So long, farewell, etc

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Jan 28, 2010 11:37 am

I still have a few loose ends out there, which is driving me nuts, but by this time tomorrow I should be sitting in MY office, looking at $0 AUM and $0 trail income, and wondering why it is taking LPL and FINRA so long to get my temporary license approved.

 
Hopefully by lunch time, I will be playing Jerry McGuire on the phone. 
Jan 28, 2010 11:39 am
EDJ4now:

I still have a few loose ends out there, which is driving me nuts, but by this time tomorrow I should be sitting in MY office, looking at $0 AUM and $0 trail income, and wondering why it is taking LPL and FINRA so long to get my temporary license approved.

 
Hopefully by lunch time, I will be playing Jerry McGuire on the phone. 



Congratulations!

You won't regret it!  It will be scary for a couple of months. 

Jan 28, 2010 12:16 pm

good luck ... I'm guessing the juice is gonna be worth the squeeze, maybe sooner rather than later.

 
Sort of curious ... to do this on a Thursday; I mean, as opposed to a Friday? Glad to see you decided to do this on a Friday.
 
Fixed.
Jan 28, 2010 12:45 pm
EDJ4now:

I still have a few loose ends out there, which is driving me nuts, but by this time tomorrow I should be sitting in MY office, looking at $0 AUM and $0 trail income, and wondering why it is taking LPL and FINRA so long to get my temporary license approved.

 
Hopefully by lunch time, I will be playing Jerry McGuire on the phone. 
 
I can't remember, which firm were you at?
Jan 28, 2010 12:57 pm

You're good enough, you're smart enough, and doggone it--people like you.

Jan 28, 2010 1:31 pm

So EJ to ? and then to ? - fill me in, I missed something

Jan 28, 2010 2:57 pm

Answers to a couple of questions:

 
I've been at a regional bank for about 4 years.  I view my time here as a good experience, it helped me make a geographical move without having to start completely from scratch, and over the years the bank has made some very good referrals.  I have also talked to 4 people this morning, one is 80 and has no interest in making changes, the other 3 are broke.  That's been the nature of bank referrals for me.  They are plentiful, but the good ones are few and far between.  Mostly I get referrals because it puts a few bucks in a teller's pocket, so they don't care if it is a $1mm savings account or a checking account that is usually negative, if the person will agree to meet with me they will set an appointment.
 
Today is Thursday, I resign tomorrow morning (Friday).
 
And yes, Moraen, when you say that I won't regret it but that it will be scary for a couple of months, I certainly do believe that!  Right now I am back and forth between wanting to jump up and dance and wanting to throw up in my trash can.  I would suspect that I will be bouncing back and forth from those extremes quite a bit for the next few months. 
Jan 28, 2010 2:59 pm
EDJ4now:

Answers to a couple of questions:

 
I've been at a regional bank for about 4 years.  I view my time here as a good experience, it helped me make a geographical move without having to start completely from scratch, and over the years the bank has made some very good referrals.  I have also talked to 4 people this morning, one is 80 and has no interest in making changes, the other 3 are broke.  That's been the nature of bank referrals for me.  They are plentiful, but the good ones are few and far between.  Mostly I get referrals because it puts a few bucks in a teller's pocket, so they don't care if it is a $1mm savings account or a checking account that is usually negative, if the person will agree to meet with me they will set an appointment.
 
Today is Thursday, I resign tomorrow morning (Friday).
 
And yes, Moraen, when you say that I won't regret it but that it will be scary for a couple of months, I certainly do believe that!  Right now I am back and forth between wanting to jump up and dance and wanting to throw up in my trash can.  I would suspect that I will be bouncing back and forth from those extremes quite a bit for the next few months. 
 
Are you taking your bank clients with you ?
Jan 28, 2010 3:44 pm

I'm certainly hoping so.

Jan 28, 2010 4:01 pm

You are the best. Seriously keep me posted. I went from EJ to bank also. Good Luck to you!

Jan 28, 2010 8:36 pm

EDJ4NOW - My guess is that you wont be bouncing back and forth between throwing up and dancing, you will be too busy getting acats signed and opening up accounts.

And unless you have a real ugly u-4, you will be amazed at how quicly your temp licenses will be approved.
You wont regret this a bit. Good luck
Jan 28, 2010 9:20 pm

Finally raining ACATs?

Jan 28, 2010 9:39 pm

EDJ4 - Having left a bank a few years back, no question it can be done well if you work at it.  You may not get the 80-90% numbers that some advisors do, as bank assets tend to be more "sticky".  Some clients will decide that they like the convenience of having everything at one place.  Some will simply be too tied into the bank to make a break.  Some clients you won't even want.  I left some CD rate shoppers behind.  I left some unpleasant clients behind (the old guy with the know-it-all son-in-law who second-guessed every recommendation I made).  I left some clients behind who were so tied to our trust department that they would be very difficult to extract (requiring trust amendments, etc.).  The end result for me was just over 50% of the assets and almost 70% of the revenue.

 
I don't know what kind of a non-compete you are under at the bank, but I'd recommend getting as much done as you can this weekend.  If you get served with a TRO, you could be shut down for awhile, so the work you do before your former employer has time to react is critical to your long-term success.  I wouldn't even sleep this weekend!  Even if your former employer doesn't have a non-compete or doesn't try to enforce it, rest assured, they consider your clients their property and will likely move aggressively to keep as many of them as they can.  Timing and speed is of the essence.  Just don't do anything stupid and get yourself in legal hot water.  Some banks (definitely the one I came out of) are just nasty about tying departing reps up in legal action and distracting you from what you really need to be doing (moving clients and producing revenue).
 
Good luck and Godspeed.
Jan 29, 2010 1:42 am

One of the best things about breaking out on your own is the weight loss. I was so stressed that I lost 15 pounds in the first month.

Jan 29, 2010 6:19 am

EDJ4,



Today is the day your life is forever improved. Move forward, work hard, and don't ever look back.   A few months from now you will be posting how much better you life is now that you are Indy.



Just ask mlgone, sportsfreak, or any of the other guys that left recently including myself.



Just think about that scene from Shawshank Redemption when Andy has to crawl through the tunnel filled with sewage to get out of prison. That' s you now, and in a few months you'll but on a beach with "Red" smiling with a fat bank account.



Good Luck brother!

Jan 29, 2010 4:21 pm

Good Luck, EDJ. Keep us posted when you can.

Jan 29, 2010 9:59 pm

Too much time dinking around today with crap, my own fault for trying to put this together last minute.  However, the clients I did talk to were very receptive, granted I didn't get too deep into my list, but so far it's going well.  As is the case with most of us, the top 10% is most of the income anyway, after the first 20 calls it doesn't really matter that much (although I want it all).

 
Tomorrow is a bigger phone day, hopefully it continues on the same path.
Jan 29, 2010 11:34 pm

I went Indy May 1 of '09 from EDJ. I got my 1099 yesterday and my EDJ W-2 through April 30...yeah...I made the right decision.

Feb 1, 2010 2:31 pm

So far, reception from clients has been better than expected, one good client that I thought I would lose for sure asked me if I would please keep them on so they don't have to "train" a new advisor.  I figured they would be more loyal to the bank than to me.  Overall I have only had a couple of dissapointments, and they weren't outright refusals, they just told me they wanted to think about it first.  I've also had a few that I thought I would lose for sure say they will come over.

 
Paperwork on the other hand has been a bigger PITA than I expected.  So I'm taking a 5 minute break for this instead of screaming that the new account forms are so far behind what I thought we would be doing by now.  Despite my tagline I'm not that bad on the computer, but learning a new system is driving me nuts. 
 
Fortunately my assistant is trying to hurry up our tech support call, because once he tells her something she has it.  She also worked 20 hours this weekend not because I asked her to but because there was work to be done and she couldn't stand leaving when things weren't finished.  Please no one tell her she is overqualified for this job and that she should be paid more.
Feb 1, 2010 2:42 pm

  - you are my hero and I am not being sarcastic