Financial Advisors

What happens at EJ when a veteran of 30+ years retires? Does the veteran get any comp or do they have to split their book amongst the local newbies?

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They get a pretty sweet retirement deal of salary, partnership, and trips in order to help transition is his book to new or somewhat newer FA’s.

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The retiring FA gets to choose who his clients go to. There are incentives for sharing assets with more advisors and other incentives for sharing with advisors that start new branches. It’s up to a 4 year plan with the retiring advisor having the opportunity to stay involved for the first two years and then just collecting the last two. Retiring advisors also keep limited partnership as long as thy live. The advisors I’ve talked to about it think it’s a good deal.

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Yes they can bring in a kid but if they have a large branch then ej heavily incentivizes them to split it between several fas. As for lp they keep it through retirement, if they die their spouse keeps it, when the spouse dies it gets liquidated and the beneficiaries receive cash for the value.

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I like both the dad and son, they're great people. But apparently he drove a hard bargain and had all the leverage, and ej caved

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What happens to the ownership of the LP at their passing?

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Do they allow the veteran to transfer assets to a child who is in another EJ office. Do they allow them to bring in their child to take over their current office location?

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Yes, children can receive assets, although there are maximums of assets that can be transferred to any one advisor. There are also incentives to share assets with multiple advisors and start new offices. And yes, advisors can choose who will take over their office and that can include children.

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100 million max transfer to one fa

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We had an advisor give his son 300 million, so that max must be flexible. Also, as I understand it, LP is not transferable to spouse.

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I believe it is transferrable but it has to be set up correctly in a trust while the fa is alive. Ej has also lost some mega producers by limiting how much they could move to their kids so maybe they have relaxed that

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