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How stressed are you working in marketing?
Coach
Damn, this is fun.
Thoughts on white jeans in the workplace?
EJ is behind the times in a lot of ways. I jumped after 5 years and level 4 and do not regret it. They don’t offer uit’s, structured products, indexes annuities and so on...and I’m not saying these are right for everyone but it’s nice being able to offer more than cd’s, mutual funds and annuities. Also I doubled my pay which helps and have the same autonomy. They were a great place for training and to start a career, but hard place to last forever. Plus don’t forget you’re not really a business owner, you’re a glorified employee with unlimited vacation.
Jones is making a bigger effort on asset sharing. It might not help you now, but don’t be surprised if all new advisors hired have pre established asset sharing plans in place. It’s difficult, though, because Jones can’t force an advisor to share assets - only provide incentives for them to do so. So if you stay with Jones (which I hope you do) you’ll have the same dilemma as all veteran advisors - will you do an asset share? And if so, would you share assets with an advisor you don’t know?
^ this is my point exactly. They are interested in me giving my assets away (and I understand why). They want/need more hires for their business model to work. But it rubs me the wrong way that I knocked on 15,000 doors and I’m watching new advisors take over businesses 2-3 times the size of mine without knocking on one. So my thought is, should I play the game that every firm is participating in to find new talent. “Hey come here and we’ll give you X amount of assets plus big bonuses for bringing your book over”
I find it entertaining that the individuals who have worked at Jones and left are the ones that don't understand the difference. Weird.
I would go independent as long as you can take those 30 million with you , say to a Raymond James, lpl, advisor group, you can make double what you are making now
Thanks all! These are helpful perspectives. I love my office and we have experienced excellent growth from door knocking. My frustrations lie with the limited and restrictive investment platforms and Edward Jones’ asset sharing model. I do feel like EJ is behind. I love the flexibility and most of all, I love my clients. The vast majority have come to me through door knocking, and for them to take a leap of faith and put their trust in a stranger who knocked on their door is amazing to me. I don’t want to sacrifice an ounce of that trust, but I am starting to realize the opportunities that are out there. I wish Edward Jones would put more of an emphasis on growing and advancing their current advisors through asset sharing, but I’m understanding this is not how the industry works. They too, in many cases, would rather dangle a big carrot to capture a transfer broker than to promote a current one. And I am weighing the decision to play this leverage game. Your opinions are appreciated!
Been around 5 years. Level 8 office. No amount of money would get me to jump to another firm. I used to entertain the idea of taking my book to another firm. The compensation is wonderful once you become fairly profitable. Be patient
I would also point out the only advisors recommending you stay with EJ are old EJ brokers. Don't drink the koolaid!
RJ1 does a guy need to sleep around on his wife in order to determine that she’s the best one for him? I certainly hope that’s not your opinion. Why does someone have to play the field with firms to know that they’re happy and in the best possible place for them? As with your posts last night, your logic is consistently flawed and poorly thought out.
So you don’t get the $100 mil for 5 years? so basically you have to start over for the next 5 years?
Get the plan in writing at ML. Then jump.
Correct. 5 years. But over that 5 years I’d get 250% trailing 12.
Are you going to make the decision just based on increased compensation now? I’m in almost the exact same time at EJ, also level and branch size as you. I’m making good money now and I see the path forward to much more here. I love the autonomy and flexibility that we have. I love helping normal folks in my community retire well and achieve the other financial goals. You don’t have to already be wealthy to work with me. That’s what’s going to keep me here 30+ more years.
Edward Jones 25 mm under care, just interviewed at an independent place and can literally double my take home pay and have someone advertise and bring in leads as well as a myriad of better options. Edward Jones needs to adapt.
Absolutely. After all the stuff that’s happened in three years despite always exceeding or meeting, I am very annoyed with things I can’t change or accept. It is still a great place for the right people.
Leave EJ ASAP with written contract. Leaving EJ myself 10 years ago was the best thing I ever did, career wise.
I wish there was a third option here