Wires vs AGE vs EDJ

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Jan 10, 2008 9:29 am

I am currently an external wholesaler based in Arizona and I am tired of the traveling (i cover 7 states). I have much respect for financial advisors because i know that it can be a job that takes a lot of hard work, but can also be gratifiying. I am very interested in getting into the retail side of the business.

 
I wholesale to all channels, so I'd be very interested to hear what firms I should take a serious look at. I've been in the business for almost 8 years (most of which has been wholesaling) and I have my 7, 6, 63 and Life licenses.
 
Please help! I need a change!
Jan 10, 2008 9:41 am

From your experience, which firms do you believe are the "best?"


What's your annual income?
Jan 10, 2008 9:48 am

To be honest.....Smith Barney and Edward Jones are on the top of my list. AGE is also up there, but with the whole Wachovia deal, I'm still not sure how that's all going to turn out.

 
I like these firms because of the people, but I don't know too much about how their firms work as far as resources, comp, etc. I'm open any firm that treats their advisors well.
 
As far as my annual income....it's was under $100k this past year (2007).
Jan 10, 2008 11:05 am

I was wondering if you'd mention Jones, since you undoubtedy have been exposed to nearly every firm in the industry. As you'll soon discover, there's not much support for Jones on this forum, and I'm still unsure as to why. Noone has ever articulated, with any evidence, the detalis of the vast conspiracy our management team/partners are engaged in against those of us in the field.

 
Since I seldom talk to anyone from the home office, unless I have a question, I'd have to say that they treat their advisors well. If you keep your "dot" above the red line, you'll never hear from anyone.
 
However, if you're more of a team player, the one-broker office model might not be ideal for you. I've always enjoyed working with others, but there are pros and cons to everything.
 
I'll take the freedom of my setup anyday, though.
 
Jan 10, 2008 11:07 am

I guess I may be generalizing, but by the vehicles they drive and the Rolexes they have for each day of the week, I always thought wholesalers made more than, or at least equal to, successful advisors.

Jan 10, 2008 11:15 am

That depends on the company...I doubt if the Putnam wholesalers are doing too well these days!


http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20080107/REG/907992043

Jan 10, 2008 11:17 am

That's a valid point, but I'm not looking to move because of the money. I want to start a famiy soon and it would be too hard if I was gone 2 weeks every month.

 
I'm not necessarily concerned about the money in the long run. I know that the money will eventually come. I am concerned about what the firms do to help their advisors become successful...how will they help them the first 2 years?
Jan 11, 2008 10:15 am

I am no longer with Jones, but if you are leaving wholeselling with no book--I would contact the Regional Leaders in the area where you want to be at and tell them you want to be place on their list to take over a open office with a good amount of assets--they are always happy to get someone already license...or to do a super goodknight program. 

Jan 11, 2008 10:57 am
Roadhard:

I am no longer with Jones, but if you are leaving wholeselling with no book--I would contact the Regional Leaders in the area where you want to be at and tell them you want to be place on their list to take over a open office with a good amount of assets--they are always happy to get someone already license...or to do a super goodknight program. 

 
Pay attention to this one it is good advice.
Jan 11, 2008 11:08 am

I'd also suggest you be willing to move in order to take the best offer you can.  If there is a $20 million office in your immediate area, but a $60 million office 100 miles away, I'd be moving. 

Jan 11, 2008 4:14 pm

My advice go with ML, SB, avoid UBS.

 
Smith Barney has the best reputation in terms of training. I am not even looking at AGE.