{ "media_type": "text", "post_content": "Ive currently worked at Edward Jones for 2 years. I have 54mm AUM, grossing approximately 480k annual revenue. \n\nI have considered going independent, but don’t know a ton about that process. I am looking to build a team and grow my practice beyond the limitations of Edward Jones. \n\nWhat is the recommended process to start looking at options?", "post_id": "5f8792eaf59a26002439fb0b", "reply_count": 47, "vote_count": 4, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

Ive currently worked at Edward Jones for 2 years. I have 54mm AUM, grossing approximately 480k annual revenue. I have considered going independent, but don’t know a ton about that process. I am looking to build a team and grow my practice beyond the limitations of Edward Jones. What is the recommended process to start looking at options?

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Awesome that you’re at that level two years in. However, it would be risky to move so quick in the business. Clients like a proven track record. They may feel slighted if you bolt on them so soon after signing them up. Plus, how many clients do you have in this short period. If it’s a small amount but large per household, then you risk missing a few on transition and stuck back tracking. I would stick around. Continue doing what you’re doing and transition after year 5.

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That’s the plan. This is just for high level info. Plan to get in 5-6 years before moving

Agree with FA 5, continue the success in asset gathering, and further deepen the client relationships. When you are ready to move, you have to be pretty sure the clients will leave with you. Clients hate moving, but will do it if they trust you and want to continue to work with you. I am starting my 7th year now, a few clients have already asked me what my plans are.

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How much of the 54mil did you bring in yourself over the last 2 years? It’s a lot easier to move assets you brought in than ones you were given.

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I’m at $31m in 46 months and I’m far ahead of anyone in the region less than 55 months past can serve. Can’t imagine getting $35m in 30 months.

If you have that much momentum with bringing in new AUM, stay where you are until that momentum dwindles. Then make the switch. Don’t stop riding the waves when the surf is good. Grow now, transition later.

likesmart

Coach, can you explain 80% payout to 65% net. Isnt the payout already at net?

Start talking to other firms. Get a feel about what you like about them, what they can offer you, their process and systems. Talk with other EJ advisors(or whoever else you know that has left to go Indy) and use them as a resource. I just transitioned 5 months ago and couldn’t be happier but it’s a process.

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You are obviously a stud, so very wise to make the jump to Indy before getting in “too deep”. Lots of good third party recruiters out there to help you through the process. No matter what you do, if you can have that kind of success at Jones, you’ll crush it as an Independent.

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Where are you located?

Yeah, the green dome is dumb as can be. That’s the worst part. Make sure that whoever you talk to has been through this before and has transitioned advisors successfully before. Make sure they have a good attorney that will walk you through everything you can and shouldn’t do.

likeuplifting

Dang, 87% payout at jones? That’s great!

Then if you can bring over approx 1/3 of your book, you’ll make the same money AND have equity in your practice. No brainer.

Depends, are you in a large metropolitan area or small town. The process to go indy and set up your practice is going to depend largely on your geographic area and the support you receive when you transfer.

That’s amazing production for that asset level. Congrats. I assume mostly fee based?

Yes.

Send me a message if you want to learn more about the Independent Hybrid space.

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