{ "media_type": "text", "post_content": "What is the competition like among Edward Jones advisors who’s offices are located in the same town? We have 4 offices within a 3 mile radius. Just curious if it ever gets nasty.", "post_id": "5bfc16f0997a1c0012dee0c4", "reply_count": 5, "vote_count": 2, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors", "feed_type": "crowd" }

What is the competition like among Edward Jones advisors who’s offices are located in the same town? We have 4 offices within a 3 mile radius. Just curious if it ever gets nasty.

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I’ve always wondered this. In my town there are two Ed Jones offices across the street from each other!

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I’m in a town where there are 3 offices including mine in a 4 mile radius It isn’t as much of an issue with us because of our varying seniority. The most senior FA has been in the community 15+ years, the second started about 8 years ago and I started in 2014. We have all developed our own client base. Yes, sometimes clients change Advisors, but Jones discourages it. We don’t get credit for transfers between branches. Yes, we get revenue, but we don’t get new asset credit which is very important. We don’t solicit Other FA’s clients, but if a client wants to change advisors we’d rather that happen then they leave to go to another firm.
The bigger issue is when you have new advisors starting so close together that they are tripping over each other with their prospecting.
I have great relationships with the advisors in my town and in my Region. I typically have lunch with another EJ Advisor at least 3 times a month

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I’m sure most of the external communication will be along the lines of “we all get along great and it’s one big happy family”. However, I’m sure there are instances where they are fighting over the same business or a client doesn’t like EJ Rep A and wants to work with EJ Rep B. Regardless of who your firm is, we’re all fighting for business. Their structure with separate but close proximity offices seems like it would cause natural competitiveness. I never see my local Ed Jones reps hanging out with each other or going to lunch together. My guess is that many of them are closer with reps from other regions and not necessarily the rep next door.

Newer advisors usually have difficulties when they are prospecting the same areas and businesses early in their careers. Just like any advisor they feel they have the giant fish if they could just get to this one business another FA is targeting. As we all become more senior those problems don’t happen anymore. I don’t solicit business from other EJ guys but I live in FL and as people retire here they sometimes want someone local and they’ll come in my office to transfer. I send non ideal clients to other EJ guys who are new since we are all in this together. I want them to succeed, I truly do. As a partnership my bonuses will be less if we keep hiring advisors who don’t make it- I want them profitable ASAP!

In my town there are UBS, Merrill, and RBC offices that all have many advisors in them. The argument of more than one EJ office in the same town doesn’t matter. It’s just a different model and it works so put your head down, focus on growing your business, and stop worrying about it because it doesn’t matter. Even in small towns so don’t think that matters either because it doesn’t

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