Currently with EDJ, met with Wells Fargo Advisors recruiter last week
My question is for those with WFA currently (especially if there are any ex jones guys). What are the positives of your firm? What things do you wish you had known before you joined? I'm 4 years out all with Jones and have been very happy so far, but a recent change in firm policy has me at least considering a move.
I know quite a few over at WFA. It is a great firm, but the good seats are taken. Unless the change at Ed Jones is a complete deal killer, you should stay where you are at. If you've made it this far, four years, means you are making it, and the next several years should really pay off.
If I may ask, what is changing so drastically?
I left EJs two years ago and have to say it was the best thing I ever did. Depending on what you are looking for I will share my thoughts. The number one asset you have are your clients. EJs feels those clients are theirs, not yours. I am with RJFS and have a letter from them stating my clients are mine, and should I leave they will not solicit them unless they are still with RJFS after 6 mos and I have not contacted them. The other thing is payout. I ahve a 90/10 split with me covering all my expenses. At first I was a little scared of this but, after two years I can tell you, having total control over your overhead is a good thing. I also believe the Jones model is unsustainable because it is too expensive, both from a top heavy, heavy handed bureaucracy at the home office and the control they exert over so many individual offices. Their structure is becoming like the federal government requiring more and more taxes to support itself. Our business is based on your personal ability to gather assets, period. EJs brings nothing better, or worse, than any other firm to the table. Your book of business is your personal greatest asset and you need to retain control over it and your business. The EJs franchise does not allow for that and when, someday, you decide to retire, they will control that too. Wouldn't you like to market your book, or hand it off to a child when that time comes? Anyway, those are my thoughts.
It's not a monthly requirement issue, I've been exceeding my whole career. It's a product restriction issue. I've not had any problems with most of the restrictions they have because alot of the products we can't offer are often missold and used inappropriately with clients. The recent change however I disagree with and will probably have a material impact on my business. I have a couple of friends at RJ that have seem to have been happy, havn't really had serious discussion with them about moving though.
I am guessing you’re referring to the preferred stock policy change, seems they are limiting which ones you can sell. Of all the fucked up things jones does, that’s what pisses you off?
Are you looking at finet or just WFA pcg? Finet has the 300k gdc minimum, but you would be Indy, and they offer the largest singing bonus by far of the indies that I have seen. PCG has a reduced payout on the first 10k gross mthly, but other than that, is probably the best of the wires.
PCG stands for Partial Commission Group. They change payout every year to the benefit of the bank. Go FINET or RJ