Jesus comes to Jones!
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i will repeat myself - no managed account would ever be approved at 4%, unless it were an Alternative Investment, Hedge Fund, etc. Ever. You are missing something.
What’s the matter with you people??? This is the best prospecting weather we’ve had in 10 years! No one is happy with their broker. Now is the time to crawl out from under your desk and get with it!!
Is this guy really putting up these numbers? The better question is, “Why should I care?” I’m far more interested in the numbers I’M putting up. People, get prospecting!!! If you can’t open accounts in this environment, you’re not right for this business.
[quote=wind3574]Sports - It was a 4% fee on the account. I know you have been with them for however long, but it truly was a 4% fee. It’s simple math man. On a $300,000 LB managed account he had paid $3000 A QUARTER for the last 2 quarters. Break it down man. $3000 x 4 = $12000/$300000 = 4%. No way around it, thats what he was paying on that account alone.
I didn't just believe this Sports because at first I thought we were missing something, because thats un-ethical but I had him call his advisor to verify it and the advisor said, "Oh sorry, we can cut it in half to 1.9%". Thats the honest truth. Thats why the client switched, not just because of the fee's but because the advisor waited until he found out, to cut the rate. He moved his account to me, not because of fees but because of un-ethical practices and he had built alot of trust in me and believed I would be honest with him. I know you work there, but that doesn't mean I'm lying. Take my word for it, I'm not..... I'm sure there are plenty of things that happen at Jones that I would not believe could ever happen, but somehow they do...and instead of automatically calling someone a liar....I tend to believe people mean well....and are not all liars.... Just for the record...I didn't start getting any attitude until I was being scrutinized for my numbers...I was just trying to reply to posts with a positive attitude and a story of success from a newbie in a bad market. Instead of encouraging the positiveness in the posts you guys joined together in multiple pages of bashing my honesty. We are all adults, and thats quite childish. Door knocking sucks, starting a new job in a busines that you know nothing about sucks...I know..I am still doing it. Hell I've even been called a liar that i've not ever done this before, because "only someone with industry knowledge can be successful"....I mean thats absurd...Do you guys really think that a newbie could never have the drive and intelligence to study hard and develop knowledge early? I don't know everything but I've been awefully successful and I'm trying to be encouraging to other new guys....and it's funny that it's all veterans who seem to have issue with it....maybe because i'm off to a much better start that they had?...Just because you can't doesnt mean a newbie can't....In fact, maybe thats the difference in most people and myself....What you don't do, is reason for me to find a way to make sure I get it done....[/quote] It's actually pretty funny that Windy thinks wire advisors have the ability to charge whatever they want...there is absolutely no way any firm in the industry has a 4% wrap fee. I've called on all the majors, the biggest I've ever seen is 225bps, most are between 100 - 150bps....depending on allocation. Shows how sheltered Jone's advisors are from the fee business..I can’t imagine any firm’s system even allowing an advisor to enter 4% without flashing red.
I simply disliked this little "look at me" prick until this post. This statement is similar to many others he has made, makes an emotional point, but not based anywhere near fact. I don't think he is lying, I think he is stupid and too arrogant to find the truth as that would mess up his little pitch. Still waiting for you B share vs A share example, although I know you will not post it Windy because it does not exist.Ok Sports…I’m finished arguing…your right. Your company could NEVER do anything un-ethical. What was I thinking. Hope you’ve enjoyed some of my tax dollars…I’m done here…
[quote=Baba Booey]
It’s actually pretty funny that Windy thinks wire advisors have the ability to charge whatever they want…there is absolutely no way any firm in the industry has a 4% wrap fee. I’ve called on all the majors, the biggest I’ve ever seen is 225bps, most are between 100 - 150bps…depending on allocation. Shows how sheltered Jone's advisors are from the fee business..[/quote]THANK YOU!!!!!!
The ironic thing about this entire discussion is that I have a nice chunk of money paying me 4%. It is possible, just not in a fee based account.
[quote=Moraen][quote=Spaceman Spiff]I think you’re all just jealous because he MIGHT actually be putting those numbers on the board.
Let's cover some basic facts: One - He's been doorknocking in the worst market in decades, possibly since late 20's early 30's. He says he's doorknocking - If I told you folks I just landed a $375K account from a doorknock I made last week, you'd believe me. Wind does it and he's a liar. Yes, it's an internet forum, he could be lying. Spears could be really bored and having some fun with us. I just choose to believe Wind is for real. Mostly because we have a guy in our area that hit Seg 5 in the shortest amount of time possible. Last I looked this rookie was out performing our RL. Two - People are unhappy with their performance. Yes, and they trusted an advisor they got to know over several years, someone comes to the door, hands them an ICA guide and all of the sudden, they fall on their knees and give him their statements - If you actually read what he said originally about his contacts, some of these people have ben contacted two or three times. Most of them at least twice in person. I don't know what he's saying at the door. What I have learned in the doorknocks I've made recently is that people are pretty willing to listen to just about anyone. And they don't know if he's the new guy or if he's been in the biz for over a decade like me. Three - The mighty have fallen. All those fancy firms like Merrill, Wachovia, et al have all been thrown into a tailspin from which they could not recover without assistance. That wasn't the brokerage business - but I get your point Four - Advisors appear to be more concerned about their transition package or retention bonus than their client's portfolio. Yes, so that they can maintain their standard of living while transferring their books. - I understand that. And I continue to use it to my advantage every day. If you haven't called or met with your clients because you don't know where you're going to move your practice to, then don't be suprised if they don't move with you. Five - Fee based accounts in general (along with commission based) have been decimated. Why pay a 1.75% fee on an account when a) it goes down like the market and Such as FT and American? b) you don't hear from your advisor. You got me on this one, but does not hearing from your advisor make you think he's not working - my concern would be if this guy is out doorknocking all of the time, when does he have time to "manage" my investments - and let's be honest, people think that's what you are doing all day no matter what you tell them. - Yes, it does make me think that. The client's assumption when they don't hear from their advisor is that their advisor isn't watching their money. They think, surely he would have called and told me to what to think about this. Some kind of word would have been nice. Those folk might think I'm out doorknocking all day. But when I call in a month to check in, they'll start to understand how it works. People are pinching pennies and if someone can show them a way to save some pennies over the long run, they'll jump. So they are going to pay a 3-5% commission when they are already down, further reducing the value of their investments - Yeah, see, this is a really simple discussion to have with folks. Mr. Client, you just paid what's his name, 1.5% this year, you'll pay him that next year, and the year after that. That's 4.5%. Now, I realize it's a big expense on the front end, but you could just pay a commission of 3.5% right now, on what will probably be your smallest account value for the rest of your life, and not pay another commission on those dollars as long as we keep it with this fund family. Oh yeah, you'll continue to pay him that 1.5% a year on those dollars, whether they go up or down, for the rest of your life. So over, the next 30 years that could end up being $75,000. That's a lot of money. In fact I could probably go out and buy that new Corvette with $75,000. The question is, do you want me to park it in your driveway or mine? Now, I'm not opposed to a fee based relationship. Working on some myself. But if I'm the new guy trying to win clients, that's exactly how I'd sell against it. Six - He's doing the work. He SAYS he's doing the work. - Yeah, you're right. He says he is. I believe him. You don't. Sure, he may be lying through his teeth. However, you put all of the considerations above into the mix and it's no wonder he's opening accounts at the door. People are willing to talk to just about anyone who they think might be able to save them. Here comes a guy in a suit with a business card that says Financial Advisor. Surely he can't do any worse than the last guy did. [/quote] [/quote][quote=Johnny Roast Beef][quote=Johnny Roast Beef][quote=Spaceman Spiff]I
Five - Fee based accounts in general (along with commission based) have been decimated. he can't do any worse than the last guy did. [/quote][/quote] It's a good thing commission based (AmFds, VKAC, Frank/Temp) haven't been decimated, isn't it?[/quote] I see you have a reading comprehension problem. So, I highlighted the words that should have covered this in my original post.The only thing that is obvious to me, is that many of you weren't ever any good at doorknocking. Was there something inaccurate or not plausible with my post? Or you just don't agree with me, so I'm obviously just drinking the kool-aid? See, that's what I find funny with you folks. If something good is happening either at Jones or to a Jones guy, we're lying, or cheating the clients, or lying to the clients, or it's the evil GPs, or we're drinking the kool-aid. It certainly couldn't be someone working hard, saying what people are hungry to hear right now, and doing a good job. No, certainly not. You have to struggle, go broke, run through your savings, hit goals, and THEN you get to be a successful vet at Jones. Anyone who doesn't follow that track must obviously be lying.From time to time it seems like the Jones Vets on this site have some good thoughts, but those quickly disappear and you see the kool aid stains on their shirts. Its almost as if you can see in their posts exactly how far removed they are from the last regional meeting. Spiff obviously just returned from one.
Spiff - do you still believe him? Read my post on how he said he had a $10,000 gross day, yet somehow was out of the office that same week.
Oh, and you are right we would believe you if you transferred a $375k account in a day. You’ve earned it and you’ve been doing this job for a while.
[quote=Ron 14]From time to time it seems like the Jones Vets on this site have some good thoughts, but those quickly disappear and you see the kool aid stains on their shirts. Its almost as if you can see in their posts exactly how far removed they are from the last regional meeting. Spiff obviously just returned from one.
The only thing that is obvious to me, is that many of you weren’t ever any good at doorknocking.
Was there something inaccurate or not plausible with my post? Or you just don’t agree with me, so I’m obviously just drinking the kool-aid?
See, that’s what I find funny with you folks. If something good is happening either at Jones or to a Jones guy, we’re lying, or cheating the clients, or lying to the clients, or it’s the evil GPs, or we’re drinking the kool-aid. It certainly couldn’t be someone working hard, saying what people are hungry to hear right now, and doing a good job. No, certainly not. You have to struggle, go broke, run through your savings, hit goals, and THEN you get to be a successful vet at Jones. Anyone who doesn’t follow that track must obviously be lying. [/quote]
By the same token Spiff, I notice that when one of the flock leaves Jones it’s because he was no good, a compliance problem or not suited to the business. It’s never that the broker and Edward D. Jones weren’t a good fit.
Philo- don’t paint me with that brush. I’m not naive enough to think that EDJ is the only place someone could be happy in this biz. In fact, I don’t think you’ll find anyone on this forum from Jones that you could say that about.
Now, does it get said in the regions? Sure. Wind - OK, I have to tell you, all the periods in that last post make me think of the bspears postings that I've seen. He writes in the same kind of style. I'm hoping April 1 doesn't pop up and we find out it's a big April Fools day prank. If it is, kudos to the one pulling it off. If it's not, keep your nose to the grindstone. You never know when those big accounts stop flowing.[quote=Spaceman Spiff] Philo- don’t paint me with that brush. I’m not naive enough to think that EDJ is the only place someone could be happy in this biz. In fact, I don’t think you’ll find anyone on this forum from Jones that you could say that about.
Now, does it get said in the regions? Sure.
Wind - OK, I have to tell you, all the periods in that last post make me think of the bspears postings that I’ve seen. He writes in the same kind of style. I’m hoping April 1 doesn’t pop up and we find out it’s a big April Fools day prank. If it is, kudos to the one pulling it off.
If it’s not, keep your nose to the grindstone. You never know when those big accounts stop flowing. [/quote]
It has been said on these boards many times by Jones people. And for the record, I simply made the same sort of generalization that you’ve made.
I’ve not noticed it recently. Of course, I’ve not been looking for it either. I’ll take your word for it.
[quote=Spaceman Spiff][quote=Johnny Roast Beef][quote=Johnny Roast Beef][quote=Spaceman Spiff]I
Five - Fee based accounts in general (along with commission based) have been decimated. he can't do any worse than the last guy did. [/quote][/quote] It's a good thing commission based (AmFds, VKAC, Frank/Temp) haven't been decimated, isn't it?[/quote] I see you have a reading comprehension problem. So, I highlighted the words that should have covered this in my original post. [/quote] I see you have the need to distinguish between fee based and commission based even though it's apprently irrelevant. Should I assume then that VA's were not decimated? Why the need to list them both then?