Edward Jones/Jim Phillips
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Which is why I have taken care of my wife and kids if something happens to me. Sometimes I catch her looking at me with that glint in her eye almost counting the money she’d have if she could just get away with it.
Oh no doubt ! Its only a matter of time before I wake up to the sound of a baseball bat bouncing off my forehead!Which is why I have taken care of my wife and kids if something happens to me. Sometimes I catch her looking at me with that glint in her eye almost counting the money she’d have if she could just get away with it.
Regarding that rep who died in Tempe…
I don't live far from where he was from and I know the rep who was goodknighting him. The only thing Jones did to help was provide the life insurance proceeds from the group policy.There wasn't anything additional they could do. But they made it sound as if they did something extraordinary. The harsh reality again, B24, is that they really can't do anything other than treat all employees in the same manner. Maybe back in the old days, before employment litigation became the concern it is today, they would go beyond the call. It is a shame from all perspectives. And to be fair, I have a client who is a drugstore manager with CVS and been there 30+ years. He went out on a disabitliy with a knee replacement. During his rehabilitation they replaced him without even notifying him. One of his employees called him at home to tell him. It's just the nature of corporate business. We all have stories or personal experiences that remind us that as an employee we are replaceable. Hell, even as an indy we are replaceable (someone could buy our biz if I died etc... but at the very least my family would be taken care of because I planned for that transition). Spiff- Go buy more insurance because you are worth it!! Don't insure for the value of your biz today, project out 10 years and that's the number. Then watch your back!Not true regarding Jim’s family. Treated differently than a vet with $50MM AUM but not even near what his business was worth if he owned the book. But now that was Jim’s choice and not the fault of Jones.
This is partly why we are looking at making the change in the next year. You don’t know when your number will be called and if your plan is to go indy when you hit an age or have a “no brainer” book you may never see that day and your family is out of luck.
This is partly why we are looking at making the change in the next year.
EDJ is making this change? What are the specifics?
[quote=MovingUp] This is partly why we are looking at making the change in the next year.
EDJ is making this change? What are the specifics?[/quote]
NEVER-MIND! Dumb question. I read your previous comment incorrectly. (It's late at night; sorry.)
Let me point out the obvious: All these questions about “what will Jones do?” “what will his family get?” “what will happen to his clients?” all sound like the type of questions he should have reviewed with a qualified financial professional a long time ago!
It is possible for ANY firm to pay a rep's widow (or estate) continuing commisions if the proper contract is in place prior to the rep's death. Most firms don't want you to know this. Check out FINRA notice to members 09-69 and proposed rule 2040 which restates earlier rules and IMs. Read the rule and ask your firm for a contractural arrangement allowing this, our firm has done this in a number of cases.
It is possible for ANY firm to pay a rep’s widow (or estate) continuing commissions if the proper contract is in place prior to the rep’s death. Most firms don’t want you to know this. Check out FINRA notice to members 09-69 and proposed rule 2040 which restates earlier rules and IMs. Read the rule and ask your firm for a contractual arrangement allowing this, our firm has done this in a number of cases.
Great tip. I am going to look into this.