Good morning all (Pacific Time),
I’ve been viewing all of your posts for sometime. And I’m
very glad to have been doing so since I’ve learned so much from all of
you. Especially, blarm, BigPayDay, maybeeeee, etc. I am
indebted to all of you for your genuine insight and valuable candid
replies to others’ questions.
Let me get to the point: A friend of mine is an
independent financial advisor. Recently, he had some
complications and is in a hospital. He is incapacitated (and may be
recuperating for a few weeks more). Question: who will take care
of his clients? Is it safe to assume that his broker/ dealer will
have the authority to handle his clients questions, order/
requests? Any insight is appreciated. Thanks.
By the way, I really enjoyed the banter (milf) with “pennypincher”. That exchange was hilarious.
Whew...for a second, I thought I had trouble I didn't know about!
Usually, there is an 800 number available for you friend's clients to use while out of the office, although I suppose that can vary by firm. His B/D should have no problems taking orders from his clients on a temporary basis. Hopefully, he has a good assistant that can tak care o most (servicing) issues.
Hope your friend is feeling better soon...Merry Christmas...
Actually, your friends clients will have to transfer their accounts to ML. We will be more than happy to ‘service’ them while your friend is getting better…
Glad to hear someone out there appreciates me. Now if my client that just got out of the mental ward would leave me alone, things would be perfect.
I would be happy to accept all calls from his clients with over $1M investable assets.
[quote=blarmston]Actually, your friends clients will have to transfer their accounts to ML. We will be more than happy to 'service' them while your friend is getting better...[/quote]
Yep.....ever see how a veterinarian "services" a cow?? That's how you Merrill boys like to "service" your clients.
Thanks, once again, for all of your responses. And, sorry
Indyone, I did not mean to cause you/ your constituents any
grief. I’ll make sure to pass on the info to my concerned
Blarm & maybeeeee-- funny.
By the way, wish me luck- I have a face to face interview with an EDJ
IR in a few days. Of course, that’s after I’ve done my “door
The truth to the question surfaces....that's a counter from the Jonesers - if something happens to the jones IR the home ofc takes care of the clients and the advisor gets all the commissions. But in the indy model your clients are SOL.
Indyone - thanks for setting that straight. The home ofc will handle it the same at our indy shop w/o some joker trying to sell them product on top of it. Also, the advisors ofc would operate as normal (w/o the advisor) and the admin/asst would be able to utilize the home ofc as well to process business.
dehaan, you sound like a reasonable intelligent person and you have extremely good taste.
Why oh why are you going to Ed Jones. Have you not read the posts here?
Yes, I’ve read the posts re: EDJ. I’ve also read that they’ve
received high marks with JD Power (ranking/ award 2005) from The Answ.
Also, BigPayDay, Broker Rec, et al, -see EJ v. SB post)
re-iterates the training and potential to go big later (if I’m
dissatisfied with EDJ, I can fall back on training/ edu). In a
nutshell: good/ above average training EDJ offers is what sold
me. And the odd, although proven door knocking strategy v. cold
calling. With calls, I imagine people find at least 10 ways to
say “No” to you over the phone. Yet, placing a name to a face/
company/ product, I imagine, would come across as more
persuading. Particularly when a potential client is asked to part
with their $$. All in all, although I do not have the depth of
experience most of the participants (i.e. you, blarm, blooney, mikeb,
execjock, etc.) have, I am left with the best decision I can make
(mixed with a good feeling about) given the information that I
have (testimonials). So, why not EDJ? Jumping in with both
feet- hopefully with both eyes open. Thanks for the
inquiry. It sure helps me clarify/ defend(?) my decision.
Don't let anyone change your mind. EDJ is a great place to learn the biz. Having said that, there is no one firm for everyone. If you like their biz model, you stay put, if not, then you start looking elsewhere. (after you have hit the $250k/yr threshold)
In this biz you HAVE to jump in with both feet, because if not you WILL fail.
Stick to your guns, and give 'em hell.
I’ve read some of your posts, particularly those in response to
commissions, and BrokerRec, overhead $$ and payout questions. You
seem like a sharp guy. Thanks for the encouragement.
Although your moniker reveals much of your previous position- I’m sure
you had your reasons to depart. I would very much like to
exchange ideas with you in the future.
Again, thanks. -Your viewing/ response style seem to coincide
with mine (I don’t post much- however, I do my best to keep up/ read
about the topics on this message board). Looking forward to your
I can appreciate the sense of a dichotomous situation/
description, partcularly yours: on one hand the person is saying one
thing, and next thing you know… I imagine that the dichotomy is
a matter/ nature any good of business to which we are all
exposed. I guess the best thing to do is to keep one’s humor and
press on. As some on this message board have said,
(paraphrasing), “the business strategy one has learned either works for
you or it does not, pick one and stay put”.
In any case I’ve accepted that the vets at any company have accumulated
enough knowledge to provide guidance/ advice; however, one is at the
helm of their own ship. You seem to have a good grip at
Although the test may be daunting- like you said, the training is
great. Looking forward to it. And re: specificity- that’s
fine, no need to disclose too much on the board. I’m sure we’re
all concerned with our id- on the other hand, the appeal of this board
is that we all do take a lot of folks’ suggestions to heart (with a
grain of salt, of course). Your thoughts are appreciated. I
will surely keep an eye out for your posts and comments.
Hey dehaan you are going in with your eyes open. That is a head start. Good luck. You have to find the company that fits you, and if it is EDJ, more power to you.
Thank you. Let me know if I can help in any way.
As for leaving EDJ, I was offered a position that I couldn't refuse. If that would not have happened, I would probably still be there. Like someone else has said, "it's the closest thing to being indy, without actually being indy."
While some of the posts about EDJ management are true, you have to decide what you can live with. If you have a problem with GPs who have given up successful bizs to come into the home office (hopefully to help younger IRs build their biz) and make big money on their partnerships, then stay away. But if you believe like I do, that they were making a bunch more money in the field than flying a desk at the home office, then they are actually doing it for a greater purpose.
I'm sure this will bring up alot of debate, but like I said, no one firm fits everyone.