrow.
We started doing small intimate lunches with groups of clients and asked them to bring a friend.  I've also started taking individual clients and CPA's to lunch more.  ALso, I still do widows lunches on their birthdays.  Although I still do it, I have started to feel that advertising is a shot in the dark and while occasionally you might get some business as a result--there is no substitute for getting in front of people who can do or refer you business.
I'd be happy to discuss business ideas on a new thread if you or anyone else wants to start one.  I could learn a thing or two myself from many of you and will be starting a 2006 biz plan soon. 
 
 

compliancejerk's picture
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Mr. Fak-land,
You are still the champion comic on this site!  Each and everyone of your posts are side splitting comedy.
Toupee wearing IRs hitting on your wife and she's probably enjoying the attention because you're spending too much time away from home doing all that charity work (NIRSS, visiting vet etc etc).  Perhaps you should explain to her how much money met/net your leaving on the table by staying with the best sales force in the world.  She finds out that you're leaving an extra 30-40% on the table, I bet you'll need a toupee from the scalping she'll give you.  Not to mention going on trips that SHE'D like to go on, when SHE wants to and with whom SHE'D prefer, instead of the toupee wearing drunk IR (or was that a GP?).  Not to mention the fact that SHE (or your family) could sell your book of business should something happend to you (or is that why you're still at your firm as the missus might take your life for staying with all those drunk toupee wearing IRs)
But from the sounds of it you've drunk too much koolaid to be concerned about what's in your family's best interest.
No one says you have to deal with more intelligent, younger, better dressing (than you) yankees, heck you can deal with some red-neck fannel wearing good' ole southern boy. But then you're just looking for excuses to stay and hope for that GP.  Hope your wife can put up with some groping and don't say it doesn't happen. 
Best of luck laughing oldster.

Player's picture
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Joined: 2004-12-08

Alll the Jones Drones and Clones have went silent.
the TRUTH BITES...................doesn't it?

csmelnix's picture
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Joined: 2005-06-01

I still haven't heard any comments from the Jones preachers on the new VA policy there.  They must think highly of their advisors to place this new policy.  Jones has decided that all 1035 and new VA business has to be reviewed by good old field supervision prior to placing the business.  Must make you vets feel good about that.  So after working in this field for 10 + years, you have to have a no experienced advisor or failed in the field  home office rep, ok your ability to place a client in a VA.  IT makes sense being an employee doesn't it?
They apparently decided to higher a separate compliance department to focus on that only. 
So tell me again, who does jones GPs and decision makers align themselves with - their backsides or their advisors? 

zacko's picture
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Joined: 2004-12-01

ALL 1035's AND NEW BUSINESS prior to placing VA ticket?  That's too funny.
Thanks to Edward Jones for offerring up continual reminders of why I left!

moneyadvisor's picture
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Joined: 2005-08-02

I have my issues with Jones too, but At Merrill, we have gotten tighter and tighter reviewing 1035 and VA business also. I think firms have to have a rigorous process for VA applicants, to help assure suitability. They need to at least look like they are trying, so when they get audited, they are protected.

babbling looney's picture
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I still haven't heard any comments from the Jones preachers on the new VA policy there.  They must think highly of their advisors to place this new policy.  Jones has decided that all 1035 and new VA business has to be reviewed by good old field supervision prior to placing the business
It bites, and it isn't just Jones.  My B/D recently instituted a policy that all variable direct (life and annuity) business gets sent to the home office for review. so everyone get ready.  Not only is it insulting, but it delays the entire transaction by at minimum a week.  I have never had one turned back, but still......to be treated like children.  Pffffft.

Player's picture
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Joined: 2004-12-08

It is no big deal, at my firm, If it's in the best interest of the client they will fly right through, I have never had one turned down, it's common sense with all the witch hunts going on this will continue for some time, so get used to it.
As for Edward Jones the compliance officers seemed to be out to get your a77, but on the Indy side they actually are there to help you do the right thing, for the client and your business, it was very refreshing after dealing with the Jones Gestapo......  

Greenbacks's picture
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Joined: 2004-12-21

LPL  VA Policy is not getting any better either!

zacko's picture
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RJ has been asking for more info but NOTHING close to what Jones is needling their reps about.

noggin's picture
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Joined: 2004-11-30

csmelnix and zacko- Wrong information on 1035's and VA's. Thanks for playing, though.....

exdrone's picture
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noggin wrote:csmelnix and zacko- Wrong information on 1035's and VA's. Thanks for playing, though.....
 
How about telling us what is wrong about it!
GO PLAY WITH YOURSELF!

Guest1's picture
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Joined: 2005-01-16

Zacko, maybe you ought to read what your firm is doing to you on annuities. Oh yeah, you work for yourself. (yeah right)

ctlatinger's picture
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Joined: 2005-08-10

Guest1,  I cant figure you out....its as though you try so hard to justify to yourself that individuals that left Jones are worse off than they were before....YET I HAVE NEVER SEEN A SINGLE POST or even heard of anyone that left Jones say they regret it.  Except, of course, on the infamous memo that is the topic of the thread.  I remember the memo, came over the weekend nightwire around Feb '05, then kept showing up...over and over....and every week there is a variation of that thing on the final "Doug Hills corner" topic.  Some touchy feely...
"Dear Doug, thank you so much for your leadership! I wanted to take a moment to tell you that I have worked for what are often billed as the 'top firms' before coming to jones, and there is no comparison.  I am thrilled with the products offered here, my pay is much better, and the technology is top of the line.  I was even independant for a period of time before I came here and I can assure you...the grass is definately greener here than elsewhere. Be sure to tell all the new brokers that they are truly part of the greatest salesforce in the world. This is why it is so important that we spread the good news and recruit new IR's to share in this great opportunity.  We know that new hires help us all and raise our market share for everyone.  Thanks and keep up the good work.  Stan Smith, Seg 5, Honkytonk, USA" 
I wish I had saved them all...Every single Jones employee out there knows I am telling the truth that some variation of this horse crap is printed weekly on the nightwire or the Doug hill corner.

eddjones654's picture
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Joined: 2004-12-03

G1,
And we all know that your soon to be ex-Managing Partner wrote all of those wires himself.

BrokerRecruit's picture
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Joined: 2005-04-19

Some people drink the kool-aid, some people are open-minded, and some just downright beer-bong the stuff.

zacko's picture
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Guest1,
I already know what RJFS is doing with annuities but it is nowhere near to what your going through at Jones as far as I can tell.
I can live with a 7% commission over the first seven years.  The L share annuity will be a thing of the past ( u don't have those at Jones anyway) with a 4% up front and a 1% trail for life of contract.  They are about 10% of my business.  There are many advisors who use annuities much more extensively than I do.  I'd imagine they would be more upset than I.
As far as being in business for myself...I am dude and I have a corporate tax return to prove it.  Sure there are issues and instances that change the way I do business but nothing compared to Jones.  I like a strong compliance department..but not one that gets in the way between me and my client.  No firm is perfect but being indy is by far the better choice then remaining at Jones for any vet broker.

csmelnix's picture
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G 1
Who are you sticking up for?  Think about it, now ask yourself when was the last time they stuck up for you.  This new VA policy is a great example; to say what's wrong with it goes to a point I made earlier, Jones' policies are set for the lowest common denominator - as a result, the vets pay the price too.  If you don't have confidence in the advice you give and feel comfortable with EVERY VA application having to go in front of somebody in the home office who does not know you or your client from anybody - you really are a joke and really shouldn't be in this business.  Now go have another drink of the kool-aid and wonder why - no advisor that has left jones has ever had any regret other than they didn't do it sooner.

7yrvet's picture
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Joined: 2005-02-08

I can't help but shudder everytime one of you makes reference to koolaid. It's funny that csmelnix talks about Jones as the lowest common denominator. I was thinking the same about the writer. Anyone else find the analogy pitiful.
As far as I know, no one has died at Jones because of the greedy GP's....Maybe some of you have heard that we live in a free society and are able to choose our paths in life (business or otherwise). Some have chosen a different route than the indy way. Get over it and move on.
 

exdrone's picture
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7yrvet wrote:
As far as I know, no one has died at Jones because of the greedy GP's....

Nice standard to measure success by. Pitiful.

exdrone's picture
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7yrvet wrote:
I can't help but shudder everytime one of you makes reference to koolaid...
....Maybe some of you have heard that we live in a free society and are able to choose our paths in life (business or otherwise). Some have chosen a different route than the indy way. Get over it and move on.
 

Yup. Free society. You're the one that keeps reading the posts here.  I say you drink kool-aid. Deal with it. But remember, I'm the one that told you you were giving up 20k per year so 3mil could count you among the "greatest salesforce."  Now, pay his legal fees so he can keep doing it, and then come buy the bridge I have to sell you.

eddjones654's picture
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7yearvet,
I guess the koolaid that you seem to mainline also interfers with reading comprehension too!  Please re-read csmelnix's post especially "Jones' policies are set for the lowest common denominator" refers to your IRs not Jones as the lowest common denominator.  I'm sure simple minded individuals could make that 'leap' of judgement very easily.
exdrone -
EXCELLENT REBUTTLE !

7yrvet's picture
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Joined: 2005-02-08

Civilized dialogue appears to be an impossibility on this forum.

eddjones654's picture
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Joined: 2004-12-03

7yearvet,
That's rich, expecting civility from a "darksider" like myself.
Tell you what I'll buy you a beer chaser to go along with that koolaid shooter.
Oh and in case you haven't read your hometown paper, you may want to start planning on a "stepping down party"
http://www.stltoday.com/stltoday/news/stories.nsf/editorialc ommentary/story/FD8A45FAB914CED0862570AE0038000B?OpenDocumen t&highlight=2%2C%22doug%22+AND+%22hill%22
OUR VIEW: EDWARD JONES: Booting the bossBelow is the link to the story. http://www.stltoday.com/stltoday/news/stories.nsf/editorialc ommentary/story/FD8A45FAB914CED0862570AE0038000B?OpenDocumen tHere is the story.U.S. ATTORNEY Catherine Hanaway was right in refusing to let Douglas Hill remain as head of the Edward Jones brokerage.The decision sent an important message: Corporate sleaze is not forgivable, no matter how prominent the corporation. She upheld the principle that chief executives who condone deceit can be made to suffer personally.  Kid gloves are not in fashion at the federal courthouse.Neither Mr. Hill nor the firm has been accused of a crime. Instead, thefirm was taken to task civilly for deceiving its customers. Its sin was in being slimy, and Mr. Hill presided over the deceit.The Des Peres-based firm urged clients to buy mutual funds on its"preferred list." Customers believed the funds were preferred because they were high performers. The firm didn't tell clients that the funds were kicking back about $90 million a year to Edward Jones.Such kickbacks, more politely labeled "revenue sharing," are not crimes. Neither are a lot of shady practices.The Securities and Exchange Commission - jolted awake by a spate ofcorporate scandals - took after Edward Jones with a civil investigation, and the U.S. Attorney joined in. The settlement was negotiated before Ms. Hanaway took office this year. The firm agreed to pay $75 million in fines and make restitution to clients. Mr. Hill agreed to step down by Dec. 31 from a job that paid him $1.8 million last year (after deducting his $3.1 million share of the company's fine).With the date drawing near, the firm asked for a reprieve to allow Mr. Hill to stay in the top job. Ms. Hanaway gave a polite listen, then turned them down. "Can Doug Hill stay? No he can't stay," she told the []Post-Dispatch[].Edward Jones' dalliance with deceit is a shame, because it soiled its reputation for caring for customers. The firm preaches a buy-and-hold philosophy that serves clients well in building wealth over time. It's the opposite of the buy-quick/sell-quick pitch that builds commissions at other firms.Edward Jones' mutual fund misbehavior was an aberration. The firm needs to rebuild faith with its customers. To that end, Mr. Hill needs to move on.
 
 
 

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