Why is the attrition so high at EDJ?
Because they give people the chance at this profession that other firms won’t. It’s noble to want to do this job but when this truly isn’t your calling you probably stand a greater chance of failing. Also many good advisors find that after a few years they can make more if they go indy. There is a vulnerable point at about years three to five.
I don’t think the attrition is higher at Jones. It’s probably about the same, all things considered.However, it's an interesting question. You can't really compare every firm and every situation. You really have to ask - what's the "new/new" attrition at each firm (meaning new to the business and not taking over a book/office/partnering, etc.). Some firms probably hire more people onto teams, or from other firms - so the attrition will naturally be lower (they're not going to fail out). Then, many firms lose a lot of advisors who simply leave to take a check - not necessarily because of the firm. Some firms (such as Jones) lose people that outgrow their model - either want to be part of a team, go indy, grow their practice upstream, whatever. And firms like Jones don't get many producing transfer brokers, they like to hire and grow them. Most wirehouses buy producers from other firms. Not good or bad, just different ways of doing business. There are so many variable to the "attrition" number, that it's almost not worth looking at. If you are new to the business, you have to determine "what are MY chances of success at this firm versus that firm", all things considered (location, competition, network, demographics, etc.). Different mdoels work better in different areas. Why Merrill lost a team of 4 advisors from the Phoenix office has no bearing on whether you will be successful at Merrill in Chicago. Also, at Jones, attrition is higher in more concentrated areas (i.e. St. Louis) where there are many more offices, and many of the new FA's have "fall back" plans such as going to corporate. AND, there are so many offices you are competing with. In my area, attrition mostly happens with people that have not even made it to an office yet. Most people that have an office end up staying, adn even the one's that do leave are usually the real marginal producers, and end up leaving the industry altogether. We have very few offices in my state, so we don't compete.
I guess I do a good job of masking it. Grew up in the Boston 'burbs, but I've moved around a lot since (primarily in the N'East).When you see "NorEaster too", do you mean Northeast U.S., or New England? Cuz New England IS the Northeast, and everything else is just, well, the rest of the U.S. To me, the "Mid-Atlantic" region starts somewhere just south of Fairfield County, and the "Mid-West" starts somewhere around Albany.
B24…Northeast is the New England States from the Canuck. Everything else is the Rest of the States.
Amen brother!And as a little tip-o-the-cap, I DID spend a few years North of the Border back in the early 90's. M5G 2L2. Yonge & Dundas.
B24…Ohio ( the rest of the States ) the Exception Rule to the States is California ( La La Land ) and in Canada , British Columbia ( Lotus Land ). Those mountian ranges are more than just a physical barrier.