Also, good for you for keeping her on the phone for over 10 minutes. Just curious, (if you didn’t hang up on her) what is the next step for you? Do you ask to set up a meeting so you can learn more about how she manages client assets, investment process, approach to financial planning, business / service model etc? She could have been the perfect practice girl for you. Typical guy - always trying to go balls deep straight out of the gate. ( works sometimes though)
Not to take anything away from CEO’s efforts, but it’s not that hard to keep an advisor with an $8mm book on the phone for 10 minutes. She’d probably talk all day. It’s not like she’s busy.
^ lol right.
Alas, my competency is vindicated. I have found no shortage of advisors who almost want to brag about how skilled they are at portfolio construction, but, like, they’re not - hence I made this thread.
i’m going to take a wild guess that she working in a strip mall for an up and coming operation called Edward Jones. also, i do see people like her providing the world with value in that she places small, completely hopeless investors in high fee mutual funds rather than bitcoin. she is doing god’s work. to be honest though, her helping people avoid complete destruction of their financial lives probably adds more value to the world than us fancypantses who add value to a client who doesn’t absolutely need the money for their survival.
Not sure about America, but in Canada EJ was tops according to JD:
(I don’t work at EJ…)
Unlike the incredible value add of sales people cold calling about passive investment. Talk about pointless jobs that should be automated.
If it makes you feel any better, those guys don’t get paid sh i t.
Ed Jones has a very unique approach to advising. I completely disagree with their structure, fees, and philosophy, but they are loved in the small communities they service. They still knock on doors…and I thought cold calling was bad.
I’m just happy to be here.
We’re in a ten+ year bull run. Everybody is an expert. Good luck proving otherwise or showing that excessive fees are a drag…
an EJ FA tried to recruit me while I was in college. Literally bragged about churning corporate approved funds on commission to hit set targets for “diversification” trips, basically company paid vacations. Must of hacksawed himself because that franchise location closed down.
ahh that makes sense. I started off in your seat nearly 10 years ago and it’s a challenging job (soulless) cold calling and selling to FAs. Don’t spend anything more than 2 years within this position. The job market is hot and you can find far more interesting work that pays better.
BS - I think i said this before but we are all on a quasi UBI system in which a large percentage of laborers are doing useless work for the sake of keeping the masses busy. This will get worse until developed countries implement explicit ubi schemes.
Read Bullsh i t jobs by David Graeber
That wasn’t directed at you. I was responding to BS’s comment about wholesalers from shops like Vanguard or iShares.
That’s the Friday night library Coors Lite’s talking.
In order to be fair, we (FAs) get bombarded with calls and e-mails from wholesalers asking for business.
Not long ago, I got a call from a guy from one of the major TAMPs asking for business. I told him that I was a CPA and to call back after April 15. He called me back one week later, and said, “I know you said to wait until after April 15, but I thought it was important to do this quickly, so that’s why I’m calling you now.”
I asked, “Well, how long is it going to take?” He said, “We have a lot of information to cover, so it may be a long call.”
I was polite and listened for about 30 minutes before I cut the call off. What part of “call back AFTER APRIL 15” did you not understand? Do you think that your business is more important than mine? You actually have the testicular fortitude to make my decisions on what should be handled and when? Get the ---- out of here, wholesaler. I just crossed you off my list.
likely because their client base are low income people who have been saved from themselves as i said previously. also, EJ folks are usually more apt to go to people’s houses rather than meet in the office which certainly adds to customer satisfaction. EJ’s high satisfaction has little to do with returns or planning and everything to do with people with no money getting way too much attention. this is why the average EJ advisor has an AUM of like $10M versus the rest of the street at ~$50M (just rough estimates of advisor surveys i’ve seen over the years).
Also, in order to be fair, if somebody called me and said, “Hi! I’m CEO10k from random RIA #4. Do you know anything about passive investing strategies?”, I would probably respond with “What do you mean? Please be more specific. Passive about security selection inside of sectors? Passive about security selection AND sectors? Are you promoting “smart beta”? DFA-style passive? Vanguard-style passive? The word “passive” means a lot of different things, and I don’t know what you’re talking about.”
I was sharing only a small snippet of a conversation. I am dumbfounded by the fact y’all find it harder to believe she’s the idiot more so than I am.
Now if you excuse me, I must get back to drinking coors lite in the library.