Ed Jones offices with existing books

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Feb 4, 2010 5:58 pm

Anyone,

Can someone provide some insight on Ed Jones office locations that have existing books? I have heard that there are locations where either the FA has left or is not working out and the clients of that office are inherited by the new FA. This might be completely inaccurate but thought I would see if anyone knew if or how that works.


Feb 4, 2010 6:02 pm

First, you have to be hired by Jones.  Once there, you can ask your Regional Leader about open offices in your area.  He may or may not offer you one.  If you're willing to relocate you can sometimes work with a department in our home office to find out where the opportunities are around the country.  But, it's more like a lottery than an auction on who gets one.  Sometimes you just have to be at the right place at the right time.  

 
You are technically accurate in your statement about the other FA leaving, but there are a lot of other variables that come into play with these situations.  Way to many to hash out here. 
Feb 4, 2010 6:04 pm
Floorlord:

Anyone,Can someone provide some insight on Ed Jones office locations that have existing books? I have heard that there are locations where either the FA has left or is not working out and the clients of that office are inherited by the new FA. This might be completely inaccurate but thought I would see if anyone knew if or how that works.




Yes.

Feb 4, 2010 6:11 pm

Thank Spiff..... So you have to be hired as an FA in a local office and then explore potential opportunities of existing offices? The reason I am asking is that I have been in the business 18 yrs., 9 on the FA side and then went to the dark side for the last 9, and would be starting from zero (with the exception of lots of experience) as an advisor. The thought of having some asset base to start is the appealing part of the opportunity.... I'm pretty sure I can get hired as an FA anywhere so without an initial asset bump, would EJ be the place to start?

Feb 4, 2010 6:57 pm

That's going to be up for debate around here.  It's certainly a great place to get your feet wet again.  The reality at Jones these days is they don't really want anyone starting from zero.  I think it's at least worth a conversation with a local rep.  Feel free to PM me with any question you want to ask before you get to that step. 

 
By dark side do you mean compliance?  Or do you mean non-producing management? 
Feb 4, 2010 7:03 pm

Management..... gave up a great practice to get moved around the country.... have 40% of my comp in restricted stock... watch that stock go down 95%....... and then get downsized, restructured and eliminated because of some idiots decision to lose billions and billions for the firm. Worse mistake of my life to leave production. I will talk to some at EJ and take you up on your offer..... Thanks for the help.

Feb 4, 2010 7:11 pm

gone.... not sure if I grasped what you mean

Feb 4, 2010 7:45 pm

You could get hired as a transfer broker and you might get an open office promised to you.

Feb 4, 2010 8:38 pm
Floorlord:

Anyone,

Can someone provide some insight on Ed Jones office locations that have existing books? I have heard that there are locations where either the FA has left or is not working out and the clients of that office are inherited by the new FA. This might be completely inaccurate but thought I would see if anyone knew if or how that works.



While you're at it, why don't you go to St.Louis and ask Weddle if he's retiring soon. Piker!
Feb 4, 2010 8:53 pm

Geez, give the guy a break...



As Spiff said, if you are willing to relocate, and with your background, you could have a shot at a pretty good open office. Problem is, most big offices that get vacated are competitive situations (i.e. guy left to go to another firm), so you may get to take over a $35mm office, only to see it shrink to $5mm in a 3 months.

Feb 4, 2010 9:17 pm

Any decent sized Edward Jones office (over 15-20 million) will get filled pretty quick.  By the time you hear about it, apply, get hired, trained, it is long gone.  Your best bet is get hired first and hope something happens.  If you are young (20's) you could work in the corporate headquarters for a few years and cherry pick an office when it comes open.  I would go to a bank if I were you if you want assets to start off with.  20 million in A shares will buy you 6 extra months but will not pay the bills, you would still need to work the book and prospect. 

Feb 4, 2010 10:51 pm

Thanks for the input (with the exception of Mr.Blonde). I'm confident I could build another book again , did it once before when I hardly knew anything. Actually sounds appealing at this point. Again, thanks for the much appreciated input.