Growing Your Book as an Independent vs. Edward Jones

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Aug 19, 2011 4:48 pm

For those who left EJ to go independent, how fast is your book growing in relation to when you were at EJ?

Aug 21, 2011 9:38 pm

Hard to compare. I aded many more clients at Jones. But I am adding many more BIGGER clients as an indy RIA.

Part of it has to do with focus. At Jones, it was all about volume. And frankly, Jones has the image of the "small town" broker. That actually works well if you are fine doing the "small town broker" thing, and are willing to bring on many, many hundreds of clients. But I have found that swimming upstream has been easier as an indy.

Aug 22, 2011 11:18 am

B24, how about from an AUM?  If you take a six month slice how much more/less have you added in the form of new clients.

Aug 24, 2011 1:08 pm

I only left Jones about 9 months ago, so my focus was not on gathering new assets in the first 6 months or so.  I did not do ANY marketing for the first 3 months at all. I have added about 3mm AUM to my existing book from new clients in the past few months. It starts to come in once you get settled and everyone starts to learn about the new business. But don't think that as an indy, you are going to get a flood of new assets right out of the gate. It takes time to establish your presence. But once you do, it is far better than being at Jones (for me anyway).

Aug 29, 2011 5:25 pm

Coming up on my one year anniversary from Jones and in the last two months I've added $1.5 million in aum and have another $1 million in process.  The first 6-9 months I added a few but it was all moving assets from Jones.  My assets are coming from CPA's and attorneys that prefer a fee only advisor.  I love my career again and am enjoying my practice more than ever.   No more anxiety over "the last selling day of the month", I just keep adding to my ongoing income.