Mild Winter

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outofjail's picture
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Joined: 2007-12-11

Great news Jones employees....... the national weather service has issued a mild winter with very little snow and and NASA said that the satelite that you rely on is not going to come back into the atomosphere and burn up again. Your $1300 per month is being well spent. Make sure you get your 25 contacts in before we get a surprise snow or the Chinese blow the satelite out of the sky.

proudlp's picture
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outofjail wrote:Great news Jones employees....... the national weather service has issued a mild winter with very little snow and and NASA said that the satelite that you rely on is not going to come back into the atomosphere and burn up again. Your $1300 per month is being well spent. Make sure you get your 25 contacts in before we get a surprise snow or the Chinese blow the satelite out of the sky.
 
For the record, this post shows how little this person knows about the changes made at Edward Jones in the last 24 months.

Roadhard's picture
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Joined: 2007-02-23

I've been gone from Jones to Indy for 8 months--you are way behind in your tech knowledge at Jones!

outofjail's picture
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Joined: 2007-12-11

 hey smartypants,still paying for the communication system?

outofjail's picture
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Joined: 2007-12-11

is it 35 contacts now or 40?It has been a few years.

outofjail's picture
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proudlp wrote:outofjail wrote:Great news Jones employees....... the national weather service has issued a mild winter with very little snow and and NASA said that the satelite that you rely on is not going to come back into the atomosphere and burn up again. Your $1300 per month is being well spent. Make sure you get your 25 contacts in before we get a surprise snow or the Chinese blow the satelite out of the sky.
 
For the record, this post shows how little this person knows about the changes made at Edward Jones in the last 24 months.
The only thing thats changed is that employees with a brain went independent and doubled their income....just wait for the next 24 moths 

Roadhard's picture
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Joined: 2007-02-23

Hold on--I'm a Indy and I have to admit proudlp got the best of ya!  That means that proudlp can now moveup to proudindy--it does sound better--plus there is a hugh pay raise.

Spaceman Spiff's picture
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Joined: 2006-08-08

I've been hearing that same thing for 5 years.  Seems like there's always a mass exodus of Jones guys to indy in the next 24 months.  What do you think is going to happen in the next 24 months that is so earthshattering that we're going to all go indy? 
 
Yes, we are still paying for the communications system.  But, I have better tools, a faster system, and I don't have to pay anything out of pocket for it.  You know how much I'd pay for a new computer, printer, monitor, server, etc if Jones wanted to replace it today?  Yep, $0.00.  Now, I'm not saying that I like the $1300 communications system charge, but I also spend ZERO time thinking about my computer system.  So, it's a tradeoff. 
 
And it's still 25. 

Roadhard's picture
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Joined: 2007-02-23

Spiff, the best thing Jones could do is get rid of the P & L program altogether, get rid of the bonus program, go straight to a payout of 50% on all trades.  The P & L is bad for those in high rent areas or high utilities ect...

Spaceman Spiff's picture
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Joined: 2006-08-08

You are correct.  I'll suggbox that to Jim Weddle.  We'll see what he has to say. 

outofjail's picture
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Spaceman Spiff wrote:I've been hearing that same thing for 5 years.  Seems like there's always a mass exodus of Jones guys to indy in the next 24 months.  What do you think is going to happen in the next 24 months that is so earthshattering that we're going to all go indy? 
 
Yes, we are still paying for the communications system.  But, I have better tools, a faster system, and I don't have to pay anything out of pocket for it.  You know how much I'd pay for a new computer, printer, monitor, server, etc if Jones wanted to replace it today?  Yep, $0.00.  Now, I'm not saying that I like the $1300 communications system charge, but I also spend ZERO time thinking about my computer system.  So, it's a tradeoff. 
 
And it's still 25. 
Lets see... a new computer, printer copier and fax machine. # months of $1300 would pay for that . Oh and did I mention its tax deductible? The reason you dont have to pay anything out of pocket is because all you have is lint and a few pennies. 1300 x 12 = 26000. you are stupid.

Roadhard's picture
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Joined: 2007-02-23

Outofjail--like I said I'm Indy----but 1300 x 12 = $15,600, I wouldn't be calling someone stupid until you get that math down!

Broker24's picture
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Roadhard wrote:Spiff, the best thing Jones could do is get rid of the P & L program altogether, get rid of the bonus program, go straight to a payout of 50% on all trades.  The P & L is bad for those in high rent areas or high utilities ect...
 
Actually, that would penalize the higher producing vets and reward the rookies and lackies. 

jones&out's picture
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Joined: 2006-04-22

Spaceman Spiff wrote:I've been hearing that same thing for 5 years.  Seems like there's always a mass exodus of Jones guys to indy in the next 24 months.  What do you think is going to happen in the next 24 months that is so earthshattering that we're going to all go indy? 
 
Yes, we are still paying for the communications system.  But, I have better tools, a faster system, and I don't have to pay anything out of pocket for it.  You know how much I'd pay for a new computer, printer, monitor, server, etc if Jones wanted to replace it today?  Yep, $0.00.  Now, I'm not saying that I like the $1300 communications system charge, but I also spend ZERO time thinking about my computer system.  So, it's a tradeoff. 
 
And it's still 25. 
 
This sounds like a response right from the Weddle himself.  How much time do you really think I spend thinking about technology (answer: about an hour a month and that is deciding whether I need a tax break for the year).  The best part is that my communication bill is only $65 a month for service that doesn't bankrupt durring a thunderstorm (My mentor when I was at Jones told me that when the computer goes down, that was a great time to put on the overshoes and doorknock; how I miss stupid statements that I should be doorknocking in a downpour).
 
I don't care what spiffy says, technology at Jones is their largest weakness from an IR standpoint.  I currently pay less than 15% of what Jones brokers are charged on their "P&L" and for better systems and programs, the only thing I don't have is real time quotes which really aren't an integral part of my book of business anyway.  Give me cash in hand any day of the week over hoping to overcome $1300 for a small bonus.  I can find a lot of things to do with $1300 every month.

proudlp's picture
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Joined: 2005-01-28

I'm just saying that branches are now on the GBN, so let it snow, sleet and rain, it won't affect trading systems.  I would be willing to bet that there have been over a dozen MAJOR enhancements to my system in the last 24 months...It has been almost too much to keep up with.The technology at Jones was no doubt behind the curve...I gladly admit it, but the changes that have been and are happening are amazing and anyone away for more than 24 months simply wouldn't be in a place to speak about Jones technology.

compliancejerk's picture
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Joined: 2004-12-03

proudlp wrote: I'm just saying that branches are now on the GBN, so let it snow, sleet and rain, it won't affect trading systems.  I would be willing to bet that there have been over a dozen MAJOR enhancements to my system in the last 24 months...It has been almost too much to keep up with.The technology at Jones was no doubt behind the curve...I gladly admit it, but the changes that have been and are happening are amazing and anyone away for more than 24 months simply wouldn't be in a place to speak about Jones technology.
unfortunately you lost too many good irs that went to firms with great technology and you are still playing catch up. 
 
the same is happening with fee based.
 
and you still have the green dos screens....when will they go away
 

Spaceman Spiff's picture
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The only thing we really use the green screens for these days is to place trades and to get messages back and forth from the home office.  It's not as big a deal as you make it out to be. 
 
None of the people I know that left Jones did so because of technology.  Technology is a tool to make a business run smoother.  It doesn't make money for anyone.  Fee based, maybe.  Grass is greener, blah blah blah.  Most guys who leave Jones, or any other major brokerage firm, do so for cold hard cash.  The big paychecks recruiters get to dangle and the perceived freedom and bigger payouts of indy world are what make most brokers jump anywhere. 
 
Feel free to tell me where I'm wrong.  But, do me a favor and tell me more than just "nuh uh, you're wrong."  Tell me what I'm missing with technology at Jones.  I think I have everything I need to help make my clients successful.  I'll make a preemptive strike and say that I would like to have a Monte Carlo tool.  But, I've been told that's coming right after the first of the year.  

troll's picture
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Joined: 2004-11-29

Spaceman Spiff wrote:The only thing we really use the green screens for these days is to place trades and to get messages back and forth from the home office.  It's not as big a deal as you make it out to be. 
 
None of the people I know that left Jones did so because of technology.  Technology is a tool to make a business run smoother.  It doesn't make money for anyone.  Fee based, maybe.  Grass is greener, blah blah blah.  Most guys who leave Jones, or any other major brokerage firm, do so for cold hard cash.  The big paychecks recruiters get to dangle and the perceived freedom and bigger payouts of indy world are what make most brokers jump anywhere. 
 
Feel free to tell me where I'm wrong.  But, do me a favor and tell me more than just "nuh uh, you're wrong."  Tell me what I'm missing with technology at Jones.  I think I have everything I need to help make my clients successful.  I'll make a preemptive strike and say that I would like to have a Monte Carlo tool.  But, I've been told that's coming right after the first of the year.   Oppenheimer has a Monte Carlo tool on their website if Jones will let you use it...

ezmoney's picture
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Joined: 2004-11-30

I can make multiple trades (buys/sells) with multiple discreationary accounts with a few clicks. I know an EJ rep can't do that.
 
EZ$
ex-jones ir

compliancejerk's picture
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Spaceman Spiff wrote:The only thing we really use the green screens for these days is to place trades and to get messages back and forth from the home office.  It's not as big a deal as you make it out to be. 
 
None of the people I know that left Jones did so because of technology.  Technology is a tool to make a business run smoother.  It doesn't make money for anyone.  Fee based, maybe.  Grass is greener, blah blah blah.  Most guys who leave Jones, or any other major brokerage firm, do so for cold hard cash.  The big paychecks recruiters get to dangle and the perceived freedom and bigger payouts of indy world are what make most brokers jump anywhere. 
 
Feel free to tell me where I'm wrong.  But, do me a favor and tell me more than just "nuh uh, you're wrong."  Tell me what I'm missing with technology at Jones.  I think I have everything I need to help make my clients successful.  I'll make a preemptive strike and say that I would like to have a Monte Carlo tool.  But, I've been told that's coming right after the first of the year.  
 
SpaceMan Spiff,
 
I on the other hand I do know on many that left due to tech issues.
 
Technology is used to have business run efficiently (read profitably) and without major interuptions (like when the satellite went bye-bye around Thanksgiving '04).
 
Whenever the system went down phone expense went up with no rebate for tech.
Snow, rain, thunder/ligtning, tornadoes  and that was for St. Louis.  Never mind what occurred locally. Heaven forbid if you lived in Pacific Northwest or where hurricanes roam.
 
Having to mail, hand deliver or fax mutual fund or investment reports when other firms could email, talk about an additional expense AND waste of time. When dealing with prospective clients in high tech companies with Blackberries and WiFi being the norm we were still using Applix and HiFi and having to covert spreadsheets so the outside world could use Excel.
 
As for indy world higher payout is the factor but that does not come immediately, getting up and running on "current" technology sure makes it easier to leave.
 
And if tech was not an issue why did Rich Malone leave so quickly and now new technology updates coming in as quickly as it is.
 
Plus what would you need with a Monte Carlo simulation program you have the preferred funds?  First of year I'll assume that's your joke for the day.

jones&out's picture
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Joined: 2006-04-22

Spiff,
Here are a couple of things right off the top of my head:
 
How about Global Rebalancing like money said, email has made my business slick as a wistle since I left Ed Jones and here is the most utilized piece of tech that I now use allows me to run a client portfolio and give them their returns on any time frame using one of three different calculation methods to show returns.
Unless Jones has updated their return calculations, when I was there you could have had someone double their money from 10k to 20k and the return would show 100%, if they put in 20k the very next day, it would show 33% becuase the system was not smart enough to give a time weighted ave.  It also showed that clients would have 0% return on a bond because it could not calculate distributions from an investment.  Now it has been a couple of years since I have been at Jones and I will admit that I don't hack into Jonesnet to see the incredible tech that I am missing out on, so I could be wrong about this but this is how it used to be done.
The second advantage I have is that my reports will break out what a mutual fund owns so I can give as acurate of a picture that they can possibly see.  Tell me that when a Jones Broker sells Am Fds and decides to put 15% of a port in international that you all consider how much Growth Fund of America and Capital Income Builer etc etc etc have invested internationally.  Instead the portfolio will read Cap World G&I is international and everything else domestic, you could have 30% of that portfolio international and not realize it. 
Again I haven't been at Jones for over two years so please tell me that I am wrong but I am giving you my experience from time spent at Jones and time where I am now and how I use just a few things that have improved my office from leaving Jones.  Now I will admit that I didn't leave strictly because of these things but now that I know how much easier life is, I wish that it was the reason.

Spaceman Spiff's picture
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The global rebalancing doesn't apply at Jones because we don't use discretionary accounts.  Whether you think that's good, bad, or otherwise, it is what it is.  I believe most clients like that I talk to them before I want to make a change.  They like to know what goes on in their accounts.  I've taken accounts from other firms because the clients never really knew what was in their account from day to day. 
 
Jones has updated the portfolio tool to account for the international exposure in all funds.  I used to use the X-Ray tool on Morningstar accessed through Goldman with my clients to show them the breakdown of what they actually own.  They like being able to see what stocks they own inside those funds.  Since Jones has switched to using the Morningstar Hypo tools I don't have to go to Goldman anymore.  I can do it with one tool. 
 
I agree that the email tool should be more robust.  I know that they're concerned sending personal account info over email and I don't know that they'll ever get over it.  It hasn't been a big issue with my office, since most of my clients are retired folks and want paper copies of everything anyway.  I use it now mostly for communicating with my vendors.  Only a few clients have my email and use it frequently. 
 
The returns do use a time weighted average.  Bonds now show total return instead of just the return on the principal. 
 
Someone else said that if you have been gone from Jones for more than 18 months, you aren't really in a position to talk about Jones technology anymore.  You just don't know how many changes have been made since you left.  Compliancejerk has evidently been gone so long that he doesn't know that home office switched to Microsoft programs almost 5 years ago.  I haven't heard the term Applix in years. 
 
I don't know why Rich left.  I think it was a combination of the good ol' boy network starting to change and that he couldn't or wouldn't keep up with the changing technology that all of us were screaming for.  Vinny Ferrari has been a blessing to the firm.  Weddle embracing the technology changes has been a big help too.  I'll bet that, with some minor exceptions, if you look at Jones a couple of years from now our technology isn't going to be an issue at all. 
 
 

noggin's picture
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Joined: 2004-11-30

It was nice today as it rained all day for my system to be up and running all day. Thank the Lord for small favors. The tech has improved dramatically since I started, I like using my Samsung blackjack to look at my desktop. I figure we are about 1997 now on tech, but we were 1983 when I joined the firm in 2002..... we are still about 10 years behind but we are making progress....

Brian1960's picture
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Joined: 2007-12-13

This is just another one of those wasted posts that serves no purpose.
Just think with the 90% your making how much more you would make if you didn't spend so much time trying to convince yourselves that Jones is not a good company.
 
Get a life

compliancejerk's picture
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Brian1960 wrote:
This is just another one of those wasted posts that serves no purpose.
Just think with the 90% your making how much more you would make if you didn't spend so much time trying to convince yourselves that Jones is not a good company.
 
Get a life
 
And you are drawn to these posts like a moth to a flame
 
"Don't look into the light, don't look into  light!"  - Bug's Life
 
 

Spaceman Spiff's picture
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Brian1960 wrote:
This is just another one of those wasted posts that serves no purpose.
Just think with the 90% your making how much more you would make if you didn't spend so much time trying to convince yourselves that Jones is not a good company.
 
Get a life
 
No, you have to think about it differently.  Try it this way.  BECAUSE they have a 90% payout, they CAN spend so much time trying to convince everyone that Jones is not a good company. 

bspears's picture
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Joined: 2006-11-08

No..90% allows me to sitdown with an architect and design my new office...

Spaceman Spiff's picture
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No...BECAUSE you are independant, you HAVE to sit down with an architect and design your new office.  Think about all the contacts you could be making instead of having to screw around with that. 
Seriously, that's pretty cool.  While I'm satisfied with my office, there are changes I'd love to make.  I guess though, I can, as long as I pay for it.  Kind of like you.  Congrats on the new digs.

Brian1960's picture
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compliancejerk wrote:Brian1960 wrote:
This is just another one of those wasted posts that serves no purpose.
Just think with the 90% your making how much more you would make if you didn't spend so much time trying to convince yourselves that Jones is not a good company.
 
Get a life
 
And you are drawn to these posts like a moth to a flame
 
"Don't look into the light, don't look into  light!"  - Bug's Life
 
Yea, like I knew with the title "Mild Winter" it would be another poster just wanting bash Jones. Especially one that is out of touch with what's happening. I haven't been on a satellite for over a year.
 
 

Consejero's picture
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Joined: 2007-12-19

Where the Bug Spray when you need it. What is the point of this thread?

compliancejerk's picture
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Brian1960 & Consejero,
 
You aren't suppose to snort Preperation H?
It's a supository.

troll's picture
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Joined: 2004-11-29

Spaceman Spiff wrote:Brian1960 wrote:
This is just another one of those wasted posts that serves no purpose.
Just think with the 90% your making how much more you would make if you didn't spend so much time trying to convince yourselves that Jones is not a good company.
 
Get a life
 
No, you have to think about it differently.  Try it this way.  BECAUSE they have a 90% payout, they CAN spend so much time trying to convince everyone that Jones is not a good company.  Perhaps they can, but I honestly don't see the point in wasting time and energy on something so unproductive.  I would rather make more $$, or hit some golf balls.

Brian1960's picture
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compliancejerk wrote:Brian1960 & Consejero,
 
You aren't suppose to snort Preperation H?
It's a supository.
 
I'm sure you know all there is to know about Prep H. since you've had it used on you so often.

compliancejerk's picture
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hemmaroids are only funny if you don't have  them

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