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Jun 23, 2010 8:21 pm

I plan to leave in 5 months.  I believe this will give me enough time to get everything organized.  I will attempt to move 15-17MM.  I plan to go Indy.  I would appreciate any advice from FAs who left Jones and what you did to prepare and what you wish you would have done.  Thanks.

Jun 23, 2010 10:01 pm

I'll need your FA # first....

Jun 24, 2010 8:49 am

Where do you plan on going to?

Jun 28, 2010 9:19 am

[quote=breaking news]

I plan to leave in 5 months.  I believe this will give me enough time to get everything organized.  I will attempt to move 15-17MM.  I plan to go Indy.  I would appreciate any advice from FAs who left Jones and what you did to prepare and what you wish you would have done.  Thanks.

[/quote]

#1) Start calling your clients--often!

#2) Discontinue any mailouts bearing the firm's branding (Investment Perspective, etc.)

#3) Distance yourself from the firm.  (I wish we could offer "x investment")

#4) Distance yourself from the firm. ("Mr./Mrs. Client, I no longer use the Edward Jones research as my primary tool for keeping up with the markets, instead I have to use x & y.  This is why...........")

#5) Let your "A' clients know that you are disgruntled with conditions at Jones.  I would not go any further than that.  You do not want to solicit clients to a firm where you are not registrered!

I can assure you that the contract that you signed is heavily weighted in Jones' favor.  Even if you have been planning it for years it will seem sudden to most of your clients.  They will want to know "what happened".  If you get a typical replacement in your office he/she will be more than happy to insinuate what happened..  Do your best to insulate yourself against that!

Jun 28, 2010 12:06 pm

good stuff from spam.

If you have a good track record with the client, expound on it. Go over how you have outperformed the benchmark, and why it was your decision making - your independent thought - that led to the client making X dollars in the last year. Emphasis your analysis, as distanced from EDJ.

Jun 28, 2010 12:06 pm

good stuff from spam.

If you have a good track record with the client, expound on it. Go over how you have outperformed the benchmark, and why it was your decision making - your independent thought - that led to the client making X dollars in the last year. Emphasis your analysis, as distanced from EDJ.

Jun 28, 2010 12:31 pm

[/quote]

#1) Start calling your clients--often!

#2) Discontinue any mailouts bearing the firm's branding (Investment Perspective, etc.)

#3) Distance yourself from the firm.  (I wish we could offer "x investment")

#4) Distance yourself from the firm. ("Mr./Mrs. Client, I no longer use the Edward Jones research as my primary tool for keeping up with the markets, instead I have to use x & y.  This is why...........")

#5) Let your "A' clients know that you are disgruntled with conditions at Jones.  I would not go any further than that.  You do not want to solicit clients to a firm where you are not registrered!

I can assure you that the contract that you signed is heavily weighted in Jones' favor.  Even if you have been planning it for years it will seem sudden to most of your clients.  They will want to know "what happened".  If you get a typical replacement in your office he/she will be more than happy to insinuate what happened..  Do your best to insulate yourself against that!

[/quote]

Very good but I would add:

1. Make sure your "best" clients have your mobile number "just in case anything happens"

2. Consult a good attorney to review your non solicit and define a legal path to what you can and cannot do once you resign

3. Consider using a 3rd party recruiter to help you conduct your search in confidence and find a b/d that is the best fit for your business model and goals

4. Prepare, prepare, prepare for the move and have a plan to execute. Your new affiliating b/d should have a flowchart with a timeline of all the steps you need to take.

Leaving Jones can be a great experience in that you will find out who your committed clients really are. Sometimes they aren't who you think. And, the good news is that you can leave the PITAs behind.

Jun 28, 2010 7:44 pm

If you are going with only 15mm on the books, you might want to consider doing a WHOLE bunch of reviews over the next couple of months.  That is not a huge amount to start with!

Jun 28, 2010 9:40 pm

I just can't see the wisdom of anyone leaving until they have at least $30mm AUC.

Jul 2, 2010 1:21 pm

I would have to agree with Advisor238.  You will probably make 1 percent on assets so you are grossing $150,000 off of current assets.  Your office expenses will run 70 and net around 50 after expenses after 20 in clearing.  RayJay wants $250 gross to get your own branch.  Look at hooking up with another independent branch and work out a deal with them.  Otherwise, get your assets and production up to a decent level before you move.

IndyEDJ

Jul 2, 2010 3:29 pm

Go RIA.  Then you don't have to worry about RJ or any of that other crap.

Jul 2, 2010 9:13 pm

Thanks for the advise.  Wondering is it typical to have more or less the first year indy than your previous trailing 12 at Jones?

Jul 4, 2010 2:10 am

 $150,000 in annual gross is plenty, if you're careful about the firm you're looking at.

It would help if you knew exactly where the assets were, and whether they can transfer in-kind to your prospective new firm.  That's not a problem if they're leading mutual fund companies, but more difficult if they're stuck in proprietary offerings at Jones, assuming there are any.

You need to be careful not to say or do anything that is overtly clear to your clients that you're moving, and that you want them to come with you, until you actually pull the trigger.  Not a single word.  But that still leaves you with a lot that you can do.

Good luck.

Jul 4, 2010 9:07 am

You might want to wait, though.  15mm is tough, especially if you are getting a payout to move and have requirements you need to hit.  I agree...30mm is about the minimum I would consider.

Jul 6, 2010 9:18 am
Bodysurf:

 $150,000 in annual gross is plenty, if you're careful about the firm you're looking at.

It would help if you knew exactly where the assets were, and whether they can transfer in-kind to your prospective new firm.  That's not a problem if they're leading mutual fund companies, but more difficult if they're stuck in proprietary offerings at Jones, assuming there are any.

You need to be careful not to say or do anything that is overtly clear to your clients that you're moving, and that you want them to come with you, until you actually pull the trigger.  Not a single word.  But that still leaves you with a lot that you can do.

Good luck.

There are no proprietary products at Jones, at all. Unless you include American Funds....

Jul 7, 2010 2:51 am

I would really prepare for the paperwork and ACAT's etc... Get familiar with transfer paperwork and policies from mutual funds, ins co's etc. Whether they will take a fax, scanned documents etc.. Make up sample copies of the paperwork and keep it organized. When you leave you'll be going 100mph with phone calls, meetings etc and it is nice to have all of the paperwork primed and ready to go for when you leave. It's just one more thing off your plate. In addition it doesn't raise any red flags

Jul 12, 2010 12:25 pm

The longer you "plan" the easier it is to betray yourself, be careful... The advice you're getting here is solid. At AUM of only 15-17m, you'd be best off going independent, but you'll need to find some sort of partnership arrangement. That shouldn't be too hard. Whether you are joining a team, or there to share expenses, you should have plenty of opportunities.

Avoid legal trouble! Don't do anything STUPID, or anything that is even in the grey area, as it could backfire upon you. I've been embroiled with Arbitration since going indy back in 2009. Not fun at all, though apparently we were going to be pursued regardless.

Jones is exactly the kind of place that would prepare you well for being independent, so that helps you.

I'd suggest you take some of this good advice you're getting, and get on it quickly, and as soon as you find a really good match, get out of Dodge.

Jul 19, 2010 6:24 pm

It's time to narrow down where you're going to go.  You're new firm should have a good team in place that will help you through that process.  If they don't... they're not the right broker dealer for you.  Transition is key and losing 15-20% of your clients or more with the wrong transition team won't help you regardless of any offer. 

Jones is a great broker dealer, especially in your first 5 years with them.  Don't let upfront checks and a higher payout move you two steps back. 

Aug 4, 2010 4:25 pm

[quote=B24][quote=Bodysurf]

[/quote] There are no proprietary products at Jones, at all. Unless you include American Funds.... :)[/quote]

Advisory Solutions is Proprietory!

Aug 4, 2010 4:43 pm

The platform is, the investments are not.  There aren't EDJ branded investments.  Nothing proprietary about Advisory other than the process.