Leaving Jones for the WACH

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Feb 27, 2007 11:58 pm

Decisions Decisions. I just took over a Jones office, with some aum and in

the same breath, i've been extended an offer by Wachovia PCG. I'm a fairly

new guy (under three years) and I know EDJ will come after me scratchin and

a gougin with that contract. I want to know if it is possible (or if anyone has

ever done it) to leave, especially if you don't give a care about leaving your

clients behind, you just want out because you don't care for the business

model that makes you look like the Maybury "Aww shucks mister" advisor.



What would y'all do?

Feb 28, 2007 12:03 am

i know who you are

Feb 28, 2007 7:00 am
jbarnes:

Decisions Decisions. I just took over a Jones office, with

some aum and in

the same breath, i've been extended an offer by Wachovia PCG. I'm a fairly

new guy (under three years) and I know EDJ will come after me scratchin and

a gougin with that contract. I want to know if it is possible (or if anyone has

ever done it) to leave, especially if you don't give a care about leaving your

clients behind, you just want out because you don't care for the business

model that makes you look like the Maybury "Aww shucks mister" advisor.



What would y'all do?





Why don't you see if Wachovia might lend a hand here?

Feb 28, 2007 7:34 am

If  were you I would stay with Jones for a few years.

Feb 28, 2007 12:09 pm

How much in AUM did you inherit?

Feb 28, 2007 12:41 pm
farotech:

i know who you are


That is a pretty chicken sh*t thing to post.

Feb 28, 2007 7:29 pm
Registered Rep:

How much in AUM did you inherit?


Who cares?  Who wants dead assets?  It takes one heck of alot of 25 bps trails to make a decent living.

Feb 28, 2007 10:41 pm

I don't know exactly what i'm going to do but I'm thinking of playing my

hand with Jones. I do have a brand new office down the road, nobody has

ever been in before, and I have my own administrative support. Not too

shabby for somebody fresh out in the field.



I wish I would have known more before I signed that contract. If I had to

give one piece of advice to any new FA reading this post, don't just jump

at any old offer by the first firm down the pike. If ones calling on you,

there might be somebody else out there, a little beter, willing to give you

a shot as well.



Thanks Guys for the advice.



PS What if the firm I received the offer from offered to help me with legal

representation? Would that change the dynamic of this crappy situation?

Feb 28, 2007 10:52 pm

Jb, could you elaborate more on why you are unhappy? 



jbarnes:

I don't know exactly what i'm going to do but I'm thinking of playing my
hand with Jones. I do have a brand new office down the road, nobody has
ever been in before, and I have my own administrative support. Not too
shabby for somebody fresh out in the field.

I wish I would have known more before I signed that contract. If I had to
give one piece of advice to any new FA reading this post, don't just jump
at any old offer by the first firm down the pike. If ones calling on you,
there might be somebody else out there, a little beter, willing to give you
a shot as well.

Thanks Guys for the advice.

PS What if the firm I received the offer from offered to help me with legal
representation? Would that change the dynamic of this crappy situation?

Feb 28, 2007 11:04 pm

It's not a matter of being unhappy. I'm a very happy person. I will succeed

wherever i'm at merely because I love the job, the work, the meeting people

and quite frankly I don't want to do anything else.



The reason it is even a consideration is because I feel like a better

opportunity for growth, prosperity and success is there. A nice base salary

for 24 mo while I build my business ensures my family doesn't starve in the

beginning.



Im a young dude who just wants to make it past 5 years in the business. I'm

trying to get everything in my favor so my chances are better.

Mar 1, 2007 12:34 am

quit looking for more and take what you have and run with it. step up and be a man not a "young dude".


Men are decisive and take control.


Young dudes look for a better "set up"


We all get breaks and the shaft, sometimes in the same action but you ultimately decide the outcome regardless of where you do your biz.

Mar 1, 2007 3:40 pm

Barnes,


Did

Mar 1, 2007 3:42 pm

Did you already have your 7 and 63 before starting Jones?


If you dont want to be the "Maybury "Aww shucks mister" advisor" and you feel that the Wach offer is better, Step up and Step off.

Mar 1, 2007 10:12 pm
jbarnes:

Decisions Decisions. I just took over a Jones office,

with some aum and in

the same breath, i've been extended an offer by Wachovia PCG. I'm a fairly

new guy (under three years) and I know EDJ will come after me scratchin

and

a gougin with that contract. I want to know if it is possible (or if anyone

has

ever done it) to leave, especially if you don't give a care about leaving

your

clients behind, you just want out because you don't care for the business

model that makes you look like the Maybury "Aww shucks mister" advisor.



What would y'all do?





Barnes, I hate to say it, but much of that "aw shucks" thing is about you,

not the firm. There are plenty of Jones advisors that are well respected

and highly viewed in their community with hundreds of $millions in AUM.

There are also a fair share of advisors that set up lemonade stands at the

supermarket handing out their cards. Only you can decide who you want

to be. If you go to WACH, how are you going to be different than you are

now? If you are going to prospect differently, why not do it now?



I decided from day one that I was not going to be the lemonade stand

guy. You know what, it makes a difference. I'm not trying to keep you at

Jones, I just think once you start the job-hopping thing, you lose

something. Build your book where you are, then make a decision (and

get past your 3 year thing).

Mar 1, 2007 10:54 pm
Broker24:

I'm not trying to keep you at

Jones, I just think once you start the job-hopping thing, you lose

something. Build your book where you are, then make a decision (and

get past your 3 year thing).





Exactly, you go to war with the army you have, not the army you want.
If you can't build up a solid business within  EDJ, then you arent
going to build up a solid business within Wachovia.



EDJ provides you with the platform to do most of what you need/want to
do. Provided you don't want to manage money. Get a stack of AmCen
Livestrong funds and start working.

Mar 2, 2007 2:49 am
AllREIT:
Broker24:

I'm not trying to keep you at
Jones, I just think once you start the job-hopping thing, you lose
something. Build your book where you are, then make a decision (and
get past your 3 year thing).



Exactly, you go to war with the army you have, not the army you want. If you can't build up a solid business within  EDJ, then you arent going to build up a solid business within Wachovia.

EDJ provides you with the platform to do most of what you need/want to do. Provided you don't want to manage money. Get a stack of AmCen Livestrong funds and start working.

Mar 2, 2007 2:52 am
skolbrother:
AllREIT:
Broker24:

I'm not trying to keep you at
Jones, I just think once you start the job-hopping thing, you lose
something. Build your book where you are, then make a decision (and
get past your 3 year thing).



Exactly, you go to war with the army you have, not the army you want. If you can't build up a solid business within  EDJ, then you arent going to build up a solid business within Wachovia.

EDJ provides you with the platform to do most of what you need/want to do. Provided you don't want to manage money. Get a stack of AmCen Livestrong funds and start working.


i think i said the same without the pleasantries. Step up now and learn to be a man. (i am doing you a favor)

Mar 2, 2007 8:43 am
AllREIT:

 

EDJ provides you with the platform to do most of what you need/want to do. Provided you don't want to manage money. Get a stack of AmCen Livestrong funds and start working.



Interesting. How many of you use American Century?


The "target date" concept is very appealing.

Mar 4, 2007 10:40 pm

  I know exactly how you feel.  Since I've opened my office, I have spent $4000 on office furniture, shredders, and other stuff paid out-of-pocket, and I have been in my office for about 8 months.  Now, I don't see me spending that much anymore, but at the same time, EDJ has given out 3 offices in my region w/ $40 million plus in assets to new guys.  Hell yeah, I'm jealous.  Ain't ashamed to admit it.  In fact, anyone who wouldn't look sideways at the EDJ handout happening to everyone else, is a damn fool....or one of the lucky ones.  If WACH called me, offered me assets, or 24 months of pay, I'd sit on my hands and do nothing, get fired and go to WACH.  Man, EDJ hands out offices the way a Moonie hands out flowers.  If you ain't one of them, go join somewhere that you are one of them. 

Mar 5, 2007 7:05 am
Borker Boy:

Interesting. How many of you use American Century?


The "target date" concept is very appealing.





Target date funds, are pretty much the end game for retail investments.They are the miracle one single investment.



AmCen's versions have reasonably low fee's and a nice Lance Armstrong
angle. I'm not sure which fund families offer A-share versions



As a sidearm to a core target date fund I would add a small amount of an x-US and TIPS fund.