Considering MSSB, EDJ etc
Hey all. I have been working as a support staff person for ML for the past 2 years. Before that I was an FA but decided to transition to support staff in an effort to not get fired. at that time, ML was cleaning house! I felt I did pretty good as an FA starting out, brought in a decent # of households, good pipleline, etc.
Im looking to get back into it. Im tired of working 9-5 with no ownership. Ive always had the entrepreneur spirit. Done a few interviews with MSSB and considering EDJ. The manager at MSSB hasnt given me their goals sheet and I dont even know if he knows the goals. Just repeated 12 million a year for 3 years.
For EDJ, since I am already licensed and have some accounts I would open right away (roughly $2mil) what would be the initial training process? I wouldnt want to wait around 4 months. Also for someone in my situation, what kind of starting compensation would they be willing to offer?
It looks like I can get in with MSSB with no real problems, what would be your advice?
EDJ starting compensation for a major metro area probably $30-40K for 12 months. You won't have the platforms or breath of products to sell you had at ML. However, if you live in a rural area and don't mind selling 1 or 2 mutual fund families you might like it. Also, they perfer you go door to door rather than using the phone. Plan on knocking on 150 doors a day for the first 1-2 years to get your book. Average FA has 1000 accounts that they give "personal service" to. Also, probably take you 1- 1 1/2 years to get an office. Work out of your house till then.
Bear - are you stating this information because you have been there? Or are you just simply repeating what has been told to you?
DB - last I looked at the numbers the average Jones FA makes $55K their first year. I'm at least in the ballpark. There is a salary that varies depending on your location. I understand it's not as high as MSSB or some of the other wires.
You can sell as many different mutual fund families as you can handle. There are currently almost 90 families our advisors can recommend. Sell what you want. BTW, stocks, ETFs, UITs, bonds, CDs, annuities (fixed, variable, and immediate), life and LTC, and many other things I'm probably missing are all available too. MAP (an SMA platform) and Advisory Solutions (a mutual fund/ETF wrap account) are available now. A universal managed account is coming in the near future from what we're hearing. There are plenty of tools, unless you're an options guy, available to the Jones FA.
Doorknock if you want. Cold call if you want. Do seminars if you want. Network if you want. Jones doesn't care after the initial training program where they will teach you how to doorknock and expect you to do it. After that, put up the numbers and nobody cares.
The work out of your house for a year comment was so off base it's not even funny. Jones is working very hard to have new FAs not working from their homes. They're looking for Goodknight programs, Legacy Programs, etc to get FAs in offices ASAP. It might not be your own office, but it's not your kitchen table either.
Jones is a great place to start your career. As to your training process, it will most likely be similar to someone starting brand new. You've got to have more assets to transfer with you than what you have to be considered a producing transfer broker. It might not be ideal for you, but it's not a long training program in the grand scheme of things. You will certainly be relearning some things, but it's not horrible.
If you have more specific questions, feel free to PM me.