CPA to EJ?
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I don’t think that I say anywhere in there that “it is better to know nothing”. When I came to Jones I had an advanced degree from a great school. I do know I had to make an effort not to continually learn more about the minutae of investing when I had problems with making sufficient contacts.
Perhaps I don't understand what the goal of 82391 is; if he wants to continue to work in accounting and be an FA? Frankly, I don't know how that can happen ... maybe somebody else can validate that choice. In my mind this job is full time and then some and I can't see how you could do some tax returns and start this business at the same time. I had a hard enough time focusing all my attention and it was all I was doing. N'est pas? 82391 is looking for the tools to succeed, and Jones offers that in deuces. I know several CPAs at Jones. They transitioned pretty well, it seems and I'm at a loss as to why people think you can leverage that degree elsewhere so much better. What, exactly, can you do at MSSB or UBS with that CPA degree you can't at Jones? (That's a real question, not me being snarky in any way)You're under the assumption that there are only a few firms out there that do investments. There are thousands of small boutique firms that have CPA's that do some investments/planning on the side and vice versa. Some people may want to work with investments but not do it full time because they already have another source of income (filing tax returns or whatever else a CPA does).82391 is looking for the tools to succeed, and Jones offers that in deuces. I know several CPAs at Jones. They transitioned pretty well, it seems and I’m at a loss as to why people think you can leverage that degree elsewhere so much better. What, exactly, can you do at MSSB or UBS with that CPA degree you can’t at Jones? (That’s a real question, not me being snarky in any way)
Don't close down the insurance route. A couple of the Advisors at my company maintain small tax-preparation services. You just need to go through the steps to be able to do so.
Your accounting background would be a lot more valuable on the transfer and distribution planning side than the accumulation angle you would work at one of the large investment firms. The wirehouses, banks, Jones, etc focus only on acumulation and fail miserably at the transfer and distribution of client assets which is where the really sophisticated planning takes place that would allow you to set yourself apart.We’re not talking about UBS or MSSB.
At an RIA, he can actually act as a tax expert when he is working with clients. Tax returns are one thing - which he certainly could do.
If I had a CPA, I would advertise for tax services during tax season and maybe a little off season. Then, when clients bring in all of their stuff, you ask them to bring in their statements and talk about how you would do it differently.
Who needs to doorknock?
We are currently interviewing CPA’s to join our practice to handle all tax related concerns with the practice from business to employees to clients and their accounts. If you enjoy accounting work which I am guessing you do hence the CPA, visit all the firms in your town with a strong resume and introduction of yourself. If you do not find an opportunity then seek EJ, wires, etc.
Best of luck to you.You're under the assumption that there are only a few firms out there that do investments. There are thousands of small boutique firms that have CPA's that do some investments/planning on the side and vice versa. Some people may want to work with investments but not do it full time because they already have another source of income (filing tax returns or whatever else a CPA does). [/quote] Correct. The advantage CPA firms have in my opinion is that there are many tax implications of your investments, and I think many clients would like their tax preparer/financial advisor to be one in the same. Like someone said earlier, for some reason people think that CPAs can walk on water. The argument is that CPAs may not be the best resources for investing advice, but then again in my opinion neither is a salesman playing the role of financial advisor. To ansnwer LockEDJ's question, I am not looking at any firms similar to Edward Jones (MSSB ect.). I hope this makes sense, and moreso I hope there are actually opportunities out there right now that fit this description! Anyone have experience working in one of these boutique firms that may offer both types of services?[quote=LockEDJ]82391 is looking for the tools to succeed, and Jones offers that in deuces. I know several CPAs at Jones. They transitioned pretty well, it seems and I’m at a loss as to why people think you can leverage that degree elsewhere so much better. What, exactly, can you do at MSSB or UBS with that CPA degree you can’t at Jones? (That’s a real question, not me being snarky in any way)
Thanks, Mo - I guess from that perspective I can see your point, although I remain an advocate of doing one thing til you do it right. Especially when it’s as hard as this.
And insofar as who needs to doorknock ... well, not me. I really haven't done much since I got back from PDP. That's kind of my point, actually.One last statement here: What we do isn't hard. The hard part is getting clients. If he can leverage his ability to get more clients by primarily doing accounting work and turning those people into investing clients then the hard part is already done.Thanks, Mo - I guess from that perspective I can see your point, although I remain an advocate of doing one thing til you do it right. Especially when it’s as hard as this.
[quote=82391]The argument is that CPAs may not be the best resources for investing advice, but then again in my opinion neither is a salesman playing the role of financial advisor.
[/quote] I take it all back, it looks like you actually do have this industry figured out !! In all honesty, if you are going to keep your CPA and do some tax work to gain clients, I would ONLY do RIA work (not commissioned work). It maintains the fee-only basis you would operate under as a CPA, it would allow you to bundle your services if you so desire, and maintains the appearance of product neutrality (which you can do with commissioned work also but that's a whole other argument we shouldn't get into here). It would also sort of force you to only take on larger clients, which you should probably do to avoid having way too many clients. OK, get the clients first, then worry about having "too many" clients!2 years with Jones. I don’t like kool-ade, never drank it. Jones is a nice company, but best in class? I think not. I worry that LP and GP are ponzi schemes that eventually will collapse. And I don’t know how a company can be the best one to work for when it’s been around since 1922 and currently has 2% market share. It seems like a good place to learn, but not the best place to stay.
Don't worry you are eligible for LP until 3-4 years in I think. And based on your need to blast EDJ, my guess is your production won't get you there.2 years with Jones. I don’t like kool-ade, never drank it. Jones is a nice company, but best in class? I think not. I worry that LP and GP are ponzi schemes that eventually will collapse. And I don’t know how a company can be the best one to work for when it’s been around since 1922 and currently has 2% market share. It seems like a good place to learn, but not the best place to stay.
Quick question for you.... Who makes better cars, Ferrari or Kia? Which one has vastly more market share? Understand how you can have low market share and be best in class? Full Disclosure: I do not work for Edward Jones, but I can see them for what they are.2 years with Jones. I don’t like kool-ade, never drank it. Jones is a nice company, but best in class? I think not. I worry that LP and GP are ponzi schemes that eventually will collapse. And I don’t know how a company can be the best one to work for when it’s been around since 1922 and currently has 2% market share. It seems like a good place to learn, but not the best place to stay.
Surely you’re not comparing E Jones to Ferrari? Kia is more like it. There is nothing about Jones that would compare it to Ferrari. It seems that Jones has company trolls who make a point of denigrating anyone who prints honestly…er…badly about them. Considering their rate of desired growth and their LP/GP payout, it’s obvious that Jones is trying to be a big player. Just don’t have the ability to pull it off. They’re OK for a small town second rate house. But you have to admit it, 87 years in business and 2% market share doesn’t speak well about E/J ability to compete.
I’ve been the best at evrything I’ve attempted for over 50 years. That’s just the problem. Jones isn’t the best. But that’s OK. It’s actually a good place to learn. I’ll give them that. It even has some good FA’s. I’d say about 10% of them. I’ll learn what I need, then move on to an independent practise. But this is fun. I love getting a rise out of the company trolls. It shows how shaky they are when they worry so much about an anonymous blog.
Well, I guess you ain’t the best at what you’re doing now, eh fella? Must be hard to come to that understanding.
And for what it’s worth, why don’t tell me exactly what portion of the market LPL, RJ, MSSB, and JPM have. Just curious, since you throw around that 2% thing like you know what the fck you’re talking about.
Well, I know it's a difficult task to understand the concept of analogy. You see, I'm not saying Edward Jones is a Ferrari, I'm using the example to illustrate how market share has little to no bearing on the quality of product offered. The best part is that you assume I am an Edward Jones company troll. I do not, nor have I ever worked for Edward Jones. I do however appreciate the glowing reviews they get in registered rep and on the Fortune lists. How long has Macy's been around versus Walmart? Macy's has been in business over 100 years and Walmart has a much bigger market share. I would shop at Macy's any day over Walmart. Your examples are terrible. P.S. I'm independent and I enjoy it greatly, but I can see how ML, MSSB, UBS, or EJ would have it's advantages.Surely you’re not comparing E Jones to Ferrari? Kia is more like it. There is nothing about Jones that would compare it to Ferrari. It seems that Jones has company trolls who make a point of denigrating anyone who prints honestly…er…badly about them. Considering their rate of desired growth and their LP/GP payout, it’s obvious that Jones is trying to be a big player. Just don’t have the ability to pull it off. They’re OK for a small town second rate house. But you have to admit it, 87 years in business and 2% market share doesn’t speak well about E/J ability to compete.
I love Walmart…they have everything, if the doors were to lock you could live there probably for a year…
You are 52 years old and you have been the best at everything for over 50 years ? You were the best at lego's at age 2 ? What the hell are you talking about ? Jones being the best and you being the best is two different things. You CAN be the best advisor in the country at Jones. Peyton Manning inherited a 3-13 Colts team. Nothing was going to stop him from becoming the best.I’ve been the best at evrything I’ve attempted for over 50 years. That’s just the problem. Jones isn’t the best. But that’s OK. It’s actually a good place to learn. I’ll give them that. It even has some good FA’s. I’d say about 10% of them. I’ll learn what I need, then move on to an independent practise. But this is fun. I love getting a rise out of the company trolls. It shows how shaky they are when they worry so much about an anonymous blog.
Do I understand you correctly? For 50 years, you were the best at everything that you tried, yet you are at the same place as a 25 year old car mechanic who decided to switch occupations and become a financial advisor. Since you are the best at everything, is it a safe assumption that you are then number 1 2nd year advisor at Jones?I’ve been the best at evrything I’ve attempted for over 50 years. That’s just the problem. Jones isn’t the best. But that’s OK. It’s actually a good place to learn. I’ll give them that. It even has some good FA’s. I’d say about 10% of them. I’ll learn what I need, then move on to an independent practise. But this is fun. I love getting a rise out of the company trolls. It shows how shaky they are when they worry so much about an anonymous blog.
I’ve been the best at evrything I’ve attempted for over 50 years. That’s just the problem. Jones isn’t the best.
Sounds like he is blaming Jones for not being number 1 !