Relocating to East Coast

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Mar 6, 2006 10:27 pm

This is my first time in this forum and am looking for some advice/direction.  I have been in the business for 5+ years with EDJ and built a successful business from scratch.  I am currently in the Midwest, but for family reasons, my wife and I are looking to relocate to the east coast (VA, NC, MD area).  It pains me to think about leaving behind the book I have built but know it is something I need to pursue.  I can provide more info later if need be.


What I am looking for is advice from anyone who has relocated before.  How did you go about doing it? Who did you contact? Did you start from scratch or were you able to join up with a firm that provided a jump start?  I know the work it takes (as we all do) to start from scratch and would like to only have to do that once in my lifetime.  EDJ does not have much relocation options and am open to any suggestions.   Please advise.

Mar 7, 2006 8:05 am

Isn't that nice. A successful rep builds a business from scratch and EJ doesn't even chip in to see what can be done to relocate one of their own. 

Mar 7, 2006 8:30 am

Dukes,


With out trying to bash EDJ here, you really ought to consider doing this in two phases.  First, you should entertain indy firms and make a move that way - maybe partner with somebody local that's indy already and develop an indy practice with you existing book.  Once you work through that transition and you have some time beyond it and your assets that move get comfortable; start the second part of your move.  You should be upfront with clients to and explain what you are doing so it's not a double shock to them.  The second phase obviously is your due diligence on areas that you want to relocate, find it, and move.  You can work with those clients without having to give up the sweat equity you built as an indy v what Jones will "do for you" on this move.  If you are able to find somebody you can partner with, that will just add to your service of those clients whom you move from as well; as they will still have somebody to call locally for help or drop off checks etc. 


You worked too hard to get where you are to just walk away and restart - give this serious thought in terms of how you do it.

Mar 7, 2006 8:59 am

There is no reason that you should have to give that book of business to someone else - you laid the groundwork and have serviced those clients, built relationships, etc.  If my company said I could relo, but I would have to leave everything behind, I'd frankly give them the finger and find a way to move my business with me. 


cs has some good advice for you.

Mar 7, 2006 9:14 am

If you were at Ray Jay you would OWN that book.  You could sell it or pass it down to your kids.  Go to a real firm.  Call Ray Jay they would probably love to recruit you and help you manage your book during the transition.


Hey, you may be able to manage those clients even from the East Coast with one or two trips a year.


Don't give it away so quick.  We have plenty of EDJ brokers coming on board.

Mar 7, 2006 10:51 am

I've known IRs @ EDJ that were in similar situations, and they allowed them to swap offices.  You may try starting off with the RLs in the area you want to move, and see if anyone is interested in making a swap.  Good Luck.

Mar 7, 2006 11:08 am

have you considered changing to a firm/indy where you currently are. then relocating and servicing the accounts from new location and gathering new assets in new location. you could certainly be effective in both manners. most people are licensed in many states. plane tickets/e-mail/ phone allow you to be creative in how you service the relationships you currently have while trying to build new relationships in your new area. just a thought.

Mar 7, 2006 7:52 pm

I find it hard to believe that Edward Jones doesn't have an opening in an area near where you want to locate. I would contact the IR's in your desired area and talk to them or, even better, contact their regional manager about this.


Maybe your boss is the one putting the kibosh on this relocation. However, the regional manager for your desired area might grease the wheels to have it done. Who knows?


Mar 8, 2006 2:18 pm

I've helped several brokers through relocations.

The way I see it, you have three options (depending on your timeframe to relocate).

One: Transition your current book to another firm locally and team up with somebody there.  After six months to a year, relocate to the East Coast and start building a book with the same firm while continuing to collaborate on your book in the Midwest.  Be sure to interview the branch managers in BOTH locations before trying this path.  You want to make sure that it's a fit all around.

Two: If your relocation needs are more urgent, sell your book to a local independent and then get a "transition" position with another brokerage.  You'd be a top-quintile transition, so be sure to negotiate a decent salary and marketing support during the transition period.

Three: If you have a very large book, go independent (or partner with spomebody) and maintain two locations.  The increased income should justify maintaining two offices plus travel costs.  Then put a transition plan in place (assuming you can find good local staff).

Best wishes on your new venture!

Just some thoughts,
Jeff



Mar 9, 2006 11:25 pm

Thanks for the suggestions -- definitely several ideas to think about.  EDJ does have a "priority locations" department that can help with a new location but it is either taking over an office of 5 million or less, or starting from scratch (and their is no income assistance during the transistion -- if it is your choice).


Will have to give some additional thought to the Indy idea and see how that would fit my situation.


If any other ideas or suggestions, let me know.

Mar 11, 2006 1:13 pm

Doberman makes a good point. A regional leader may be able to help. Those guys in headquarters are not always in the know.

Mar 17, 2006 10:51 am
dukes06:

This is my first time in this forum and am looking for some advice/direction.  I have been in the business for 5+ years with EDJ and built a successful business from scratch.  I am currently in the Midwest, but for family reasons, my wife and I are looking to relocate to the east coast (VA, NC, MD area).  It pains me to think about leaving behind the book I have built but know it is something I need to pursue.  I can provide more info later if need be.


What I am looking for is advice from anyone who has relocated before.  How did you go about doing it? Who did you contact? Did you start from scratch or were you able to join up with a firm that provided a jump start?  I know the work it takes (as we all do) to start from scratch and would like to only have to do that once in my lifetime.  EDJ does not have much relocation options and am open to any suggestions.   Please advise.




The problem is that this part of country is "prime" as far as your firm is concerned for transfers and the good 'ole boys in St.Louis are going to hand them out to their favorites and or us them as incentives for "transfer brokers".  Check on NASDR for where the bigger producers and "transfer brokers" in your firm are registered. Sometimes they reside in PA and are registered in VA, WV, MD, DC, NJ and AZ and NM (cuz that's where their winter home is).


JonesIR is way off base but that's because he chugs kool-aid. If your book and gross is big enough any firm, including yours is willing re-locate you AND your book.  If your current firm ISN'T or WON'T I would bet one of two things is going on.


1.) There is a transfer broker, relative of a GP, or friend of your RL looking to start in your area and they are "requesting" assets....which is why your are told you can't take your book with you.... (been there done that)


2.) You've pissed someone off in St. Louis (happens daily)


If you decide to change firms:  Whatever you do, don't telegraph your intentions.  You've already tipped your hand to St. Louis so they will be watching you like a hawk. They will be reviewing what you are doing with your client lists (they have the technology to see every keystroke you enter and what programs you run).  Don't broadcast where you go on vacation. Don't have other firms call you at the office.


Just because the sub-branches have outdated technology, it doesn't mean that St. Louis does. HO actually has some very state-of-the-art programs but it is mostly Orwellian ("1984") in purpose.


Scout out the area you're looking to go to, check out who the retail "players" are.  See if they would be interested in bringing you on and would it take to sponsor your licenses where you current clients are.  See if RJ is one of the firms, the reason I suggest them is that I heard  that they will permit you to go from retail to indy (and vice versa but please confirm with Zacko)


Undertaking any move (especially from your employer) requires tact, patience, and dedication. 


Best of luck