B24,

I do think that Jones is a great place to start. If I had to do it over again, I would go with Jones over a ML, SB, MS, etc, any day.

But, my above point wasn't referring to net, but GROSS.  If you and I both sell a Hartford 20-yr term product, my gross will be higher.  Obviously the net will be higher, but that's not my point.  Why is my gross higher?  Is it that LPL negotiated a better deal than Jones has with Hartford.  I don't think so. I think it is that Jones keeps a little off the top, and then puts the rest toward your gross. That was the unfair part.  When I joined Jones, we agreed to a 40/60 split. When Jones takes a piece off the top BEFORE that split, that's not the deal I agreed to.

BL,

   How correct you are.  They want your loyalty to them but they have no loyalty to you.  If you don't fit their mold, they will eventually find a way to "encourage you" to leave, even if your production is satisfactory.

See the inserted from the Jones site

[quote=babbling looney]

See the inserted from the Jones site

As an Edward Jones investment representative, you're starting right at the top.

[/quote]

I don't harbor many hard feelings towards EDJ, but I feel they do tend to twist the truth when representing the full picture hiring people. 

Oh yeah, then there's the kool-aid.

I do know that a Jones broker will liquidate some old ladies Metlife annuity (with a 5% surrender fee without telling her) that is performing well to roll into an IRA and then invest in American Funds A shares, again without telling her.

Kargon, the same guy that would do that at Jones would do it at Merrill,

or SB, or RJ or to his wife. Let’s not paint an entire firm as having 10,000

dishonest brokers. That’s just a stretch.

[quote=Broker24]Kargon, the same guy that would do that at Jones would do it at Merrill,
or SB, or RJ or to his wife. Let's not paint an entire firm as having 10,000
dishonest brokers. That's just a stretch.[/quote]

B24,

There is a diff between the Jones broker and the others you listed.  the Jones broker actually believes that he/she is doing the client a favor.  The others are smart enough to know they are ripping the client off.  BTW, my anecdotal 2 cents is that it happens more a Jones.  There are more stupid people at Jones than there are dishonest people at every other firm...that is the real secret. 

[quote=Broker24]Kargon, the same guy that would do that at Jones would do it at Merrill,
or SB, or RJ or to his wife. Let's not paint an entire firm as having 10,000
dishonest brokers. That's just a stretch.[/quote]

What's even worse is that should the trade "stand" it will have gone through FS (yeah right) and no-one will even question it.  While at SB, ML or RJ the BM would have had to have reviewed AND signed off.

By the time the client gets the notice for with holding the EJ rep is probably gone for low production. 

[quote=spikedkoolaid]

The liquidate and transfer form that Jones has clients sign is the biggest form of churning/unethical behavior that Jones covers up.

Let me explain:  Unassuming client brings in a statement to get a "free portfolio review".  The IR suggests that they transfer their account in to EDJ.  Instead of transferring in-kind the T-Rowe Price Int'l Fund, the Calamos Growth fund, the Phoenix Mid-Cap Value fund, the Alliance International Value fund, and the Legg Mason Value Trust.  They say, let's Liquidate and Transfer this $400,000 account and put it into two different fund families. 

I would hope that Jones would start asking the IR where this $400,000 check is coming from and why did the client decide to liquidate and transfer the account.  What funds were the client invested in, etc.  I just wish that the field supervision at Jones would ask more questions of the IR when they get a big check deposited into an account.

[/quote]

You are not painting the picture properly. When I evaluate a client's portfolio I always bring in investments in kind. I'm not sure what you are talking about because most of the Jones brokers I deal with also try to bring in everything they can inkind. There are those that we can not hold in our branches that require us to liquidate, but I think this is the same all over.

You are obviously not happy with Jones for some other reason and are lashing out. It shows iin your post and most people here are smart enough to know that Jones brokers are not perfect. I know that there are some Jones brokers who do things wrong some on purpose some just don't understand what they are doing. It is a large company and I don't care where you work every brokerage has some bad apples.

Be obsessed!

[quote=Kargon]I do know that a Jones broker will liquidate some old ladies Metlife annuity (with a 5% surrender fee without telling her) that is performing well to roll into an IRA and then invest in American Funds A shares, again without telling her.[/quote]

Are you kidding!?  I know a lot of Jones brokers and none of us would do that.  Most of us would keep a good Met annuity.  The only person I've ever heard of doing that was the local US Bank guy. 

First, Field Supervision wouldn't let it happen because the surrender is too big.  We have to prove that it's beneficial to the client to liquidate an annuity.  Then we have to have the client sign all kinds of acknowledgement letters that says they understand.  We haven't even talked about the death benefit yet. 

Second, unless it's already qualified money you can't just roll it into an IRA.  I'll give you the benefit of the doubt and assume you know that.  We may use American Funds A shares, we may not.  I like Goldman and Franklin right now. 

Finally, we'd explain the whole thing to the client before we did it.  A shares and all.  And if it is an IRA, unless the little old lady really wants the death benefit of an annuity or to annuitize, the mutual funds would be cheaper for her in the long run.  No M&E charges.

Maybe there are some IRs out there that are struggling enough that they'd try that hoping they don't get caught, but they are certainly the minority.     

I agree.  I just think it is plain wrong to paint a picture of an entire firm based on a few anecdotes.  MY point earlier was that if a Jones guy did that, that SAME guy would do it anywhere.  It's not JONES that makes someone be dishonest like that.  It's the person.  And yes, any Jones broker would know better, so it would be dishonest no matter how you slice it.

I haven’t checked out this forum for many months and I must say…it’s like I

never left. I first started reading the anti-Jones posts in 2002 , about 18

months into my career. I was shocked…Edward Jones was everywhere. It was

like Biff Loman discovering his Dad was a lying, cheating loser travelling

salesman. I tried defending them for a while…a few years, actually. I ranted.

I raved. I reached Segment 4 in my third year…won trips…made good money

for everyone. Now the worm has turned. As Bill Shakespeare once may have

said, hell hath no fury like Bill Fakkland scorned.I won’t go into detail about

what happened, but it wasn’t compliance…not performance (in the top 5%

nationwide). I am sipping coffee looking at an offer from , well…I won’t say

whom. Maybe I’ll sign it tonight and start a new life as a professional Rep.

with a company that won’t say one thing and do another. See y’all next year

when I report on how things have gone.

[quote=Bill Fakkland]I haven't checked out this forum for many months and I must say...it's like I
never left. I first started reading the anti-Jones posts in 2002 , about 18
months into my career. I was shocked...Edward Jones was everywhere. It was
like Biff Loman discovering his Dad was a lying, cheating loser travelling
salesman. I tried defending them for a while...a few years, actually. I ranted.
I raved. I reached Segment 4 in my third year...won trips...made good money
for everyone. Now the worm has turned. As Bill Shakespeare once may have
said, hell hath no fury like Bill Fakkland scorned.I won't go into detail about
what happened, but it wasn't compliance...not performance (in the top 5%
nationwide). I am sipping coffee looking at an offer from , well...I won't say
whom. Maybe I'll sign it tonight and start a new life as a professional Rep.
with a company that won't say one thing and do another. See y'all next year
when I report on how things have gone.[/quote]

I can't believe I'm reading this.  Good luck and keep us posted.

[quote=Bill Fakkland]I haven’t checked out this forum for many months and I must say…it’s like I

never left. I first started reading the anti-Jones posts in 2002 , about 18

months into my career. I was shocked…Edward Jones was everywhere. It was

like Biff Loman discovering his Dad was a lying, cheating loser travelling

salesman. I tried defending them for a while…a few years, actually. I ranted.

I raved. I reached Segment 4 in my third year…won trips…made good money

for everyone. Now the worm has turned. As Bill Shakespeare once may have

said, hell hath no fury like Bill Fakkland scorned.I won’t go into detail about

what happened, but it wasn’t compliance…not performance (in the top 5%

nationwide). I am sipping coffee looking at an offer from , well…I won’t say

whom. Maybe I’ll sign it tonight and start a new life as a professional Rep.

with a company that won’t say one thing and do another. See y’all next year

when I report on how things have gone.[/quote]

all I can say is wow!  I remember you from past days Bill!  I can’t imagine what happened!

Bill don’t leave us hanging. You were a great jones defender and you did it in a relatively humorous fashion. Plesase update when you are comfortable.

Mr. Bill–

Seems as though you found your catalyst to move.  That’s what
happens at Jones.  They care about the newbie and the red
ir.  The guy who is producing gets S*^T on!

[quote=Bill Fakkland]I haven't checked out this forum for many months and I must say...it's like I
never left. I first started reading the anti-Jones posts in 2002 , about 18
months into my career. I was shocked...Edward Jones was everywhere. It was
like Biff Loman discovering his Dad was a lying, cheating loser travelling
salesman. I tried defending them for a while...a few years, actually. I ranted.
I raved. I reached Segment 4 in my third year...won trips...made good money
for everyone. Now the worm has turned. As Bill Shakespeare once may have
said, hell hath no fury like Bill Fakkland scorned.I won't go into detail about
what happened, but it wasn't compliance...not performance (in the top 5%
nationwide). I am sipping coffee looking at an offer from , well...I won't say
whom. Maybe I'll sign it tonight and start a new life as a professional Rep.
with a company that won't say one thing and do another. See y'all next year
when I report on how things have gone.[/quote]

MaxDud, Spiffman, et al. take note.  Maybe you don't know it all after all.

I’m likewise shocked…and very curious to hear the rest of the story.  I’d categorize this one as something I never expected to hear…

[quote=Indyone]I’m likewise shocked…and very curious to hear the rest of the story.  I’d categorize this one as something I never expected to hear…[/quote]

no sh*te…he was a defender to the end it seemed…wonder what happened!!

Simple. As Spiked said. They don't really care about the IR once they are profitable. They say they do but in reality they can split the office in 2 or 3 pieces and get their precious office numbers up. And by gosh, make almost the same amount, pay no bonus and the profit is retained by you know whom.

Bill-

It wasn't easy for me to come to grips with the Jones management practices. It wasn't easy to leave. Now that I have I personally have never been so excited to be in this business. There is an incredible opportunity out there, read Fragrasso's book on transition, plan before you leap if you can, it will make your life alot easier. You have many  options whether independent or wirehouse. Take your time and choose carefully.

Go Bill Go!!!!  I to am leaving in the next couple of weeks. Joining the independent ranks with LPL.  It's one of the most exhilirating things I've done.  Starting my OWN business..ordering furniture, doing a buildout, getting computers ordered, hooked-up and networked.  Getting letterhead, a logo for my business, business cards.  Going through my current client list and making a list of people I WANT to come with me.  Setting new goals for 07...real goals...FOR ME...Not for some deadbeat GP. 

I'm not sure why, but I always felt like a loser when I told people I worked at EDJ.  I actually stopped telling them...I was embarrassed.  It sounds weird..but it's the truth.  Can't wait to get the hell out and move on.