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?

like
Reaction Icon Like
Arrow Icon
Posting as :
works at

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.

Reaction Icon Like
like
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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.

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
like
Arrow Icon

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

Reaction Icon Like
Arrow Icon

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?

Reaction Icon Like
Arrow Icon

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.

Reaction Icon Like
Arrow Icon

100 million max transfer to one fa

Reaction Icon Like
Arrow Icon

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.

Reaction Icon Like
Arrow Icon

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

Reaction Icon Like
Arrow Icon

Related Posts

What's typical salary for tax senior year 1 in Boston area?

like
Reaction Icon Like
Arrow Icon

Let’s hear it finance ppl. Salary & city

Reaction Icon Like
Arrow Icon

Compensation for FTI's Merger Integration and Carve Out group? 5 years experience, currently a consultant at ACN Strategy expecting promotion to Manager in December

like
Reaction Icon Like
Arrow Icon

What's the salary range for SA at KPMG? Glassdoor says average is 87.5K and range is 60-135k. Is it pretty accurate?

like
Reaction Icon Like
Arrow Icon

I’m looking to exit. What should be my salary expectations for a corporate strategy role in NYC? 2.5 YOE from an MBB (promoted to post-MBA level), Stem background from a good university (not US but another developed country)

like
Reaction Icon Like
Arrow Icon

Should people in NYC still get premium salaries if they are working from home? What if they have moved from NYC and are working remotely from a market with a lower cost of living?

like
Reaction Icon Like
Arrow Icon

Anyone use Robert half salary guide when negotiating salary?

Reaction Icon Like
Arrow Icon

Currently in industry. Got an offer to go back into public for a 10,000 raise. Current employer offered raise of 5,000 plus an already promised bonus to equal the 10,000. So it is now a lateral...

like
Reaction Icon Like
Arrow Icon

What’s the salary range for M1 in Toronto, Canada?

like
Reaction Icon Like
Arrow Icon

Has anyone taken the SHRM - CP exam, passed and received a bonus at EY

like
Reaction Icon Like
Arrow Icon

What’s the level of SM at Booz in DC? # years experience and salary?

like
Reaction Icon Like
Arrow Icon

So I seem to already have a lot of interest from industry recruiters early on (1 year exp), is this something i should bring up in comp meetings? No plan to leave for at least another year and a half

Reaction Icon Like
Arrow Icon

I wonder if leadership knows that a majority of the staff about to get promoted to senior are going to quit. Do you think they will do anything to keep people around? Similar to bank your bonus.

likefunnyhelpful
Reaction Icon Like
Arrow Icon

I got an offer from a company in industry. The offer met my $ expectations. Is it worth to negotiate something else other than salary? If so, what?

like
Reaction Icon Like
Arrow Icon

What’s the salary band for a group strategy director in NYC? General guesses welcome, experience aside.

like
Reaction Icon Like
Arrow Icon

Thinking of taking a job that is a 55k salary in Chicago, (bonus may make 65), know no one but decent w/l balance. Should I be concerned with cost of living or just start the experience? Transactional

like
Reaction Icon Like
Arrow Icon

Signing bonus for consultant level - Deloitte consulting ?

like
Reaction Icon Like
Arrow Icon

I was asked back for a second interview, but based on timing, I should stay at my current company so I can get my bonus (I'm not at an agency). How do I turn them down without getting blacklisted?

like
Reaction Icon Like
Arrow Icon

Sister works at EY, during her interview process while negotiating compensation they told her that they pay the lowest amongst big 4. Anyone else experience this? Is this true?

like
Reaction Icon Like
Arrow Icon

Partners, what types of compensation and benefits do your employees find the most compelling? What are the things they really appreciate? Financial and otherwise.

like
Reaction Icon Like
Arrow Icon

Additional Posts

Deloitte issues mandatory work from home guidance effective EOD tomorrow 3/17. All US offices to close. Most employees had been WFH anyway but latest guidance is to WFH indefinitely. No client travel.

like
Reaction Icon Like
Arrow Icon

Not sure which firm, but looks like yet another shady MBB deck 🤦🏻‍♂️ (episode: how Turbo Tax obstructs free tax filing for poor people) What the hell are we doing here busting our asses?

Post Photo
like
Reaction Icon Like
Arrow Icon

Somebody just told me it’s weird to call a woman “ma’am”... is that a Northern thing? I grew up in FL and live in ATL now, and I’ve always thought it was normal/polite. Maybe it’s a southern thing?

like
Reaction Icon Like
Arrow Icon

Anyone have a peloton referral code?

like
Reaction Icon Like
Arrow Icon

I'm a recent graduate and previously was very close to going to Wall Street. Even though mgmt consulting and banks attract a lot of similar people, I've noticed a HUGE difference in the culture of online communities for the two. Banking (WSO, Insta IB meme pages, etc) are all about money and prestige with a "fuck you" frat bro vibe, whereas consulting ones have a friendlier tone, less money/prestige focus and more liberal political beliefs. I just find this all interesting, any thoughts on it?

like
Reaction Icon Like
Arrow Icon

How many points should I ask Hilton for this??

Post Photo
like
Reaction Icon Like
Arrow Icon

Does anyone know how to use AA miles to fly Cathay Pacific (part of Oneworld)? Is it at all possible to do it online or do I have to call AAdvantage to book it?

like
Reaction Icon Like
Arrow Icon

Did 2 years in PA, 1 as a financial analyst and currently an Operations Manager (2 years). Possibly looking at getting back into public after being let go due to COVID. What level should I be applying for?

like
Reaction Icon Like
Arrow Icon

Anyone got a list of strong tech exit ops? I focus on big data and cloud.

like
Reaction Icon Like
Arrow Icon

Our company has a WFH option but some people are still showing up at the office. Why would they do this? Should I be judging?

like
Reaction Icon Like
Arrow Icon

Did southwest baggage claim employees take a pay cut? Had to gate check, they lost it and made me feel like it was my fault

like
Reaction Icon Like
Arrow Icon

The news about discussions falls no apart on immigration is depressing. Any other dreamers out there impacted?

like
Reaction Icon Like
Arrow Icon

How does Accenture’s cell phone reimbursement policy work if you don’t want a new device and just want reimbursement for the plan? From what I am reading we have to charge the cell plan to client?

like
Reaction Icon Like
Arrow Icon

I’d like to propose to work remote full time. Husband took job in a different city that’s closer to family. Couldn’t turn it down. Don’t want to have to leave job. Also a new mom. Any advice?

like
Reaction Icon Like
Arrow Icon

What's typical salary for tax senior year 1 in Boston area?

like
Reaction Icon Like
Arrow Icon

Client has checked out and dropped all execution on us. We can handle this. What we can't handle is the extra scope that arose yesterday and is due by eoy. How do I get my sm to understand this?

like
Reaction Icon Like
Arrow Icon

What are the best ways to ask for a raise when you have an annual review coming up?

like
Reaction Icon Like
Arrow Icon

Looking for mentors in FAANG, MBB, and other Big 4. DM me please. 😀😀

funnylike
Reaction Icon Like
Arrow Icon

I think something was wrong w my AA flight today DFW > LGA. How can I find out what happened? It was very shaky, saw the flight went in a circle route, and asked to prepare for landing halfway through

Reaction Icon Like
Arrow Icon

Seeking insights on Mgr Transformation Delivery roles, newly posted with KPMG. What exactly is Transformation Delivery? Considering applying, 7 years consulting FS, MBA -Data Analytics 2021.

Reaction Icon Like
Arrow Icon
That was just a preview…
Sign Up to see all discussions
  • Discover what’s it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

OR

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

Please enter a valid number