Advise Needed-EDJ office open
Here’s my situation… An office came open that is mine if I want it. It currently has somewhere in the neighboorhood of 30-40 million in AUM. The person telling me about this opening said that a portion of those assets will go to another office, but the rest would be mine. It’s about a 3 1/2 hour drive from where I currently live. It’s a very small town with nothing close (ie closest major airpoirt is 4 plus hours away). From a BUSINESS stand point is this the kind of opp worth selling a house and moving for? Keep in mind I grew up in the town I’m in now and I was planning on using my reputation to build my business. My wife and I will look at it from the other sides, but I would really be interested in what you guys have to say.
Where are you in your career right now?
Are there other offices in that town – other brokers who might take more of that 30 mill than they are leading you to believe?
What type of clients are they? What would the mutual fund trails be?
Would you like to live there and raise a family there?
Definitely worth investigating.
I see from another post you just passed the 7. … Unless the town is a hellhole I would lean yes myself. But if I was a young man I would lean to staying in my town.
Why did the office come open? Is it a competitive situation, i.e., did the Joneser leave to go indy or to another firm?
If it is a competitive situation, you could end up with very little. Heck, you could still end up with very little if it's not a competitive situation if there's even only one other Jones office in town--regardless of what the home office says you'll retain.RK,
Consider what the posts above have said (especially Borker). You REALLY need to know the deal here. But let me offer you this idea…I have done this in a previous career when I was not sure if I was making the right decision (thought the opportunity I was taking might not be what it was on the surface)…
Try renting a cheap apartment for 6 months in the new area. Keep your wife in the old town for the time being (don’t quit her job). Make up some reason that she can’t move yet (contract, family reasons, whatever). It will take you literally weeks (or less) to figure out if you made a mistake. Remember, despite people’s best intentions, a lot of assets may leave, or you may just not “fit in” in the new area. I don’t know your personal situation (or who is sponsoring your 7 right now), but this at least prevents the “colossal mistake.”
I would definitely do what B24 is saying… It could be all bonds, with 10-15 left until maturity, then you have 10-15million of nothing(because I am guessing if the former broker left to go somewhere else, he has planned it out and will take at least half(if he wants) and leave the dead assets.
But if you don’t take the office they may not offer you another office(happened in my region)
RiverKing, it seems like you really have a ton of business contacts where you are now. If you or your family wouldn’t be as happy in the new town I’d stay where you are and work the contacts like you’ve been planning on doing. In a few years you could be to those numbers any way, and you won’t have to worry about whether or not your family is happy with the town. Just my 2 cents…
Well the wife and I decided to stay put. The more I find out about the other office the less I liked it. Today was doorknocking day number 1 for me and I’ve got to think things will get a lot worse because I came home with a smile on my face and what I feel like are quality contacts. Ofcourse time will tell if those will turn into customers but today was a good day. I’ve got to work on the 66 the rest of the next two weeks, but I think I will door knock one or two more days before KYC.
Please, if you ever write anything be sure to learn the difference between “advice” and “advise.”
Good luck building the practice. I would think that a new voice would be a welcome voice in today's environment. There's not an advisor out there with a book that is not filled with names that are telling their spouse--with agreement from them--"If we get a chance to change advisors I think we should. It's not that he's not a nice guy, but we're talking about our money here." It's been twenty years since the mini crash of 1987. The tech bubble was so obscene that only the true dumb masses got caught by it. So, it's possible to have been in the business and never having to deal with worried clients. Today they're more than worried--they're "talking to a lawyer" pissed off. It will take a few weeks for the law suits to start--but if you see a marshall show up at your front door don't admit who you are. It will buy you a day or two, but it won't go away. Those people who are suing are also looking for a new face to advise them. Just remember, they sued their last advisor.[quote=Provocative Put]Please, if you ever write anything be sure to learn the difference between “advice” and “advise.”
[/quote] Please feel blessed if that's my only spelling mistake. I'm a terrible speller, and I don't proof read well. Since, I use public computers when I post now I don't download the spell check app. I agree with everything else you said.[quote=River_King][quote=Provocative Put]Please, if you ever write anything be sure to learn the difference between “advice” and “advise.”
[/quote] Please feel blessed if that's my only spelling mistake. I'm a terrible speller, and I don't proof read well. Since, I use public computers when I post now I don't download the spell check app. I agree with everything else you said.[/quote] Spell checkers cannot catch using the wrong word if the wrong word is spelled correctly.RK,
What were the things that you didn't like about the existing office? Remember, at Jones there is no limit to doing business only in the town in which your office is located. If you decided to move, you could still conduct business in your hometown too.I would do it.
[quote=exEJIR]RK,
What were the things that you didn't like about the existing office? Remember, at Jones there is no limit to doing business only in the town in which your office is located. If you decided to move, you could still conduct business in your hometown too. [/quote] The rep left Jones to go work for another broker. I'm willing to bet most of his clients that are worth anything will go with him. The town isn't a place my wife or I want to live. After looking into the situation more, it just wasn't the right fit for me.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/advise-needed-edj-office-open