Inheriting a book with EJ

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Mar 10, 2014 11:14 am

I'm getting ready to start a career with jones after working with Country Financial.  I'm taking over a 16 million dollar book that has a BOA who I already know well. The guy before started the book and grew it to this size in 4 years.  He wasn't from this area and decided to take a position closer to home. I grew up in the area and am very involved in community already.  I do have a few concerns though. First the area, I'll be working in a small community that has less than 1 billion in liquid assets.  I'll be the only financial advisor within 20miles though.  I'm not sure there is enough potential to grow book enough to meet standards.  Any thoughts and opinions.

Mar 28, 2014 7:01 pm

do the following:

1). remember that they’re not your clients, they belong to edj
2). get to know the biz better
3). earn your cfp pronto even if out of pocket
4) market yourself to prospects and existing clients, NOT edj
5). go independent in 3-4 yrs and take it all with you

Apr 3, 2014 10:41 am

Jones will tell you not to go for your CFP, AAMS, or any other certifications in the beginning. You need to be focused on bringing them their 82% while buying your own pens and trash cans for the office.

Honestly, it doesn’t sound bad location wise, I wouldn’t fret about only having 1.6% market share while being the only financial advisor in a 20 mile span…

May 5, 2014 5:17 pm

Dunno why people scorch Jones so bad. Seems like they’re the only company who didn’t need a bail-out. I’m looking to join EJ, and getting a 10 mil kick down from a buddy who is with the firm.

Still deciding if I might go with Merrill, but the hurdles are insane.

But to answer your question, there might not be enough assets in your area, but what’s stopping you from prospecting the big city closest to you?

BTW… don’t under estimate the old man with the beat up truck who wears the same cloths everyday. You’ll be surprised how much money these guys have.

Good luck

May 12, 2014 8:01 pm

im not scorching edj, just being truthful. they dont want educated advisors… educated advisors ask questions… and then realize that edj is a custodian, training manager for new advisors, and a compliance hindrance. and they charge way too much to jeep the bloated machine going.

just my two cents. i have a ton of friends still there, but last year went indy/hybrid ria and have never looked back.