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Firms will always do things we feel are punitive or at the very least don’t like. Assess your options and make the best decision for your clients and yourself. As Nick Murray stated - as long as you are prospecting you can not fail, once you stop you can not succeed
Grass is definitely greener. I absolutely scorn the new bd I just chose but it’s still better being independent. If I want to buy a book, I find a book and buy it. If I want to take time off, I do. 90% payout pays all the bills and still gives me more money... just saying explore your options
Don't give up on ej. Focus on your business and bringing in assets and it will work out. Grass is not greener.
FA 1 you’re assuming I didn’t knock on doors for 3 years and build the business the way they asked. They don’t do business w EJ, they do it w me since I created the majority of them. Now if EJ gave me assets I might be singing a different tune. Bridge builder in retirement accounts - they move easy. I’m 75% fee. An EJ on every corner like a Starbucks with most clients having experienced 3+ advisors over a 10 year period isn’t ideal either. Needless to say, I love the company thus far but am becoming more disenfranchised by incentive being placed on new hires rather than profitable FAs working hard.
Congrats on making it this far. It's a tough road no matter what firm you are with. Nobody will 'give' you anything from here, you will earn it. I'm an old guy with Jones, but have friends in all firms. The Jones metrics are based on New Assets. If you're not gathering New Assets, I'm not sure any firm wants you. It doesn't sound like that's your situation. I felt the same at year 4. Hang in there.
I'm a new 'fish'. And love the dialogue with our friends in other firms. Is there a good way to PM without blowing anonymity?
Thanks for those that gave encouragement - it’s appreciated. Hard work isn’t a problem nor the problem.
So glad I got out when I did. I feel really sorry for you guys at EJ. It’s more about weeding out vets (except a select few golden children/nepotism) who are eligible for LP, and making sure the carrot is just far enough out of reach so no one else gets it. Greed at the top. Ted Jones would roll over in his grave if he knew what Weddle was up to.
Grass isn’t greener? It’s not worth the risk? The kool aide flows strong in this thread. If you put the work in and built your book, the clients you want will follow you anywhere. I left jones 2 1/2 years ago, it is the best business decision I’ve ever made.
Oh and everyone is always hiring. So base where you go on who fits your business best. Also rumor is ed jones guys only keep about 50% of the book when you leave so factor that in as well. I’m sure some advisors are able to take more people with them but you won’t keep everyone. EJ will have people calling them pretty quick
Grass can be greener. I left 4 years ago after completing 3 years and couldn’t have been better move for me.
I just had a chat with RJ and have been with Jones for awhile. My take away is some things are better and some things are not. I can see how the grass can be greener but at the end of the day Jones hasn't pissed me off enough yet to really consider moving. Given the way the industry is going anyone in a wire house/ regional firm is going through some massive changes. I think the indie RIA guys figured it out a long time ago, If I move that would be my direction.
The grass is not greener ... TRUST ME! I left EJ after 5 yrs, and it DOSENT get easier on your own. I tried recently to go back after “4” yrs in the cold and they wouldn’t take me. Keep trudging, prospect, get involved, keep your head down, and PROSPECT, PROSPECT, PROSPECT ... the benefits of having the home office and the diff departments, ALL U HAVE TO DO IS PROSPECT!
I agree if you leave there is no going back. But looking back, I’m so glad I left. Working 60+ hours a week, neglecting my family, only to be called “lazy” by the regional leader when I couldn’t bring in the outrageous commissions each month (and I was always exceeding up until 3 months previous)? I’m glad they changed to asset acquisition as an additional standard, but just talked to an old Jones friend (stressed out) who said their standard is now $2M per MONTH new AUM at their level. Ridiculous. Keep the carrot just far enough out of reach...
If you leave in the morning jones is calling the clients by noon. Lots of the stuff is proprietary like the bridge builder funds and a lot of these share classes that have rolled out. It's just not worth the risk. When you get to big production levels you approach 65% net after bonuses and what not.
Thx EJ 1. Do you have a personal email? I’d like to connect if possible.
Investment advisor rep 1... wow, holy cow. Yeah, 2M per month ... hummm, can u say, unattainable? That’s seems absurd! I mean, don’t get me wrong...I did VERY WELL at EJ AND was given an office of 30M due to my efforts in the beginning. However, after 5 yrs of service, I had a unfortunate accident, and was suffering from PTSD. I couldn’t meet production standards due to the new rules in 2015 “dividends” didn’t calculate for “standard production” ... my numbers went from 125% above standard to 85% below standard. I made an executive decision to give my resignation letter, rather than have “fired” on my U4/U5. I am just in a rut and not happy with the firm I’m with as of this point and would kill to have a company that would see my value. I feel sorry for the company (companies) THAT turn me down. I WILL RISE again and they don’t want me to be their competition.
Indy
I come to this website for support and good ideas but it would appear to be the Edward Jones Bashing website. Am I missing something? We have the best compensation at all production levels, fantastic home office support and a client and financial advisor friendly business model. I'm just a small fish but I'm pretty happy and can't imagine having to do all my own research pay all my own bills etc. etc. etc. I just want to spend my time building relationships and bringing in assets and Jones lets me do that. Btw i've stopped using the drinking the Kool-Aid analogy because it's a flippant reference to an event where 900 people died. Let the howling begin.
Ej3, I don’t think this site is dedicated to bashing Ej. But you have to understand. There are a lot of Independents and RIA on here. When you make comments like “we have the best comp.....”, you are going to get flake. Mainly because you are factually wrong on the comp, and the rest is an opinion. I happy for you that you like Ej, honestly I am. But there are people that would rather build their own firm and not work for one.