How many brokers does EDJ have?
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[quote=success]
We all have access to the same public information.
[/quote]
Confused one, you are so wrong about public information. As an employee of Jones you DO NOT have the same info as the rest of the industry. Don't you get it? you are kept in the dark purposely. the next time you talk with a wholesaler ask them the difference between what you are paid and an indy is paid on products....with a mmiracle maybe some day you can stop checking for polyps and start making some bucks for you not the GP's.
J,
what the hell are you talking about. who mentioned anything about commissions. I am talking about information for which i use to make decsions. you have just proved an early point i made last week. The first thing you think about is what you get paid. you missed my point, which does not surprise me at all. we were talking about managing your clients account. at the end of the day, we are all selling a product in which we have NO control over. In a wrap account moving from xyx fund to abc fund is usually done for you to justify to your client that you are doing something for your fee. you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine. Oh, but wait a minute my trail is only .25bps. sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.
Success, you don't have access to the same information in regards to investments at Jones as the rest of us have at our various firms. I can say that because I have been at Jones and am not now. My BD provides us with some research as a part of our operating plant form. Yes, I have to pay for the extra research reports and analysis if I want to have acess to S&P reports, Morningstar, BNY, Credit Suisse etc. I don't have to pay for those if I don't want to. It is my choice. So I have multitudes of opinions on stocks and mutual funds to compare product instead of the one source you have a Jones. Possibly you can subscribe to these services on your home computer? I know you can't get them at the Jones terminal (or at least couldn't when I was there)
you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine. Oh, but wait a minute my trail is only .25bps. sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.
This is a ridiculous statement. The advantage of a wrap program is to be able to pick the best funds from many different sources without switching from fund family to fund family. While Franklin and American funds are both good companies they don't always cover all the bases in investment styles and sectors. By being able to pick the best small cap from company A, floating rate fund from company B, the best natural resources sector fund from company C and so on the rep is better able to manage the client's portfolio and to be able to move with changing economic trends as well as with the client's changing needs.
It has not so much to do with the wrap fee or fee for AUM to generate revenue for us, as it has to do with flexibility and not being shackled to the "breakpoint monster". The reality is that we make much more $$ by switching between fund families and generating new commissions in A shares than we do in managing a portfolio at 1 to 1.5%. This is why our industry has a bad name and why I left Jones because the pressure to do inappropriate trading was the green eyed monster that reared it's head every month.
The problem with wrap accounts comes when there is no management or activity to justify the 1 to 1.5% fees. This is why many firms have gotten into trouble with their programs.
Both scenarios have their issues. It is nice to be able to offer both working styles (commission or fees) and offer them appropriately for the client's needs. I didn't have that opportunity at Jones. .......now I do.
Hey DRONES, and CLONES....
How many IR's do you now have?
How many open Offices?
What percentage of the Firm has been there less than 3 years?
Why do the Segement 3's, 4's & 5's keep leaving? Are they ALL stupid?
How long can you IR's keep supporting the International failure the GP's got you into? Who's paying for it?
Maybe the stupid one is waiting for the BOAT to sink?
[quote=success]
J,
what the hell are you talking about. who mentioned anything about commissions. I am talking about information for which i use to make decsions. you have just proved an early point i made last week. The first thing you think about is what you get paid. you missed my point, which does not surprise me at all. we were talking about managing your clients account. at the end of the day, we are all selling a product in which we have NO control over. In a wrap account moving from xyx fund to abc fund is usually done for you to justify to your client that you are doing something for your fee. you and i both know that is you pick 3 american funds or 3 franklin funds and hold them for 15 years, you will do just fine. Oh, but wait a minute my trail is only .25bps. sh*t, how can i eat on that. i better charge 1.5% and tell my clients how smart i am.
[/quote]
Hey jailed one,
whats your net on the .25bps? mine is 90%....the difference is I have a choice you don't. and another thing I don't know that holding an American fund for the next 15 years will be the right choice. Remember Putnam? Oh, I forgot you only have 7 funds to push...and I mean push. Keep checking for polyps......