[quote=noggin]Preach the truth brother....[/quote]

true dat....I think this revenue sharing sh*t sucks....just another example of manangement getting into RR's and clients pockets(indirectly...)

The difference is your firm expects and rewards brokers from churning clients out of perfectly good funds to invest in the preferreds.  Plus, just as the US Justice Department said recently, a good percentage of the brokers were never told about the revenue sharing.  They were told these are the best funds and no need doing any research on any of the other funds.  What a joke!  That is about to stop though after hearing the comments from the US Justice Department.  If you work at Jones you know exactly what I mean.  It is routine to see funds like Franklin, Oppenheimer, etc, that get dumped to buy say a Hartford that is twice as expensive just to get revenue sharing.  That is the difference.  Honest people were lied to consistently and it is the honest people that have egg on their faces today.  Maybe you are one of them?

As a Jones broker I can say that there are many funds on our preferred list that are a joke. Take a look at the Hartford Stock Fund or Hartford Dividend and Growth. We "PREFER" these funds?? Federated is even worse. Oh well...I'm leaving anyways.

Truth,



You didn’t answer the second question. What does your firm and my firm do with the revenue sharing? Mine certaintly isn’t sharing it with me.



BPD





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The grass is GREENER where you water it!

The difference is your firm expects and rewards brokers from churning clients out of perfectly good funds to invest in the preferreds. Plus, just as the US Justice Department said recently, a good percentage of the brokers were never told about the revenue sharing. They were told these are the best funds and no need doing any research on any of the other funds. What a joke! That is about to stop though after hearing the comments from the US Justice Department. If you work at Jones you know exactly what I mean. It is routine to see funds like Franklin, Oppenheimer, etc, that get dumped to buy say a Hartford that is twice as expensive just to get revenue sharing. That is the difference. Honest people were lied to consistently and it is the honest people that have egg on their faces today. Maybe you are one of them?

The St. Louis paper mentioned "message boards" and I think someone told the GP's,.......they've arrived.  Hey Jimmy!

1997-2001.  Let's see you picked an interesting time frame to review complaints.  And concerning the mutual fund churning, how would your unsophisticated clients understand what is happening to them when most of your brokers do not know the fraud you have going there at Jones.  My firm does not share revenue sharing with the brokers and we certainly do not sell 7 funds exclusively and would never would have a dog like Federated on our list.

I have a couple of questions for you Mr. GP.  With those stand alone offices you have in those remote towns, how many clients do you think:  a) know the importance of complaints and how they are handled  and b) how many complaints actually get pitched at these stand alone offices.  If you believe in the truth you will understand what I am saying.

How much damage would be done if GP's (or any IR) were found out that they were posting on this site but misrepresenting themselves to say they do not work for their firm?

Truth,



Have you seen more recent Weiss ratings than 1997 - 2001? So are saying Jones wasn’t churning during this period, but afterward?



So just because I’m posting actual statistics and not hear say, I’m a Jone’s GP. I thought you could come back with something better than that.



And if Edward Jones clients are so unsofisticated, then why are you so jealous of Edward Jones that you need to spend so much time bashing them.



So your answer to what your firm does with revenue sharing is that they don’t share it with you. So in other words it goes into the pockets of the exectives at your firm. Interesting.



BPD



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The grass is still GREENER where you water it!

I bet I can point to the fact that we did not generate $100 million in revenue sharing.  I bash Jones for just a couple of reasons.  The #1 reason is the behavior of the GPs.  The whole complaint argument is pretty sad on your part.  We all know that the internet craze and the market downturn had a lot to do with the complaints.  We also know that sophisticated clients understand the ramifications of complaints.  So I don't understand why you can't understand what I am stating.  Jones does prey on unsophisticated clients and since they don't push stocks, they were lucky with the bubble bursting on them.  Now Bachman will tell you good ol boys that he purposely stayed away from online trading and such.  But we know the truth is he knew his technology system #1 could not accomodate it,  #2 the mode of supervision would cause the regulators to scream and #3 the lack of overall financial intelligence with the brokers is pretty low.

Jones got lucky.  But come back to me now since Jones is actually making the headlines.  Or how about I come back to you in a few months.  Complaints are 1 thing and class action suits are another. After "The Bulldog" has his fun the headlines will be busy.

And yes, Jones was churning mutual funds during this time frame.  It is just too sad that Maws and Paws of the world cannot look at a Morningstar to see that their Franklin, Oppenheimer, etc. funds that were dumped and reinvested into the junk at Jones far outperformed whatever mark you told them.  But I almost forget, you guys sell American Funds.  Isn’t that the company moto now?

The whole complaint argument is pretty sad on your part. We all know that the internet craze and the market downturn had a lot to do with the complaints.



Truth,



From what I’ve heard Jones is a buy and hold shop. I doubt their clients were out of the market during the down turn.



So are you saying Jones had fewer complaints / arbitartions during this time frame because they were not as effected by the “internet craze and the market downturn” as other firms? And if this is the case it is because "They got lucky."



I used to beleive in you Truth, but this is a little far fetched. Maybe it’s time to change your screen name again?



BPD



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The grass is still GREENER where you water it!

Truth, I gotta admit… Jimmy’s got you so far. Your argument above is rather lame for you. You are generaly sharper than that. Time to regroup?

Not time to regroup because the facts still stand out.  Break down what dominates the complaint arena.  Margin and stock losses stand out.  The fact that Jones does not rank high in the number of complaints has more to do with what they push than how strong their “ethics” are.  I was just trying to add some more beef as to why complaints may be low.  The bottom line is Jones is a mutual fund/annuity chop shop and nothing a GP or BPD or anyone else can defend.  You will hear we hold our average funds longer than any other company.  Well, that is great and let’s also add that you are talking about funds that are originally purchased at Jones.  What the real truth will show is that the inexperience of the Jones reps and the push on preferred funds lead the brokers to churn out of good fund companies that transfer in and then repositioned into crap funds at Jones.  No broker at that firm can dispute this.

Truth,



Oh mighty one, what is your product mix?

We did nothing wrong, and we have plenty of funds to ride out this minor inconvenience. We can hire plenty of people who don’t ask any questions and do as well tell them to do. We know best. Just do as we tell you to do, it will all be fine.

You are pretty funny JonesGP, the problem is your are right about a few things.

Jones GP I cannot believe that you would defend an organization that sponsored the Van Pearcy/ Hartford funds roadshow. How much money did all those investors loose when their EDJ rep took them out of American Funds and put them Hartford for more revenue sharing money. I know of alot of now GP’s who did just that, and yes they were rewarded not condemned. You speak as if everything will be fine now. But according to the numbers on this discussion board there are 16000 people out there who were once EDJ brokers alot of them are bitter from the experience and willing to talk to authorities regarding EDJ salespractices. I believe it is far from over for Edward Jones.

Good point Former.  I know of one GP that moved all of his assets within about a 6 month timeframe into Hartford Funds.  And he was not shy about explaining why.  Where was compliance at I asked?  They were pretty much told to turn their heads from what I hear. 

It is amazing to read from the Jones people here about how optimistic they are about the California case and the other class action suits.  Little do they now there are so many other shady practices that only the vets on this board know about.

Not time to regroup because the facts still stand out. Break down what dominates the complaint arena. Margin and stock losses stand out. The fact that Jones does not rank high in the number of complaints has more to do with what they push than how strong their “ethics” are. I was just trying to add some more beef as to why complaints may be low. The bottom line is Jones is a mutual fund/annuity chop shop and nothing a GP or BPD or anyone else can defend. You will hear we hold our average funds longer than any other company. Well, that is great and let’s also add that you are talking about funds that are originally purchased at Jones. What the real truth will show is that the inexperience of the Jones reps and the push on preferred funds lead the brokers to churn out of good fund companies that transfer in and then repositioned into crap funds at Jones. No broker at that firm can dispute this.