Some people get it and some people don't.  I know I will start a fury by making these comments but I have to.  Those of you who are independent especially former Jones advisors testify to this.  How much more have you learned about being a planner since going independent?  How much more value are you bringing to the table for your clients since moving independent?  Why?

It amazes me how much Jones advisors grow after they put down the kool-aid and really learn that there is more out there to offer clients and really do the right thing for them than mutual funds and Southern Company stock.  Frankly, it's embarrassing that Jones advisors are considering themselves advisors anyway.  The lack of platform and product choices to stay w/i the least common denominator regulatory parameters, only tells half the story.  I love the Jones advisors that brag about treating the clients right - how many of you like all other Jones advisors build the book so clients assets mature and allow you to reinvest for more commission?  Deep down, you know that's why you do it and that it's not about the client.   You know why you do it that way?  Because you can't build a business from a purely advisory based approach.  The fact that you don't even have a choice is embarrassing.   Oh well, at least there are bonuses this year... and LP payouts of $55 or $75k to look forward to in retirement.....after how many years of slaving for the man, and that's what you're bragging about?  

That must be why every former Jones advisor that has gone independent always says....I wish I would have done this sooner!

Guys,

Having the flexibilty with your book at end game (as an indy) is an advantage you simply do not have at Jones.  You can spin it anyway you want but the result is still the same.  And, as far as the LP goes?  It's not a bad investment...never said it was.  But--it's not a fantastic investment either.  Especially when you think of all the crap you gotta go through to get it?  and besides, YOUR GIVING THEM YOUR MONEY.  So, there is the opportunity cost of funds that you do even factor in.  That, and the fact that you are paying taxes at the highest rate every year on the earnings and that none of it is deferred. 

Yeah, it's a decent investment overall--but it's nowhere near what Jones makes it out to be and it is certainly not a reason to remain at Jones under any circumstance.  That's like me saying the FREE stock options I get at RJFS which have averaged comparable to LP returns (did i mention free) over the last fifteen years is a reason to go indy.   Sure, they are nice...but it's much more than an LP or free stock options guys.   It's product, flexibility, and takehome pay.  ALL which are better an indy.

As a former Jones broker--I used to be in the skeptics camp.  After all, it's what you were "trained" to do.  Doubting that it could be better in spite of what I have been told and not trusting the recruiters from indy and making excuses for Jones and giving them the benfit of the doubt when I compared firms.  It's almost as if you have to force yourself to think objectively.  Once you do...it's the ONLY way to do business and you guys have no idea what you are missing. 

No offense to broker recruit--but go talk to some former Jones brokers and ask them if they are really happier.  OH BTW..i get trips here too.

I

Bill,

you are right - if you are happy at Jones, more power to you.

And to everyone bashing fptransitions.com, I don't care.  It means nothing to me where an FA buys a book or how.  That is the industry average, whether it is purchased through fp or not.  I'm sure there are some that fetch more than that and some (transactional books) that fetch less.

My point was that the statistics in that memo were inaccurate, or at least they are Q4, 2005.  They may have been accurate in 2001, maybe early 2002, but not now.  They hold no bearing.  If I were a new broker and I knew of someone wanting to to sell me their $100M book for $100k, I would purchase it any way I could, shake their hand and, after the deal was done, tell them what a bonehead they are. 

Although, if it were a $100M book worth $100k, it must be mostly, if not all, transactional and probably facilitated by a stock-jockey or, better yet, a mutual fund-pusher.  I do bet, however, that if it were a $100M book at Jones, it would be filled with all of those lovely $500k+ fee-based accounts.

[quote=zacko]

  That, and the fact that you are paying taxes at the highest rate every year on the earnings and that none of it is deferred. 

Yeah, it's a decent investment overall--but it's nowhere

[/quote]

Please clarify what you mean by paying taxes at the highest rate...are you saying that this is because you were in the highest tax bracket anyway? Or are you inferring that the LP income is taxed differently than ordinary.

LP income is taxed as ordinary income and for me that was at the highest rate.  For most who have Jones LP it will be in either of the top two brackets.  Point is that while it's decent..it's a long way from being the pot of gold at the end of the rainbow.

Zacko- You still preaching to the masses? How about some business ideas to help us make more money tomorrow and not switch firms… I hope you are well.

[quote=noggin]Zacko- You still preaching to the masses? How about some business ideas to help us make more money tomorrow and not switch firms..... I hope you are well.[/quote]

Nogging it is quite obvious that you prefer the koolaid over the truth, hey that's okay by me. Zacko, uwec, illuminati (where-ever you might be) and of course myself, have given you a way to increase your net/net, spend more time with your family, go on trips when where and with whomever you chose, and most importantly how to ensure how a spouse/family can benefit financially from your hard work should you die.

If you don't want to listen, let alone back up your claims we really don't care.

Just like you were fooled on why the preferred family of funds were "the best", you are being fooled into believing you are working for the most ethical and doing best by the customer brokerage firm and that youre employer will "do right by you".  I thought that way until the3 months before I left (after 5 years). Boy was I wrong, just as I think you are.

Going indy is the fastest way to increase your income and make more money tomorrow.

We started doing small intimate lunches with groups of clients and asked them to bring a friend.  I've also started taking individual clients and CPA's to lunch more.  ALso, I still do widows lunches on their birthdays.  Although I still do it, I have started to feel that advertising is a shot in the dark and while occasionally you might get some business as a result--there is no substitute for getting in front of people who can do or refer you business.

I'd be happy to discuss business ideas on a new thread if you or anyone else wants to start one.  I could learn a thing or two myself from many of you and will be starting a 2006 biz plan soon. 

Mr. Fak-land,

You are still the champion comic on this site!  Each and everyone of your posts are side splitting comedy.

Toupee wearing IRs hitting on your wife and she's probably enjoying the attention because you're spending too much time away from home doing all that charity work (NIRSS, visiting vet etc etc).  Perhaps you should explain to her how much money met/net your leaving on the table by staying with the best sales force in the world.  She finds out that you're leaving an extra 30-40% on the table, I bet you'll need a toupee from the scalping she'll give you.  Not to mention going on trips that SHE'D like to go on, when SHE wants to and with whom SHE'D prefer, instead of the toupee wearing drunk IR (or was that a GP?).  Not to mention the fact that SHE (or your family) could sell your book of business should something happend to you (or is that why you're still at your firm as the missus might take your life for staying with all those drunk toupee wearing IRs)

But from the sounds of it you've drunk too much koolaid to be concerned about what's in your family's best interest.

No one says you have to deal with more intelligent, younger, better dressing (than you) yankees, heck you can deal with some red-neck fannel wearing good' ole southern boy. But then you're just looking for excuses to stay and hope for that GP.  Hope your wife can put up with some groping and don't say it doesn't happen. 

Best of luck laughing oldster.

Alll the Jones Drones and Clones have went silent.

the TRUTH BITES...................doesn't it?

I still haven't heard any comments from the Jones preachers on the new VA policy there.  They must think highly of their advisors to place this new policy.  Jones has decided that all 1035 and new VA business has to be reviewed by good old field supervision prior to placing the business.  Must make you vets feel good about that.  So after working in this field for 10 + years, you have to have a no experienced advisor or failed in the field  home office rep, ok your ability to place a client in a VA.  IT makes sense being an employee doesn't it?

They apparently decided to higher a separate compliance department to focus on that only. 

So tell me again, who does jones GPs and decision makers align themselves with - their backsides or their advisors? 

ALL 1035's AND NEW BUSINESS prior to placing VA ticket?  That's too funny.

Thanks to Edward Jones for offerring up continual reminders of why I left!

I have my issues with Jones too, but At Merrill, we have gotten tighter and tighter reviewing 1035 and VA business also. I think firms have to have a rigorous process for VA applicants, to help assure suitability. They need to at least look like they are trying, so when they get audited, they are protected.

I still haven't heard any comments from the Jones preachers on the new VA policy there.  They must think highly of their advisors to place this new policy.  Jones has decided that all 1035 and new VA business has to be reviewed by good old field supervision prior to placing the business. 

It bites, and it isn't just Jones.  My B/D recently instituted a policy that all variable direct (life and annuity) business gets sent to the home office for review. so everyone get ready.  Not only is it insulting, but it delays the entire transaction by at minimum a week.  I have never had one turned back, but still......to be treated like children.  Pffffft.

It is no big deal, at my firm, If it's in the best interest of the client they will fly right through, I have never had one turned down, it's common sense with all the witch hunts going on this will continue for some time, so get used to it.

As for Edward Jones the compliance officers seemed to be out to get your a77, but on the Indy side they actually are there to help you do the right thing, for the client and your business, it was very refreshing after dealing with the Jones Gestapo......  

LPL  VA Policy is not getting any better either!

RJ has been asking for more info but NOTHING close to what Jones is needling their reps about.

csmelnix and zacko- Wrong information on 1035’s and VA’s. Thanks for playing, though…

[quote=noggin]csmelnix and zacko- Wrong information on 1035's and VA's. Thanks for playing, though.....[/quote]

How about telling us what is wrong about it!

GO PLAY WITH YOURSELF!

Zacko, maybe you ought to read what your firm is doing to you on annuities. Oh yeah, you work for yourself. (yeah right)