Why is everyone so bothered about our technology anyway? I personally am excited that next week I get an indoor bathroom and a tin can with a string on it to make calls. BTW, that’s called sarcasm. I point that out for the benefit of one person Stanwbrown.

Of course I wouldn’t want to email clients. I’d rather send client correspondence through the Pony Express.



Those damn other firms can email their clients, but we shouldn’t, since other firms are evil and Jones isn’t.



Sorry, gotta go. I have to watch a Mandatory CE broadcast, the Gospel According to Doug…

In all honesty, I agree about the e-mail thing.  With the regualtory environment being what it is, the record keeping on e-mail is going to become a boondoggle.  I’d just as soon not have it.

bpd,

Most firms had intranets, I had use of it in 1987. Unfortunately your firm was still using teletypes not too long ago.

As far as revenue sharing being closed issue, that swirling blue water in your toilet is not only effecting your comprehension but your memory as well. There is the matter of the $300 million that the California AG has filed, not to mention the Class Action suits are still pending.  Oh by the way have you heard the NASD is investigating the sales of VAs .... something about revenue sharing concerns

bpd, you better concentrate on the blue water while you flush as it doesn't look as your pristine firm (you know the one that always does what's in the client's best interest) is out of the regulatory woods just yet!

[quote=noggin]Why is everyone so bothered about our technology anyway? I personally am excited that next week I get an indoor bathroom and a tin can with a string on it to make calls. BTW, that's called sarcasm. I point that out for the benefit of one person Stanwbrown.[/quote]

Why, tahnks, Noggin, for filling me in...

Just two questions for you; are you with Jones,  and is it fact or sarcasm on the issue of Jones not having email?

Since I would never have guessed how far behind Jones is on other tech issues, so I have to ask; does Jones have cost basis on client statements?

Yes we’ve had cost basis for many years. For securities bought at Jones it’s automatic, for transferred in positions you can manually add cost basis. One of my two full time Jones’ paid BOAs usually enters in the data for transferred in securities. Thanks for asking.



The debate must be close to coming to an end. The Jones Bashers have resorted to bashing Jones technology.

In all honesty, I agree about the e-mail thing. With the regualtory environment being what it is, the record keeping on e-mail is going to become a boondoggle. I’d just as soon not have it.

What a crock.

I am ex-jones... but it is a good firm.  I chose to go independent, and have no regrets, but jones provided a great start for me personally.  As far as technology, yea there is room for improvement, but if you think that e-mail is going to make or break your business you've got a problem.

to bash the leaders of jones is wrong too... well maybe you can bash Hill, but other than that Ed, Ted, and John B. were all good leaders and grew the business, and created a great opportunity for many of us.

Jones tends to be on the leading edge of technology (really) for 2-3 years then they are obselete for 7-8, and it's a cycle.  They invest alot in tech. just not often.

for what its worth

Well said.

the big reason ej doesn't use email is that it crash its "leading edge technology" down loads from satellite communications systems are fast but it's the uploads that are killers. Thats why the UK and Canada head offices are connected to STL via high speed land lines. The UK is strictly email between office and Canary Wharf.

If email is not necessary or to difficult to control why do all the wire houses have it and are able to cope?????

Stan- To answer your questions.

1. yes

2. no

If there's one thing you can count on Edward Jones to do, it's make the worst possible telechnological decisions, and pay the most money to do it!

They hire people who specialize in making good decisions in these areas, and spend tons of money on "user reseach", focus groups, survery, and usability testing.  Unfortunately, the "powers-that-be" (GPs) completely ignore the people they've hired to advise them and the data they collect, and pretty much design by whim.  Expensive, hard-to-use, long-time-to-rollout whims, but whims, nonetheless.

Of course, this is the company where at the Division Meeting for all IS associates, the key message last year was "it doesn't need to be perfect, it just has to be good enough".  Deciding what is "good enough" has been somewhat problematical.

One thing that confuses me is the amount Jones charges on the P&L for technology and the level we actually receive. Last time I looked it was close to $1500 per month LPL charges about $200 a month for more than we have at Jones. Add to that the cost of a high speed internet connection at $80 and it is still 1/5 the cost of jones.

I guess those vacuum tubes are pretty spendy these days.

[quote=gpwanabe]

One
thing that confuses me is the amount Jones charges on the P&L for
technology and the level we actually receive. Last time I looked it was
close to $1500 per month LPL charges about $200 a month for more than
we have at Jones. Add to that the cost of a high speed internet
connection at $80 and it is still 1/5 the cost of jones.

I guess those vacuum tubes are pretty spendy these days.

Not to belabor a point Joe but that is an apples vs oranges type discussion.

[quote=noggin]Not to belabor a point Joe but that is an apples vs oranges type discussion. [/quote]



yah apples and oranges in that my lowest payout is 76% versus what…around 40% at EDJ…?

[quote=7yrvet]

Jones technology was purported to be the leader in '98 when I started with the firm. Lost our communication entirely for a few days due to our never to be found, satelite. We had to be repointed to a new satelite which was a monumental effort to accomplish firmwide. We were told to go to the firm website for instructions. The problem was we did not have alternate web access at the office (DSL or dialup). That was December of last year.

When the highest paid executive in the firm is the MIS manager (4.3M),you would hope it would be based on merit, not tenure. Still waiting for remote access and email. The RTA in our region says this summer. Hopefully the next managing partner will take on this challenge. It is pitiful.

[/quote]

gpwanabe, candybar et al.

There is no comparison to EJ technology, most everybody on this forum has newer, faster technology on their kids PCs at home. Most Crackberries are more versatile/robust than what you have access to!

To claim your firm's technology is the best please explain why "prey" tell is your firm converting to what every other firm currently has???  DSL is what most if not all sub branches have while branches have T3 or even faster.  Has St.L finally converted to MS Office components or are they still on Applix (you know that phenominal robust UNIX office package?)

What about the trips that Maritz books for you? Ever wonder why you can book yourself cheaper flights & better accommodations ..... can you say kick-backs not to mention EJ GP(s)on the BOD of Maritz???

[quote=joedabrkr]

I don't have my paperwork in front of me, and I'm new w/LPL, but I seem to recall my total monthly costs to LPL are about 1000/mo.  This includes my monthly contract fee, technology subscriptions including a financial planning program, and access to S&P & CS First Boston research.  So....it's still less than EJ, and with access to substantially more information, plus a much higher payout!  This, and I get to pick and choose what I pay for.....
[/quote]

I was specifically referring to tech fees. Jones itemizes licensing fees in another place on. Jones does not have CS First research avail, just S&P. So I only included that in my very rough estimate of LPL tech fees. Of course if you have a website it is an extra 100 bucks or so.

Hey bpd, could you run me an annuity hypo on your Jones terminal.

Nevermind.....one of the GP's didn't pay the bill for that.  I guess they will have to sqeeze more money out of Putnam to cover the cost.