How is Jones' Technology?

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ashton's picture
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Joined: 2005-04-20

How is the tech. at Jones? If you're holed up in the office all by yourself, can you at least count on the software and tech. platform to assist your business? Is it compatable with other firms? How are the account statements, research quotes, access to wholesalers, etc. Thanks.

frankstrom's picture
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Joined: 2004-11-30

Someone will respond as soon as they implement their technology.  They said Summer but failed to mention the year.  That was January '99.

BlahBlahBlah's picture
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Joined: 2005-03-06

BWAHAHAHAHAHAHAHAHAHAHAHAHAHHA!!!!  Wait a minute, wait a minute... BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!
 
 

BlahBlahBlah's picture
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Joined: 2005-03-06

Wait a minute, I had to come back and see if the original post asked what I thought it did... BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAHHAHAHA... It did!!! Someone else please take this one...

ashton's picture
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Joined: 2005-04-20

Several of the reps told me that the platform was pretty solid. The recruiter told me it was good too.

Soothsayer's picture
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Joined: 2005-02-24

Let's just say that your recruiter may be something more than a little guilty of stretching the truth.  Why don't you e-mail one of the reps in your area?  Oh, that's right you can't!  You'll have to "wire" him!

jonesnewbie's picture
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Joined: 2005-02-08

Sad to say, they are dead on right about this one - Jones technology is a joke.  Rumor has it that we will be getting DSL and email by the end of the year in all branches, but me has me doubts.

eddjones654's picture
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Joined: 2004-12-03

newbie,
I joined in '98 and heard email was coming. then Y2K took over for 1999. Then I heard email was coming in 2000, 2001 and was to be delievered in 2002 when I left.
DSL has been promised since 2000
Can you see a pattern here?

zacko's picture
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Joined: 2004-12-01

They have email at the Home office.  Jones technology is way behind, but don't ask RR Report Card....that survey says different.  Hmmm, but if it's in a survey it must be true?
ANSWER:  Jones technology is weak.

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

Jones technology was purported to be the leader in '98 when I started with the firm. Lost our communication entirely for a few days due to our never to be found, satelite. We had to be repointed to a new satelite which was a monumental effort to accomplish firmwide. We were told to go to the firm website for instructions. The problem was we did not have alternate web access at the office (DSL or dialup). That was December of last year.
When the highest paid executive in the firm is the MIS manager (4.3M),you would hope it would be based on merit, not tenure. Still waiting for remote access and email. The RTA in our region says this summer. Hopefully the next managing partner will take on this challenge. It is pitiful.

stockdoc's picture
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Joined: 2005-01-19

Ashton--  Thats what the recruiter told me as well...  Once I received the laptop for training, and read the instructions for sending a wire, I knew I was only in it for the training.  It seemed to me that if Jones was not on the cutting edge of "email" then what are the odds they they are doing the right things right in terms of their clients.  That was my perception of their tech based on actually using it. 

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

Why change the technology if you are one of the powers that be at Jones?  They don't need it.  Push the VAs, the 2-3 fund companies and receive the wires on a few 30 year bonds and you are in business.  Nothing is going to change at that place as long as the GPs are getting 60%+ on their returns.  What is so hard to understand about this?

jonesnewbie's picture
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Joined: 2005-02-08

"Push the VAs"
Jones doesn't push VAs and you know it.  Repeatedly saying so won't make it true.
"the 2-3 fund companies and receive the wires on a few 30 year bonds"
To show that I'm not a complete kool aid drinker, this is a fair criticism.
There are plenty of reasons to criticize Jones if (as seems to be the case) doing so gives your life meaning.  All I ask is that you stick to "The Truth."

eddjones654's picture
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Joined: 2004-12-03

so newbie,
what's your assessment on what you've read about your firm's technology.
We haven't even gotten into financial modeling or asset allocation programs. (figure if you can't support email how can you support asset allocation ?????)

Starka's picture
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Joined: 2004-11-30

jonesnewbie wrote:
"Push the VAs"
Jones doesn't push VAs and you know it.  Repeatedly saying so won't make it true.
"the 2-3 fund companies and receive the wires on a few 30 year bonds"
To show that I'm not a complete kool aid drinker, this is a fair criticism.
There are plenty of reasons to criticize Jones if (as seems to be the case) doing so gives your life meaning.  All I ask is that you stick to "The Truth."

 
Newbie, I don't know how new you are, but as late as 5 years ago, my region did most assuredly push VAs (naturally, with the "Where Appropriate" caveat).  Denying it, of course, does not make it not so.
If that's changed, it is to Edward D. Jones' credit.

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

Starka says 5 years and I say 2 years.  I have a hard time believing they quit pushing VAs over this short of a time frame.  You should have access to the numbers.  What percent of revenue comes from VAs? 

jonesnewbie's picture
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Joined: 2005-02-08

"as late as 5 years ago, my region did most assuredly push VAs"
I don't know if this was a regional thing or if the firm was really that different back then, but I can tell you that Jones is not pushing annuities today. 
First, there is no financial incentive for a broker to sell one.  Our B-share pays 4% gross, just like a B-share mutual fund.  And we sell A-share annuities that have the same commission/break point scale as A-share mutual funds. 
Second, placing an annuity order frequently generates an automatic fspend requesting an explanation of the purchase.  I don't know what the specific parameters are but I know from personal experince that a $50k order for someone in their 50's is enough to kick one out.
Why would a broker sell a product that doesn't pay him anything extra and will likely require him to justify the purchase in writing?  Unless the client really wants it or you think they need it, you won't.
"I have a hard time believing they quit pushing VAs"
You have a hard time believing Jones is anything but pure evil.  It's almost pathological.
"You should have access to the numbers.  What percent of revenue comes from VAs? "
Tell me where to get them and I'll post them.

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

According to the branch quarterly report, 9% of firm assets are in annuities. Can't break down how many are transferred in versus purchased. For some IR's, it is a considerable revenue source. My branch assets are 3% including both fixed and variable. Most are A share.
Jones is certainly been taking its licks lately but when it comes to annuities and compliance problems, I think this is one are where Jones actually did it right. We have enough problems elsewhere...

Starka's picture
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Joined: 2004-11-30

Unfortunately, the number would be skewed and would work against you, Newbie.  Now if you could find the number with the recurring revenues dropped out, that might be a different story.
You see Newbie, Jones reps take an hellacious haircut on an annuity ticket.  You get, what, 4.5% on an annuity, with a 25 bp trail (or service fee, if you prefer) starting in the 15th month?  In the civilized world, the identical annuity pays anywhere from 5.5% to 6.5% with 100bp trail.  The difference, you understand, goes to the GP undiluted!  Until the recent cries for full disclosure, this was one of the closely guarded little secrets of the Jones structure.  Can you possibly imagine what a cash cow this could be if, for example, annuities accounted for say 30% of Jones revenue?  Trust me, if the juggernaut of regulatory scrutiny was not rolling right down the hill towards Maryland Heights, nothing would have been done to upset that particular applecart.
In closing, understand that it is NOT my intention to denigrate your employer.  But please, keep your head out of the sand and don't attach any high and lofty motives to the actions of St. Louis. 

Bearcat's picture
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Joined: 2004-12-17

additionally your EDJ payout is 40% of gross on the annuity.  Mine is 50%.

bmarley's picture
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Joined: 2005-04-10

Jones pushing VA's???   Hmmm, Can't possibly be, that's not why there was a broadcast explaining the reasons why someone would want to have them inside their IRA.

eddjones654's picture
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Joined: 2004-12-03

newbie,
Have your technology questions been answered?
As far as pushing VA's where is that EJ vixen sapphire who was pushing muni's in an IRA?
 

Bearcat's picture
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Joined: 2004-12-17

Sapphire was a man, first of all, that thought it was fun to have a fem alter ego.  Secondly, I believe that individual is out of the biz.

indyboy's picture
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Joined: 2004-12-28

I left Jones six months to go independant.  The technolog is week
at Jones in most respects.  I will say that I think JOnes did an
excellent job with handling paperwork and making the administrative
part of the job easier.  Unfortunatley, that is due in large part
to the lack of product choices.  We you only deal with a small
group of vendors its easier.  Try looking at cost basis on your
non preferred mutual funds for instance.

The real area that Jones is lacking in technology is on the financial
planning and asset management side.  You dont know what your
missing.

BigPayDay's picture
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Joined: 2005-01-10

Indy Boy,

Tell me, what technology is Jones missing that you have at your current firm?

Soothsayer's picture
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Joined: 2005-02-24

BPD--
Read the first sentence of the final paragraph of the post previous to yours.  Your answer is there.

babbling looney's picture
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Joined: 2004-12-02

BigPayDay wrote:Indy Boy, Tell me, what technology is Jones missing that you have at your current firm?
Email capablities not only with client but also with suppliers.  I can't begin to tell you how convenient the ability is to have forms that I may be missing sent to me in an immediate email instead of waiting days.  Getting immediate quotes from insurance providers, hypothetical illustrations, prospectuses and being able to download the latest fact sheets or performance figures at DSL speed instead of the snail paced satellite system at EDJ is a huge bonus.
Access to multiple programs for true and complete financial planning. Monte-Carlo illustrations.  Access to more sources of research and market information. Morningstar. As an independant my own data base for customer contacts and maintenance that I can customize to my own liking.  The ability to build bond ladders from a much much wider range of bonds than were ever offered from EDJ.  There is probably more, but I can't think of it right now.
Down-side it that many of these services as an independant are paid for out of my own pocket.  Up-side is that I can pick and choose what services I want to use.

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

It is probably easier to talk about what technology Jones does have as opposed to the differences at other firms.  Does Jones have real time quotes yet?

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

JONESNEWBIE-  you mentioned getting inquiries on every annuity ticket you run.  I did what I am about to do with you to someone else and sort of embarrassed them, so be careful.  On all of those inquiries you received how many tickets did you or the firm cancel?  My point is maybe those inquiries really don't do a thing.  It is all about % of revenue and if you want to really compare yourselves with the majors, then you will find out that you all do a healthy amount of annuity business.

BigPayDay's picture
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Joined: 2005-01-10

I finally figured out who truth is...........

......drum roll please............

Suzie orman!

Who else bashes annuities so much!

xej1984's picture
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Joined: 2004-11-30

hey "candy" bar,
Why can't you stay on topic ....does your firm have "technology" envy along with your own "other" envy     (a little small in that department are we??? nudge nudge wink wink.... say no more!)
Now I got the correct forum

BigPayDay's picture
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Joined: 2005-01-10

x ej in 1984

Truth brough up annuties, not I.

BPD

P.S. Can't believe you left Jones in 1984 and still get them out of you mind.

xej1984's picture
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Joined: 2004-11-30

candy bar,
As I previously posted over the weekend, no I didn't leave in 84.  The 1984 is in reference to the George Orwell book.
Great that Truth brought up VAs.
Please explain how your firm's technology and communications system is so much better than others. Bearing in mind the snafu from this past November and of course bad weather in St.L or anyplace inbetwen St.L and a branch.

BigPayDay's picture
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Joined: 2005-01-10

xej,

So why don't you and suzie like VA's?

Starka's picture
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Joined: 2004-11-30

Suze doesn't dislike VAs.  She worked a deal with GE Financial a few years ago to come out with a VA that she endorsed.

BigPayDay's picture
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Joined: 2005-01-10

Starka,

Does the VA suzie endorse come with an up front cost and lower internal costs or is it the standard B share pricing with a CDSC?

BPD

P.S. Havn't heard from Truth in awhile. Maybe he and Zacko were the same person.

Starka's picture
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Joined: 2004-11-30

It was the standard boilerplate B share.  I don't know if they even sell it any more.
FYI...Truth and Zacko are two different people.

BigPayDay's picture
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Joined: 2005-01-10

How do you know this for sure?

Maybe Starka and Soothsayer are one person?

indyboy's picture
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Joined: 2004-12-28

BigPayDay wrote:Indy Boy,

Tell me, what technology is Jones missing that you have at your current firm?

Sorry this is so late in replying.  I've been so busy enjoying my new technology I haven't had time to respond.

They are missing:
1.  Morningstar Workstation Advisor - a very robust tool for mutual funds, stocks, closed end funds and va.
2.  A REAL financial planning program.  The stuff Jones has is pathetic.  I am a CFP and want to do planning
3.  Advanced trading platform.  I can do 10 trades at once in multiple accounts
4.  I use Forefield Advisor that has a ton of information that I can access quickly on many different topics
5.  Email.  I cant believe how great it is.  You have to have it
6.  My own web site
7.  Scanning documents
8.  Digital tape recorder I can link to my computer and save wav files
9.  High Speed Internet

Theres probably more.  Its ok to stay at Jones but dont stay for the technology.

exEJIR's picture
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Joined: 2005-05-12

Not to mention:
10. Only being allowed to sell out of an inventory
11. Being able to buy and run prospecting lists
12. Portability of laptops, if you so choose
13. Access just about any research firm on the street

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

Big Pay Day-  been working on some big VA business that might just hit close to home for you.  I love how you and your Jones friends endorse the A share annuity.  But problem is this A share annuity pricing structure will factor in very little when your firm goes through the "exam" for annuities by the regulators.  The fact your firm sells an enormous amount of annuities inside of retirement accounts will be what you will need to defend.  Good luck!
On the tech side do you have real time quotes yet?  I assume e-mail is still a no-no.  Bottom line is due to the one man, one office setting many of the liberties others enjoy will never be available for your Jones clowns.  Well, at least that is what the GPs will say.  Truth be known it probably has more to do with the 60% they are taking from you.

jonesnewbie's picture
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Joined: 2005-02-08

"your firm sells an enormous amount of annuities inside of retirement accounts"
Saw some numbers recently that showed about 10% of revenue coming from annuities.  Don't know how much of that is sitting in an IRA, but the total is not much. 
There are plenty of things to rip on Jones for, pushing annuities is not one of them. 

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

Most major wirehouses are running 1-3%, so if your 10% is right, which I highly question, then you are still on the high end.  Or at least the regulators will see it that way. 

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

Truth-
You haven't a clue. If you think EDJ has to justify an A share annuity inside an IRA, to the regulators, then the regulators are on a mission to hurt EDJ. They have too many other opportunities that are alot easier to prosecute elsewhere This firm always made us prove the case for the annuity inside an IRA.
If you have been alive during the last five years, insurance companies have been paying benefits with riders that actually worked for the client when the market fluctuated (fell!). For the majority breadwinner with the huge retirement account especially where the spouse has little or no retirement nestegg, and A share maybe a piece of the puzzle. And when you can hit breakpoints its tough not to consider.
You need to de-sharpen your axe with EDJ. I'll admit the last 6 months have been trying, but the firm will survive despite the constant diatribes from reps on this forum.
BTW- In keeping with this thread EDJ does need to improve their technology now. Still hoping for email and remote access. Someday soon, actually sometime this summer I have been told. Truth- If you want to look for a wound inside EDJ.....it's the technology.

Phlyin' Phule's picture
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Joined: 2005-05-01

It not Truth (or any other poster here, for that matter) or the regulators who's "wounding" EDJ...it's the management at Jones itself that's done the damage.  Look nowhere else.

BigPayDay's picture
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Joined: 2005-01-10

Truth (a.k.a. False, Suzie Orman),

The Truth wrote: Big Pay Day-  been working on some big VA business that might just hit close to home for you.  I love how you and your Jones friends endorse the A share annuity.  But problem is this A share annuity pricing structure will factor in very little when your firm goes through the "exam" for annuities by the regulators.  The fact your firm sells an enormous amount of annuities inside of retirement accounts will be what you will need to defend.  Good luck!

Do you agree that A share pricing on an annuity is better over the long term than B share pricing especially when working with more than $100,000? Of course you do, unless you really are Suzie Orman. OK, then why is Jones the ONLY firm on the street to have A shares? The exam for annuities has been going for quite some time. Jones has and will do just fine.

The Truth wrote:On the tech side do you have real time quotes yet?  I assume e-mail is still a no-no.  Bottom line is due to the one man, one office setting many of the liberties others enjoy will never be available for your Jones clowns.  Well, at least that is what the GPs will say.  Truth be known it probably has more to do with the 60% they are taking from you.

Real time quotes - yes, had for more than 10 years at least
Email - soon
Do to the one man / one office model Jones is very much different than our competitors and very hard to duplicate. Differences sell, and differences make our competitor's jealous.
My pay out last year when you include commissions, bonus, profit sharing, trips, LP return and Goodknight plan reimbursement was over 60%.

BPD

P.S. Ever wonder why Jones is talked about so much on this board? Probably more than 60% of the posts. It's the same reason the Yankees or Cowboys get the highest ratings when they are on TV. They're the best. And when you're the best either you're loved or hated. There is no middle ground. Either you're one of us or you want to be one of us and you're jealous.

Ask yourself this question: Why is it year after year JD Power ranks the Lexus the best atumobile and Edward Jones the best brokerage firm in customer service? Why? They're the best. Period.

xej1984's picture
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Joined: 2004-11-30

hey candy bar (I see some else thinks you're nutty),
email response is the same one that has been given out for the last ten years.  It's got nothing to do with Compliance as FS already has a program that reviews ALL incoming emails sent to ir via their webpage. There is more than enough storage space in AZ, it's strictly because your firm embraced (or is that embrassed) an old and cheap technology ..... say where is that satellite that went dead last Thanksgiving (talk about a turkey!)
Cowboys and Yankees the best??? I guess you must be talking about the Yankees payroll as they last won the Series in 2000. As for the Cowboys, they last won the SuperBowl in 1996 and now have two quaterbacks named Drew (one is a Buffalo Bills reject .... go figure) and had a better record than 5 other teams last year. Or are you talking about the 2003 season?
And you still don't understand about your own firm.  It's not the firm that gives good customer service, it's the individual ir.
 

BigPayDay's picture
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Joined: 2005-01-10

Phlyin' Phule wrote: It not Truth (or any other poster here, for that matter) or the regulators who's "wounding" EDJ...it's the management at Jones itself that's done the damage.  Look nowhere else.

Fool,

You're right Ted Jones, John Bachmann and Doug Hill have just run this firm into the ground.

Not!

Take a look, if you can stomach it:

http://www.edwardjones.com/pdf/COM-101D.pdf#search='edward%2 0jones%20hawaii'

BPD

xej1984's picture
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Joined: 2004-11-30

candy bar,
What does your post have to do with answering tech questions?  How where the 41 Hawaiian irs affected by your firms "leading edge" communications system outage around Thanksgiving? At least these irs don't have to climb up on a roof to brush the snow off a dish. 
Check with your Legal department how many job related injury lawsuits your firm has settled on regarding slipping off a ladder or roof to keep your "leading edge" technology working?   

Starka's picture
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Joined: 2004-11-30

Ted Jones was a good and just man.
Please don't associate those other two pikers in with him.

stanwbrown's picture
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Joined: 2004-12-01

Wait a sec, these people don't even have EMAIL???????
When did they get telephones in their offices, or are they still waiting on that too?

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