Tom Bartow was the salt of the earth.  If he couldn't get you fired up about your job it meant that you were dead.  He is also a Toro Fecundian....he can smell bullsh1t a mile away.  Which, coincidentally, is why he left Jones.

Tom Bartow, a modest basketball coach.  A stern look on his face, rarely cracked a smile, a simple man.  Someone told him to go door to door in Paducah Kentucky and recite the cold call script....and ask for the order!  He did it time and time again until he became a million dollar gross investment representative.  Started with nothing.

Then they put him in charge of hiring for the area, then a limitied partner, then asked him into St. Louis to head up training and become a General Partner.  He never changed and he never cared much for that "JB" guy, but neither did I.  His old office has now been carved up into 12 or so..... it always did take twelve of them to make one of him.

Ted Jones, Tom Bartow.....Legends.

In the news
<FONT =sub>

Satellite broadcast to focus on financial future for investors

The Chillicothe Edward Jones investment representatives will host a free one-hour satellite broadcast -- "Is the Uncertainty Over?" at 11.30 a.m. and again at 6:30 p.m. Tuesday, at the 109 W. Main St. office and at the 20 Executive Drive, Suite B office.

The broadcast will feature Geoffrey Colvin, co-host of "Wall Street Week with Fortune," and Alan Skrainka, Edward Jones' chief market strategist.

you gotta be kidding me?

I've said it before.  THis is much ado about nothing.  The average investor is just not going to care about all of the SEC/NASD stuff when they have been in American Funds earning 11-15%.  And what judge is going to say they've been 'damaged' anyway?  Most of the funds did fine for people and the Jones brokers will not suffer more than 1 or maybe 2 accounts leaving primarily to go to ambulance chasing former EDJ brokers.  Incidentally, most people don't care for the 'Nah Nah Nah Nah Nah Nah...Your broker's firm was naughty' routine when it comes to their money and who they trust with it...they do business with ME not my wirehouse. 

People don't care what their brokerage did or didn't do...they just care about their returns on their investments.  WIFM may not be how the world would look in utopia, but it is when it comes to their money.

Jones will be fine.  A few brokers who probably were considering leaving anyway will leave.  An even smaller percentage of accounts will leave and the CA suit will win a whopping 5 million dollars that Jones GPs will have made in the meantime on their money. 

Much ado...

So then, you are “1ofthem”.  Just like Jones…not what they claim to be.

Man… Jones is treated so unfarily in the media it’s pathetic.

Poor babies.

Jonestown,

Not to correct such an elegant mini-biograpahical reference to Tom, but Tom's office was never carved up.  Truth be known, a recent college grad name David Lane took the office over in 1992.  I never knew how that happened....but it was excellent foresight on Jones's part.  David doubled the production and doubled the assets.  As far as I can recall, Tom never hit a million in production either.  He was easily a top producer and one of the fastest starting office in the history of Jones...but he went to STL before his full potential could be realized in the field.

David took it to a much higher level...but he had a massive head start.

Beejeebers,

How is Jones treated so unfairly?  The lack of ethics in the way top management handled the firm finally bled through the bandage.  What's been unfair is the way the IR's were treated and the clients as well. 

Don't bother Zacko.  It's like talking to a wall. 

Picture this.  One guy at the dinner table with a giant booger hanging from their nose.  Knowing that with no mirror present the unsuspecting guy would most likely not notice the eyesore, someone at the table speaks up.  "Hey, man, you've got a hanger".  The guy simply says "no I don't".  So another at the same table says "no, seriously, you've got some unfinished business, give it a wipe"  our poor bastard in this story continues in his denial until each at the table has pointed out the nasty discharge.  He never looks at a mirror, never reaches his hand up for a feel, just vehemently defends his condition by accusing others at the table of having snot problems.  He would rather believe there is no problem at hand, no matter that everyone else has a plain view of the woman repellent just above his lip. 

Save your breath......wish I had.

[quote=Jonestown]

Tom Bartow, a modest basketball coach.  A stern look on his face, rarely cracked a smile, a simple man.  Someone told him to go door to door in Paducah Kentucky and recite the cold call script....and ask for the order!  He did it time and time again until he became a million dollar gross investment representative.  Started with nothing.

Then they put him in charge of hiring for the area, then a limitied partner, then asked him into St. Louis to head up training and become a General Partner.  He never changed and he never cared much for that "JB" guy, but neither did I.  His old office has now been carved up into 12 or so..... it always did take twelve of them to make one of him.

Ted Jones, Tom Bartow.....Legends.

Rumour has it that when Tom was offered Subordinated LP, he turned it down.  He said that was meant for TED, not him. 

That was quite a bit of money he walked away from.

If you understand a little bit of Jones' history, he was right.  I didn't always agree with his methods, but he was the "salt of the earth", and he had high standards.  When an organization starts to lose people like this, it is the beginning of the end.

[quote=illuminati][quote=Jonestown]

Tom Bartow, a modest basketball coach.  A stern look on his face, rarely cracked a smile, a simple man.  Someone told him to go door to door in Paducah Kentucky and recite the cold call script....and ask for the order!  He did it time and time again until he became a million dollar gross investment representative.  Started with nothing.

Then they put him in charge of hiring for the area, then a limitied partner, then asked him into St. Louis to head up training and become a General Partner.  He never changed and he never cared much for that "JB" guy, but neither did I.  His old office has now been carved up into 12 or so..... it always did take twelve of them to make one of him.

Ted Jones, Tom Bartow.....Legends.

Rumour has it that when Tom was offered Subordinated LP, he turned it down.  He said that was meant for TED, not him. 

That was quite a bit of money he walked away from.

If you understand a little bit of Jones' history, he was right.  I didn't always agree with his methods, but he was the "salt of the earth", and he had high standards.  When an organization starts to lose people like this, it is the beginning of the end.

I had dinner with David at a diversification trip. Nice guy, but give me a break I could have done what David has done or better if I were given a 100 miillion dollar office. However at Jones he is god. Why he doesn’t go independent is beyond me. Another example of stupidity after enough koolaid.

I love when somebody's entire post is a post of another post....insightful, and certainly not a waste of space or anything.

Bearcat,

That's hilarious! and really pretty accurate.

In response to NOT1OFTHEM comments about everyone being in American Funds, If you read my first post not everyone has been in American Funds for the last 4 yrs. They were switch to Hartford by their IR’S to receive a better payout on the revenue sharing issue. Then the question becomes how much money have these thousands of investors lost because of the actions of their IR’S actions. These people were never told has to the of the real reason for their IR’S recommendations. Check the performance how much better has American Funds performance been the last 4 yrs as compared to Hartford it is significant. As for the State of CA claim. Tom Bartow, will not say a word , Van Pearcy has no love for the way EDJ treated him, He currently works in Midland TX for Raymond James. As for Tom I have meet him since he left EDJ through his current job with American Funds. Very straight foward Man. God Bless Him

"So then, you are "1ofthem".  Just like Jones.....not what they claim to be."

For the record...I don't work for Jones...never have...never will.  No love for the place, but I do work in the St. Louis area so I see a lot of them.  I just choose not to concern myself with them for the most part.  That being said, my main point is that this is much ado about nothing. 

In response to NOT1OFTHEM. I am what I am. I no longer work for Jones. As for your comment that this is all much to do about nothing. Look at the number of views on this column since I first posted currently 11,226. Obviously alot of people don't share your view. As for the contest that is inconsequential compared to some of EDJ other practices.

Formerjbroker knows exactly what he is talking about because I have a strong feeling that many of these "other" EDJ practices are well know for those who have been with the firm for several years.

People can defend them all they want but there is 2 constant themes:  1)  The GPs are greedy and make it quite known  2)  The we are ethical than everyone else attitude has rubbed many people wrong, especially when you have guys such as Zacko, UWEC and Formerjbroker that knows what was going on from the inside.

Richard Loth
January 5, 2005

"There should be no conflict of interest - the client's interests always come first."

Last July, I provided that guidance in an article on "investment advice givers," i.e., brokerages, financial planners, insurance companies, banks and independent advisers. Among other qualities, I urged readers to insist on any advisory entity's complete objectivity regarding investment selections.

Unfortunately, not all providers of investment services have a clear, unambiguous understanding of what constitutes "complete objectivity." A recent major scandal, which I'll detail below, highlights why individual investors need to stay vigilant.

Millions of individual investors choose to maintain securities accounts with brokerage firms and follow the advice of their full-service stock brokers. As such, brokerage firms, and their representatives, play a major advisory role with the investing public and need to be held to a high standard of professional ethics.

A story that needs telling

Last month, the Wall Street Journal devoted four in-depth articles - on Dec. 21, 23, 28 and 29 - to the problems at Edward D. Jones & Co. involving revenue sharing and problematical trading practices.

Needless to say, this is a major story for the investing public. And yet, a thorough archive check of both of Denver's major newspapers, as well as the "News for Individual Investors" section of the culprit company's Web site, found no mention whatsoever of the Securities & Exchange Commission's investigation, findings, and sanctions.

Edward D. Jones is one of the largest retail brokerages in the U.S. Locally, it has a branch in Eagle, and nearly 10,000 offices nationwide. The case is particularly important because it only services individual investors - it has no institutional or investment banking business.

Therefore, its impact on the retail investing public is significant and widespread. The gravity of this case is further confirmed by the subsequent announcement of the resignation of Edward D. Jones' top executive, Douglas E. Hill.

The Wall Street Journal articles reported that Edward D. Jones' agreement with the SEC represents "the largest regulatory settlement to date involving revenue sharing at a brokerage house, an industry practice in which mutual fund companies pay brokerage houses to induce them to push their products."

The SEC report details how Edward D. Jones "accepted tens of millions of dollars in secret fees from seven preferred fund groups, potentially tainting the Jones brokers' investment advice to customers in favor of these hands.

Surprisingly, revenue sharing, which I think is a clear conflict of interest, isn't illegal. But investment intermediaries get in trouble when these arrangements are not disclosed to their customers.

SEC sanctions

A $75 million settlement will be available to Edward D. Jones customers "who the regulators contend were harmed because they didn't know their brokers might be unduly influenced by bonuses and other incentives to sell the preferred funds."

The fund groups are: American, Putnam, Hartford, Federated, Goldman Sachs, Lord Abbett and Van Kampen.

Under the SEC order, Edward Jones has to disclose its revenue-sharing practices on its Web site - www.edwardjones.com - and the aforementioned fund groups must also send the same information to current and former customers.

My purpose here is not to single out brokerages for condemnation of inappropriate revenue-sharing practices. Edward D. Jones just happens to be a very large target at this point in time, and the lack of public awareness of this case is worrisome.

One of the first things investors need to know from any investment intermediary is what is the investment or service going to cost. And that means the complete cost - fees, commissions, expenses, etc.

Brokerage representatives and other financial advisers need to fully disclose any and all financial incentives, whether direct or indirect, that would influence their decision to recommend one investment over another to their clients.

The Investing Wisely column is written by Richard Loth, managing principal of Mentor Investing, an independent registered investment adviser. Loth can be reached at (970) 827-5591 or [email protected].

Great article and the article mentions 1 item of particular interest. The article mentions there was no news about the scandal in the Denver papers.  I bet you can say this about New York, Chicago, Houston.  Point is Jones is the largest brokerage firm that no one knows.

[quote=Marshall]

I love when somebody’s entire post is a post of another post…insightful, and certainly not a waste of space or anything.

Bearcat,

That's hilarious! and really pretty accurate.