Leaving EDJ, Starting Research

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Feb 20, 2010 5:02 pm

It happened, after seeing 33% of her gross she talked to a past Joneser and got some basic numbers.  And her jaw hit the ground.  So we are now in the process (beginning stages) of starting a transition plan.
The question is if anyone knows of a good paper that gives details on what we need to be considering.  Not looking for a web based budget (I can do that in my head).
Just don't know what questions we should be asking.

Thanks

Feb 20, 2010 5:10 pm

so .... will I be the first to say ROOGLE?

Feb 20, 2010 7:41 pm
LockEDJ:

so .... will I be the first to say ROOGLE?





LockEDJ -



What is Roogle? (Excuse this question, but I am new here and still trying to figure this out.) Thanks.

Feb 20, 2010 7:45 pm

LOL. Search engine here ... first letter of Registered Rep + OOGLE. Type in the search engine "Leaving Edward Jones"  or more simply, "Edward Jones" you'll get your bellyful.

Feb 20, 2010 7:47 pm
LockEDJ:

LOL. Search engine here ... first letter of Registered Rep + OOGLE. Type in the search engine "Leaving Edward Jones" or more simply, "Edward Jones" you'll get your bellyful.





Awesome! Thanks for the info.

Feb 20, 2010 8:15 pm

First, ask which indy firms to do due diligence on.  Then visit several of those on their dime.  I went and visited Raymond James and LPL.  Commonwealth, Harbor and others are out there.  When you visit several, the questions will become obvious.  33% does suck...no reason you can't net twice that as an indy.  I know indies that net 80% plus, but the average is probably 60-70%.

Feb 20, 2010 8:38 pm
I wouldn't focus terribly on fees, or even payouts. Figure out what your model is, who you sell to, and then figure out what platform plays to your current clientele and your future one.
 
For instance, what is your average household ... that you will be bringing with you? Would you like to be primarily fee-based? How do you feel about fixed income ... packaged products or individual bonds/fa? Do you do a lot of reinvestment of income streams? How will that play out in your new world? Some firms offer truly great flexibilty in the fee-based arenas, others make you conform to their platforms. If you intend to continue to sell bonds, then this will always be 30-40% of your business. You better have a great idea as to the cost of doing business in this arena will be. Where will those coupons get invested, and at what cost to you?
 
Does the firm care at all, even a little bit, about you? You are coming from Jones, yes? Where they met with you and wanted to know if you "fit" them? Don't expect a lot of that out there.
 
In short, the questions should be internal. You need to know yourself really, really well ... you probably think you know yourself, but this process will really tell you a great story. When you're done, you might decide to stay at Jones.
Feb 20, 2010 11:37 pm

Some great responses, thanks.

Mar 1, 2010 4:06 pm
Mar 2, 2010 7:14 pm

The market for moving is much different than I expected (to the good side).  Biggest issue is getting straight answer on how to properly contact your base when you leave.  Any here that has jumped from the mothership get a TRO (in the last year)?  I know they ran to a local judge in the late 90's for these but have not heard that this is the common practice for them anymore.

Mar 2, 2010 8:47 pm

Have you already left or not???

Mar 3, 2010 12:51 pm

If you go to Cantella's website you can request a "book" about going independent.  I think there are much better options than Cantella out there... but the literature they provide is the best I have seen.  It will give you a comprehensive guide to evaluating different options.  It has a great group of questions and concerns to address... etc.  I requested and received the book within a couple days.
 
Good Luck

Mar 3, 2010 7:28 pm

Nothing wrong with Cantella ... good firm, reasonable payout, quad clearing and low fees. You could do a lot worse.