Devoted SA,

At first, I was scared to tell my clients that I was going to get a pay increase.  But when I started telling them, I experienced the same thing you did.  They kept saying, "that's great, where do I sign."  The CPA's who refer business to me were elated.  I was one of them now. 

zactly! That's what I'm sayin. Another comment from a client after the transition...

"I was wondering how long it was going to take before you'd get tired of workin for the man. I'm proud of you."

Really, really great to hear that kind of support from clients.

I know, I know, all indys are the best thing since sliced bread.  Keep telling yourself that.  Zacko seems to think RJ is the greatest thing since Trump Casino bonds that I keep seeing in RJ statements.  You indies might as well put on a red pitcher suit and jump through a brick wall.    If you indys are not tipping back the kool-aid, why the constant barrage of LPL or RJ or whatever chop shop is better at this, better at that.  It sounds like Zacko and his ilk are continuing the same type of garbage they learned at Jones.

    Actions speak louder than words, and Zacko is a windbag.  I have yet to see a post from him acknowledging RJ's shortcomings. 

    Let's take this little RJ test again, and see what happens.

    1. RJ branches at a bank, can't get much lower than that..

    2. # of reps basically flat last year

    3.  53% of RJ reps GROSS less than 100k

    4.  lesser known name, when have you seen an RJ add?

    5.  Dennis Herula Scandal.

    6.  RJ wrap program, 12b-1's on top of wrap fees, fined.

    7.  RJ failing to give breakpoints on A-shares (13 million $ fine).

    8.  Late trading problems.

    9.  Moving to class A share annuities because of improprieties in the past

   10.  Couldn't hire last year because of non-compliance.

Oh how the mighty fall with just a little research.  Looks like a little angel just pissed in your cheerios.

Rank,

You are so clueless...you make me laugh.  Your lack of knowledge about the industry combined with your overall lack of intelligence bleeds through with almost every post you make. 

I have never touted RJ as being the best thing since "sliced bread"  I have only said they are a solid indy firm, I like being there and YES-THEY ARE MUCH BETTER THAN EDWARD JONES.

1. RJ FID (Finacial institutions division) are at banks.  Yes they are.  They are a seperate division that affiliate with banks.  So what?

2. RJ let go many of the smaller producer who where BM's.  They raised minimums on prod.  With about 3000 indy brokers, RJFS still has more million dollar producers than Jones.  So does LPL by the way...what's your point?

3. Many employees of branch managers at indy branches are series 7 licensed.  Remember...like you--they work for someone else. 

Forget it man...I'm not going to waste my time addressing your ridiculous and totally innaccurate posts.  RJ doesn't even have A share annuities by the way--nor are they moving to them. 

The sad truth is you represent yourself and your firm so poorly and you have almost no idea what you are talking about.  It's a wonder even Edward Jones would hire you.

Rank,

Ditto what Zacko says, plus this:

One of the big differences between Zacko and Indyone vs. you (and ButtKiss, and some others here) is that we acknowledge that our firms are not perfect.  You seem to have a problem with that and like to attack other firms vs. acknowledging the shortcomings at your own.

As far as the production issue goes, that's more of a freedom issue.  RJ & LPL don't pressure indy reps (can't speak to the EMPLOYEE channels) to reach production goals, other than the minimum level of production to run your own OSJ office.  LPL has a $125K minimum and RJ's is $200K (at least it was when I looked at them last spring).

You need to get over this bank rep issue.  I went head to head with the local Jonsers while at a bank and beat them much more often than I lost to them.  Without even trying, I took ten times the number of accounts away from them than what they took from me.  Again, it's the rep more so than the company/platform.

As far as poking at the investments you see on competitor's statements, you're again throwing stones while living in a glass house.  I cannot begin to tell you how many times I've seen, oh, for instance, GM bonds with 20+ year maturities on EDJ statements.  Those bonds are now trading at about 60 cents on the dollar, so don't go getting all pious about Trump Casino bonds when I had family members with Energy Management bonds back in the 80's on their Jones statements.  The only money those folks ever saw on those bonds was from a class action lawsuit that Jones settled for about a nickel on each dollar.

Why don't you conduct a study regarding the number of reps and aggregate production that has left Edward Jones to go independent vs. the number and aggregate production that that left independence to work for Edward Jones?  Interestingly enough, I know for a fact that a Jones rep with more than ten years at Jones recently wanted to come over to LPL and was politely turned down.  Given your lack of intelligence, no doubt you would also be turned down, so keep drinking the Kool-Aid and hope Jones doesn't see their mistake and give your client list to the other local Jonesers.

Someone years ago gave some sage advice that you should heed:

It is better to be quiet and have others think you are an idiot, than to open your mouth and remove all doubt.

rankstocks

You're being a little hard on Zacko and the others, I don't think they tout more than the usual self-pride and the nature of this business conditions people about their decisions.

They've pointed out the wholes in independence and many have been candid on their dealers.

It is a trade site isn't it?

Some people have PM me to tell me to stop "trashing RJ on the annuity issues" so I'll give a little back to RJ here by rebutting this lame list above;

Let's take this little RJ test again, and see what happens.

    1. RJ branches at a bank, can't get much lower than that..

Plenty of dealers have bank contracts, SB and LPL and many other types. It's business and what's wrong with it for such a universal complaint?

    2. # of reps basically flat last year

The industry is mostly flat. RJ has been raising production requirements, what do you think happens to a sales count when that happens?

    3.  53% of RJ reps GROSS less than 100k

This is false, where did you get this stat? Try a link.

    4.  lesser known name, when have you seen an RJ add?

All the time on cable channels all over the country as one example. You could debate benefits but your claim is false.

    5.  Dennis Herula Scandal.

It's nice that you a producer would use a singular event (avoiding the complications) to label the entire firm and people in it. You might do better at a news network or a government agency.

    6.  RJ wrap program, 12b-1's on top of wrap fees, fined.

Plenty on this boat as well. They deserved it here but where is this perfect firm you work for?

    7.  RJ failing to give breakpoints on A-shares (13 million $ fine).

Another large ocean cruise event with many on board. You might consider the regulatory excess involved on some of these talking points.

    8.  Late trading problems.

What virgin like firm do you come from again? How could you single on RJ for some of this stuff?

    9.  Moving to class A share annuities because of improprieties in the past

Do you have a link to back up this relationship? I've looked hard but see no direct relationship. I've clearly harped on the particulars of this but haven't tarred everything about the firm in the process.

   10.  Couldn't hire last year because of non-compliance.

That judge in RI? How long did that judicial overreach last? I think you've distorted reality on many of your points.

Oh how the mighty fall with just a little research.  Looks like a little angel just pissed in your cheerios.

Some points are close to accurate but there is plenty of excess in your list. You shouldn't let your insecurities about your personal career decisions move you into blaming others. Nothing is perfect but independent firms generally have something to offer the everyday broker who usually get very little from their larger firms as a rule.  

If you want to go after RJ try sticking to concise facts not superficial sound bites. Flaws and all they deserve better than the weak statement list you made.

Rankstocks claimed;    3.  53% of RJ reps GROSS less than 100k

http://www.financial-planning.com/cgi-bin/bdconnect-profile. pl?rank=1&rank=1&x=26&y=12&comparisons=56

Looks like 68% are over 100k on payout, what do you think that says about gross?

http://www.financial-planning.com/cgi-bin/bdconnect.pl?table =reps_and_production_2&default=no

If you look at the whole segment RJFS look very strong on meeting a minimum.

Plenty on these firms are apples and oranges by the way. If you're an insurance guy or an RIA it might impact your decisions for example. I just wanted to refute the false statement made. 

Rank,

Your just a bitter low level producer whose only understanding of the industry has come from "Jones Book of Facts".  Open your eyes drone...you are lost.

Looks like I hit a nerve (make that several nerves).  Sorry to burst your indy bubbles, but I haven't seen such sorry responses in quite a while, rather amusing.  Way to attack me personally, it shows the level of maturity I'm dealing with.  Zacho, keep putting on that red pitcher and jumping through brick walls about how independent you are.  I'll make a bet with you that you will be switching firms within 5 years.  Care to take me up on it?

Rank-



I don’t think the responses were intentionally trying to strike your nerve. But

the problem is your are just not very bright. You firm is one of the most

unethical firms still left. People that worked there and moved on are all

saying this. If you would just be honest with yourself and see the light, you

will see what Jones pushes is not in the best interest of your clients.



An American Fund is not always the solution. Variable annuities for 401K

rollovers are not always the best answer. By the way this happens far too

often at your firm.