Moraen:

I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere.

No offense Jonesers, it’s not you, it’s the company.

  Why wouldn't people be moving their account TO Jones, especially at a time like this?  How much negative press has ML, SB, et al received in the last 6 months?  How many stories about Jones have you heard that says they're paying their execs big bonuses in spite of the billions of dollars that they lost?    There is nothing wrong with Jones from a client's perspective.  All of the issues that people have on this board are internal issues.  Personal preference issues.  Whining about not getting an office, or getting put on goals, or my old Jones friends won't talk to me, etc.  Clients know that Jones FAs (with the exception of the post about the RL who just lost a $1.2 mil account) pay attention to their clients.  They know that they get decent returns.  They know that they haven't heard anything negative about Jones in the news in a long time.  So, again, why wouldn't people be moving accounts TO Jones? 

Spaceman Spiff:

[quote=Moraen]I can’t believe that people would actually be moving their accounts TO Jones in a time like this. But just like this board, there are idiots everywhere. No offense Jonesers, it’s not you, it’s the company.

Why wouldn’t people be moving their account TO Jones, especially at a time like this? How much negative press has ML, SB, et al received in the last 6 months? How many stories about Jones have you heard that says they’re paying their execs big bonuses in spite of the billions of dollars that they lost?



There is nothing wrong with Jones from a client’s perspective. All of the issues that people have on this board are internal issues. Personal preference issues. Whining about not getting an office, or getting put on goals, or my old Jones friends won’t talk to me, etc. Clients know that Jones FAs (with the exception of the post about the RL who just lost a $1.2 mil account) pay attention to their clients. They know that they get decent returns. They know that they haven’t heard anything negative about Jones in the news in a long time. So, again, why wouldn’t people be moving accounts TO Jones? [/quote]



Spiff -



Just a few reasons:



1) Revolving door - people know that in my area

2) Mutual fund chop shop - people know that around here too

3) Not advisors, they are brokers - people are looking for advisors

4) Revenue sharing

5) And a new one that I was made aware of yesterday - a nice, fat Bernie Madoff affiliation which I’m sure will be downplayed.



Why is ranks book down 20%? Which by the way, I’d love to have an 80MM office too. I’m not even close, so I think ranks asset gathering and prospecting is obviously top notch.



Rank is down because of a flawed investment philosophy that “the Firm” is adamant about sticking to. People are tired of being told, “this is what it looks like to buy low” or “it will come back, it always does”, or “that’s why we diversify, so that if you lose a bunch of money in a bond of a company that we think has great cash flow, you’ll still have 90% of your portfolio”. People want to hear a strategy. A REAL strategy. Something that involves profit taking and making money in the market.



Here, let’s put this money in American Funds, or FT. Let’s keep a “Buy” rating on BAC all the way down to $4 a share.



I mean, really? Do you really think that people want to go to a place that will recommend you buy a stock at $40 a share and then put a hold on it at $4?



The first stock I sold at Jones was at Eval/Grad and it was Apple. I was called out for not selling a Jones recommended stock and was told that it was too volatile (by a trainer) for my 29-year old client.



It was at $38 a share. They put a “Buy” rec at $180?



Really, people should be going TO Jones?

Moraen:

How much is your book down? Or is your book UP? Please do tell. I think been down 20% in a market that is down over 40% is not bad.   JackBlack

[quote=JackBlack] Moraen:

How much is your book down? Or is your book UP? Please do tell. I think been down 20% in a market that is down over 40% is not bad.



JackBlack[/quote]



Since I left Jones, I’m actually up quite a bit!

Moraen,

Over 90 posts in only 3 weeks.  How do you have time to work in between your hate posting?  You may convince the world that Jones is a plague (respectfuly doubt it).  Why not spend a tiny bit of time helping your clients and building your business?  Won't do you much good to be the man that conquered Edward Jones if you are not even in the industy to gloat about it.  Carrying around this much hate is going to eat a hole in you.  If you post 90 more times in the next 3 weeks, all of these people you don't know anyway may stop respecting you as the king that they don't know anyway.   Life is too short.  Let it go.