[quote=uwec86]

Spiff,

AAMS…My buddies all got that with an open book test “administered” by the BOA in about an hour. In other words…it’s not too hard to get.

I’ve completed the education portion of the CFP but not sure if I’ll ever take the test…it takes 2 days, costs about $600 and sounds like I’d have to spend too much time studying…it’s football season after all…Go Packers!

[quote=Incredible Hulk] [quote=uwec86]

Spiff,

AAMS...My buddies all got that with an open book test "administered" by the BOA in about an hour.  In other words...it's not too hard to get. 

I've completed the education portion of the CFP but not sure if I'll ever take the test...it takes 2 days, costs about $600 and sounds like I'd have to spend too much time studying...it's football season after all...Go Packers!

[/quote]

Why should we take advice about anything from a guy that signs a document that he took a test closed book and admits to cheating... again, it is guys like this that after leaving Jones, we say, he was a compliance issue.

You should pray that Earl is wrong and Karma isn't real.[/quote]

Son, I don't have a dog in this fight, but if I were you I'd watch that, "He's not here at Jones anymore because he had compliance problems" kind of talk.  It will come back and bite you at some point, and frankly I don't see Jones or any other firm for that matter leaping to your defense in a defamation lawsuit.

Just a nickels worth of free advice.

If I paid you a nickel for that “free advice” I would have substantially overpaid.



But, thanks anyway, Mom.

[quote=Incredible Hulk] [quote=uwec86]Spiff,

AAMS...My buddies all got that with an open book test "administered" by the BOA in about an hour.  In other words...it's not too hard to get. 

I've completed the education portion of the CFP but not sure if I'll ever take the test...it takes 2 days, costs about $600 and sounds like I'd have to spend too much time studying...it's football season after all...Go Packers![/quote]

Why should we take advice about anything from a guy that signs a document that he took a test closed book and admits to cheating... again, it is guys like this that after leaving Jones, we say, he was a compliance issue.

You should pray that Earl is wrong and Karma isn't real.[/quote]

IH...see emphasis above.  It doesn't appear that uwec got the AAMS...it appears that his buddies cheated on the test and got certified, and I didn't hear him say that his buddies had left Jones.  Thus, the ones with compliance problems may very well still be Jones reps, which makes one wonder how many Jones reps have compliance problems?

[quote=Incredible Hulk]If I paid you a nickel for that "free advice" I would have substantially overpaid.

But, thanks anyway, Mom.[/quote]

That's pretty much what I'd expected from a lightweight such as yourself, but I thought I should try to wise you up anyway.

Pearls before swine, young 'un.  Pearls before swine. 

[quote=Incredible Hulk] [quote=uwec86]

Spiff,

AAMS...My buddies all got that with an open book test "administered" by the BOA in about an hour.  In other words...it's not too hard to get. 

I've completed the education portion of the CFP but not sure if I'll ever take the test...it takes 2 days, costs about $600 and sounds like I'd have to spend too much time studying...it's football season after all...Go Packers!

[/quote]

Why should we take advice about anything from a guy that signs a document that he took a test closed book and admits to cheating... again, it is guys like this that after leaving Jones, we say, he was a compliance issue.

You should pray that Earl is wrong and Karma isn't real.[/quote]

As someone speculated in their post...I did not take the AAMS and did not cheat on the test.  I guess you have problems reading.  I was merely pointing out that EJ's requirement to pass the AAMS is not a big hurdle to get over.  I also had a 100% clean U-4 when I left Jones and still have a clean one 4 years later.  I don't believe, no evince to support this, brokers that leave EJ have any higher rate of compliance issues than those who stay.  I know your firm, EJ, likes to say things about how bad other firms are but few of them have ever worked anywhere else (neither have you for that matter) so there is no evidence or experience to support their claims.  My claims, however, come from my personal experiences.  EJ, misleads, limits information and changes the rules for its brokers all the time.  I have personal experience to support my position. 

EJ claims that you are independent but can walk in and give your hard work to some GP's kid...don't tell me they can't.  Once you get to $250k in biz...it's time to graduate to the Indy world where you OWN your book.  Yes...the Indy firm can fire you too but you can take your book with you without a fight.  You can also sell your book...why let your firm own it.  The only reason to stay at EJ is because you like the culture and some do.  If you care about your family, you'll go Indy and own something.

[quote=Indyone] [quote=Incredible Hulk] [quote=uwec86]Spiff,

AAMS…My buddies all got that with an open book test “administered” by the BOA in about an hour. In other words…it’s not too hard to get.

I’ve completed the education portion of the CFP but not sure if I’ll ever take the test…it takes 2 days, costs about $600 and sounds like I’d have to spend too much time studying…it’s football season after all…Go Packers![/quote] Why should we take advice about anything from a guy that signs a document that he took a test closed book and admits to cheating… again, it is guys like this that after leaving Jones, we say, he was a compliance issue. You should pray that Earl is wrong and Karma isn’t real.[/quote]

IH…see emphasis above. It doesn’t appear that uwec got the AAMS…it appears that his buddies cheated on the test and got certified, and I didn’t hear him say that his buddies had left Jones. Thus, the ones with compliance problems may very well still be Jones reps, which makes one wonder how many Jones reps have compliance problems?

[quote=Starka]

[quote=Incredible Hulk]If I paid you a nickel for that “free advice” I would have substantially overpaid. But, thanks anyway, Mom.[/quote]

That’s pretty much what I’d expected from a lightweight such as yourself, but I thought I should try to wise you up anyway.

Pearls before swine, young 'un. Pearls before swine.

[quote=uwec86]

As someone speculated in their post…I did not take the AAMS and did not cheat on the test. I guess you have problems reading.

Apparently so.

I was merely pointing out that EJ’s requirement to pass the AAMS is not a big hurdle to get over. I also had a 100% clean U-4 when I left Jones and still have a clean one 4 years later.

Congratulations, seriously

I don’t believe, no evidence to support this, brokers that leave EJ have any higher rate of compliance issues than those who stay. I know your firm, EJ, likes to say things about how bad other firms are but few of them have ever worked anywhere else (neither have you for that matter) How sure of this are you, have you read my U-4?so there is no evidence or experience to support their claims. My claims, however, come from my personal experiences. EJ, misleads, limits information and changes the rules for its brokers all the time. I have personal experience to support my position. Please provide specific examples of when “EDJ misleads, limits information and changes the rules for its brokers all the time” In my experience, however short you may mistakenly belive it is, I am unaware of any instance, let alone “all the time”, where EDJ changes the rules for its brokers.

EJ claims that you are independent but can walk in and give your hard work to some GP’s kid…don’t tell me they can’t. EDJ doesn’t claim you are “independent.” I would also like for you to give a specific example of a profitable broker with a clean   U-4 who had his book “given to some GP’s kid” This may be the most absurd comment I’ve heard yet. Once you get to $250k in biz…it’s time to graduate to the Indy world where you OWN your book. Whether you belive it or not, I am over $250M in production. Yes…the Indy firm can fire you too but you can take your book with you without a fight. You can also sell your book…why let your firm own it. If selling my book were a priority for me, a few years prior to retirement, I could transfer to any independent shop and do the same. The only reason to stay at EJ is because you like the culture and some do. If you care about your family, you’ll go Indy and own something.So no one at EDJ cares about their family? Damn, here I was thinking I was a good father and husband. You have much to teach me.

[quote=Incredible Hulk] [quote=uwec86]

As someone speculated in their post...I did not take the AAMS and did not cheat on the test.  I guess you have problems reading. 
Apparently so.  At least we can agree on one thing.
I was merely pointing out that EJ's requirement to pass the AAMS is not a big hurdle to get over.  I also had a 100% clean U-4 when I left Jones and still have a clean one 4 years later. 
Congratulations, seriously   Why would you accuse me of having compliance issues...I'd say that was a bit irresponsible.
I don't believe, no evidence to support this, brokers that leave EJ have any higher rate of compliance issues than those who stay.  I know your firm, EJ, likes to say things about how bad other firms are but few of them have ever worked anywhere else (neither have you for that matter) How sure of this are you, have you read my U-4?  Very few folks come to Jones from other firms and based on your comments, your knowledge of other firms is limited.  That would also explain you blindly buy into the Kool-aid. so there is no evidence or experience to support their claims.  My claims, however, come from my personal experiences.  EJ, misleads, limits information and changes the rules for its brokers all the time.  I have personal experience to support my position. Please provide specific examples of when "EDJ misleads, limits information and changes the rules for its brokers all the time" In my experience, however short you may mistakenly believe it is, I am unaware of any instance, let alone "all the time", where EDJ changes the rules for its brokers.

Misleads:  When your hired Jones says they pays you 40% of revenue...how much off the $300mil from Rev. Sharing did you get?...sorry...$100 mil after fines  1) EJ takes .75 to 1.25% off the top of B-share VA's that you don't see and the 1% of Net to pay for Nat'l advertising  2)  "We picked these fund families because they are the best of the best."  They picked them because they pay the most Rev. Sharing.  3)  "If you work hard doing things that don't pay (mentoring) and are profitable, you'll get LP."  Its been 4 or 5 years since LP was even offered (thanks to me and the WSJ art.)  Another buddy of mine (top producer) who left a few years ago with 80mil book (now over 110mil) would have a total of $30k of LP by now...Big Reward!  4)  "All other firms are bad."  ok...I'm paraphrasing but you know you've heard it and EJ came out with that big ad in WSJ (before I nailed them with RS) essentially saying that.  My firm isn't so bad.

Limits information:  1)  Only wholesalers from the Rev. Sharing (RS) families can call on you.  2)  Almost no information is brought to you about other funds outside RS families is avail.  3) Only RS families get to have your attend at mandatory meetings.  Let's face it, you're are more likely to do business with firms that give you the most information...EJ does that so they (not you) can collect those big RS checks.  Are you telling your clients about RS?  Please provide the line you use to explain it...I'm really curious.  4)  How many VA vendors can you use...2,3 maybe 4?  We have agreements with about 20 or 30.  I'd say that was limiting.

Changes the rules:  Ok..."all the time" might be a stretch.  1)  Changed the payout on C-shares from 40% to I think 25 or 30%.  And no, it's not always better for the client to sell A-Shares.  2) Reduced payout on B-shares.  3)  Reduced payout on B-share annuities  4) Deciding to only count RS families for trips (for about 120 days) until they figured out more lawsuits would be coming.  Reduced payout on EJ recommended stocks.  5) Not allowing a broker's PC to be connected to the internet.  6) Not allowing brokers to have tax software on their own PC if its in the office.  EJ's system was so bad (1998-2003), I needed this tool to get things done...at least in my head.  7) No porn allowed on a broker's own PC...that just BS!

EJ claims that you are independent but can walk in and give your hard work to some GP's kid...don't tell me they can't. EDJ doesn't claim you are "independent." I would also like for you to give a specific example of a profitable broker with a clean   U-4 who had his book "given to some GP's kid" This may be the most absurd comment I've heard yet. You still can't tell me they can't do it.  EJ does imply that you own the business until you leave and then they do every underhanded thing in the book to keep the assets.  Once you get to $250k in biz...it's time to graduate to the Indy world where you OWN your book. Whether you believe it or not, I am over $250M in production.  I'm not sure you are...I mean you did accuse me of cheating on the AAMS test and then saying it was my buddies.  Actually, I'm sure you are and have no reason to believe you're not producing over $250k Yes...the Indy firm can fire you too but you can take your book with you without a fight.  You can also sell your book...why let your firm own it. If selling my book were a priority for me, a few years prior to retirement, I could transfer to any independent shop and do the same. Are you also going to shop your book around when you die and your spouse simply has to return the keys to EJ?  Why not keep the extra several mil. over your career now instead of giving it to the GP's?  Please provide a list of reasons you stay at EJ...I'd love to hear it.  The only reason to stay at EJ is because you like the culture and some do.  If you care about your family, you'll go Indy and own something.So no one at EDJ cares about their family? Damn, here I was thinking I was a good father and husband. You have much to teach me.  See above

[/quote] [/quote]

I'll enjoy your responses at midnight when you can finally get access to this site.

Children......lets not fight! keep in mind Edward Jones is "the best sales force in the world!"

if I were a GP I would agree......make my bonus bigger slaves!

Go indy to all that are employees of Jones!!!!!!!!!

"EDJ doesn't claim you are "independent." I would also like for you to give a specific example of a profitable broker with a clean   U-4 who had his book "given to some GP's kid" This may be the most absurd comment I've heard yet."

____________________________________________________________

When a large producer/GP from central Florida went to take over the Canadian operation, his rather large book was split.  One part went to the cousin of a GP from the Carolinas.

For the record, he lasted less than a year.

I have said once and I will say again....EDJ the best sales force in the world.

4% 30 year bonds and 5.75% loaded funds (Putnam) my personal favorite F up of the GP's in St Louis.

Yep...EDJ the Dollar General of Wall Street

No response from the Incredible Dolt?

Incredible Dolt…still…no response…come on…address what I said…where am I wrong?

[quote=uwec86] [quote=Incredible Hulk] [quote=uwec86]

As someone speculated in their post…I did not take the AAMS and did not cheat on the test. I guess you have problems reading. Apparently so. At least we can agree on one thing.I was merely pointing out that EJ’s requirement to pass the AAMS is not a big hurdle to get over. I also had a 100% clean U-4 when I left Jones and still have a clean one 4 years later. Congratulations, seriously Why would you accuse me of having compliance issues…I’d say that was a bit irresponsible.I don’t believe, no evidence to support this, brokers that leave EJ have any higher rate of compliance issues than those who stay. I know your firm, EJ, likes to say things about how bad other firms are but few of them have ever worked anywhere else (neither have you for that matter) How sure of this are you, have you read my U-4? Very few folks come to Jones from other firms and based on your comments, your knowledge of other firms is limited. That would also explain you blindly buy into the Kool-aid. so there is no evidence or experience to support their claims. My claims, however, come from my personal experiences. EJ, misleads, limits information and changes the rules for its brokers all the time. I have personal experience to support my position. Please provide specific examples of when “EDJ misleads, limits information and changes the rules for its brokers all the time” In my experience, however short you may mistakenly believe it is, I am unaware of any instance, let alone “all the time”, where EDJ changes the rules for its brokers.

Misleads: When your hired Jones says they pays you 40% of revenue…how much off the $300mil from Rev. Sharing did you get?..sorry…$100 mil after fines 1) EJ takes .75 to 1.25% off the top of B-share VA’s that you don’t see and the 1% of Net to pay for Nat’l advertising 2) “We picked these fund families because they are the best of the best.” They picked them because they pay the most Rev. Sharing. 3) “If you work hard doing things that don’t pay (mentoring) and are profitable, you’ll get LP.” Its been 4 or 5 years since LP was even offered (thanks to me and the WSJ art.) Another buddy of mine (top producer) who left a few years ago with 80mil book (now over 110mil) would have a total of $30k of LP by now…Big Reward! 4) “All other firms are bad.” ok…I’m paraphrasing but you know you’ve heard it and EJ came out with that big ad in WSJ (before I nailed them with RS) essentially saying that. My firm isn’t so bad.

Limits information: 1) Only wholesalers from the Rev. Sharing (RS) families can call on you. 2) Almost no information is brought to you about other funds outside RS families is avail. 3) Only RS families get to have your attend at mandatory meetings. Let’s face it, you’re are more likely to do business with firms that give you the most information…EJ does that so they (not you) can collect those big RS checks. Are you telling your clients about RS? Please provide the line you use to explain it…I’m really curious. 4) How many VA vendors can you use…2,3 maybe 4? We have agreements with about 20 or 30. I’d say that was limiting.

Changes the rules: Ok…“all the time” might be a stretch. 1) Changed the payout on C-shares from 40% to I think 25 or 30%. And no, it’s not always better for the client to sell A-Shares. 2) Reduced payout on B-shares. 3) Reduced payout on B-share annuities 4) Deciding to only count RS families for trips (for about 120 days) until they figured out more lawsuits would be coming. Reduced payout on EJ recommended stocks. 5) Not allowing a broker’s PC to be connected to the internet. 6) Not allowing brokers to have tax software on their own PC if its in the office. EJ’s system was so bad (1998-2003), I needed this tool to get things done…at least in my head. 7) No porn allowed on a broker’s own PC…that just BS!

EJ claims that you are independent but can walk in and give your hard work to some GP’s kid…don’t tell me they can’t. EDJ doesn’t claim you are “independent.” I would also like for you to give a specific example of a profitable broker with a clean   U-4 who had his book “given to some GP’s kid” This may be the most absurd comment I’ve heard yet. You still can’t tell me they can’t do it. EJ does imply that you own the business until you leave and then they do every underhanded thing in the book to keep the assets. Once you get to $250k in biz…it’s time to graduate to the Indy world where you OWN your book. Whether you believe it or not, I am over $250M in production. I’m not sure you are…I mean you did accuse me of cheating on the AAMS test and then saying it was my buddies. Actually, I’m sure you are and have no reason to believe you’re not producing over $250k Yes…the Indy firm can fire you too but you can take your book with you without a fight. You can also sell your book…why let your firm own it. If selling my book were a priority for me, a few years prior to retirement, I could transfer to any independent shop and do the same. Are you also going to shop your book around when you die and your spouse simply has to return the keys to EJ? Why not keep the extra several mil. over your career now instead of giving it to the GP’s? Please provide a list of reasons you stay at EJ…I’d love to hear it. The only reason to stay at EJ is because you like the culture and some do. If you care about your family, you’ll go Indy and own something.So no one at EDJ cares about their family? Damn, here I was thinking I was a good father and husband. You have much to teach me. See above

[/quote] [/quote]

I’ll enjoy your responses at midnight when you can finally get access to this site.

Hulk don’t get angry, your green letters hurt my normal eyes.

Incredible Dolt,

You challenged my assertions and I responded with facts...you must admit that.  Now you've chosen to live with EJ's issues and some may even have been addressed by EJ and that's fine but those are the facts.  You even went so far as to imply that I cheated on the AAMS...I did not...and I really don't care if anyone else did.

You've got nothing to counter my comments so you sit in silence.  If you really believe in EJ then I'd suggest, for your own state of mind, that you avoid any discussion on this board about EJ's business model or "ethics"...it will only discourage you.

Now go find a cure for your radiation exposure and haul a$$.

I love this discussion of how much better the Indy's are than Jones.  Especially when it comes from jaded ex Jones brokers who have some sort of axe to grind.  It must be all of our offices in your area that you drive by that keeps the dander up. Most of all I love how those of you who left Jones years ago feel you have the ability to debate how bad Jones is now compared to your current situation.  Nothing like debating current affairs using a newspaper from 1963. 

uwec86 - you may be the most bitter, full of himself person I've run across on this board (with one exception).  What you spout off as facts are for the most part your opinion.  There are some nuggets of truth there, but even those are minor victories for you.   

"1)  Changed the payout on C-shares from 40% to I think 25 or 30%.  And no, it's not always better for the client to sell A-Shares. - It's actually 30% at all fund families except Goldman and American.  At those funds it's the same as B shares - 35%.  You are correct.  Not everyone needs A shares.  But my understanding was that we lowered the payouts to disincent abusing the system.  Just like not everyone needs A shares, not everyone needs B or C shares.  I see that a lot with statements from other companies.  Not a lot at Jones.  

"Reduced payout on EJ recommended stocks." I'm going to assume you meant NON-EJ recommended stocks.  I honestly don't know, so I'm asking...at the wirehouses is there a difference in payout of stocks a broker sells that his firm doesn't cover?

"5) Not allowing a broker's PC to be connected to the internet." - 1998 was a long time ago, but I believe I remember always having access to the internet.  I think you are misunderstanding the issue at hand with this one.  I think this is more of a compliance issue rather than a Jones control issue.  I know of several brokers who had PCs in their offices and Jones was OK with it as long as it was accessible for review by Field Supervision if they walked in. 

"Not allowing brokers to have tax software on their own PC if its in the office." - Why do you need tax software?  You're not a tax advisor are you?  I know you weren't at Jones.  If you are giving tax advice I think more than Jones would have an issue with you.  If you were spending your time giving tax advice, then I think you are also missing a golden networking opportunity with real tax pro's.

"Only wholesalers from the Rev. Sharing (RS) families can call on you." - One of your "facts" that is your opinion.  As registered reps we can talk with whatever wholesaler we want.  I've had lunch with several outside the Jones preferred list.  Acutally used some of their funds too.  You are correct that only those of the preferred list get to get in front of us in large groups.  How many fund families do you actually use and know well?  I know of hundreds, use 4-5 routinely,  know 2-3 really well.  I'll bet I'm not all that unusual.

"Are you telling your clients about RS?  Please provide the line you use to explain it...I'm really curious." - I can't speak for the Hulk, but in my office when we are talking about expenses of funds I discuss it then.  It's really simple to explain to clients that the fund families I use have a business relationship with Jones that's called Revenue sharing.  It's a standard practice in the industry.  It amounts to XYZ fund company taking some of their annual profits and paying them back to Jones.  In exchange they get in front of us IRs more often.  Most people don't care what goes on behind the scenes.  They see it in print again when I place the trades and send the confirms.  

"How many VA vendors can you use...2,3 maybe 4? " -  5 actually.  Again, how many of your 20+ annuity vendors do you actually use.  I'll bet not more than 2-3.  I'd bet you have a couple of favorites that everyone who you think needs an annuity gets.  That's just human nature.  I've seen some other good annuity companies out there, but I wouldn't say they were so much better than the ones we use that my clients are missing out on something because Jones has a preferred group. 

"When your hired Jones says they pays you 40% of revenue...how much off the $300mil from Rev. Sharing did you get?...sorry...$100 mil after fines " - You've got to be kidding!  There's a big difference between 40% payout on commisions and revenue sharing.  You can't really even put them in the same sentence and call it a fair debate.  Profitable brokers do get some of the revenue sharing.  Where do you think some of the money for the AUM credits and profitability bonuses come from?  Yes, the GPs get a good chunk of it too.  If I'm an indy I don't get AUM credits or profitability bonuses.  I get a higher payout.  There's the trade off. 

""If you work hard doing things that don't pay (mentoring) and are profitable, you'll get LP."  Its been 4 or 5 years since LP was even offered (thanks to me and the WSJ art.)" - Actually it was 2003.  They didn't finalize it, but they did offer it.  Best investment I've ever made.  I didn't have to pay into the pool and it spit out cash twice a year.  Not to shabby.  And I get to participate in this one even though my office isn't quite profitable because I was offered the last one. 

"Very few folks come to Jones from other firms" - Again, are you kidding?  We have people come from other firms to Jones all the time.  We actually have a Producing Transfers class that gets them into the Jones system and culture relatively quickly.  Maybe no one from your old region was a transfer broker, but we have several in ours. 

For a lot of people, Jones is a great fit.  Maybe some of them will jump to the indy world or to another firm later, but some will find Jones to be a great place to put down roots, spend time with your family, and have a nice career.  I know you don't need me to say that to you, but I'll bet there are people out there reading this stupid board trying to figure out where to go with their career.  I'd hate for your ego and arrogance to get in their way. 

Oh yeah, before I go - EDJ IS the best sales force in the world and all other brokerage firms do suck.   

That was a good post, Spiff.