Questions for EJ guys
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[quote=Moraen] [quote=wind3574] [quote=Ron 14]
Do you think a major leaguer asks a single A player how his swing looks? No. So these guys, 50mil AUM and 5+ years in the business don't give a flying crap about how you "do plenty of things for your clients that don't pay you anything." Get a clue.
[/quote]You totally just proved my point. If I don't know sh*t, why are vets in my region asking me for advice on my process and how to get the numbers I am? Why am I getting wires from Weddle praising my performance? Look I am not going to go into one of these "Windy's lying arguments", but just because I am only 4 months out, does in no way mean I don't have a few good things to tell to even a Vet. Everyone can use advice from EVERYONE at certain times.
No a Major Leaguer doesn't ask a Single A Player about his swing, thats why the single A player takes his spot once he gets his process down, regardless of how long the Major Leaguer has been around.
[/quote]
Wind - I'm trying to show some support here. But please quit beating your own chest. We know you are doing well. And you will get the praise you deserve - from your peers (not just at Jones, but in other aspects of the industry) if you keep getting things done for the next few years.
A newbie is a newbie now matter what. You have earned my respect (and I believe some others - although some people will still think you are full of crap) as a fast starter, but please don't think that translates into sustainable growth.
I wish you all the luck in the world, but man, ease up a little.
Everybody likes hearing success stories, just not "I'm so much better than everyone in my region's stories". And people come to me because I'm the greatest.
Sorry to hijack everyones thread, but I think we've gone a little off topic.
[/quote] +1
[quote=Juck Phones]
Amen Ron. Look, I’ll apologize right now at wasting space here with what may seem to be unproductive flamethrowing but Windy and Spiffy puhleeeeeeeese S.T.F.U.!!!
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Here we have Windy, a Spiffy wanabee wasting space here giving advice while not quite yet “officially” segment one??? Spiff (1750+ posts and not even a Joneser LP!) could so easily be a top producer on GP track if he merely dialed the phone and worked his business and helped clients they way he helps to dilute and detract from possible good information on this board.
Your eyes are rolled to the back of your head as you pleasure nobody but yourself yourself creating investment industry amateur porn. Zip up guys. Open your eyes. Open your ears. But SHUUUUUUUUUTTTTT TFU!!!
[/quote] First, welcome to the forum. Second, go away. To set the record straight I am a LP. Have been for about 10 years now. As to your dial the phone instead of post here...there's a bit of wisdom in that statement. Are you my RL?First, welcome to the forum. Second, go away
For the record, a fresh perspective is what this forum needs. Spiff, you got your LP(because of your dedication to the firm) not your production as an FA. If I were a GP, and knew of your massive communication skills (3X my forum experience) I would get you in front of groups of FA's or videos so you could spread the word of how awesome EDJ is to the troops. You are wasting your talents helping clients when you could be helping the firm. Imagine what would happen to your production if you spent the time marketing rather than defending the firm. I only respond on these forums at home prior to coming to the office or after I have hit my daily goal, which I define as identifying at least 500K of new assets that I had no idea existed. I imagine your goal is to respond at least 3 times a day. Are you moving anywhere close to seg 4 like others in your region?I don’t have a goal for responding. I am moving my business in the direction I want. And I choose to spend my time at home with my family rather than with anonymous people on a message board.
If you could pass along to whatever GPs you think would listen, I'd love to have a job where the only thing I do is tell everyone what a great company I work for. However, I think they'd pay me exactly what they pay me now to do the same thing.[quote=iceco1d]I’m curious about something here - not being a d***, just genuinely curious…
The wires have 40% payouts - maybe a tade higher for big producers. Heck, now wires have payouts in the 25% range for people in the "penalty box" don't they? Wires offer benefits. EDJ offers benefits. Both have 401Ks. EDJ has no penalty box, similar benefits package...why are they "ripping off" their FAs, and the wires aren't/weren't? Heck, at least at EDJ you have some type of change to become an LP or GP...at least you HAVE a profitability bonus. I guess being an outsider, I'm having trouble seeing how EDJ is that much different than any of the other EMPLOYEE MODEL firms.Yeah, wires had higher salary for a longer period of time. Maybe slightly better benefits? Better technology and broader product offering. Whoopy. What's the big difference? [/quote] ICE, very insightful. And I would argue that the technology is now on par. I am sure Foot will respond with something about the LP's and GP's taking all our money. How all the profits should go to the lowly producers, not the owners and higher producers. And how Jones lied and deceived everyone when they hired them, since if not EVERYONE can be a successful top producer and LP, that they have been conned into joing the firm, thinking that profit bonuses and LP were somehow guaranteed. Run Foot, Run.
Thanks for the encouragement. Where would I run? Certainly not back to your firm. Edward Jones is a great place to learn how to prospect, learn about a p/l and then move. Everybody's reasons for leaving are different. Mine was I wanted to choose how and when I wanted to slow down. And for some crazy reason I wanted my hard work to somehow work its way down to my kids. And at Jones it just seemd really difficult to accomplish that.
Then there is the many options for clients that Jones chose to stay away from. I felt I knew what was best for my clients and I wanted all options available. At the time Bachman and then Hill were against fee based programs.
I know I am not allowed to compare indy to Jones (unless it furthers B24 or Spiffs soapbox), I realized I could reap the benefits I was paying for. Now things apparently are different. You go boys. See you at the finish line.
[quote=iceco1d]I’m curious about something here - not being a d***, just genuinely curious…
The wires have 40% payouts - maybe a tade higher for big producers. Heck, now wires have payouts in the 25% range for people in the "penalty box" don't they? Wires offer benefits. EDJ offers benefits. Both have 401Ks. EDJ has no penalty box, similar benefits package...why are they "ripping off" their FAs, and the wires aren't/weren't? Heck, at least at EDJ you have some type of change to become an LP or GP...at least you HAVE a profitability bonus. I guess being an outsider, I'm having trouble seeing how EDJ is that much different than any of the other EMPLOYEE MODEL firms.Yeah, wires had higher salary for a longer period of time. Maybe slightly better benefits? Better technology and broader product offering. Whoopy. What's the big difference? [/quote] I think the scorn comes from the fact that when you are at Jones, you are told it is BETTER than being at a wirehouse, and BETTER than being Indy. Expectations are set so high that once people realize it is not vastly superior, and in many ways about the same as a wire, and definitely no better than being Indy, with lots of kool-aid culture (whether you participate or not), you feel a little schmucked.
[quote=LuvIndy][quote=iceco1d]I’m curious about something here - not being a d***, just genuinely curious…
The wires have 40% payouts - maybe a tade higher for big producers. Heck, now wires have payouts in the 25% range for people in the "penalty box" don't they? Wires offer benefits. EDJ offers benefits. Both have 401Ks. EDJ has no penalty box, similar benefits package...why are they "ripping off" their FAs, and the wires aren't/weren't? Heck, at least at EDJ you have some type of change to become an LP or GP...at least you HAVE a profitability bonus. I guess being an outsider, I'm having trouble seeing how EDJ is that much different than any of the other EMPLOYEE MODEL firms.Yeah, wires had higher salary for a longer period of time. Maybe slightly better benefits? Better technology and broader product offering. Whoopy. What's the big difference? [/quote] I think the scorn comes from the fact that when you are at Jones, you are told it is BETTER than being at a wirehouse, and BETTER than being Indy. Expectations are set so high that once people realize it is not vastly superior, and in many ways about the same as a wire, and definitely no better than being Indy, with lots of kool-aid culture (whether you participate or not), you feel a little schmucked. [/quote] I have to say...I've heard this a bunch of times...but at no time was i EVER told that EDJ is Better than being at a wirehouse or Better than being indy. I WAS told that no one model is right for everyone, and the visiting vets and ATLs WOULD say that the Jones model was best FOR THEM. If anyone says they were ever told in training that Jones was the best and only model that worked, I would call BS...or I would say that individual teaching them should be sh*tcanned because that is not the way it has been taught to me. I've heard Weddle himself say that the Jones Model/Culture is not for everyone! Everytime someone (usally one of the haters) say that it makes me ill...because it is a downright lie! I guess the gist of it is...that no place is perfect, not Jones, not Indy...it's a matter of finding the right fit at the right time!
[quote=footsoldier]
Thanks for the encouragement. Where would I run? Certainly not back to your firm. Edward Jones is a great place to learn how to prospect, learn about a p/l and then move. Everybody's reasons for leaving are different. Mine was I wanted to choose how and when I wanted to slow down. And for some crazy reason I wanted my hard work to somehow work its way down to my kids. And at Jones it just seemd really difficult to accomplish that.
Then there is the many options for clients that Jones chose to stay away from. I felt I knew what was best for my clients and I wanted all options available. At the time Bachman and then Hill were against fee based programs.
I know I am not allowed to compare indy to Jones (unless it furthers B24 or Spiffs soapbox), I realized I could reap the benefits I was paying for. Now things apparently are different. You go boys. See you at the finish line.
[/quote] I could not agree with you more. I was not as fast a starter as you were at Jones but that is for another discussion. I like the idea that rather than waiting for someone in leadership to smile down on me and invite me to take my money and place it with them and let them return to me interest on my money in a illliquid investment, I can actually enjoy all of the profits that I have earned. I am thankful that I was able to think for myself and actually listen to people like Indyone,soothsayer and footsoldier. I also appreciate the fact that I have several friends outside and inside Jones. The recurring theme is that everything at Jones is better and more ethical than everything outside which is simply not the case. If I have a grudge it is this, I was promised that I would make at least 40% of the revenue that I brought in. It is quite obvious to me that that is not nor has ever been the case. Case in point varaible annuities and fixed income trades. I am thankful that they gave me my start in the business and they like me have lived up to our agreement. I like having technology and actually being able to use it.....[quote=Hey Kool-Aid] [quote=LuvIndy][quote=iceco1d]I’m curious about something here - not being a d***, just genuinely curious…
The wires have 40% payouts - maybe a tade higher for big producers. Heck, now wires have payouts in the 25% range for people in the “penalty box” don’t they?
Wires offer benefits. EDJ offers benefits. Both have 401Ks.
EDJ has no penalty box, similar benefits package…why are they “ripping off” their FAs, and the wires aren’t/weren’t?
Heck, at least at EDJ you have some type of change to become an LP or GP…at least you HAVE a profitability bonus.
I guess being an outsider, I’m having trouble seeing how EDJ is that much different than any of the other EMPLOYEE MODEL firms.
Yeah, wires had higher salary for a longer period of time. Maybe slightly better benefits? Better technology and broader product offering. Whoopy. What’s the big difference?
[/quote]
I think the scorn comes from the fact that when you are at Jones, you are told it is BETTER than being at a wirehouse, and BETTER than being Indy. Expectations are set so high that once people realize it is not vastly superior, and in many ways about the same as a wire, and definitely no better than being Indy, with lots of kool-aid culture (whether you participate or not), you feel a little schmucked.
[/quote]
I have to say…I’ve heard this a bunch of times…but at no time was i EVER told that EDJ is Better than being at a wirehouse or Better than being indy. I WAS told that no one model is right for everyone, and the visiting vets and ATLs WOULD say that the Jones model was best FOR THEM. If anyone says they were ever told in training that Jones was the best and only model that worked, I would call BS…or I would say that individual teaching them should be sh*tcanned because that is not the way it has been taught to me. I’ve heard Weddle himself say that the Jones Model/Culture is not for everyone! Everytime someone (usally one of the haters) say that it makes me ill…because it is a downright lie! I guess the gist of it is…that no place is perfect, not Jones, not Indy…it’s a matter of finding the right fit at the right time!
[/quote]
Hey Kool-Aid - I think you are one of the few that were told this. My last regional meeting went something like this, “There is no better time to be in this business, and the best place to be in this business is at Edward Jones”. That is verbatim what Weddle put out to the Area Partners and RL’s.
How about the omission from the troops that the GP's owned a piece of Hartford Mutual Funds for almost 10 years...
We were highly encouraged from 1998-2002 to transfer all "non-preferreds" to Hartford when they had the NAV program. All along they were receiving an income interest as a beneficial owner (in addition to the higher 12b-1) that they split 60/40. We douldn't figure out why Jones made Hartford a preferred when they had little if any track record. Spiff and B24 weren't FA's at that time. That was another example of the integrity of Jones. Here I go again, with reality not a conspiracy theory. Silly me...Where does the 35 bps trail at Franklin Templeton go on A shares at Mutual series…25bps on your commission statement and where I wonder does the 10bps go???
Alright Kool-Aid, how do you 'splain the fact that EVERY year at our regional meetings they have former ML guys stand up and talk about how awful things were on the "dark side" and how unethical EVERYONE is at the wirehouses?
One of the reasons used to be because they use C shares and wrap accounts, but I noticed that after Advisory Solutions rolled out, that reason mysteriously disappeared from their Top 10 Reasons Why Wirehouse Brokers Are Satan's Spawn list. After they're finished, the regional leader stands up and tells us that independence isn't all it's cracked up to be due to the outrageous expense and headache of running a business, paying all the associated fees, rent, health insurance, E&O insurance, etc. We get this crap three times a year, every year.We get the “rah, rah” Jones, but none of the “top 10 reasons why wirehouse brokers are satan’s spawn list” in my region. But I guess foot, et al. would rather we sit around and complain about the minor details rather than be proud of where we work. Do the other brokerage firms really not talk about their positive attirubtes to help keep morale up?
I’ll always default to what Bachmann said, “Is our way the only right way? No, but it is one right way.”
[quote=Moraen] [quote=Hey Kool-Aid] [quote=LuvIndy][quote=iceco1d]I’m curious about something here - not being a d***, just genuinely curious…
The wires have 40% payouts - maybe a tade higher for big producers. Heck, now wires have payouts in the 25% range for people in the "penalty box" don't they?
Wires offer benefits. EDJ offers benefits. Both have 401Ks.
EDJ has no penalty box, similar benefits package...why are they "ripping off" their FAs, and the wires aren't/weren't?
Heck, at least at EDJ you have some type of change to become an LP or GP...at least you HAVE a profitability bonus.
I guess being an outsider, I'm having trouble seeing how EDJ is that much different than any of the other EMPLOYEE MODEL firms.
Yeah, wires had higher salary for a longer period of time. Maybe slightly better benefits? Better technology and broader product offering. Whoopy. What's the big difference?
[/quote]
I think the scorn comes from the fact that when you are at Jones, you are told it is BETTER than being at a wirehouse, and BETTER than being Indy. Expectations are set so high that once people realize it is not vastly superior, and in many ways about the same as a wire, and definitely no better than being Indy, with lots of kool-aid culture (whether you participate or not), you feel a little schmucked.
[/quote]
I have to say...I've heard this a bunch of times...but at no time was i EVER told that EDJ is Better than being at a wirehouse or Better than being indy. I WAS told that no one model is right for everyone, and the visiting vets and ATLs WOULD say that the Jones model was best FOR THEM. If anyone says they were ever told in training that Jones was the best and only model that worked, I would call BS...or I would say that individual teaching them should be sh*tcanned because that is not the way it has been taught to me. I've heard Weddle himself say that the Jones Model/Culture is not for everyone! Everytime someone (usally one of the haters) say that it makes me ill...because it is a downright lie! I guess the gist of it is...that no place is perfect, not Jones, not Indy...it's a matter of finding the right fit at the right time!
[/quote]
Hey Kool-Aid - I think you are one of the few that were told this. My last regional meeting went something like this, "There is no better time to be in this business, and the best place to be in this business is at Edward Jones". That is verbatim what Weddle put out to the Area Partners and RL's.
[/quote] I honestly haven't heard that....but....would you expect them to say the best place to be is Indy??? I'm sure Weddle as well as most GPs and RLs do believe that Jones is the Best firm to be with...I don't blame them. And at this time I feel it is the Best place to be FOR ME...I will listen close at Summer Regional and if they say it...it won't surprise me because every company I ever worked for did say they were the best. I'm sure LPL doesn't tell people at their trips/meetings/whatever, that RayJay is the best?!?
[quote=Borker Boy]
Alright Kool-Aid, how do you 'splain the fact that EVERY year at our regional meetings they have former ML guys stand up and talk about how awful things were on the "dark side" and how unethical EVERYONE is at the wirehouses?
One of the reasons used to be because they use C shares and wrap accounts, but I noticed that after Advisory Solutions rolled out, that reason mysteriously disappeared from their Top 10 Reasons Why Wirehouse Brokers Are Satan's Spawn list. After they're finished, the regional leader stands up and tells us that independence isn't all it's cracked up to be due to the outrageous expense and headache of running a business, paying all the associated fees, rent, health insurance, E&O insurance, etc. We get this crap three times a year, every year. [/quote] We never have had anyone stand up and tell how horrible it is elsewhere. The advisory thing I will give you...when I started, in training they talked of how "A" shares were cheapest for "our" niche of client..i.e. long term serious investor blah blah blah...and then Advisory Solutions was introduced the following summer...I actually give Weddle et al credit for realizing it was giving our clients a choice how they want to pay us. And it isn't a bad product to boot...I will be happier when they allow us to use equities in there as well...but as it is ....it's not bad. Like I have said in just about every post I've made...Jones is far from perfect, but seeing what my buddies at UBS, BAI/Merrill and others are going through, i'm glad i'm here. Someday when I have a bigger book, Indy may be the way to go...but until then...no place I'd rather be![quote=Hey Kool-Aid][quote=Borker Boy]
Alright Kool-Aid, how do you 'splain the fact that EVERY year at our regional meetings they have former ML guys stand up and talk about how awful things were on the "dark side" and how unethical EVERYONE is at the wirehouses?
One of the reasons used to be because they use C shares and wrap accounts, but I noticed that after Advisory Solutions rolled out, that reason mysteriously disappeared from their Top 10 Reasons Why Wirehouse Brokers Are Satan's Spawn list. After they're finished, the regional leader stands up and tells us that independence isn't all it's cracked up to be due to the outrageous expense and headache of running a business, paying all the associated fees, rent, health insurance, E&O insurance, etc. We get this crap three times a year, every year. [/quote] We never have had anyone stand up and tell how horrible it is elsewhere. The advisory thing I will give you...when I started, in training they talked of how "A" shares were cheapest for "our" niche of client..i.e. long term serious investor blah blah blah...and then Advisory Solutions was introduced the following summer...I actually give Weddle et al credit for realizing it was giving our clients a choice how they want to pay us. And it isn't a bad product to boot...I will be happier when they allow us to use equities in there as well...but as it is ....it's not bad. Like I have said in just about every post I've made...Jones is far from perfect, but seeing what my buddies at UBS, BAI/Merrill and others are going through, i'm glad i'm here. Someday when I have a bigger book, Indy may be the way to go...but until then...no place I'd rather be![/quote] Better late than never![quote=noggin] I like the idea that rather than waiting for someone in leadership to smile down on me and invite me to take my money and place it with them and let them return to me interest on my money in a illliquid investment, I can actually enjoy all of the profits that I have earned. [QUOTE]
First, LP is not illiquid. You can sell it back at any time. Second, you are offered LP and then have to accept it. Just like when we call our clients and tell them we have an investment idea for them. They can choose to buy or pass. I find it humorous when people who never had LP talk about how bad an investment LP is. You get to enjoy all of the profits you earn? You have a 100% payout? That's a sweet deal. I thought that you you had to pay LPL or RayJay to be your custodian. Guess I learned something today.