Jones Pays
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Last week, soon after two Edward Jones offices were targeted with AFL-CIO demonstrations, the St. Louis-based brokerage decided not to renew its membership in the Alliance for Worker Retirement Security, a business coalition that backs Bush’s Social Security plan.
Derrick A. Max, who heads the alliance as well as a separate business coalition pressing the same goal -- the Coalition for the Modernization and Protection of America's Social Security -- said he hasn't lost any members other than Edward Jones. In fact, since Edward Jones's departure, he said that he has gained both members and contributions. He declined to say precisely how many or how much, though he said the extra donations were substantial.
http://www.washingtonpost.com/wp-dyn/articles/A45392-2005Feb 22.html
Does this mean the Rams are really Jinxed....one for you franky.
Jonestown Envy:
A couple of definitions for you:
envy
Pronunciation: 'en-vE
Function: noun
<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Painful or resentful awareness of an advantage enjoyed by another joined with a desire to possess the same advantage.
jealous
Pronunciation: 'je-l&s
Function: adjective
Hostile toward a rival or one believed to enjoy an advantage.
Anyone hearing any rumors about BAC looking at Jones or AG? There was an article in the Financial Times that indicated this might be the case.
Truth,
It simply amazes me how infatuated with Jones you are.
You may want to seek counseling.
Call it how you like to, but I see it a bit different. What I see is someone who gets mighty upset when someone like myself points out the issues. I guess it goes to show that nothing hurts worse than the truth. Wow, you have given me a new signoff statement. Thanks!
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Nothing hurts worse than the truth.
I’M TEN PLUS YEARS WITH EJ BEEN TP FOR 5 OF THE TEN YEARS,I’M TOTALLY AT A LOSS AT THE UNBELIEVABLE CRAP STL IS TELLING THE IR, AND THAT THE IR BELIEVES IT!!!98% OF FUND SALES WENT TO 7 VENDORS THAT PAID TO PLAY AND THE TWO MOST RECENT ADDITIONS PAY THE MOST HELLOOOO,THIS IS IN DIRECT VIOLATION OF THE SEC ACT OF 1933, FAVORING ONE INVESTMENT COMPANY OVER ANOTHER BASED ON COMPENSATION.JONES SAYS WRAP ACCOUNT ARE BAD FOR THE CLIENT BUT WE RECEIVE ASSET BASED FEES FROM THESE VENDORS ON THEIR FUNDS IE GOOD FOR GPS BAD FOR IR.LIMIT PRODUCT LIMIT LIABILITY,OPEN PLATFORM LOSE RS, BAD FOR GPS!!!
Great post FREE. Simply but direct to the issue at play. The GPs have been talking out of both sides of their mouth, especially several years ago when fee based business started becoming the lay of the land. Bachman was forceful in his language regarding how it was bad for the clients. Ironically fees have been going down dramatically and Bachman was smart enough to know this would hurt him and his other GPs.
Free, interesting comments from a 10yr TP producer. Tell me, did you receive a P/S check this week?
Jones is going to have to start changing with the industry, but I don't think they will wake up. I work for a Regional firm and we underwrite a lot of muni's and sell more than Jones in our area. They always brag to my clients how no one can touch them in their quality of bonds. Give me a break! The IRs are so brain washed. My HNW fee based clients prefer my service and wisdom over Jones. I know what a few of their offices are producing and they'd be out the door at my firm with their production levels.
Good point about the low production levels DEAL. They have the highest 3-5 year turnover and the reason is because of the open office situation. The offices have to be staffed within a certain timeframe or they have to close them. So you will see them keeping someone until the pipeline is full to replace them.
More recently, the 3 to 5 year guy who is having some success leaves to go to RJ or LPL. They’re getting good, young, fresh faces and Jones is paying the hiring, licensing, and training costs. No wonder RJ stock is up 50% rolling 12 months. If Jones were a publicly traded company, what would their stock look like?
If Jones traded publicly there would be some major restructuring and probably some office closings. Shareholders wouldn’t stand for their failing business model and archaic communication systems. The GPs couldn’t BS the analysts like they do the IRs. And I don’t know, would the satellite stay?? How many times was it down last year?
You would never see them going public because the GPs couldn’t take 65+% of profits off of the top like they do know. I know there are some Jones believers and I respect that, but regardless of what my feelings are the truth is the GPs have not and will not share the truth because they have a money pit going on there.
I should post the email correspondence between my CPA and I that occurred last week. It went something like this. I was worried about my final income tax bill....I had already paid 85k for last year. Also,maxed out retirement plan 58k for wife and I combined plus 8k for assistant. In addition, wrote everything off I could under the sun. My CPA asked what I was hoping to pay? I responded that I was hopeful it would be less than 20k more than what I already paid. He responded back and said it was about 40k. I asked why the difference?
Answer was: "Your net income was up almost 200k over last year"
While I didn't get any "gracious" profit sharing overage--I did make a few more pennies by being indy. While you will enjoy your profit sharing check and bonuses determined by STL profitability...I will enjoy paying the extra taxes any day.
guest, yes i did receive a ps check this week ,as a matter of fact jones has given me approx 80k in ps over the last ten years.Whats the point?