Edward Jones opportunity - Retiring advisor 50 million, should I do it?
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Im an independent. Young guy, been at it 4 yrs with 13 million. (approximately 5 million this year…things are really picking up). I’m being recruited by Edward jones and they tell me the advisor has 90 million in AUM and is looking to retire soon. They want someone to come in and manage 50 of it, while the other 40 will get divided up between several other advisors. Should I consider this? How does it work? Anyone out there have any advice? The whole 50 million thing is very attractive.
The minute you sign up with Ed Jones, all your $13 Million in assets you can kiss goodbye. Edward Jones sounds great to clients as a respectful firm. In my opinion, advisors that are there and not have had a taste of REAL independency, dont have a clue of whats out there and how, almost everything out there is better then Edward Jones. The pay is very low, the moment you sign you will have restricted ways to run your practice, you will be limited to the many products and services out there to help clients. You will also be limited to the things that you can do regarding outside business activites. $50 Million sounds like a great opportunity. I think you would be better off getting to the $50 Million as an independent then taking over a $50 Million book of business at Edward Jones.