Starting at Edward Jones....

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logan's picture
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How does starting your career with Edward Jones work?
When and how do they provide the office and asssistant? Cost to agent?
I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?
Thank you kindly.

jonesnewbie's picture
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"How does starting your career with Edward Jones work?"
Two months - Study for the Series 7 and Series 63.  They provide all the materials and laptop for exams, but its self-study. 
One week - Know Your Customer class in St. Louis.  Role play door-knocking, mostly.  To qualify for KYC, you must pass the 7.  If you fail the first time, unless there are extenuating circumstances (near passiong score, mom died, Regional Leader is your Uncle), you will be fired.
Two months - Market Research.  Door-knocking in your community.  You will also do Branch Training (visit a vet's office and learn how the computer system works, how to enter orders, etc.) and Field Training (role playing contacts with a mentor).  During this time, you are not yet licensed to sell, but you are supposed to be making 25 contacts per day.
One week - Evaluation/Graduation.  You are finally licensed and will be calling 25 people a day trying to make a sell.  You will also get some basic training on investments.  To qualify for Eval/Grad, you need phone numbers of 125 people in your system that you have permission to call on an investment.
Four Months - First 120 Days in the Field.  More of the same - 25 contacts per day.  But now you are licensed, so you can do repeat contacts and actually talk about investments and (hopefully) make some money. 
One week - Profitability Development Program.  Similar to Eval/Grad, except now you have to 50 calls per day.  To qualify for PDP, you will have to meet a certain net commission.  Your net number will depend on whether you are a new broker, transfer, goodknight, or taking over an existing branch.
"When and how do they provide the office and asssistant? Cost to agent?"
To qualify for an office and Branch Office Administrator (call them a secretary or assistant and you will be castrated), you have to make it through PDP.  There is no cost to the agent, rent and BOA salary are covered by Jones.
"I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?"
Interview process is two rounds.  First is a phone interview - very typical and only requires a basic command of the english language to get past.  Second is an in person interview - more questions, a role play sales call, and possibly even some door knocking.  Pass both and you are hired.
Good luck.  And remember this - Fortunately, Jones isn't as bad as the 5 or so obsessive Jones haters on here suggest, but unfortunately, it's also not as good as the 5 or so kool-aid drinkers insist.

Soothsayer's picture
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Logan--
I know of a better Jones program.  Impregnate the daughter of a top producer.  Tell her you won't marry her unless her daddy "Goodknights" you......With bonus, trips, LP, production, etc. you'll be at 400K net in no less than 5 years.  Good luck!

prodaytrader's picture
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Jonesnewbie...thanks for the info.  I asked this same question in the other forum and was giving nothing but harrasing remarks.  Your post is by far the most informative I have read yet.  Thanks for the info.

ezmoney's picture
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Better yet impregnate the daughter of a GP, and you have it made with a $60 mill office.

logan's picture
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jonesnewbie, Thank you very much for the detailed reply reply.
 

logan's picture
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ezmoney wrote:Better yet impregnate the daughter of a GP, and you have it made with a $60 mill office.
 
Eeeks...The wife wont go for that
Was interested in who the process worked more then any thing.
Presently taking my Life and Health class and gaining insight on if this is even the for me.  Thus, thanks all for the replies. 

josephjones107's picture
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Joined: 2004-12-20

Join the PASS program at the home office and then take over a $20 million dollar office...people in your region will be jealous you were "handed your business" but screw em.

noggin's picture
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Agreed, joseph but that person has to live with fact that they are a leech and don't deserve any of their success.....

The Truth's picture
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PASS program will only work for you if you have some political connections.  Most of those chumps get nothing.  My best advise is don't join the firm because the cards are stacked against you.  This firm I equate to is like working for the US Government.  The best of the best or never the highest paid.

BigPayDay's picture
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Truth,

So "pick the firm where you make the most". Is that what you are saying? Wow, that's some great advice! I know several very successful brokers who have come out of the PASS program. Not all took over big books, but several did. The PASS program is a VERY good program for those younger college grads. Truth is clueless and just Jones Bashing as usual.

BPD

_________________________________________
The grass is GREENER where you water it!

Philo Kvetch's picture
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That's not what he said, you pimple.

BigPayDay's picture
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The Truth wrote: PASS program will only work for you if you have some political connections.  Most of those chumps get nothing.  My best advise is don't join the firm because the cards are stacked against you.  This firm I equate to is like working for the US Government.  The best of the best or never the highest paid.

Philo,

What do you think Truth means by the statement: "...The best of the best or never the highest paid..."

BPD

Philo Kvetch's picture
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If I had to guess, I'd say he meant what he said.  But that's just me.  I don't try to twist the words of others.

BigPayDay's picture
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Philo,

Sounds like you have a lot to say in the three posts you have made so far. You're off to a great start!

Philo Kvetch's picture
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If you ever post anything worthy of debate, I'll have more to say.  Given the level of ignorance and the base demeanor that you've displayed so far, I'm not too worried about that ever happening.

BigPayDay's picture
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Did you say debate.....

.....OK I'll play along.

Let's say you've got a 45 year old couple making $250,000/yr in income, plans to retire at 60 years old, doesn't like paying taxes and fully max their 401k plan each year. They have an existing portfolio of stocks and bonds that is high quality and well diversified. They have done their estate planning and already have enough life insurance to cover if one spouse should die and to cover any future estate taxes. What tax advantaged investment strategy for long term growth would you recommend for someone like this?

stanwbrown's picture
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BigPayDay wrote:Did you say debate..... .....OK I'll play along. Let's say you've got a 45 year old couple making $250,000/yr in income, plans to retire at 60 years old, doesn't like paying taxes and fully max their 401k plan each year. They have an existing portfolio of stocks and bonds that is high quality and well diversified. They have done their estate planning and already have enough life insurance to cover if one spouse should die and to cover any future estate taxes. What tax advantaged investment strategy for long term growth would you recommend for someone like this?
 
ROFLMAO, yeah, that's the typical couple Jones brokers sell annuities to. Nah, it's not two people making $60k between them, not maxing their 401k and no other investments. Of course not....

stanwbrown's picture
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logan wrote:
How does starting your career with Edward Jones work?
When and how do they provide the office and asssistant? Cost to agent?
I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?
Thank you kindly.

Why not consider a real, full service firm first?

BigPayDay's picture
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Joined: 2005-01-10

Logan,

Try this site, Should answer most of your questions:

http://www.jonesopportunity.com/ir/en_GB/broker/

BPD

xej1984's picture
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candy bar,
wah wah wah, we're picking on the firm that does what in the client's best interest.   Take you ball and go home.

compliancejerk's picture
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BigPayDay wrote:Did you say debate..... .....OK I'll play along. Let's say you've got a 45 year old couple making $250,000/yr in income, plans to retire at 60 years old, doesn't like paying taxes and fully max their 401k plan each year. They have an existing portfolio of stocks and bonds that is high quality and well diversified. They have done their estate planning and already have enough life insurance to cover if one spouse should die and to cover any future estate taxes. What tax advantaged investment strategy for long term growth would you recommend for someone like this?
bpd,
Could you clarify something regarding this hypothetical situation:
Are they the average EJ client that doesn't read the WSJ like your buddy Mr. Bill ... I mean Mr. Hill claimed last year or just run of the mill gullible financially illiterate EJ prospects or are you trying to take them away from a true full service brokerage firm?

BigPayDay's picture
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CJ,

You're right we have dumb clients, over 6 million of them, that no other firm would want. We rig all the surveys, Fortune, Registered Rep, JD Power, etc. We've grown from 500 offices in 1982 to over 9500 offices today because of bad management. Our limited Partnership is a terrible investment that only has averaged 22% since 1990, more than double the S&P. We are the only firm that does revenue sharing, well not actually according to AMerican Fds SAI, they share revenue with the top 75 dealers that sell their funds. You have heard of American Fds, right? Yes, we are a terrible firm because we turn around and share that revenue with our advisors. And yes, we are the only firm who sells "A" VA's. Yes you're right. Seems to be a lot of interest on Jones on this board. Maybe the nay ayers are a little jealous? Hummmmm......

BPD

My pay out / total compensation last year was over 60%. Not bad for a non indy.

Philo Kvetch's picture
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Joined: 2005-05-17

WOW!  You mean that indies can take a 20% paycut and work for the laughingstock of the brokerage industry????
 
DAMN RIGHT I'M JEALOUS!
 
NOT!

Philo Kvetch's picture
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What's the matter Chump?  Can't get hold of anyone in St. Louis to tell you what to say now?
That's what I thought.
Have a nice life, Chump.

eddjones654's picture
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bpd,
someone has to deal with the trailer park trash, less distance for door knocking.  You have no HNW client programs. Some firms succed in spite of bad management your firm is a good example. Why else would dh voluntarily take a $3 million pay cut and tender his resignation.  10+ years in Canada and 5+ in the UK how big of burn rate in capital is occuring over there? gee the head of Canadian operations makes over $4 million in compensation and what sort of ROI do you have there. Third highest compensated executive is head of your "leading edge" technology  ..... you know the one that doesn't operate during heavy precipation between St. Louis and whichever branch you happen to be in.  And what about that week your firm was without communications in November ..... leading edge technology shouldn't require someone to go knock the snow off the dish so that a trade can be enterred???
Your comprehension is truly effected by watching the swirling blue water while you clean your own toilets, the SEC NASD NYSE and AG for Missouri never mentioned it wasn't proper to have revenue sharing.  What they stated is that your firm should not have mislead your clients by NOT informing them of the relationships you have with the preferred vendors.  By the way What's wrong with using Fidelity products, why doesn't your firm use them?
As for you total comp, what percentage of your brokers receives a 60% payout (according to your math)?
How's about all those "transfer brokers" .... DO THEY recieve a 60% payout in the first year or three? 
As far as us "dark siders" being jealous you couldn't be farther from the truth (well actually you never espouse anything but half truths) I think it's we pity the fools that remain and will get blindsided by your management (and you will get blindsided).  Whethter or you wake up is of no consequence to us, if we are able to help someone who is able to have free thoughts and quit the kool-aid well that's fine by us.
Ever wonder why your firm doesn't permit you to attend vendor functions with brokers from other firms, or at least doesn't allow wholsalers to invite EJ reps to their mixed functions?
Ever wonder why your firm hires "transfer brokers" from Primerica (once brain washed the second time around is even easier).
And you LP is nothing but a bond in drag, but you already know that.

stanwbrown's picture
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"Ever wonder why your firm hires "transfer brokers" from Primerica (once brain washed the second time around is even easier)."
You're kidding, right? They poach from Primerica? Yeeecchhhhhh
 

BigPayDay's picture
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eddjones654 wrote: bpd,
someone has to deal with the trailer park trash, less distance for door knocking.  You have no HNW client programs. Some firms succed in spite of bad management your firm is a good example. Why else would dh voluntarily take a $3 million pay cut and tender his resignation.  10+ years in Canada and 5+ in the UK how big of burn rate in capital is occuring over there? gee the head of Canadian operations makes over $4 million in compensation and what sort of ROI do you have there. Third highest compensated executive is head of your "leading edge" technology  ..... you know the one that doesn't operate during heavy precipation between St. Louis and whichever branch you happen to be in.  And what about that week your firm was without communications in November ..... leading edge technology shouldn't require someone to go knock the snow off the dish so that a trade can be enterred???
Your comprehension is truly effected by watching the swirling blue water while you clean your own toilets, the SEC NASD NYSE and AG for Missouri never mentioned it wasn't proper to have revenue sharing.  What they stated is that your firm should not have mislead your clients by NOT informing them of the relationships you have with the preferred vendors.  By the way What's wrong with using Fidelity products, why doesn't your firm use them?
As for you total comp, what percentage of your brokers receives a 60% payout (according to your math)?
How's about all those "transfer brokers" .... DO THEY recieve a 60% payout in the first year or three? 
As far as us "dark siders" being jealous you couldn't be farther from the truth (well actually you never espouse anything but half truths) I think it's we pity the fools that remain and will get blindsided by your management (and you will get blindsided).  Whethter or you wake up is of no consequence to us, if we are able to help someone who is able to have free thoughts and quit the kool-aid well that's fine by us.
Ever wonder why your firm doesn't permit you to attend vendor functions with brokers from other firms, or at least doesn't allow wholsalers to invite EJ reps to their mixed functions?
Ever wonder why your firm hires "transfer brokers" from Primerica (once brain washed the second time around is even easier).
And you LP is nothing but a bond in drag, but you already know that.

Eddy Jones 654,

(Another Jones basher with Jones in their name. You guys just can't get Jones out of your head.)

Let me ask you if we suck so bad, why in the world do you spend so much time talking about us. I'd say over 50% percent or more of the posts on this site are on Jones. Well let me remind you why:

envy
Pronunciation: 'en-vE
Function: noun

Painful or resentful awareness of an advantage enjoyed by another joined with a desire to possess the same advantage.

jealous
Pronunciation: 'je-l&s
Function: adjective

Hostile toward a rival or one believed to enjoy an advantage.

'nough said.

Out.

BPD

P.S. Our LP, a bond in drag?

22% average since 1990, i'd say more like Pamela Anderson in Lingerie.

Phlyin' Phule's picture
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And much like Pamela Anderson, there's nothing real there!

BigPayDay's picture
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Fool,

Yeh, you'd kick her out of bed too, just like you did Jones. Now you're dissappointed. It's a natural feeling that all IRs who have left Jones feel. Just listen to all of them on this board.

BPD

compliancejerk's picture
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bpd,
Yes I'd kick pam out out of bed, she's got some real nasty hepatitis and been with way to too many rock stars.  Please note I don't have your firm in my name and you really sound like a candy bar .... your plenty nuts.
It's funy how we answer your questions yet you never seem to replay to our questions from the "dark side" .... 'cuz deep down inside you are scared that we are right.....

BigPayDay's picture
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Ask a question.

babbling looney's picture
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Ok.  Here is a question for you.  Are you aware that those A and B share annuities that Jones has "packaged" specially for you don't contain the same mutual fund sub-accounts as the same annuity that is offered by the rest of the investment world?  Jones has companies...lets say Hartford, for example, package the annuities with the "preferred funds" and excludes the wider range of options that are included in the regular annuity.  You will find that if you are offering side by side with another agent, you will lose out, based on product selection.  Ask your wholesaler, who by the way doesn't represent Jones exclusively.  He is the same guy I deal with too.
Are you aware that your payout on the same annuity that I can offer is significantly less?

BigPayDay's picture
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Mr. Looney,

You are a funny man.

The number one selling annuity in the industry, not just by jones, is the Hartford American Leaders VA. It is available in "A" and "B" shares. Yes it has non preferred sub accounts such as Aim, MFS, Franklin Templeton. Check the internal cost of the Hartford Edge ("A" share) verses the others by the way.

Here's the link:

http://www.hartfordinvestor.com/servlet/Satellite?cid=107218 8777772&pagename=HI%2FHLI01Product%2FHLI_Product&p=109353153 7437&nt_hli01_id=1072188777772&nt_section=1092650184749&c=HL I01Product

Mr. Looney (Love typing that), this is the same product that every one on the street sells. Your above points about Jones VA's verses what the street has are incorrect.

Next question.

BPD

babbling looney's picture
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Ms. Looney to you, sonny boy  
Check out the Hartford Cornerstone 401K group annuity product. Unless they have changed it or phased it out in the last few years, the sub accounts are restricted to the "preferred" funds.  Not the same product as is offered on the street. As I recall the 403B group annuity from Hartford was also a special package just for Jones.
In addition some of the fixed annuities your firm offers are proprietary products, as I have found out by attempting to change agent of record on them.

BigPayDay's picture
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MS Looney (Sorry for the mix up),

I do not use VAs in the qualified arena so I am not familiar with these products. I thought you were discussing the "normal" VAs, not in qualified accounts. I do use these and am not aware of any that are Jones only.

BPD

doberman's picture
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Here's the link: http://www.hartfordinvestor.com/servlet/Satellite?cid=107218 8777772&pagename=HI%2FHLI01Product%2FHLI_Product&p=1 09353153 7437&nt_hli01_id=1072188777772&nt_section=1092650184 749&c=HL I01Product 
-------------------------------------------------------
Shrink The Link!!
I don't know if you know this, but the link you provided above can be made considerably shorter by using a free web service that shrinks the long link to a more manageable length. The site is www.tinyurl.com. You simply type or paste the url into the provided space, hit the button, and whallah! Your reduced link is shown below:
http://tinyurl.com/aqvw5 

Cougzz's picture
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Mr. Doberman:

Thanks for the "tinyurl" tip. This is the first thing I consider to be new news
since I began reading these exchanges. I'm a Jones guy and it works for me.
I live in a small town and working in a Jones office is the only way I could
figure out how to combine my real interest, volunteer firefighting/emt, with
a job that I can rush out of anytime. My clients & asst. understand that if I
am not there for an appointment early in the morning there is a very good
reason. Sometimes we just decide to work where the flexibility allows for our
outside enjoyment and money is not the driving force.

Starka's picture
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Cougzz, good for you.  If it works and you're happy, stick with it!
Good luck!

doberman's picture
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Starka:
Cougzz, good for you.  If it works and you're happy, stick with it!
Good luck!
----------------------------------------------
Ditto!
And thanks for the lifesaving jobs you do!

Eyetattoo's picture
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I'm just curious....to all the Jones haters......who do you work for?  And why is your company "so" much better than Jones?

troll's picture
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Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.

bondo's picture
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Eyetattoo wrote:I'm just curious....to all the Jones haters......who do you work for?  And why is your company "so" much better than Jones?
 
I could not tell you if my firm is better than EJ.  I can tell you it is better for me.

donatello's picture
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ditto to Bluetang. And Bondo-I'll tell you-yours is.

Eyetattoo's picture
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Bluetang wrote:Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.Can you support this?  Whats your payout?  Is it tiered? your support is better? How so? Prestige?   I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm.....except for employees of other firms, The attitude here is getting successful people in the field....I would assume that about the same at every firm...., breadth of product....I guess having clients out performing the market year after year is a bad thing?Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP......how many of you make that much? Oh and we are in a community of less than 60K people.

troll's picture
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Eyetattoo wrote: Bluetang wrote:Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.Can you support this?  Whats your payout?  Is it tiered? your support is better? How so? Prestige?   I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm.....except for employees of other firms, The attitude here is getting successful people in the field....I would assume that about the same at every firm...., breadth of product....I guess having clients out performing the market year after year is a bad thing?Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP......how many of you make that much? Oh and we are in a community of less than 60K people.
 
Payout- research EDJ in industury mags, always near the bottom
Platform- managed money for example, EDJ is getting wraps soon right?  Only a decade behind
Technology- EDJ thinks its great, that new fangled technology called email is here!!
Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment.
Attitude-  I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8.
Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8???
Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8.  Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. 
 
Just a few thoughts.  Now you tell me how EDJ is competitive in each of these areas.  GO

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Bluetang wrote:Eyetattoo wrote: Bluetang wrote:Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.Can you support this?  Whats your payout?  Is it tiered? your support is better? How so? Prestige?   I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm.....except for employees of other firms, The attitude here is getting successful people in the field....I would assume that about the same at every firm...., breadth of product....I guess having clients out performing the market year after year is a bad thing?Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP......how many of you make that much? Oh and we are in a community of less than 60K people.
 
Payout- research EDJ in industury mags, always near the bottom
Platform- managed money for example, EDJ is getting wraps soon right?  Only a decade behind
Technology- EDJ thinks its great, that new fangled technology called email is here!!
Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment.
Attitude-  I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8.
Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8???
Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8.  Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. 
 
Just a few thoughts.  Now you tell me how EDJ is competitive in each of these areas.  GOPayout - Again whats your structure?  Do you have a paid for assistant?  Your own branch? Are you able to buy into your company with returns on average of 20%?Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer.  I can out sell 90% of the wrap accounts out there with A share MFs.  I put my clients in quality MFs to where there not looking to switch out every other year.Technology - Are you seriously bashing EDJ because of email?  Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ.  How long does it take you to get a confirmation of a trade?Prestige - How is EDJ the Walmart of Investment Firms?Attitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker.Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them.  I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds.Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA.

donatello's picture
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Eyetattoo: I'm just going to pick one of your ridiculous comments above because you are way whacked out on your statements and understanding.
You state you can outsell 90% of wrap accounts with A share MFs. Here's my thought...tell me how you do that? To be fair, here's why I'm asking....first of all...how many accounts have you gone against? You are obviously a VERY new broker by your statements. Also, what do you think it means to have a wrap account that holds Mutual Funds? This is critical because your answer to this question tells everyone what you really know about these accounts....especially those individuals who understand these. Please...do answer. Be brave.

troll's picture
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Eyetattoo wrote: Bluetang wrote:Eyetattoo wrote: Bluetang wrote:Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.Can you support this?  Whats your payout?  Is it tiered? your support is better? How so? Prestige?   I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm.....except for employees of other firms, The attitude here is getting successful people in the field....I would assume that about the same at every firm...., breadth of product....I guess having clients out performing the market year after year is a bad thing?Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP......how many of you make that much? Oh and we are in a community of less than 60K people.
 
Payout- research EDJ in industury mags, always near the bottom
Platform- managed money for example, EDJ is getting wraps soon right?  Only a decade behind
Technology- EDJ thinks its great, that new fangled technology called email is here!!
Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment.
Attitude-  I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8.
Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8???
Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8.  Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. 
 
Just a few thoughts.  Now you tell me how EDJ is competitive in each of these areas.  GOPayout - Again whats your structure?  Do you have a paid for assistant?  Your own branch? Are you able to buy into your company with returns on average of 20%?
I work at a wire, last year my total compensation was north of 55%, not the highest in the industry, but far higher than EDJ for my production level.Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer.  I can out sell 90% of the wrap accounts out there with A share MFs.  I put my clients in quality MFs to where there not looking to switch out every other year.
"Different types of investments work at different times.  Tech funds were great in the 90's but have not worked well since.  Some fund families go through long periods of difficulty, such as Putnam.  A wrap porfolio allows me to keep your portfolio invested in the areas of the market that are working without being concerned about making a switch because of commissions.  This portfolio pays me according to how well YOU do, not for the recomendation today to buy it.  If you take a pay cut so do I."  I can outsell 90% of A shares.  Technology - Are you seriously bashing EDJ because of email?  Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ.  How long does it take you to get a confirmation of a trade?
About 1 second.  Hahahaha (side hurts).  If you are asking this question seriously, you have made my point for me.Prestige - How is EDJ the Walmart of Investment Firms?
Do a quick search, not my termAttitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker.
Second point, the beloved 8 are there not because they are the best, but because of revenue sharing.  Looking down on other families because they do not have the same RS agreement is pathetic.  Doesn't EDJ spew garbage about doing whats best for the clients?Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them.  I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds.
This is not a VERY select or even a select group of clients.  They are just clients you don't get (not you personally,EDJ in general).  Instead of saying you don't sell something, be honest and say "here at McDonalds, we don't have steak.  You will have to go to an actual resturant for that."  As far as preferred funds, there is pressure to concentrate your focus on the families.  Admit it, its there... for the sole purpose of RS.  IMO, having the flexibility to do any fund family is the true barometer of doing what is right for the client.Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA.
I personally know of this situation happening.  Cannot comment on how common it is, but I would be offended. 

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donatello wrote:Eyetattoo: I'm just going to pick one of your ridiculous comments above because you are way whacked out on your statements and understanding.
You state you can outsell 90% of wrap accounts with A share MFs. Here's my thought...tell me how you do that? To be fair, here's why I'm asking....first of all...how many accounts have you gone against? You are obviously a VERY new broker by your statements. Also, what do you think it means to have a wrap account that holds Mutual Funds? This is critical because your answer to this question tells everyone what you really know about these accounts....especially those individuals who understand these. Please...do answer. Be brave.You are right I am a new broker.....with that out of the way here is my answer.......Especially in times like we are in now most clients currently in a wrap account(or any account for that matter) have not heard from their broker at all but still are paying anywhere between .8% to 1%/yr.  Yeah A share MFs have a large upfront cost but overtime they are less expensive(10+ years)  Unless someone is moving between funds on a regular basis it just doesn't make sense.  And my thought on a wrap account that holds mutual funds? Its a account that includes a variety of services wrapped in one fee usually based on the amount under management.  With most mutual fund wrap accounts the portfolio is rebalanced automatically based on the asset allocation choice (80/20,60/40,50/50....etc.)  And you pay no additional fee when moving from one fund to another.So for you clients with less than $500K why not put them in a fund of funds with either American, Franklin, Lord Abbot, ect..... that also rebalance automatically?

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Joined: 2008-03-29

Bluetang wrote:Eyetattoo wrote: Bluetang wrote:Eyetattoo wrote: Bluetang wrote:Payout, culture, platform, technology, support, prestige, attitude, breadth of product, freedom... off the top of my head.Can you support this?  Whats your payout?  Is it tiered? your support is better? How so? Prestige?   I have yet to come across anyone that thinks any less of EDJ compared to ANY other firm.....except for employees of other firms, The attitude here is getting successful people in the field....I would assume that about the same at every firm...., breadth of product....I guess having clients out performing the market year after year is a bad thing?Im sure Ill be told Ive had too much of the Kool Aid but then again I am being trained by an FA that makes over $600K and is not a GP......how many of you make that much? Oh and we are in a community of less than 60K people.
 
Payout- research EDJ in industury mags, always near the bottom
Platform- managed money for example, EDJ is getting wraps soon right?  Only a decade behind
Technology- EDJ thinks its great, that new fangled technology called email is here!!
Prestige- Use wikipedia and lookup "the walmart of ..." anything, it is not a compliment.
Attitude-  I know there are good brokers at other firms, even ones who do not sell A shares for the beloved 8.
Breadth of product- what to you tell clients that want to do a 1031 exchange, hedge their corn crop, want to use options for risk management, are aware of a MF manager outside the beloved 8???
Freedom- Compliance has yet to call me and ask why I sold XYZ mutual fund because it was not in the beloved 8.  Company management has yet to tell me that A shares are the only ethical way to sell MFs and wrap programs are a rip off. 
 
Just a few thoughts.  Now you tell me how EDJ is competitive in each of these areas.  GOPayout - Again whats your structure?  Do you have a paid for assistant?  Your own branch? Are you able to buy into your company with returns on average of 20%?
I work at a wire, last year my total compensation was north of 55%, not the highest in the industry, but far higher than EDJ for my production level.Managed Money - Yeah they are on the way...but here is a news flash for you....wrap accounts are not the only answer.  I can out sell 90% of the wrap accounts out there with A share MFs.  I put my clients in quality MFs to where there not looking to switch out every other year.
"Different types of investments work at different times.  Tech funds were great in the 90's but have not worked well since.  Some fund families go through long periods of difficulty, such as Putnam.  A wrap porfolio allows me to keep your portfolio invested in the areas of the market that are working without being concerned about making a switch because of commissions.  This portfolio pays me according to how well YOU do, not for the recomendation today to buy it.  If you take a pay cut so do I."  I can outsell 90% of A shares.  Technology - Are you seriously bashing EDJ because of email?  Well if that is all you got you can scratch that off your list cause guess what there is email at EDJ.  How long does it take you to get a confirmation of a trade?
About 1 second.  Hahahaha (side hurts).  If you are asking this question seriously, you have made my point for me.Prestige - How is EDJ the Walmart of Investment Firms?
Do a quick search, not my termAttitude - Agreed....but by selling out of the "beloved" 8 doesn't make someone a lesser broker.
Second point, the beloved 8 are there not because they are the best, but because of revenue sharing.  Looking down on other families because they do not have the same RS agreement is pathetic.  Doesn't EDJ spew garbage about doing whats best for the clients?Breadth of product- You so you have me on a very select group of clients on the first two I dont sell hedges or options but if someone wants to deal with a fund outside of the preferred 8 I am more than happy to offer it to them.  I lean towards the preferred funds not because they are preferred but because I believe in their products and have good relationships with those companies.....EDJ isn't the only firm out there that has preferred funds.
This is not a VERY select or even a select group of clients.  They are just clients you don't get (not you personally,EDJ in general).  Instead of saying you don't sell something, be honest and say "here at McDonalds, we don't have steak.  You will have to go to an actual resturant for that."  As far as preferred funds, there is pressure to concentrate your focus on the families.  Admit it, its there... for the sole purpose of RS.  IMO, having the flexibility to do any fund family is the true barometer of doing what is right for the client.Freedom - I too have yet to receive one of those calls and I have put clients in B shares C shares and non preferred funds......And if they did I would explain why.....I wouldn't take offense to that, usually they are just helping me CMA.
I personally know of this situation happening.  Cannot comment on how common it is, but I would be offended.  I asked about the confirmations because you didn't mention where you worked.....I know many Bank Firms don't get instant confirms.....And 55% is better than what I get but I also have a fully paid for Assistant, my own office and commissions is only one of the five ways we get paid.....so Ill take my 37-39% any day.Back to the preferred 8 EDJ isn't the only firm that has RS plans in tack and if I find there is a better choice for a client outside of the 8 I put them in it........and out of the preferred 8 American Funds is most arguably the highest used fund  by EDJ FAs and also has the lowest RS out of the 8.

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