EDJ to Indy---Are you really happy
I have several friends who left and went Indy and or to a bank platform. They all talk about how happy they are. Everyone, (which is only 6), make more money, sound happier. I sometimes think they don’t want anyone to think they made a mistake with the transition. I mean, how can you be happy not hearing Protective discuss its annuities for the 23rd time at the regional meetings. Just wanting to discuss something…as I’m new. Are you really happy not paying for 24 car garage for Weed dle.
It was the best move I could have ever possibly made, and I am just at the beginning.
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Not exactly the comparison you're asking for, but my move was from the bank platform to indy, and I love it. I've been at it 15 months and I have yet to wake up with a feeling of dread, like I often had on Monday mornings when I worked at the bank.
Life is good in my world...even with Nancy Pelosi as speaker of the house...
Lovin It!
Funny stuff, is this what is called a circle jerk?
No, that would be one of your regional meetings.
Agreed but at least I know it, your guys still play here like it’s real.
typo correction your=you
Went from Jones to Indy going on 2 1/2 years now, and am very happy. "Free at last, free at last, thank God Almighty I'm free at last."
No, that would be one of your regional meetings. True statement.
Two plus years for me too... couldn't be happier. I've built my practice the way I want it to be, I've honed my skills and become a really good financial advisor. Jones spent 6 years trying to teach me not to think, and it didn't take me that long to remember how!
O.k. but how many of you indy guys have wives that work full time to provide your family health care benefits at a discount as well as good additional income to subsidize your bad months?
It makes a difference doesn't it.
Having a working spouse with benefits would be VERY helpful. I was at Jones for almost 5 years, and most (not all) of the new guys (ie, did not take over a decent office) slugging it out the first 5 or 6 years had a working spouse to make it economically feasible.
I went Indy about 6 months ago, and am looking into using this company for payroll, benefits, etc.: http://www.mybizoffice.com/Individuals/solutionsforindividua ls.html
From what I've been told by them, LPL will deposit my commission into a bank account, and this company will sweep the account daily. They take a percentage (3% or lower depending on volume), and then treat me as an employee. That means I get a W-2, online payroll processing, no quarterly filing, the ability to max out a Fidelity 401K (up to $44K), immediate tax deductions for qualified expenses, AND Aetna group health insurance. It would make tax time SO much easier.
The health insurance looks like it would run me about $1250/month for 2007 (health and dental for a family of four). That sounds steep, but I was paying over $900/month at Jones, and the coverage is comparable.
This is not a commercial for them. I would love it if anyone has any experiences with them (good or bad).
It looks like a viable option. I’ve been wondering if something like that is available for one stop shop benefits and it seems there is.
[quote=ezmoney]
O.k. but how many of you indy guys have wives that work full time to provide your family health care benefits at a discount as well as good additional income to subsidize your bad months?
It makes a difference doesn't it.
[/quote]It does make a difference, largely a positive one. Then again, she also "helps" me spend the money, as well.
My wife is also self-employed. If your wife isn't pulling her weight, give her the boot. At least the occasional prostitute doesn't need a weekly allowance...unless you need her weekly.
Wow…didn’t mean to shock everyone into silence…everything after “My wife is also self-employed” was said in jest, just in case anyone wondered…
Believe me if it wasn’t for my wife I wouldn’t still be here. We budget, work hard and hope for the best. I won’t take her to the summer regionals anymore. They (vets wives) try to spew teh kool-aid about what a great life they have…money, trips, bonuses…and then my wife looks at me like I’m a big loser! Except they leave out the part about taking over a book of business or started when competition was not what it is today. It helped to have the 80-90’s bull market as Put describes. Totally different today…and not that it can’t be done…but it will definately take a lot longer to do…but that’s okay…my computer system is so slow…My clients and prospects are Puts age…so they’re adapting okay. I sent the BOA out to pump water out of the ground so they could have a drink. Got to go…got a 25$ mf addition to make…talk to you in about 22 minutes.
Just had a drunk stop by with some cash he won in the poker machines across the street. Wanted to invest in Skrainkas top picks…Agreed upon P&G…put the cash in a kleenex box and told him to call me when he wanted to sell. Hope he forgets about it…the kids need some shoes, anyway he did believe me when I said we should buy and hold for many, many years!! Lets see…let me look at my GOALS sheet…4 new accts this week…600 gross…yahoo…well did sell those b shares…so actual payout of 35%-donation I made to the local school of 25$…let see…hmmm…210 net…134 net net…-25 donation …I made a wopping 109. Hold on while I call the wifey…“Yep thats right sweety, 109…109. I know the 1200 mortgage is due…but 109…4 new accts. I made 22 presentations on a great 6% bond today. I know they will buy if they have funds available!” Its the recipe baby!!! Can you tell I’m having a terribly slow month! Just havin fun on EDWARD D JONES CO LLP…,
WAIT...WAIT...HOLD ON. AW SHUCKS! It was someone thinking we did loans in lew of his car title...2nd time this week that's happened. Oh well 109 it is as I blow out the candle on this week...Where is Putsy when you need him!!
I’m cracking up… …very funny
I left Jones 18 months ago and could not br happier. The insurance was just as expensive at Jones as it is now. I still use the “Hamburger” ha ha…
Britany (Ms Spears),
All I can say to your question is does a bear take care of business in the woods?
Also, my wife is self employed but we spend about $450 / mo less on insurance now than when at Jones and I am my own agent so I get some of it back.
PS you are funny
If you would like to have a side-by-side financial comparison, I can do that for you.
You might be surprised!
Give me a call sometime.
If it ever looks like I’ll have to stoop to go to Edward Jones for a job, I’ll give you a call first, Allan.
I just became a member last week, so this is the first time I’ve seen a posting by Mr. Kvetch, which gave me a big smile and brought back long forgotten memories - thank you.I’ll bet most people don’t get the joke. I should have signed on as White Fang or Black Tooth.
My side-by-side financial comparsions are for any BD. I would be happy to assist Philo.
Thanks, Allan, but I’d rather have a sister in a whorehouse than a brother at
GunnAllen.
Best career move I’ve ever made, bar none. Just passed 5 years later, and
never had a single reason to look back.
I never have the Beginning of the month Blues. I am sitting on
$20,000 net every month. It’s great. I love being a
trusted financial advisor.
It has 2 1/2 years since I left EDJ, I never used the company health insurance I had my own policy before I joined and given the cost of health insurance at EDJ I kept my own insurance. EDJ closed my old office because they couldn’t find anyone to replace me. I just wish that no one would join this firm. Maybe Santa will grant my wish. As for being indy it is great. To all the positive comments on this board ditto.
I’m scared as hell to go indy. Why?
[quote=$$$$$]I’m scared as hell to go indy. Why?[/quote]
Because you think like an employee with a J-O-B instead of a business owner?
It’s really not that hard…but don’t tell anyone.
Joe that is a great quote.
You think like an employee with a JOB instead of the mindset of a business owner. Unless one is or has been a business owner they will never get it.
I used to get scared talking to girls, but than I got laid. I imagine its kind of like that.
It has been EIGHT years since I have left the...er...fraternity.
It took me 18 months before I GROSSED more than I did at Jones as a Veteran. My clients were better off from day one.
For Eight years I have heard the ever-dwindling remnants of my Jones compadres, who used to act as my friends, referred to my practice as flawed, and better yet...as a disease. Fewer and fewer......
My clients are much happier. I am much happier. My clients and I are much more informed! Most don't even remember "Edward D. Jones".....
For the Jones brokers today...LEAVE!!
********
[quote=rook4123] I used to get scared talking to girls, but than I got laid. I imagine its kind of like that.
[/quote]
What do I need to do to get over this fear that I'll lose all my clients after moving again (its been 3 years since my 1st move) and my trail & fees will be cut in half. (currently grossing 175k in trails & fees) Remember I'm a bank rep. Also I have a non working spouse and kids.
I do hate working for the bank, but having to prospect for 30% payout. I hate it!
[quote=$$$$$]
What do I need to do to get over this fear that I’ll lose all my clients after moving again (its been 3 years since my 1st move) and my trail & fees will be cut in half. (currently grossing 175k in trails & fees) Remember I’m a bank rep. Also I have a non working spouse and kids.
I do hate working for the bank, but having to prospect for 30% payout. I hate it!
[/quote]Remember that your payout will most likely be DOUBLE.
Considering your gross and the amount of time since you last moved, and as well your family situation, it might be a good idea to consider waiting. Set yourself a goal to make the move in 12-18 months, and use that time to put aside savings, bring in new assets, solidify relationships with your best clients, and plan your "escape". You will need to interview b/d's and determine which one you like, find office space, make arrangements for physical infrastructure like phones, furniture and computer. All of that is more than enough to keep you busy for most of that time. Especially in light of the fact that it will need to be done confidentially on the "side" while keeping up with your day job. Too, it will be easier to tolerate your current situation when you know you're working on a defined plan to make changes.
Read "Starting Your Own Practice" by Robert Fragasso...cover to cover...as soon as possible. This should be required reading for anyone looking to leap from employee to independent. Fragasso went indy years back and is currently affiliated with LPL. If you can't find his book elsewhere, it was available though his website last I looked...
www.fragassogroup.com
...and I'm with Joe...take your time and prepare well...read the book ASAP!
Let me qualify my last post. my recurring fees and trails are approx. 175k. I do about 310k gross for the year.
$$$$$,
Listen to me...you can go independant with that production. Your net may dip a little at first, but even in light of your personal circumstances, it makes sense.
Your Gross won't drop as much as you think, and your NET will drop even less. The "long run numbers" diverge more than you can imagine!
I know Robert Fragasso, although I am not with him. Indyone is right!
Stop being afraid......of success!!! Go for it!!
PM me if you want to talk more...
[quote=illuminati]
$$$$$,
Listen to me...you can go independant with that production. Your net may dip a little at first, but even in light of your personal circumstances, it makes sense.
Your Gross won't drop as much as you think, and your NET will drop even less. The "long run numbers" diverge more than you can imagine!
I know Robert Fragasso, although I am not with him. Indyone is right!
Stop being afraid......of success!!! Go for it!!
PM me if you want to talk more...
[/quote]Agreed. I thought he was saying that his gross production was 175k.
That is bank broker production.
[quote=$$$$$]Let me qualify my last post. my recurring fees and trails are approx. 175k. I do about 310k gross for the year.[/quote]
That's pretty close to my production when I left the bank. It's big enough...get the Fragasso book and start planning ASAP to leave next summer...preferably when your boss is on vacation...
[quote=Indyone]
[quote=$$$$$]Let me qualify my last post. my recurring fees and trails are approx. 175k. I do about 310k gross for the year.[/quote]
That's pretty close to my production when I left the bank. It's big enough...get the Fragasso book and start planning ASAP to leave next summer...preferably when your boss is on vacation...
[/quote].....preferably in Hawaii or Europe....
Thanks guys. I will take it under consideration. However still scared as hell I’m going to arbitration for the upfront money I took and won’t pay back.
[quote=$$$$$]Thanks guys. I will take it under consideration. However still scared as hell I’m going to arbitration for the upfront money I took and won’t pay back.[/quote]
Well how long do you have left on your contract?
4 more years or $90k. It could get ugly. However many ex-BOA brokers are suing or going to arbitration. With as many cases as they are seeing, there could be settlement between now and then.
[quote=$$$$$]4 more years or $90k. It could get ugly. However many ex-BOA brokers are suing or going to arbitration. With as many cases as they are seeing, there could be settlement between now and then.[/quote]
OK...it's time to learn to live on less and put the money back just as hard and fast as you can. That way, you'll have cash ready when it comes to settling. You may have to work out a payment plan for some of it, but your freedom is absolutely worth it.
BTW, what did you do with that fat up-front check? tsk, tsk...
There are firms that will give you (well, "lend you" is the truth) upfront dollars (I hear as high as 85% of t12) which is $250+ M on a $300+ book. x out 90 to pay back the up front and 100 to set up the shop (I don't know where you are so I don't know what rents look like, but don't forget to cover the client's acats fees at $100 per account and a nice office with furniture and computers and phones and all) which should be WAY over the top and you still have working capital of $60,000. How many months can you live on that?
Three years since your last jump? How much of your book came from your last employer? If your book is all bank clients... They will not move with you (I don't think so anyway). Bank customers are much more used to the idea that you are just an employee of the bank and the next drone will fill your seat just as well as you did. It generally takes more than three years to overcome the loyalty to the bank branch.
If, OTOH you got your clients by smiling and dialing, you will have a much better retent rate.
Wait a second... You have 90 grand left on a 7 year note 3 years in. So you got like 150 to join. Depending on the nums in '03 (which generally weren't good) they gave you between 70 and 100% which puts you in the 150 to 225 area. This means that probably much more than half your book is from since you joined the bank...
Unless you brought them into the bank, those are most probably NOT your clients. Let me put it this way. I personally wouldn't bet that you are going to retain 50% of your assets. OTOH, if you can maintain half of your prodo, at a net net of 60% (you'll have to keep a tight lid on you expenses) you'll be even (ish).
Life's too long to be doing something you don't like. Make the move.
Mr. A
Man, five paragraphs into it I would have thought you thunk I was Fu@Ked., and then you turned it around on me. What gives you SOB??
btw, god bless you.
[quote=mranonymous2u]
Life’s too long to be doing something you don’t like. Make the move.
Mr. A
[/quote]That's the key right there. That's why so many of us choose the path of ownership, independence, and freedom!
What about all your insurance. The big ones such as health, disability, life. Do you all carry ST/LT disability?
My family health policy runs less than $300/month, but it only covers the big stuff...$911 per event deductible...80/20 on the next $5K, then 100%. I cover the small stuff out of pocket...cheaper that way.
My short-term disability is my money market account...long term is through the AICPA $5K/month after 180 days for less than $400/year. I also carry $1 mil in term coverage through the AICPA for about $400/year. I tend not to go crazy on insurance...just cover the minimums and hope I never need coverage. The health insurance already paid close to 10K for an outpatient hand surgery last summer...my part was close to $2K.
[quote=Indyone]
My family health policy runs less than $300/month, but it only covers the big stuff…$911 per event deductible…80/20 on the next $5K, then 100%. I cover the small stuff out of pocket…cheaper that way.
My short-term disability is my money market account...long term is through the AICPA $5K/month after 180 days for less than $400/year. I also carry $1 mil in term coverage through the AICPA for about $400/year. I tend not to go crazy on insurance...just cover the minimums and hope I never need coverage. The health insurance already paid close to 10K for an outpatient hand surgery last summer...my part was close to $2K.
[/quote]So you have "over the hill softball injury coverage"?
Seriously, though, have you considered setting up an HSA?
Yeah, thankfully...but I'll be right out there again next year doing foolish things and putting my OTH body at risk. Thankfully, this job can be done from a wheelchair...
I've thought about the HSA and may get to it eventually...was more concerned about funding my solo(K) this year...
What is AICPA? A CPA group I guess huh?
[quote=$$$$$]What is AICPA? A CPA group I guess huh?[/quote]
What was your first clue?
[quote=Indyone]
Yeah, thankfully...but I'll be right out there again next year doing foolish things and putting my OTH body at risk. Thankfully, this job can be done from a wheelchair...
[/quote]
Be careful with those softball injuries. I'm the pitcher on our SP team and have thought seriously about joining a golf league next year instead. Too many line drives up the middle a little to close to comfort for me.
[quote=$$$$$]What is AICPA? A CPA group I guess huh?[/quote]
Yes, that would be the American Institute of CPAs...and yes, you have to be a CPA to join...
I do believe that’s an edge being a CPA and broker indy.
[quote=$$$$$]I do believe that’s an edge being a CPA and broker indy.[/quote]
Maybe you should become a CPA before going indy?
[quote=$$$$$]I do believe that's an edge being a CPA and broker indy.[/quote]
It's working OK for me...I also have a CFP...great combo for instant credibility and gaining trust...
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