Sunday, December 28, 2008

Edward Jones Growth Plan on Track - December 2008

Edward Jones continues an aggressive expansion plan here and nationwide.

"We base our expansion on total liquid investable assets," said Jim Koinis, the area's regional leader and a financial adviser in Punta Gorda. "The industry knows how many dollars are available and what percentage of that business we have, and we know how well we can expand in an area.

"In the beginning, I knocked on doors all day long," "It sounds so old-fashioned, but you realize why you are doing it. You really want to get to know people before you can give them any kind of advice." (financial adviser with Edward Jones, C.J. Bannister). Cold calling remains the primary way she and other Edward Jones advisers build their offices.

St. Louis-based Edward Jones operates 9,200 offices in the United States, plus nearly 600 in Canada and 230 in the United Kingdom. Its 11,000 advisers work with more than 7 million clients. Today ranks first in number of offices, third in brokers and 30th in capital.

New financial advisers go through a detailed training process. Continuing education is important -- "We never stop going to school," according to Koinis.

"Our investment philosophy is buy quality, hold for the long term, and diversify," Koinis said.

Favored are a mix of municipal, government and corporate bonds, mutual funds, common stocks and tax-advantaged securities.

Its model stock portfolio includes financial services, health care, technology, consumer staples, consumer cyclicals, capital goods and energy.

SmartMoney magazine this year named Edward Jones the No. 2 full-service brokerage firm, behind Raymond James.

Adviser Profiles at Edward

Some advisers join Edward Jones right out of college, but many had previous careers.


Koinis was a teacher, school administrator and restaurant owner before moving to Punta Gorda and opening his office in 2000.

John Tucker

For John Tucker, Edward Jones is a family affair.

He has been a financial adviser with the firm in Bradenton for 20 years. His wife, Diane, has her own Edward Jones office, also in Bradenton. His sister and her husband, and one of their children, operate offices in Kentucky and Tennessee.

Tucker,presently 62, owned a drug store with his wife in Blackfoot, Idaho, before deciding to make a change. He had a master's of business administration degree, and after checking out a recently opened Edward Jones office in his town, he felt it would work for him and relocated to Bradenton.

"When you first start out, you go door to door, introducing yourself to people and telling them you plan to open an office," Tucker said. "From there you visit with those people you met, and over time some of them become clients, and some don't become clients. You get referrals, and that's how you grow the business."

After 20 years, Tucker does not have to cold call any more, but he still networks at Chamber of Commerce meetings, social functions and the like.

His day is a mixture of talking to clients on the telephone, visiting with them here in the office, or going to see clients if they can't come to see him.


Edward Jones - Still Recruiting and Expanding December 2008

Posted Dec 23, 2008 on

Financial Advisor, EDWARD JONESPosted Dec 23, 2008
Full Time
London, ON, CANADA; Sudbury, ON, CANADA; Vaughan, ON, CANADA; Windsor, ON, CANADA

Relevant Work Experience: All
Job Category:Financial Advisor
Industry:Banking; Insurance; Project Management
Company Url:

Financial Advisor *

Individuals from a variety of occupational backgrounds including sales people, I.T. professionals, and corporate managers have found new success at Edward Jones. By becoming an Edward Jones Financial Advisor, you can run your business, determine your compensation, and redefine your future.

We take a personal approach to business that starts with a face-to-face meeting between a Financial Advisor and an individual investor. As we continue to grow in Canada, the United States, and the United Kingdom, we are looking for individuals who are self-managers, sales-oriented and highly driven.

What leads to success as a Financial Advisor?

Edward Jones believes in doing business the old fashioned way, face to face. When starting out, our Financial Advisors spend most of their time in the communities they serve, making face-to-face contacts in neighbourhoods and with businesses, introducing themselves and Edward Jones. They spend time getting to know their clients, their investment needs and their objectives. Then they recommend the appropriate investments and services on an individual and personal basis. A strong sales and/or management background compliments the Edward Jones business model. We frequently find that individuals with a solid sales or management history thrive as Financial Advisors because they understand the commitment and relationship building skills that are crucial to establishing long-term clients.

As an Edward Jones Financial Advisor you will:

- Work autonomously from your own neighbourhood office while being supported by an international financial services leader

- Build your business by identifying and cultivating prospective clients

- Help clients to determine financial and investment needs, and utilize sales skills to effectively recommend suitable financial products

- Become knowledgeable in an array of financial products to suit a variety of objectives and risk levels

- Enjoy early financial support. We know that building a business takes time. For this reason, you'll have a compensation package during your first eighteen months including training pay that takes into account your experience and geographic location. You'll also have opportunities to earn new account bonuses and milestone bonuses based on your production while you build your client base.

Secure your future:

- Earn commissions, bonuses, and incentive travel based on your production

- Receive world-class financial and business development training

- Apply a proven business model

- Earn a full-time branch office assistant who manages client service and marketing activities

- Participate in profit sharing

- Have the opportunity to become a partner in the firm

- Work for one of the best companies to work for in Canada***

This is a unique and exciting opportunity for the right type of person. The financial gains can be great - but it takes a dedicated individual to capitalize on the potential. Visit the Edward Jones career site now to apply online and read success stories of current Financial Advisors Edward Jones - Achieve Well-earned Success

*In Quebec, our advisors are known as Investment Advisors.

**Edward Jones received the highest numerical score among full service brokerage firms in the proprietary J.D. Power and Associates 2006-2008 Canadian Full Service Investor Satisfaction StudiesSM. 2008 study based on 6,240 total responses measuring 16 brokerage firms and measures opinions of investors who used full-service investment institutions. Proprietary study results are based on experiences and perceptions of consumers surveyed May 2008. Your experiences may vary. Visit

***For the sixth consecutive year, the financial-services firm Edward Jones was named one of the best companies to work for in Canada by the Globe and Mail's Report On Business magazine and in La Presse in the annual listing of the "50 Best Employers in Canada." This year the firm ranked No. 5.

Edward Jones is an equal opportunity, committed to developing an inclusive culture. We believe that diverse ideas, opinions and perspectives are good for building business.

Total Job Losses in USA 2008

The government reported that nearly 2 million jobs have been lost in 2008 till November end. In total, it reported job cuts of 1.9 million for 2008, through November.Those losses exceed the 1.5 million job cuts that occurred in a 12-month span from 1990 to 1991, according to information from David Wyss, chief economist for Standard & Poor's.

On Friday, the Labor Department said that employers hemorrhaged 533,000 jobs in November, the largest monthly loss since December 1974.

The annual unemployment rate also increased to 6.7% in November, from 6.5% the prior month. In 1982, the rate was nearly 11%. Hence it is certainly the worst recession since 1982.

The total layoffs announced in the first week of December: 33,914.


11th December 2008

Bank of America said that it planned to cut 30,000 to 35,000 positions — among the largest layoffs ever — over the next three years as it digests its acquisition of Merrill Lynch. That could amount to more than 11 percent of the combined firms’ global work force of 308,000.

As of last week, banks have cut 186,439 jobs since the onset of the financial crisis in July 2007, according to data from Bloomberg News.

James Dimon, CEO of Bank of Americal said that housing prices could fall another 20 percent.

The New York City comptroller, William C. Thompson Jr., raised his estimates of Wall Street job losses over the next two years to 170,000.


Investment Banking Job Losses - 2008

Main financial services job losses since beginning of September

Sep 1: Commerzbank 9,000

Sep 13: GMAC 5,000

Sep 26: HSBC 1,100

Oct 3: UBS 2,000

Oct 10: Barclays 3,000

Oct 21: National City Corp 4,000

Oct 23: Goldman Sachs 3,300

Oct 28: Credit Suisse 500

Oct 30: American Express 7,000

Nov 7: DBS Group 900

Nov 14: Fidelity 1,700

Nov 14: Royal Bank of Scotland 3,000

Nov 17: Citigroup 52,000

Nov 20: Bank of New York Mellon Corp 1,800

Dec 1: J P Morgan Chase 9,200; HSBC 500; Bayern LB 5,600

Dec 4: Credit Suisse 5,300; Nomura 1,000

Wednesday, December 10, 2008

Edward Jones pays up in mutual fund case - September 2008

September 10, 2008

Edward Jones & Co. will pay the state $7.5 million to settle a 4-year-old case involving the firm’s "revenue sharing" agreements with mutual fund companies.

Then-attorney-general Bill Lockyer sued Jones in 2004, alleging that it had failed to tell its customers about fee-splitting arrangements it had with various fund companies. Investors didn’t know about the incentive Jones brokers had to pitch some funds and not others.

For more details

Goldman Sachs Laid Off Thousands in 1st week of November 2008

Goldman Sachs notified roughly 3,200 employees this week that they have been laid off. It was part of previously announced and reported plans to slash 10 percent of the firm’s global work force.

Goldman has quietly and slowly cut jobs all year. The bank laid off hundreds of M&A support staff and junior bankers in June due to slowing markets, following a round of leveraged lending and mortgage securities cuts in April.

Early this year, Goldman cut 1,500 people, or 5 percent of its staff, following 2007 performance reviews.

A typical commnet by a GS employee

As someone who was let go from GS on Wednesday, I can tell you that the process was not very pleasant. They came in the morning, took us out, processed our paperwork and that was it. No goodbyes, no thanks for your contribution, no ability to go back to get our belongings. To make matters worse, no bonus will be given (assuming one is given to those still working there) even though we accrued the bonus for 11 of the 12 months. Makes me think that they wanted to keep the bonus pool high for existing employees, so they get rid of those who would be getting a bonus in 3 weeks - that is what truly sucks.

— Posted by Jessop

For more comments by GS employees