Rank,

You will eventually see the light.  Even Bill Fakkland (sp?) left the cult and he was one of the biggest Jones backers on this board.

I'd forgot about our old friend Bill...I'm looking forward to the day he comes back and tells us how his transition went...

for those who didn't see the shot heard 'round the world...

Here is a good one for you RANKSTER…Old client came in to transfer his 40k account.  He then asked if I worked with Vanguard funds.  I said yes I do…he threw another statement which had 400k+ in it.  Can we transfer this?  I asked why we hadn’t discussed this in the past.  I didn’t want you to SELL me out of these, so I never brought it up.  I have railed and railed on this fun site about JONES is nothing but a sales organization, who happens to sell securities.  Hell it could take its model and sell vacuum cleaners.  The individuals who have money know this.  They may throw you a little because you hound the hell out of them on bond after bond…but their serious money is elsewhere.  Good luck and Good selling!

[quote=bspears]Here is a good one for you RANKSTER...Old client came in to transfer his 40k account.  He then asked if I worked with Vanguard funds.  I said yes I do...he threw another statement which had 400k+ in it.  Can we transfer this?  I asked why we hadn't discussed this in the past.  I didn't want you to SELL me out of these, so I never brought it up.  I have railed and railed on this fun site about JONES is nothing but a sales organization, who happens to sell securities.  Hell it could take its model and sell vacuum cleaners.  The individuals who have money know this.  They may throw you a little because you hound the hell out of them on bond after bond...but their serious money is elsewhere.  Good luck and Good selling![/quote]

You're going to blame Jones on this guy hiding money from you?  I think this example is perfect for the arguement that it doesn't matter what company you work for.  A good broker is a good broker.  It wasn't his job to bring it up.  It was your job to ask about it.  Didn't it confuse you when the guy said I've got $40k for you to invest for me, but my net worth is $500K?  In my office the follow up to that is where's the other $460K?  Past Seg 1 and 2 Jones really focuses on planning, not selling.  Noobs have to sell everywhere. 

I was in Segment 3, and NO its still about selling not planning.  My mentor, who was Segment 4, even after 7 years was making product calls daily.  Sounds like sales to me not planning.  Yes I did the Know your client spiel, and asked networth…blah blah blah. However his original comments did not include the Vanguard acct, dumbass. Did you ever think that the client might not tell you everything, especially if he is afraid your going to hard sell him. What I’m pointing to is I was perceived as a sales guy, mainly because of the training to push product. I hated it but to excel in the Jones culture, you always need money moving. If it isn’t coming in, its about the great repositioning of assets.  You know Spiffy, you play that game.  Hey, you know that stock we bought last year, I think its time to move out of it and into this one.  That Hartford Growth and Income we purchased 3 years ago, well I believe its run its course and this Washington Mutual fund has the potential to be the next runner. Why don’t we move this money?  Of course you’ve snowballed the client into thinking well, they preach they always do whats right for the client and not his wallet…so sure go ahead. Great, we’ll get that done today…(good the selling month is just about over).  SELLING MONTH…there you go.

My favorite sales tool…moving cd money into Capital Income Builder.  I was the best!!  I even sold a 96 year old on the fund.  Like I said, I went to segment 3 the first year.  But then,the children found out about the cd’s going to a mutual fund. The scam was over…but heck, I made the money, the GPS were happy.  It was there fault for not understanding what a great fund CIB is, and how, because I work for the BEST firm in the world, the cd was the worst thing a 96 year old widow could own-- cause we know whats right!!!  Another great month I had—retiree had 5000 shares of a particular oil stock…it was early 2004. The stock was trading at 36…EDJ didn’t cover it.  I told the client, we didn’t cover it and we should find something EDJ could keep an eye on.  He agreed(pat myself on the back).  Sold out, put into mutual funds from the preferreds.  Long story short, he’s done okay in funds, but that oil stock…well lets just say it’s up 2.5x’s.  But, it was what got me to segment 3 man…that’s what it was all about…segment 3.  GOOD LUCK and GOOD SELLING!

[quote=Spaceman Spiff]You’re going to blame Jones on this guy hiding
money from you?  I think this example is perfect for the arguement
that it doesn’t matter what company you work for.  A good broker
is a good broker.  It wasn’t his job to bring it up.  It was
your job to ask about it.[/quote]



Spiff, this may not apply to you, but alot of clients are afraid of salepeople, since they fear they may get suckered into somthing.



If you bring 400K of VG funds, you’re typical EDJ’er will try to put
you into GFA A-Shares. Clients sense that, and so they arent fully open
with you.

Jones is 100% sales. The most common use of the financial assesment tools is to convince people to buy more cwgix and caibx. Of course people hide what they have, because revealing assets to a Joneser is like telling a Hummer salesman that you have $100,000 you just don't know what to do with.

Here’s another thing I forgot to ask, as I have been reading this forum for a while but have never posted: I am fed up with pointless, pi$$ant fees. $40 for an IRA. $3 for low money market balance. Do indy firms have these little fees that just exist to irritate clients?

Kills me how you guys act like you bring the client in and Jones sells
them the inappropriate investment.  YOU make the recommendation
and verify the buy order!  I doubt the client asked Edward Jones
(and not you personally) which way they should go.  End of the day
it is your ethics being compromised, no matter how much you like to
shift blame.

I don't know who you're responding to, ironhorse, but I sell everything, not just what Jones tells me to. That said, I am commenting on what I see Jones guys do on a regular basis with no remorse. Most of them, it seems, don't even blame the firm, but have truly convinced themselves that 400M into A share AGTHX is "doing what's right for the client."

I'm also generalizing, as there are many good Jones brokers out there who do do what's right for the client.

Farotech and others-- The only person that I control is myself. I strive to be the best that I can on a daily basis for my clients. There are people at all firms that I would not care to be stuck in a room with but complaining about the way they run their businesses is an exercise in futility.

"There is nothing as foolish as worrying about things out of your control"

farotech-I was not addressing anyone specifically, just the general
consensus around here that Jones forces reps to do inappropriate
things, when they themselves make the recommendation(s).  Jones
has never “made” me sell anything I didn’t think fit the clients best
interests.  Does it happen, sure, but again, it is the advisor
doing the advising.

[quote=footsoldier]

Rank-

I left 6 months ago and have had two BME's in the last 3 months. After all expenses I have money left over to buy anything I want, including fabulous trips (which I do admit I miss) or pay down debt that I incurred at Jones over the previous 10  years. I also contribute 45K into a retirement plan (far more than being an employee) I have the time and the freedom to bring ALL products into the planning equation. I have never and will never sell an EIA. Others might but I find them too hard to describe to a retiree. I would much rather offer what I did at Jones and add key investments (which were never offered at Jones)to suit each client. 

I now sell C shares to clients under 100K. I now offer a total fee based platform. I still do transactions and probably never will stop, but I know  I don't want 1500 accounts. I'll bet your approaching that madness with nearly 600K gross (I admire that number and should hit it next year). I brought my assistant with me. I pay my own social security taxes. I have a payroll service. Yeah, it takes some time to set up but now its automatic.

While I appreciate the ownership concept (LP), I always felt that the income ownership but no true equity epitomized the double standards at Jones. We'll give you a great income investment that you don't have to pay totally for upfront (oh yeah and we'll make more money because we charge you interest). It reminded me of buying on leverage. Something I try to avoid for clients and Jones GP's were pushing it. Once again the doublespeak smells.

And it troubled me that they felt it was appropriate to borrow to buy their bond (because that's what it is). So rank, while I can appreciate your half hearted remarks about Lexus and our transitions, remember this if nothing else.

THERE IS A BETTER LIFE OUTSIDE OF JONES.

My wife tells me she has never seen me happier in the 20 years we have been married. And to me, that is a major difference because I did not get anything from Jones that I didn't earn. Most at Jones can not say that. The majority of the truly successful IR's were handed great opportunities.

[quote=EdJehovah][quote=footsoldier]

Rank-

I left 6 months ago and have had two BME's in the last 3 months. After all expenses I have money left over to buy anything I want, including fabulous trips (which I do admit I miss) or pay down debt that I incurred at Jones over the previous 10  years. I also contribute 45K into a retirement plan (far more than being an employee) I have the time and the freedom to bring ALL products into the planning equation. I have never and will never sell an EIA. Others might but I find them too hard to describe to a retiree. I would much rather offer what I did at Jones and add key investments (which were never offered at Jones)to suit each client. 

I now sell C shares to clients under 100K. I now offer a total fee based platform. I still do transactions and probably never will stop, but I know  I don't want 1500 accounts. I'll bet your approaching that madness with nearly 600K gross (I admire that number and should hit it next year). I brought my assistant with me. I pay my own social security taxes. I have a payroll service. Yeah, it takes some time to set up but now its automatic.

While I appreciate the ownership concept (LP), I always felt that the income ownership but no true equity epitomized the double standards at Jones. We'll give you a great income investment that you don't have to pay totally for upfront (oh yeah and we'll make more money because we charge you interest). It reminded me of buying on leverage. Something I try to avoid for clients and Jones GP's were pushing it. Once again the doublespeak smells.

And it troubled me that they felt it was appropriate to borrow to buy their bond (because that's what it is). So rank, while I can appreciate your half hearted remarks about Lexus and our transitions, remember this if nothing else.

THERE IS A BETTER LIFE OUTSIDE OF JONES.

My wife tells me she has never seen me happier in the 20 years we have been married. And to me, that is a major difference because I did not get anything from Jones that I didn't earn. Most at Jones can not say that. The majority of the truly successful IR's were handed great opportunities.

[/quote] [/quote]

Amen, I'm starting to see just what you have written: "The majority of the truly successful IR's were handed great opportunities."

Thank you for your words. 

My feet hurt,

ED

[quote=noggin]

The only person that I control is myself. I strive to be the best that I can on a daily basis for my clients. 

"There is nothing as foolish as worrying about things out of your control"

Where did Rank go?  He seems to run like Big Pay Day use to before he changed screen names…hmmmmmmmm?

[quote=joedabrkr] [quote=noggin]

The only person that I control is myself. I strive to be the best that I can on a daily basis for my clients. 

"There is nothing as foolish as worrying about things out of your control"

[/quote]

That is IT in a nutshell.  Keep that your focus and you will continue to be successful!

Thanks for the reminder!
[/quote]

You're welcome Joe.

Bspears,

    Let me get this strait.  You were barely Segment 3 when you left Jones, and you are telling me how to run my business? 

EDJahovah,

    You just started with Jones and you are complaining how you weren't handed any assets and that Jones sucks because you can't build a business yourself.

I hope this forum realizes these two are rookie failures.  Why aren't they out prospecting instead of posting, I don't know.  I sure have been enlighted by their in-depth knowledge.