[quote=Revealer]"Diversification" trip? What a joke. I can see it now...let's go through my book to sell X$ of annuities to meet the criteria. Let's do it again to sell X$ of G&I (read ICA) to meet the criteria. Repeat until everyone is "diversified". Go on trip. Gloat about it. Repeat in 6 months. Last trip I was on was production based NOT product based. I save my paper clip, postage, cleaning serv $$ and buy my own trips. I suppose you jones guys can clean your own offices and accomplish the same thing. Quit kidding yourselves! [/quote]

Cmon now revealer...You complain about diversification trips and then you say that it should be production based. It is.

The bar is set fairly low to win the trips...107,500k every six months wins the trip provided you diversify your clients.

I wouldn't call it production based--but in a firm where the average broker has 3-4 yrs experience, I'd say the production target is about right if they want alot of people to attend.

Since the payouts and benefits suck, they should be throwing in a lot more than a trip every six months.  I'm sure most will agree.  But, for a 3 year broker going to Hawaii or Skiing in Breck--well i'm sure it's the best thing since sliced bread. 

[quote=bankrep1]

  I don't see why any client would care if I won a trip for being a top producer and I have they are alot of fun.  [/quote]

Ask your clients how they'd feel about you going on a "sales contest trip", which is what diversification trips are.

[quote=mikebutler222]Ask your clients how they'd feel about you going on a "sales contest trip", which is what diversification trips are.[/quote]

So how did your clients feel about you going to Britney Spears on their dime?

NASD Fines Morgan Stanley $2 Million for Prohibited Mutual Fund Sales Contests

Managing Director of Firm's Retail Sales Force Also Fined for Supervisory Violations

Washington, DC — NASD announced today that it had censured and fined Morgan Stanley DW Inc. $2 million for conducting prohibited sales contests for its brokers and managers to promote the sale of Morgan Stanley mutual funds and a selected few variable annuities. Between October 1999 and December 2002, the firm conducted 29 contests, and offered or awarded various forms of non-cash compensation to the winners, including tickets to Britney Spears and Rolling Stones concerts, tickets to the NBA finals, tuition for a high-performance automobile racing school, and trips to resorts.

[quote=jonesnewbie]

[quote=mikebutler222]Ask your clients how they'd feel about you going on a "sales contest trip", which is what diversification trips are.[/quote]

So how did your clients feel about you going to Britney Spears on their dime?

NASD Fines Morgan Stanley $2 Million for Prohibited Mutual Fund Sales Contests

Managing Director of Firm's Retail Sales Force Also Fined for Supervisory Violations

Washington, DC — NASD announced today that it had censured and fined Morgan Stanley DW Inc. $2 million for conducting prohibited sales contests for its brokers and managers to promote the sale of Morgan Stanley mutual funds and a selected few variable annuities. Between October 1999 and December 2002, the firm conducted 29 contests, and offered or awarded various forms of non-cash compensation to the winners, including tickets to Britney Spears and Rolling Stones concerts, tickets to the NBA finals, tuition for a high-performance automobile racing school, and trips to resorts.

[/quote]

That's exactly right, it was an embarrassment. The firm deserved every penny it paid in fines and the head of retail was fired. Then a year or two later some regional guy in the Northeast did the same thing, MS was fined again the regional SM was fired. Now, if you say the word “contest” the compliance types are on you like white on rice.

It's a shame Jones continues the practice to this day.

I wonder how you figured that case, and that fine was some how justification for what Jones still does….

Oops, correction. The regional issue and the national contests were both wrapped up into this fine. BTW, just as bad was the fact that at the time MS brokers were paid more to sell MS funds than those of other families. Sound familiar?