[quote=rankstocks]

Definition of independent:

1.      Very little direct oversight of broker (What oversight does your broker have?)

2.      Typically recommend wrap accounts or managed money (Do you know what you are paying your broker?)

3.      Payout is high, but office expenses such as assistant, health insurance, rent, etc are out of pocket (Does your independent advisor work out of their house? Who is his assistant?)

4.      No research (where does your broker get his/her research?)

5.      When he/she is gone on vacation, who can you talk to about your portfolio?

6.      Average production is quite low (less than 200k on average) making many fish for very high commissionable products (index annuities, variable annuities, fixed annuities)

7.      Many work inside banks. (What’s their arrangement with the bank? Are they required to make certain recommendations?)

8.      Many had fallout with old firm (Did something happen to force your broker to move to his/her new firm?)

9.      When they switch brokerages, investments need magically switched as well.

10. Often move independent because of the money, not for what's right for the client (Did your broker discuss with you his compensation reasons for leaving?)

[/quote]

Wow, I thought I knew some clueless EDJ reps.  (sorry, RS, just so you understand, that is the same as an IR)

Please do your clients, and yourself, some justice by pulling your head out of your arse and doing some research on your own.  That means taking some inititive, and not blindly believing everything the H/O tells you. 

Don't get my wrong, EDJ was good to me.  But I did open trade publications (other than Uptick), check reasearch from other sources (other than Alan), and talked to other reps (again, IRs) outside of Jones.  Instead of spending your time on this forum, maybe you could invest that time trying to better yourself which will in-turn better your clients position. 

(I'm sure I am wasting my breath here, just by your closed minded outlook that you have continued to spew on this board.)  And if I wasn't such a gentleman, I would call you a freaking moron or something along those lines.

There, now I feel better! 

Half the questions are common sense for anyone who is involved with small business or this industry.

examples (responses below):

1.      Very little direct oversight of broker (What oversight does your broker have?)  

3.      Payout is high, but office expenses such as assistant, health insurance, rent, etc are out of pocket (Does your independent advisor work out of their house? Who is his assistant?)

4.      No research (where does your broker get his/her research?)

6.      Average production is quite low (less than 200k on average) making many fish for very high commissionable products (index annuities, variable annuities, fixed annuities)

8.      Many had fallout with old firm (Did something happen to force your broker to move to his/her new firm?)

10. Often move independent because of the money, not for what's right for the client (Did your broker discuss with you his compensation reasons for leaving?)

------------------------------------------------------------ -----------

1. OVERSIGHT: What independents are in another world? Same rules, but your business/reputation is on the line.

3. EXPENSES: business write offs and who says the INDY has to rent anything more then what meets their needs. Partner could work and bring in the benefits.

5. RESEARCH: Well last I looked we have access to everything that anyone else in the industry has.

6. REVENUE: Well the laws of increase margin (commission) and the same or less AUM = Increase in total revenue/income.

8. FIRM FALL OUT: The indys that I meet are go getters and wanted to control their assets and future. Similar to a small business owner who desires the freedom to do business as they want with no big brother (firm) standing over them.

10. INTEGRITY: Once again the indy's reputation and business is on the line. Of course there has been times when an Indy did wrong, but everyday I see Wall Street firms paying millions to clear their name or lack of INTEGRITY.

Big I dont mean to bite back, but sometimes I feel as if people here think no one on the earth has a clue, but people with 10 years experience inside the industry.

Who ever wrote these 10 questions has less knowledge of INDY's then I do of firms. Obviously I don't want to know if this is an example of someone who works for a firm.

[quote=Starka]

8)  You're darned right I left because of a falling out.  I didn't like the cult mentality and the "groupthink" (with apologies to George Orwell).  So I left.

So what else do the voices from St. Louis tell you, Skippy?

[/quote]

Exactly right man! When will Jones fans realize they are nothing more than big dumb work-horses carrying the load, while their "comrades" the pigs are sleeping in the farmer's bed, wearing clothes and walking on two legs?

What is gay about working in a bank?  Just curious

[quote=bankrep1]What is gay about working in a bank?  Just curious [/quote]

Nothing.  Some here have a misconception that only failures work in a bank program.  Platform can be a plus or a minus, but in the end, it's always more about the rep than it is the platform.  I produced well over $350K annually in a bank program at five years in, and routinely won more than I lost against local non-bank brokers.

No doubt there are some losers in the bank channel, but there's no need to tar all bank brokers with the same brush.

[quote=Devoted SA] [quote=Starka]

8) You’re darned right I left because of a falling out. I didn’t like the cult mentality and the “groupthink” (with apologies to George Orwell). So I left.

So what else do the voices from St. Louis tell you, Skippy?

[/quote]

Exactly right man! When will Jones fans realize they are nothing more than big dumb work-horses carrying the load, while their “comrades” the pigs are sleeping in the farmer’s bed, wearing clothes and walking on two legs?

How is an EDJ broker any more a workhorse than any other regional/wirehouse broker?

What portion of your bonus/profitability do you earn? How much is paid to YOU...how much goes to hire, train, and sustain the "health"of New IR's? How much goes into the pockets of the GP's?

And don't give me the "volun-told" crap.

Ok I won't. So long as you don't tell me it makes you jump out of your chair for joy everytime you come across some "below expectations" IR (in my day it used to be called RED) who b*tches about going to meetings, doesn't doorknock, doesn't do any business and in general has a piss poor attitude. Don't tell me you'd jump at the chance to mentor that guy. Don't tell me it doesn't just give you the red *ss knowing a portion of your profit is used to keep that guy treading water.

I find it very interesting...."partner" broker would call any broker a workhorse.

Ok - boy you got me here. That's right, I do make less than my Rep. (I never called her my partner - that patronizing terminology comes from Jones) I also have considerably less risk involved in my job. I will get paid come first of the month no matter how many days I missed, she might not. As a workhorse she could plow 24 hours a day, 7 days a week and the crop could still "fail". You'd be hard pressed to find any BOA at Jones sympathetic or even aware of that fact. 

Devoted -

I hope you understand your broker’s clients questions better than you do mine. My question was "how am I any more of a workhorse?"

Payout is within roughly 2% above or below all the other major regional and wirehouse firms. What does it matter whether HQ spends the money on training new brokers or buying established ones? It doesn’t affect my payout. As far as the GP pay…this has been debated numerous times. The top guys at EDJ make less than many of their counterparts at other firms.



Jump out of my chair to help a broker with a “piss poor attitude?” No - I wouldn’t take their phone call if they have a bad attitude. If they’re not doing the work, I’ll tell them once.



Hard pressed to find any boa at Jones sympathetic? I think you’d be hard pressed to find any boa that doesn’t understand the difficulty of this business for brokers, especially new ones. If they don’t it would be their broker’s fault and they won’t likely be there long anyway.



Devoted, I have a feeling that you and my BOA would have been very good friends had you been in our region. Piss and vinegar. (meant as a compliment)

Thanks... I think?

I don't mean any disrespect. We enjoyed our time at Jones, but my workhorse comment was just an opinion.

As for the BOA awareness at Jones...I didn't see it in my region. Most of those gals were just "there for the paycheck" and didn't have clue one about the tough job you guys do.

Let me wrap this up…Rank ,just because you are an “employee” and can’t controll your future stop projecting negativity towards the owners of their own business. You remind me of a 5 foot basketball player putting down Michael Jordan. Now get back and finish your 25 contacts moron! Oh, and have your call list ready for Tuesday…I’m sure there’s plenty of 30 year 4.5% bonds with an estate feature attached in the already marked up inventory, but be careful not to sell too much to one client you might be subjected to the bond aggregate rule. Thank god you have a baby sitter(GP’s) unlike the lost indys of the world…Rank you are every employers dream…do as you are told ,don’t ask questions and put down the competition. You are CLUELESS!