I am thinking about going Indy. I have been with EDJ for 7 years and I am frustrated with EDJ not willing to do fee based or pay on mortgages and not willing to pay for the business when I retire etc… I have a friend who is in the home office who has told me the average Jones rep only takes 50% of his clients with them. I wanted to know what some of you have experienced? What did you tell clients before hand? If you had anything to do different what would it be? How long do I need to prepare my clients my office etc? I think that I should wait until the first of the year. What does Jones usually do when the replace someone? Any advice???
check out Raymond James Vs. LPL under what’s up with the firms…I’ve posted a lot of info regarding my experience in going indy from the bank channel. You’re on the right track…just do your due diligence, man…and the sooner the better. Ideally, I wish I’d spent at least six months preparing.
It depends on the strength of the relationships with your clients. At 7 yrs, I would think you can probably take 75% or more.
Legally, you shouldn't discuss this with your clients before you make the move.
When you leave the office, depending on size, they will either send a transitional rep into the office or a team from STL will cover the accts until a perm replacement is found. Either way, H/O will begin to contact your clients as soon as they receive the notice that you have left. But by that time you will probably be contacting them yourself.
You should be fine. Start your reseach process now and worry about how many assets will follow you later. Once you find your partner-b/d they will help you identify which customers to contact first. They will also give you a roadmap for how this process works. That will give youthe plan to transition your clients over to your new partner-b/d.
What state are u in? I might have a contact for you. You can pm that info if you like.
If you haven't done so, contact firms like RJFS & LPL and speak with a recruiter about how it works. Both firms have great experience in working with transitioning EDJ reps. Probably 10% of RJFS' indy offices were started by Jones IRs & I'd assume LPL has their fair share of them. Chet Helck, the President of Raymond James Financial (RJFS' parent company) is a former Jones IR and Regional Leader. The recruiters can also have you talk with former EDJ IRs at their firms so you can talk directly with them about their experiences. You might also PM "Zacko" on this site. He's a former IR now with RJFS and freely shares his experiences.
Re retention, as someone said the biggest factor is what sort of relationship you have with your clients. If you know them, they will come. If you're just a name to them, they're less likely to come. From what I've seen at RJFS Jones IRs successfully take almost everybody they wanted to. Most actually use this as an opportunity to cull their book from the small clients.