{ "media_type": "text", "post_content": "Question for you guys. In a bit of a career path conundrum. Would you rather work alone as an FA at Edward Jones or join a team with Ameriprise? For some context I’m 27 years old with about 60M AUM at EDJ. I’ve been offered to join a team with 500M (2 of the 3 partners are retiring and transitioning out within the next 3-5 years). For the long term I’m thinking Ameriprise would be the better option but I could always just stay at EDJ where I’m comfortable and continue growing my book. Thoughts ?", "post_id": "61f6ca3b8dfb510038fd52d5", "reply_count": 49, "vote_count": 3, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "bowl" }
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Question for you guys. In a bit of a career path conundrum. Would you rather work alone as an FA at Edward Jones or join a team with Ameriprise? For some context I’m 27 years old with about 60M AUM at EDJ. I’ve been offered to join a team with 500M (2 of the 3 partners are retiring and transitioning out within the next 3-5 years). For the long term I’m thinking Ameriprise would be the better option but I could always just stay at EDJ where I’m comfortable and continue growing my book. Thoughts ?

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Better get that in writing. That’s a promise that’s made often and broken almost just an often.

With that book id run solo and keep building. Once you join a team it becomes very hard to leave as your clients are now also tied to the other advisors.

Keep growing yourself, there will be plenty of books to buy/inherit in the coming years as advisors start to retire.

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Our AMPF advisors all maintain their own book and take it with them if they leave.

I think you should stay at Jones. And I say this as a guy who had looked hard at going Indy many many times. If you’ve got 60M AUC at 27 years old, then you will be a million dollar producer by your mid 30’s. Jones is far from perfect, and it can be a lonely place to work.. but the work life balance is tremendous. I’m a level 9 advisor and I might work five hours a day at this point. The main reason I don’t put in more time, is because I leave the office to go hang out with my family, go play in a golf league, work out, take my dog to the dog park, volunteer etc… The people I hangout with are people I actually like, and not simply coworkers. I make more money than I need and the home office leaves me alone.

You’ve got a pretty sweet gig, and it’s the bird in hand. You’re on the precipice of making it big.. just stay the course.

Just my two cents.. Be well, and good luck with your decision.

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Plenty of Ameriprise indies working 2-3 days a week or fewer than 12 meetings a week. If you can join a team, build/buy your book you’ll be there in your 40’s no problem.

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And if you don’t run from Ameriprise… take a good look at that book. Is it aging out with its advisors? Is it full of Riversource? On the managed money how well do the advisors know the clients?

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Aging out is the biggest hurdle! Young people are not flicking to AMPF and AMPF is not targeting them.

I’m at Merrill now and enjoy the structure and support, and diversity. I’ve previously worked at Edward Jones and Morgan Stanley, I am so glad I didn’t stay at Jones because their business model was hard to scale and have a life outside of the office. Their resources were also limiting. Morgan Stanley doesn’t have a great mentorship program (it’s basically non-existent as an FAA - sink or swim). Management was also choosy about who they kept or not vs a guideline to metrics - workplace security was questionable and arguably a lawsuit waiting to happen. Merrill is very organized and technology since the pandemic has greatly improved. I am able to have ownership of my clients, but the bank also refers people. Happy to share more but would need to connect - new to this app…not sure how that works

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Thank you for the input. Interesting that you are at ML and like it. I feel like all I’ve been seeing lately are people leaving there. Curious, how has your business changed since you left Jones? I always wonder if the constraints Jones places on their FAs actually hurt their long term growth. Any insight would be appreciated as I think staying on this forum to chat is beneficial to all who read it!

They’re going to sell you their book? This sounds like a no brainer.

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Run as fast as you can from Ameriprise

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Annuities pay a lot of money up front. FP should not be cookie cutter however the client has to put in work to get a great plan.

On your own but EJ isn't going to let you take that 60MM without a fight from what I know.

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Were any of those $60M in AUM tied to a Good Knight? If so, yea, you cant take that with you.

These guys who are retiring from Ameriprise need you as much as you need them. Structure a deal where you make at least as much as you do now factoring in the $20 mil you will bring over. Asking them to put something in writing seems fair.

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Be careful. Get that “transitioning out” in writing! Unfortunately, advisors use that promise as a “bait and switch” technique. I’m not sure what can be guaranteed. But if your sole purpose of going to AMPF is with that expectation, just beware. It’s something veteran advisors have been using to recruit for a very long time. Then they either never retire or already have someone else lined up with whom they really plan to leave their practice. It could be legit. Just do your homework, ask lots of questions and get as much as you can in writing PRIOR to accepting.

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If it’s not in writing, it doesn’t exist. I met with the execs at one mid-sized RIA, and they each had a different understanding of whether I would own my own book, ranging from “Yes” from the COO who was recruiting me, to “Your can but it from us” from one partner, to “The clients are ours and stay with the firm” from the founder. It was a perverse sort of telephone tag. Needless to say, I said no.

Like fences make good neighbors, contracts make good partners.

Honestly sounds like Ameriprise is recruiting you and not the advisors themselves. I would definitely sit down with the advisors and put something in writing if making the move.

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Run from both. Go independent

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Always one of these in every thread…

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For reference. Nothing is in writing on me buying a book. I would just go there as a assoc advisor till these guys finish out. During which time I will be paid a salary (half my current comp) and then they will divide out clients as they see fit. So my problem is there is nothing here in writing besides their word, low comp for 2-5 years (currently doing 400k gc at EDJ) and fear of the unknown. I like the freedom and flexibility I currently have but know as I get bigger that will decrease.

That’s a hard pass. It’s getting easier to work till you are in your mid 70s. They are under no obligation to sell, they won’t. Or they’ll find better selling options once you are there.

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How much realistically is portable assets? Focus on that when leaving jones. I left with 40mm a few years ago and was able to retain around 35.

That’s impressive. Right now portable would be around 20M (almost all advisory). I’d be moving about 2 hours away for the Ameriprise job but that’s where my home town is. Also they don’t really care what/how much I bring because they have 200M they need serviced when these guys retire.

Inheriting a book with more assets sounds like a no-brainer to me. I am a former AMPF FA and have mostly great things to say about the firm.

More resources, more panache in the name, bigger books, issues at the branch-level at my AMPF branch.

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Not trying to keep you here at Jones if that's not where you want to be. But why are you saying you have to be alone? The number of 2-FA and multi-FA offices that will be happening over the next 10 years is substantial. Having just recently hired my BOA, the difference between being literally alone in an office and having her with me every day is a game changer.

I would imagine I’m going to be in line for a partnership offering this year too. Im currently around 140k in profitability. So just another thought into the equation. And then I’m sure down the line there will be an RTP available.

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Like others have mentioned above … If they can’t really put it in writing that they can start shedding some assets over to you in the next 12-24 months . Then keep exploring if you are looking to grow by succession plan. There are so many retiring advisors out there & groups looking for a good fit 👍.

Do you feel comfortable at EJ. What's the biggest challenge you're facing that makes you want to leave

The grass isn't always greener

Being on a team at Ameriprise now, I can say that I have enjoyed my time with the firm! Please feel free to reach out if you have any specific questions. I’m 26 and in a similar situation as you could step into

Yeah! We have $200M AUM (obviously smaller than your potential situation). I am the #2 advisor. Do a lot of work with the clients and and behind the scenes. Been there three years. I’d be happy to set up a call if you’d like to chat! I’ve definitely enjoyed my time

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