Jones #1 again?

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Webster's picture
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Joined: 2005-02-10

 
Jones is #1 place to work in....
Drum Roll please......
http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2
Jonestown Envy, read it and weep.
 
 

Starka's picture
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Joined: 2004-11-30

Weep about what?

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

Webster-  D-E-N-I-A-L-
not seeing or understanding the truth, willingness to hang on, resistant to change..... or in simple man's terms, just not very informed.

BigPayDay's picture
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Joined: 2005-01-10

Oh Suzie shut up already.

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!)

xej1984's picture
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sorry posted the above in the wrong forum.  

Jonestown's picture
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"The appeal of this good-neighbor approach, which smells of hot dogs"
They said your approach smells of hot dogs....Aloha!
 
 

Jonestown's picture
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Joined: 2004-12-01

"Equal parts Wall Street and Main Street, Jones reps work in one-broker offices with a single assistant, offering financial guidance to mostly small-time and, in some cases, first-time investors. (According to Kiplinger's Personal Finance, Edward Jones clients have an average income of $54,000 and a net worth of $383,000."
In other words, experimental lab rats...
http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2

zacko's picture
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Joined: 2004-12-01

I find these the criteria that is used for this article (and others)  laughable.  Please go away with this story.  It is a step up from an ad. 
Why any vet would stay at this firm just continues to amaze me.  Maybe it's the imitation wood or plastic awards that are given out in June?  I have to chuckle when I think of all the noob brokers who read this article and think what a great firm they are a part of.
The only tears I have shed have been tears of joy....from the day i have left, I've never felt better about this business and my career than I do now.
 

stanwbrown's picture
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Joined: 2004-12-01

"Equal parts Wall Street and Main Street, Jones reps work in one-broker offices with a single assistant, offering financial guidance to mostly small-time and, in some cases, first-time investors. (According to Kiplinger's Personal Finance, Edward Jones clients have an average income of $54,000 and a net worth of $383,000."
Sounds like the only way you could run a book of business like that is to sell 'em all 'jes three mutual funds. Keep it super simple and sell them there funds to everyone having lunch at the Subway sandwich store next to your office.

zacko's picture
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Joined: 2004-12-01

Stan,
You are closer than you may think with your comment.

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

Yes Stan, you are closer than you THINK...why don't you just run the ominous music now too, Zack. Guess what, customers like Edward Jones. I am obtaining about 15 new clients a month and guess what...they ain't broke people sitting in Subway. That is a such a ridiculous comment, it barely merits mention. The clients I am GAINING are existing brokerage clients who are fed up with the crap they've been sold, and the lack of service. Hey,news flash, the Jones idea of suburban branches WORKS. No amount of misplaced ridicule will change any of that. People like us. Ex-brokers don't. Pretty simple.

compliancejerk's picture
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Joined: 2004-12-03

bilbo,
You are constantly cracking me up.  People LOOOOOOVE Edward Jones..... especially the ones that are in on the class action suits.
Bill you still don't get it do you ?????  These new clients don't care a rats backside about your preciousss Edward Jonesss, believe it or not they are interested about Bill Fakkland.
 

stanwbrown's picture
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Joined: 2004-12-01

"Guess what, customers like Edward Jones. I am obtaining about 15 new clients a month and guess what...they ain't broke people sitting in Subway."
They're not living the high life either. Or, more accurately, the odds aren't as good that they are as say, people eating lunch at a private golf club. Then again, that crowd's not Jones' demographic.
"The clients I am GAINING are existing brokerage clients who are fed up with the crap they've been sold, and the lack of service. "
I have no doubt you're picking up some clients like that. The thing I wonder, since your (well, Jones', if not your) book is filled with large numbers of small accounts on a largely buy and hold basis, just what sort of service could they be getting?
"Hey,news flash, the Jones idea of suburban branches WORKS."
Given how frequently I see their offices open and close, I have my doubts about that. OTOH, I have no ill will towards you or any other Jones broker. In fact, when I see those offices close I feel bad for the reps involved.

zacko's picture
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Joined: 2004-12-01

Bill,
Since you are a vet, you will tend to have larger accounts.  The typcial Jones broker with 2-3 years tenure is not working with sophisticated or HNW clients.  The AUM per broker on a firm basis at Jones is among the lowest (if not the lowest) in the industry. 
It's the product mix and the culture that is force fed that lends itself to the attracting "jones client".  As your business grows--and it sounds as if you are doing well so it has--you will begin to feel limited in what you can offer and the jones culture will wear thin when you realize that you can do better for yourself and your clients elsewhere.  
I think both you and guest1 will leave one of these days.  It may be a year or two.  Something will trigger it--I can't say what or why, but I would bet that since you have been exposed to certain truths on this forum and perhaps elsewhere, that you will someday you will begin to realize that this business is about you and YOUR clients.  You will get sick of the bs and leave.
I have a feeling I might be waiting a long time for my handwritten thank you note though. 

Guest1's picture
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Joined: 2005-01-16

Zacko, if I ever leave I WILL send you a green thank-you note (...if I can ever be of any service to your or your family....) AND I will even buy you a cigar at the Ritz

troll's picture
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Joined: 2004-11-29

Guest1 wrote:Zacko, if I ever leave I WILL send you a green thank-you note (...if I can ever be of any service to your or your family....) AND I will even buy you a cigar at the Ritz
spoken like a true gentleman guest1 !

zacko's picture
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Joined: 2004-12-01

Guest1,
AND if you decide to come to RJFS...they will pay me 2% of your first years gross as a referral fee (you will have to use my real name though as they don't know Zacko).
BTW, heard that a large office left Jones last Friday (RJFS) 180 milllion AUM if memory serves.  Somewhere in IL I think.....
 

Guest1's picture
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Joined: 2005-01-16

Nothing like pressure to perform! Did not hear about the IL office. MPC was last week, good timing with all the partners otherwise busy..

zacko's picture
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Joined: 2004-12-01

They don't exactly advertise when a large office leaves. 
I do miss MPC...nothing like walking through the entire building getting cupholders and pens for a few hours to take the edge off.
Going to Nevis, Briish West Indies next week for an RJFS Leaders trip.  Yes, they have trips here too!  And, I still am taxed on them too.
I just talked to a friend of mine who left Jones about a year ago.  He had done a goodknight with his good friend and had naturally spent hours training him and getting him started (on his own time).  His GN friend left with him to come to RJFS.  Funny that Jones is now suing the GN and him also for training costs of 75k when it was he who provided the training to the GN without additional pay.  Quite a move by Jones considering how much time and the sacrifice a broker who takes in a goodknight must go through.  It didn't surprise me knowing Jones--but he is preparing a countersuit to my knowledge on the advice of his attorney.
 

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

20 years with the same woman, too. I have considered other offers, but there is always that pesky issue of a contract  and a promise before God and witnesses and all. Although for some people a contract is just a piece of paper. I'll retire with Jones and golf with my first and only wife, God willing. I'm sure we'll have enough money although  with every backswing I'll be saying..."damn, if I had only gone Indy I would be so much happier right now." You guys seem to equate bigger payouts and all the BS you talk about as if it brings job satisfaction or eternal happiness. It doesn't. I like my office, I like my job, and no one bothers me. I'm not like you. Can you grasp that concept?

Bearcat's picture
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Joined: 2004-12-17

Bill-
I think your loyalty is great, and I am glad you are happy at EDJ.
I have just one comment.  Sometimes I hear you say things that make me feel like you are either one who accepts the status quo as "as good as it gets", or have some deeply internal belief that maximizing your income is somehow inherently wrong or means that you automatically must sacrifice your happiness.
On the other hand you could just be sick of being hassled about your firm.  I would be careful though not to subconciously equate Indy with selling your soul.
 

Guest1's picture
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Joined: 2005-01-16

Bearcat, going indy is not selling your soul. In my book, taking a check is selling your soul! I think Bill is happy where he is at becasue money is not his God (sorry Ted Jones, you said it best). Sometimes IRs leave because of a purely financial reason. Some never realize that they have the opportunity where they are to create and be part of something bigger than themselves. (Nick Murray said that better too!)
Zacko, I did see the powers of being huddled with a IL rl on Friday..Think I know who it was. Some hurt some are best for all involved. Thanks for the compliment Joe, Sometimes I can be a gentleperson

Bearcat's picture
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Guest1
Read my post man!  I said it's NOT selling your soul!

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

For what it worth, I don't care whether you leave and go elsewhere. I just wonder why there is this desperate complulsion to drag every other Jones IR with you as though you are saving us from the burning flames of Hell itself. From where I sit, there is no lake of fire. In fact, all I see is trees and the odd old-timer zooming by in one of little golf-cart type deals heading for the mall to have coffee. Do your job, switch jobs, switch wives, switch your car, switch your damn golf clubs iof thats what makes you happy. I don't care. It's still the same guy staring you in the mirror every morning and you still put your britches on one leg at a time.

Guest1's picture
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Joined: 2005-01-16

Bearcat, I was agreeing with you! Taking the check is selling your soul  ! On installment even..

ezmoney's picture
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Joined: 2004-11-30

Hey Bill,
You're still a dying breed, and that's a transactional broker. Good or bad, and I think there's alot of conflict of interest with it. It's sure not keeping up with the industry.
 

Bearcat's picture
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Joined: 2004-12-17

I stand corrected!  Evidently my reading comprehension deteriorates markedly torward the end of the day.

Guest1's picture
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Joined: 2005-01-16

Ez, I guess your signon says something about your style of business? There is room in this indutry for a lot of different styles. Why throw rocks at any particular one? I am 100% commission based (about 5mil in managed money) and I do not feel as if I am pushing transactions and neither do my clients. A lot of planning, estate and insurance work etc.. You mentioned one time you are newer in the business, keep an open mind. There are a lot of "right" ways to do things

Player's picture
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Joined: 2004-12-08

Bill Fakkland wrote:20 years with the same woman, too. I have considered other offers, but there is always that pesky issue of a contract  and a promise before God and witnesses and all. Although for some people a contract is just a piece of paper. I'll retire with Jones and golf with my first and only wife, God willing. I'm sure we'll have enough money although  with every backswing I'll be saying..."damn, if I had only gone Indy I would be so much happier right now." You guys seem to equate bigger payouts and all the BS you talk about as if it brings job satisfaction or eternal happiness. It doesn't. I like my office, I like my job, and no one bothers me. I'm not like you. Can you grasp that concept?
Mr Bill, and you other Jones Drones....How about HONESTY?
If Edward Jones Investments are so HONEST, WHOLESOME, AND A GREAT PLACE TO WORK,  why haven't they leveled and told the WHOLE TRUTH, to their IR'S, and what about to their IR's CLIENTS, or do they belong to the FIRM?   
Mr. Bill talks about his loyalty to the FIRM, and his one and only wife, well Mr Bill are you as Truthful to her, as your beloved FIRM is to your CLIENTS?
Just because they don't read the "WSJ" according to 3 "Mill" Bill Hill, doesn't mean they don't need full disclosure, does it ?
Just when will Edward Jones  Tell their clients the TRUTH
just do it..................................
Mr. Bill, why haven't you....................said so on here, or to you accept they have done nothing wrong at all?
 
 

zacko's picture
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Joined: 2004-12-01

Bill,
To compare a marriage to your employer is ridiculous.  For that comment alone, you deserve to stay at Jones.  You might be loyal to Jones...but if push came to shove--the returned loyalty would surely not be present.  I'd certainly hope you would have come to expect more from your wife than that.  You should be ashamed of yourself for that comment. 
I too like my job.  I like having more products and services.  I like owning my own business.  And yes, I like being paid more now too.
I think it might be time for you to again leave the forum for another month or two and go find yourself again.  You might have a few years on me Bill--but that's all you have on me.
 
 

uwec86's picture
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Joined: 2004-11-30

Hey Bill,
Your "wife" is cheating on you...it's time to trade "her" in!

Malcolm's picture
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Joined: 2004-12-02

Bill,
True to the nature of a good Jones salesperson, you make biblical references and direct references to God a couple posts ago.  Good for you.  I think you should stay at Jones.  After all, God is on your side.  All the rest of us heathens who went to the dark side and jump ship whilly-nilly are just evil people.  Jones is the only true firm that does the right thing for its clients.  One day, as a house of cards, all these other bad people and bad firms and loosers who left Jones because they couldn't hack it will be brought down.   When you make a decision, you don't go back on your word Bill.  Not like the rest of those evil ones out there.   
Don't ever even consider leaving Bill.  You are where you belong.  In fact, I bet you'll become a GP if you are still there 10-12 years from now.  
 

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

That actually sums things up pretty well, Malcolmtent. I am where I belong. My career is actually very much like a marriage. If you don't have a long term view, you just keep jumping around at the first sign of choppy water. That's all I'm saying. I find it interesting that the 2 guys who left here last year and took a big cheque to do so had both been divorced and remarried in the last year or so before leaving. I actually believe it's a character flaw to move from firm to firm, unless there is a very compelling reason to think so. So, in summary, I don't see you as a heathen, but I do see you as being weak willed. Your opinion of me has been duly noted.As for Dr. PhilZack, thanks for the mental health tip. I'm not 40 yet, but will keep your sage advice in mind for future reference.

Malcolm's picture
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Joined: 2004-12-02

You should have called me Malcontent...would have been a better name and I think that was the meaning you were trying to convey  Malcolmtent makes me sound like a guy who lives in a tent.   Actually I live in a nice house, not a tent. 
Also, for Zacko you should have done a play on Wacko Jacko since he is in the news so much.  PhilZack???  Come on.  That's bad.  Were's your creativity? 
Anyway, best of luck.  There's nothing wrong with staying at EDJ if that is where you are happy.  I do look forward to more banter with you in the future.  
 

zacko's picture
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Joined: 2004-12-01

Bill,
You have been married 20 years plus and have yet to see 40?  So, based upon what you have told us in this thread--you got married while still in high school?
 

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

Jones is a wonderful company for those of, shall we say, limited ability.  You can be told what to do, yet still live above poverty level!  They even tell you to feel OK about yourself!
All in all, it's a place where mediocrity reigns supreme.

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

20 exactly, actually. I was 20, yes. Would you like my birthdate? Where I come from 20 was about right for trailer park trash like me. How about a blood sample. Excellent detective work, Zack. You are another Magnum PI in the making. As for Phule, I would guess that I live a bit over the poverty line, but stick to your own ideas if that works for you. I wonder if the little voices in your heads tell you that slamming EJ daily and ridiculing their brokers will make you feel better about your inability to be comfortable with your decisions. Jones is a good fit for a guy like me, and I plan on sticking around rather than leaving for 20 pieces of silver.

Bearcat's picture
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Joined: 2004-12-17

Please tell me that Fakker didn't just equate leaving Jones to Judas' betrayal of Jesus.
Now that is......something.........

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

Ridicule??? Nonsense!  It's to your credit that you recognize your incapacity for higher thought. 

Starka's picture
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Joined: 2004-11-30

Christ was betrayed for 30 pieces of silver (Matthew 26:15).  I suspect that BF was alluding to that, in his own charminly illiterate way.

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

Interesting that you should incorrectly type the word "charmingly" before the word "illiterate". Not surprising, mind you,.

Starka's picture
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Joined: 2004-11-30

You're so right.
I've misspelled a word, and you've mistaken our Lord and Saviour for a second rate securities firm out of Missouri.
My error is far worse.

zacko's picture
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Joined: 2004-12-01

Bill,
I was just pointing out a fact.  So if you aren't forty yet and you said you have been married twenty years..and got married at 20.  You must have lied about something.  Both cannot be true....
I have come to the conclusion that you do in fact belong at Jones.  In fact, you just might be the perfect Jones broker.  Being indy isn't for everyone.
As far as religion goes....hmmm should I touch this one?  Sure why not? 
I think Jones tends to attract those that are of "greater faith"  In my view--people who become very involved with their faith tend to make good Jones brokers.  Why?  Because they can be more easily manipulated than an independent strong minded thinker would be.  And no one is more loyal than someone who believes very strongly in their faith and can be a part of a group who has similar beliefs.  One could argue that many corporate cultures facilitate this.  Jones is just better at it than most.  How else can you explain the number one ranking in RR every year?  Jones clearly is not the number one firm in the industry..but the reps rate it so?  The culture of Jones is much like a religous cult and it has often been compared to such.  Whether you are of faith or not, I don't think you can deny these observations as being accurate.
That's why someone like Bill is a perfect fit.
 
 

BigPayDay's picture
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Joined: 2005-01-10

Jonestown wrote: "Equal parts Wall Street and Main Street, Jones reps work in one-broker offices with a single assistant, offering financial guidance to mostly small-time and, in some cases, first-time investors. (According to Kiplinger's Personal Finance, Edward Jones clients have an average income of $54,000 and a net worth of $383,000."
In other words, experimental lab rats...
http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2

Jonestown Envy,

If this is the case, why are you so jealous?

Guest1's picture
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Joined: 2005-01-16

Whoa! Zacko, I like a lot of what you say but, the above is way off base. Because someone is a Christian and has a strong faith they are easily manipulated?
If you recall the RR survey is the #1 firm to work for according to the Reps. So, obviously Jones Reps think so. So we are all in a cult because of a strong corporate culture? Guess IBM is a cult, surely Emerson electric is one and don't forget about MMM. these are all companies with a strong culture that employees and associates would walk through walls for.
I am a Christian and I chose Jones because of a lot of the core values of the firm match my faith. but then, a lot of firms profess those values also. I just chose one I was comfortable with. Your comments are alarming.

zacko's picture
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Joined: 2004-12-01

Guest1,
You said christian...I said faith.  You said easily manipulated.  I said more easily manipulated than another might be.  Please don't take me all the way out of context.  There is some truth to what I am saying.  I don't think you are that way guest1, but many at your firm are.
While I was that while at Jones I was exposed to prayer breakfasts and prayers at regional meetings.  Uncool in my view.  It is Jones who wants the "joiner or the herd" mentality.  Strong religious beliefs practiced in an organized fashion can be compared to many corporate cultures.  You are right.
Jones just seemed to attract and promote this more than I thought.  Maybe all corporate cultures are like this?  I'm clearly not and i do not stand alone in my view I can assure you.
You can be a good person and NOT be a christian.  There are many good people who are atheists, agnostics, hindus, etc..  In my time at Jones I observed many "born again" views, many IR's who would intertwine their religous beleifs and their blind dedication to their firm.  Ridiculous...but true.  All I am saying is that the cultish mentality that exists at Jones can be compared to that of a zealot.  Well, maybe not that extreme...but not as far off as you might otherwise think.
 
BTW, I have met many many dishonest people in my life who claim to be christians.  Sorry, but it's also true. 
 

uwec86's picture
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Joined: 2004-11-30

Jones is about as close to a cult as it gets.  BF needs an intervention or a marriage counselor.  He doesn't even know he's getting $crewed by the GP's. 
Jones is a very closed society as evidenced by the lack of exposure to other fund and VA families.  Another example is all the pressure to find new recruites...for FREE.  Train new guys...for FREE.  Give away part of your book...for FREE.  The firm actually uses phrases like..."give back to the firm"...Jones GAVE me nothing...I did the work...WE took a risk...Jones always comes out ahead.

zacko's picture
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Joined: 2004-12-01

Exactly!  Good points ball roller!

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

Starka exposes himself as a Canuck with his "u" in savior...Zack exposes himself as a prejudiced prick for his comments about Christians...uwe is still the same idiot he always was. Last time I checked, Bush #2, Clinton, Reagan and Carter all were professing Christians. So is Warren Buffett and a few others . My intellect has nothing to do with my religious faith, and the above comments were the worst kind of bottom level thinking.

Malcolm's picture
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Joined: 2004-12-02

Zacko your post are right on the money!
I think the point which I cant help but chime in on is that fundamentalist Christians seem to think their way is the only way and every other faith is wrong if not bad and evil. 
This ignorant school of thought fits in perfectly at EDJ.  Close minded, uninformed, blinder-mentality.  I was very uncomfortble with it while  at EDJ.    
What would this world be though with out the nonindependent thinking worker sheep.  This is what EDJ attracts.  As for me, I want to fly with the eagles.   
     

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