Where is the best firm to go from a bank?

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Jul 1, 2005 5:25 pm

I am a producer at a large mid-western bank and think I have reached an impasse with my sales manager. I have not been crazy about the lack of support brokerage gets from the retail division here anyway. I am not saying Jones is where I think I will land, but I like their layout, with every IR getting their own office. I tend to rely on myself anyway.


Does anyone have any advice to offer about the switch, or better yet which firm to switch to?


Thanks

Jul 1, 2005 7:57 pm

Lots of ex bank brokers at jones. Some do well other fail miserably.  It really depends on you and the relationship you have built with your clients.  Are they the banks clients or are they yours.


If they are yours, run from jones and go indy.  I was amazed at how many of my clients respected and admired me going out on my own.  If your book is big enough and you can take enough assets go indy.  If not you will probably be starting over at jones anyway.  Then in 3-5 years you can probably build enough of a business to leave that he!! hole and go indy.


If indy is not the goal, dont go to Jones. Consider any other firm.  But Jones is not place to retire from unless you are a General Partner.

Jul 1, 2005 9:40 pm

As most of us bank produces do, I enjoy a mix of clients, some mine, some belonging to the institution. I dont have enough clients to go indy right now, that would be the goal, but I would say I am 5 years away if I switch by the end of this to a broker, because I would be starting over essentially.


I am not very familiar with any broker outside of banks, why the widespread disdain for Jones?

Jul 1, 2005 9:58 pm

Edward D. Jones & Co. has worked hard and long to achieve the level of disdain that it now enjoys.

Jul 1, 2005 10:15 pm
Starka:

Edward D. Jones & Co. has worked hard and long to achieve the level of disdain that it now enjoys.


Would you perhaps be able to go into greater detail or suggest another firm to consider working with?

Jul 1, 2005 10:37 pm

You might consider Raymond James.  They have an employee and semi-independent platform and I understand that you can migrate to Indy at the same firm.  LPL is a great indy firm, but you can't start there as an employee or semi-independent.


Edward Jones is very limited in what you can offer cllients and although there is an independent feel, you're still working for the fat cat GPs at the top.  Their technology is horrible also...what else do you want to know about them?


FYI, I am a bank broker looking at Indy at either RJ or LPL...they are both very impressive firms and would be a huge improvement over EdJones or your bank in my opinion.

Jul 7, 2005 12:58 am
Starka:

Edward D. Jones & Co. has worked hard and long to achieve the level of disdain that it now enjoys.


I'm crackin' up over here. 

Jul 7, 2005 9:10 am

leaving a bank to go to brokerage? Your best bet is at merrill lynch...oh and

plan to leave 70% of your book behind. Hopefully, the remaining 30% will

more than compensate you in new assets.



If you were already at a brokerage firm then I'd consider independent.

Jul 7, 2005 8:46 pm

If you strive to be the best and expect the best resources, go to Merrill Lynch.

Jul 7, 2005 8:52 pm
skeedaddy:

leaving a bank to go to brokerage? Your best bet is at merrill lynch...oh and

plan to leave 70% of your book behind. Hopefully, the remaining 30% will

more than compensate you in new assets.



If you were already at a brokerage firm then I'd consider independent.





Good post.  I think the 70/30 is accurate for good advisors that
have some time in a bank and with clients.  YOU WILL FIND a pile
of more money from those clients that come.

Jul 7, 2005 9:36 pm
rightway:
skeedaddy:

leaving a bank to go to brokerage? Your best bet is at merrill lynch...oh and
plan to leave 70% of your book behind. Hopefully, the remaining 30% will
more than compensate you in new assets.

If you were already at a brokerage firm then I'd consider independent.



Good post.  I think the 70/30 is accurate for good advisors that have some time in a bank and with clients.  YOU WILL FIND a pile of more money from those clients that come.


So I guess the ones I keep would really be my clients and the power of Merrill and myself will bring ALL the money from the rest?

Jul 7, 2005 10:25 pm

Lots of people told me this would happen, and I did not believe
them.  They were right on.  I found the transition just
uncovered more assets, referrals, and opportunities.  The tools ML
has, when used properly, is the "power".  The name can have a
negative effect as much as a positive one.  I would warn you,
though, the bank is an easy place to build quickly.  I would get
an asset base of at least 80 million before moving.    

Jul 10, 2005 12:09 pm

an odd thing-- but I was a bank broker and went into branch management
instead.  coming from investment land, I have to say, bank
employees don't know $hit about marketing.  too soon to say, but
we should do fabulously well in sales over the next year.