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Jul 26, 2006 10:10 pm

I finally left jones after too many years.  The day I resigned I was giddy... what a wonderful feeling.  My new office is just accross the street and my boa and I are swamped processing transfers.  We haven't had to do anything but show up at work and ppl have been calling us to please transfer their acct over. 


I went to get the last of my stuff from the jones office and the drone in there was trying to nail me down on why all the lists were printed out.  I must have amnesia from that day cause I don't remember any lists.  The TR used to be in the field but failed and now he moves around the country every two weeks trying to stem the bleeding.  Hoping for a huge office to takeover.  Unless he is related to a GP that will never happen.  I left all the cheap wood awards at the office and told the guy to pry my name off so he could put his on them. 


I spent a few dollars on my new office and all my clients are congratulating me on the step up.  Apparently they notice the fake wood furniture and the tacky metal framed prints at EDJ as junk. 


I am thinking of holding classes for all the local jones guys on how and why to leave jones.  My goal is to get everyone who is successful in my former region to leave. 


What got me to leave EDJ was a 42 gross month and taking 7K home after everything.  When I resigned my RL said if you made more money you wouldn't be leaving.  But I would rather make more money here and take 90% gross instead of the other way around.  The Jones IRs in my region were shocked I left but I have been enlightening them on truth.  I have two IR's ready with target resignation dates.  That makes me feel really good.  Like I am making a difference in someone's life.

Jul 26, 2006 10:32 pm

Congratulations...so who are you using for your B/D?

Jul 26, 2006 11:22 pm
jdexe:

I am thinking of holding classes for all the local jones guys on how and why to leave jones.  My goal is to get everyone who is successful in my former region to leave. 


Congrats on the move.


However, why help the koolaid sippers out and create competition for yourself?  This is a cutthroat business, no reason to expand the field with more former Ed Jones indy reps.

Jul 26, 2006 11:49 pm

If I could find it in the jumble of the search engine I would refer you to my post about comparing leaving Jones to leaving a bad marriage. I felt the weight of the world was lifted from my shoulders.


Free at last. Thank God Almighty I'm free at last!!  And, yes, that is a definite analogy to being a servant and slave to the master.


Congratulations! 

Jul 27, 2006 12:08 am

Actually, I think you are full of it.  Clients don't just call to transfer their accounts over.  I've seen many brokers leave, including VERY productive brokers and the clients don't call them.  It's still a battle, even for them.


Congrats on the move as you feel it is the best thing for your practice.  Just tell it like it is.


Jul 27, 2006 8:14 am

Welcome to the dark side!

Jul 27, 2006 9:05 am
The Judge:

Actually, I think you are full of it.  Clients don't just call to transfer their accounts over.  I've seen many brokers leave, including VERY productive brokers and the clients don't call them.  It's still a battle, even for them.


Congrats on the move as you feel it is the best thing for your practice.  Just tell it like it is.


It does happen, believe it or not.


Jul 27, 2006 10:16 am
Starka:

Welcome to the dark side!



Jul 27, 2006 10:58 am

jdexe


its nice to hear that more and more brokers are leaving the cult...congrats

Jul 27, 2006 12:04 pm
The Judge:

Actually, I think you are full of it.  Clients don't just call to transfer their accounts over.  I've seen many brokers leave, including VERY productive brokers and the clients don't call them.  It's still a battle, even for them.


Congrats on the move as you feel it is the best thing for your practice.  Just tell it like it is.



Actually Judge, we left in October. Had an account come in last week Friday -- whom we DIDN'T send the "invite" to. (best part about going Indy, is it's the Goodknight plan that means investing in yourself)


They said they wanted to transfer, that they weren't getting any help or advice from the EDJ guy who inherited their account. So, as I'm preparing paperwork, I asked -- "so how'd you find us". "Oh," the lady says, "I told the EDJ rep if he didn't tell me how I could find you, I would transfer my account to Merrill Lynch, so he told me the name of your new office."


So it does happen, we are still getting calls, like in the above case where people are saying they aren't getting the help we gave from the EDJ folks.

Jul 27, 2006 12:40 pm
The Judge:

Actually, I think you are full of it.  Clients don't just call to transfer their accounts over.  I've seen many brokers leave, including VERY productive brokers and the clients don't call them.  It's still a battle, even for them.


Congrats on the move as you feel it is the best thing for your practice.  Just tell it like it is.



Actually Judge, you're 100% wrong on that account.  If you've built a relationship with your clients and they see value in working with you then you'll receive a lot of calls from them after leaving.

Jul 27, 2006 2:38 pm
The Judge:

Actually, I think you are full of it.  Clients don't just call to transfer their accounts over.  I've seen many brokers leave, including VERY productive brokers and the clients don't call them.  It's still a battle, even for them.


Congrats on the move as you feel it is the best thing for your practice.  Just tell it like it is.




You may want to rethink your relationship with your clients, if that's how they view the value that you contribute to the relationship.


Jul 27, 2006 4:21 pm
exEJIR:

You may want to rethink your relationship with your clients, if that's how they view the value that you contribute to the relationship.


Isn't it funny how many Jones IR's think value can ONLY be added to a client/advisor relationship IF the advisor works for Jones?

Jul 27, 2006 5:41 pm

You people are too much.  The point I was making is that the FA must make the call to the client, after the transfer paperwork has been sent out.  Yes, many of them will return your call and send back the paperwork.  However, most clients will not "seek you out" if you have not attempted to contact them and informed them of your status. 


Oh yeah- grandma, grandpa, and your other relatives don't count.

Jul 27, 2006 6:00 pm
The Judge:

You people are too much.  The point I was making is that the FA must make the call to the client, after the transfer paperwork has been sent out.  Yes, many of them will return your call and send back the paperwork.  However, most clients will not "seek you out" if you have not attempted to contact them and informed them of your status. 


Oh yeah- grandma, grandpa, and your other relatives don't count.



Come on now Judge, once the announcement letter is received by your clients you might be suprised how many will contact you first.  It always amazes me how the Jones guys tell everyone what to expect. With all due respect, how the hell do you know?  We are the ones that experienced it and those of us with solid client relationships have found the client response to be overwhelmingly positive.


It is nothing more than the bull$hit that the GPs lead you to believe.  I remember my RL (GP) telling us at a regional meeting that the "all time record" for a Jones defectee was taking 50% of his assets.  That was about the final straw for me, just another bold lie that the newbies in the room believed.


Jul 27, 2006 7:30 pm
The Judge:

You people are too much.  The point I was making is that the FA must make the call to the client, after the transfer paperwork has been sent out. 


I can appreciate your zealousness, really I can.


The only contact with a client an IR can make after a transition (due to that little DNC clause the IRs sign) is the "tombstone" letter, and the phone call saying, "Hi - did you get my letter?"


Arbitrarily sending out transfer paperwork would be construed as a direct solicitation -- which is against the rules & can result in legal action.


Transition, is a dance. There are rules, steps to follow. While you want to hold on to as much business as you can, risking legal action and your reputation is not worth it.   

Jul 27, 2006 7:40 pm
Gone Indy:
The Judge:

You people are too much.  The point I was making is that the FA must make the call to the client, after the transfer paperwork has been sent out.  Yes, many of them will return your call and send back the paperwork.  However, most clients will not "seek you out" if you have not attempted to contact them and informed them of your status. 


Oh yeah- grandma, grandpa, and your other relatives don't count.



Come on now Judge, once the announcement letter is received by your clients you might be suprised how many will contact you first.  It always amazes me how the Jones guys tell everyone what to expect. With all due respect, how the hell do you know?  We are the ones that experienced it and those of us with solid client relationships have found the client response to be overwhelmingly positive.


It is nothing more than the bull$hit that the GPs lead you to believe.  I remember my RL (GP) telling us at a regional meeting that the "all time record" for a Jones defectee was taking 50% of his assets.  That was about the final straw for me, just another bold lie that the newbies in the room believed.




I KNOW we weren't in the same Region, so apparently, GP's are 'coached' into saying this.... or maybe they really are implanted with a chip in their brain... it tells them to repeat the same stories ... all the way to the bank

Jul 27, 2006 8:11 pm

In general, non-compete's and TRO's have very little teeth.  Even less these days as the courts have ruled that the same firms that file these restraints, encourage their new recruits to do the same thing (i.e. solicit former clients). After all, that is why they were recruited. Brokers that leave have account/transfer forms mailed out the day they leave, usually for Saturday delivery. What can get the rep in trouble is taking the original documents from the firm. 


I have no affilliation with EDJ, nor have I ever.  I rarely come across them as far as competing for a new account.  For whatever reason, it seems like they are a bit on the evangelical side with regard to the investment business.  Either they think EDJ is the best thing since sliced bread, or they have left and feel scorned at the whole experience.

Jul 27, 2006 8:20 pm

The Judge-



Admit you were backstepping a bit from your original post. You argument/

point is very weak.

Jul 27, 2006 9:27 pm

Judge, it's true that non-competes have little effectiveness these days, but that's not the point.  The firm losing the broker might know that they'll lose in arbitration, but if they can get the departing broker hung up for even the first few days it can make the difference between success and failure (or at least much more difficult).