Your all nuts if you don’t believe the jones advisor is not selling based on the net to broker.  MAKE IT PAY…isn’t that the mantra of Jones…puked at every regional meeting…MAKE IT PAY…NET TO BROKER…CALL SESSIONS>>>HEY EVERYBODY…PUT THE PHONES DOWN…PULL UP THE CORPORATES…WE JUST GOT A NEW ONE IN PAYING 2.5…LARRY GIVE US A SCRIPT THE NEWBIES CAN USE TO SELL THIS BOND.,…HURRY WE’VE ONLY GOT 3 MILLION IN INVENTORY…MAKE IT PAY, DAMMIT!!!  LETS UP THE ANTE WE’RE ASKING FOR…EVERYBODY NEEDS TO SAY…“IF YOU HAVE 50,000 AVAILABLE, I THINK YOU SHOULD BUY SOME TODAY”   HOLY sh*t…I JUST WET MYSELF IN ANTICIPATION…

ok, that is pretty funny.  I remember a call session my 2nd month
selling where a muni bond was “just placed in inventory” and a seg 5
came into the room waving the printout saying pretty much the same
thing as above.  we only have x amount, and these babies are not
gonna last.  And is there anything better than typing inv,newir
and waiting in anticipation.



In all seriousness though, Jones never makes you sell anything you
don’t want.  I realize newbies get steered in a direction, but
ignorance is not a defense.  If you want hang yourself out there
as an advisor, you better at least have an idea of whether a 30 year
Corporate is appropriate.

[quote=theironhorse]ok, that is pretty funny.  I remember a call session my 2nd month selling where a muni bond was "just placed in inventory" and a seg 5 came into the room waving the printout saying pretty much the same thing as above.  we only have x amount, and these babies are not gonna last.  And is there anything better than typing inv,newir and waiting in anticipation.

In all seriousness though, Jones never makes you sell anything you don't want.  I realize newbies get steered in a direction, but ignorance is not a defense.  If you want hang yourself out there as an advisor, you better at least have an idea of whether a 30 year Corporate is appropriate.
[/quote]

Define appropriate

appropriate-suitable or fitting for a particular purpose, person, occasion.



Give me a specific situation and we can decide if it is appropriate.  I mean c’mon, define suitable.

[quote=theironhorse] appropriate-suitable or fitting for a particular

purpose, person, occasion.



Give me a specific situation and we can decide if it is appropriate. I mean

c’mon, define suitable.



[/quote]



Well, you’re the one who brought it up. Let’s use your example. When is

a 30 year corporate appropriate?



I would maintain that, for example, a 30 year AAA rated 6 1/2% with say

5-10 years of call protection would rarely be inappropriate for a balanced

portfolio.



What are your thoughts?

Philo-I get the impression you thought my post meant this investment
was rarely, if ever, appropriate.  But far from it.  I have
sold plenty of bonds just like you listed above to clients seeking a
balanced portfolio.



All I meant was people bash Jones and the 30 year bond scenario all the
time, and rarely hold the individual IR accountable-they simply blame
it on Jones.  I was referring to a call session where you sit
there with your list of 500 names and call down the entire list trying
to sell the same bond to each of them-because Jones has newbies do
this.  But end of the day, it is YOU steering the ship.  I
was not bashing the usefulness of the product.

[quote=bspears]Your all nuts if you don't believe the jones advisor is not selling based on the net to broker.  MAKE IT PAY...isn't that the mantra of Jones...puked at every regional meeting...MAKE IT PAY....NET TO BROKER....CALL SESSIONS>>>HEY EVERYBODY...PUT THE PHONES DOWN...PULL UP THE CORPORATES..WE JUST GOT A NEW ONE IN PAYING 2.5...LARRY GIVE US A SCRIPT THE NEWBIES CAN USE TO SELL THIS BOND.,..HURRY WE'VE ONLY GOT 3 MILLION IN INVENTORY...MAKE IT PAY, DAMMIT!!!  LETS UP THE ANTE WE'RE ASKING FOR....EVERYBODY NEEDS TO SAY..."IF YOU HAVE 50,000 AVAILABLE, I THINK YOU SHOULD BUY SOME TODAY"   HOLY sh*t...I JUST WET MYSELF IN ANTICIPATION....[/quote]

I resent the implication as a jones broker. It's certainly fine to hate call sessions and I think that is a way to teach younger brokers the discipline necessary to succeed in this business. When you make blanket statements like that, you show your mental immaturity.

[quote=theironhorse]ok, that is pretty funny.  I remember a call session my 2nd month selling where a muni bond was "just placed in inventory" and a seg 5 came into the room waving the printout saying pretty much the same thing as above.  we only have x amount, and these babies are not gonna last.  And is there anything better than typing inv,newir and waiting in anticipation.

In all seriousness though, Jones never makes you sell anything you don't want.  I realize newbies get steered in a direction, but ignorance is not a defense.  If you want hang yourself out there as an advisor, you better at least have an idea of whether a 30 year Corporate is appropriate.
[/quote]

So Jones is innocent in this?  Most of the people they train don't start with a clue about investments.  Yes the advisor has some responsibility, but if I were a client I would still be pissed at both the advisor and the firm for their method of training.

Noggin…if your new to the industry and you start at Jones, and you go to these training sessions…and you watch what the vets are doing…you pretty much follow their lead.  You see this as what your suppose to do…maybe this is why going to non Jones functions are frowned upon.  I know, you can do whatever you want, but if the RL knows your heading to industry functions outside of the Jones propaganda…well, lets just say the LP will be a little short, or none at all and YOU know it!!!

[quote=gad12]

So Jones is innocent in this?  Most of the people
they train don’t start with a clue about investments.  Yes the
advisor has some responsibility, but if I were a client I would still
be pissed at both the advisor and the firm for their method of
training.

[quote=AllREIT]

[quote=gad12]

So Jones is innocent in this?  Most of the people
they train don’t start with a clue about investments.  Yes the
advisor has some responsibility, but if I were a client I would still
be pissed at both the advisor and the firm for their method of
training.

[quote=Philo Kvetch] [quote=theironhorse] appropriate-suitable or fitting for a particular

purpose, person, occasion.



Give me a specific situation and we can decide if it is appropriate.  I mean

c’mon, define suitable.



[/quote]



Well, you’re the one who brought it up. Let’s use your example. When is

a 30 year corporate appropriate?



I would maintain that, for example, a 30 year AAA rated 6 1/2% with say

5-10 years of call protection would rarely be inappropriate for a balanced

portfolio.



What are your thoughts?[/quote]



And do such desirable bonds exist? Can you buy them? And for what price/YTW/YTM?



IMHO such a bond would again be nappropriate though not as bad
investing in Unicorn Bellies for Jan 2007 Delivery. A 30 year bond has
a high duration, and thus is going to have alot of bounce to it. The
embedded call option gives the bond negative convexity which is
undesirable.

Dude, you're talking about people who are looking to get a safe income stream.  They're going to hold the bond until they die (use the estate feature), it matures (full principle back), or it gets called (full principle back).   They'll get the checks, go to the boat and blow it.  If we used the words duration, bounce, and convexity they'd say fine.  I'm going to the bank to buy a CD.  I understand those. 

Jones uses the bonds during call sessions as a prop.  Something to start a conversation with.  The number of people who actually buy something from those new guys is small.  If they do buy it's usually $10k or something similar.  Just enough to keep the guy from calling him every other week.

The new guy at Morgan selling all C shares because that's what his BM does is as much a problem as the new Jones guy selling a 30 bond.  Newbies are sheep, willing to go wherever they perceive is the best information.  Usually that comes from the guy in the front of the room who makes the most money.  They really need to be talking with the guy who doesn't attend those meetings and thumbs his nose at the corporate gibberish.

Spiff-

There you go again. Spouting off that C shares are bad for any reason you can think of. The difference between you and the normal Jones guy, is you have a brain. You have chosen not to use it...

[quote=footsoldier]

Spiff-

There you go again. Spouting off that C shares are bad for any reason you can think of. The difference between you and the normal Jones guy, is you have a brain. You have chosen not to use it...

I didn't realize that Jones was the only Firm that sells products on the phone.  It's amazing to me that we get bashed for calling up QUALIFIED prospects on the phone and telling them about whats available. 

Lets see, Joe Schmoe 65 year old prospect buys CD's at the bank and thats all, should I: A. Call him and sell him an Equity Indexed annuity with 10 year surrender with all of his money; B. Call him and let him know that he can lock in 6.5% on an AA rated Bond for SOME of his money; C. Not ever call him (apparently what you guys must do) because it wouldn't be right to offer someone a product that actually serves him well; D. Sell him a C share annuity with 1.5% expense + 1.0% annual in a bond fund with a 4.5% yield and a 20 year return of 5%?  Which is the best idea? 

Wow, when did Merrill, SB, AGE(WACH), RJ, LPL and others stop calling clients to share an idea, gather information, and set up appointments? What do you do, stand in the window until someone walks by?

[quote=AllREIT]

[quote=Philo Kvetch] [quote=theironhorse] appropriate-suitable or

fitting for a particular

purpose, person, occasion.



Give me a specific situation and we can decide if it is appropriate. I mean

c’mon, define suitable.



[/quote]



Well, you’re the one who brought it up. Let’s use your example. When is

a 30 year corporate appropriate?



I would maintain that, for example, a 30 year AAA rated 6 1/2% with say

5-10 years of call protection would rarely be inappropriate for a balanced

portfolio.



What are your thoughts?[/quote]



And do such desirable bonds exist? Can you buy them? And for what

price/YTW/YTM?



IMHO such a bond would again be nappropriate though not as bad

investing in Unicorn Bellies for Jan 2007 Delivery. A 30 year bond has

a high duration, and thus is going to have alot of bounce to it. The

embedded call option gives the bond negative convexity which is

undesirable.

[/quote]



There are quite a few out there. If you were a broker you’d know that.



To your other point, I hope you don’t talk to clients/prospects like that.

You sound like a jerk.

Philo,

Please give us a rest, your appointments must last hours with all the wisdom you have to share..not to mention your grasp of the Websters Dictionary.  You certainly seem to be a crowd favorite around here.

[quote=advisor28]

Philo,

Please give us a rest, your appointments must last hours with all the

wisdom you have to share…not to mention your grasp of the Websters

Dictionary. You certainly seem to be a crowd favorite around here.

Seek Life Elsewhere.