New (again) Edward Jones FA

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Oct 16, 2010 12:07 pm

Hi everyone.  I have been reading this board for the past year or two, finally decided to join.  A little intro and question:

I started with EJ the first time in 2005.  Built an office from scratch to a seg. 3 advisor.  In May 2009, I had a family emergency which prompted me to make the decision to leave EJ and take some time.  I left on very good terms, even transitioned my clients to the new advisor.  I took a few months off to be with my family and concentrate on regrouping.  At the end of the few months- I was not sure which route in financial planning I wanted to go next.  I worked a "job" out of the industry that allowed me time to weigh my options.  I had offers from other financial institutions, but in the end decided to accept an offer to return to EJ.  I was offered a 26M existing office in a competitive situation. 

My first day was Wednesday.  As you can imagine, many of the existing clients have already heard from and have appointments with the old advisor.  Any thoughts or recommendations on how to approach these existing clients with the best potential for retention?  I am heading out to the office to continue to the calls this morning.

Thanks in advance-

Oct 16, 2010 6:25 pm

Do not bash the old advisor.  Clients have an allegiance to him.  That will just push them away.  Start by being very upfront with them..."Look, your advisor left for another opportunity (if he took a big check, maybe slide that in there).  You have a couple of options.  You know what you have at Edward Jones.  If you are comfortable with the firm, the environment, and how we handle your financial advice, then you may decide to stay with us.  If you do, you would be working with a very experienced advisor (me).  If you are more comfortable moving your investments to XYZ firm (let's hope it's a bailout firm), then I truly wish you the very best.   However, it may make the most sense to at least come in and sit down to review your situation and your options here first."

Use your own words, but I would sort of shy away from trying to bash the other firm or the advisor, assuming he was an above-board guy, and not doing anything stupid with clients.

Oct 17, 2010 9:57 am

+1.

As someone who left Jones, I can say I respect the young man that replaced me. He never truly bashed me; he took pains to tell people that they would continue to be in good hands with me. But he asked a simple question that opened the door to further time with the clients - what is it you know about Mr.Former Advisor's new firm and their policies - and how they differ from us?

Good luck.

Oct 17, 2010 4:38 pm

Thanks guys- good points for sure.

LockEDJ-  what % of assets did you successfully bring over to your new firm?

Oct 18, 2010 3:04 pm

I won't reveal that information; but I don't mind saying that I have exceeded beyond my wildest dreams - lifestyle, AUM, income, clients. Many (not all) of my largest clients showed a great deal of loyalty.

Again ... the young man that replaced me handled himself well and EDJ did not treat me badly at all as I exited. My clients believe, as I do, that Edward Jones is a good company and I hope to never give them cause to return.

Nov 6, 2010 4:47 pm

Hi LockEDJ

I am new here and pursuing a career as an FA. I am from Canada so I don't have a lot of the options that those in the States might have. Anyways, I'm surprised you were able to take your clients from EDJ. I was under the impression that EDJ has some form of clause that results in the inability to keep/contact your clients after you leave. Can you please clarify how you were able to contact them and why EDJ didn't pursue legal action (if they have that power)?

Thanks alot,

I really appreciate it, I am interviewing with quite a few Financial Services companies in the next month so it would be great to know each of their strengths and flaws before I choose. For Edward Jones, I always thought that not being able to contact my clients/ keep (or even sell) the book after putting in tons of grueling hours would be a huge negative...

Nov 7, 2010 3:01 am

No clause is legitimate in North America. On that note... Where are you looking to employ yourself? We are located in the largest 3 cities, and provide unlimited clients (insurance and assets - 250k min) to all our reps. LLQP license is however required. 

Message me.

Regards,

......

Dec 2, 2010 11:21 am

[quote=LockEDJ]

I won't reveal that information; but I don't mind saying that I have exceeded beyond my wildest dreams - lifestyle, AUM, income, clients. Many (not all) of my largest clients showed a great deal of loyalty.

Again ... the young man that replaced me handled himself well and EDJ did not treat me badly at all as I exited. My clients believe, as I do, that Edward Jones is a good company and I hope to never give them cause to return.

[/quote]

Not sure what happened, but my editorial disappeared. So I'll say it again: There is a lot of class in this forum and this is an example of it. If you show as much respect your clients as you seem to have shown your former employer (and your replacement) I can't see how they would not remain loyal to you! Kudos to you! Keep on being a good example to the financial industry.

Kodak