Which Firm..a few questions

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Aug 12, 2014 10:56 pm

Hello Everybody..

So Im 39..Ive been in IT for 20 years..majority of that at the same company..and Im lets just say a senior level manager who runs the show.

A few months ago I had one of those moments(an accident) in life that made me go  what the hell am I doing with my life..I was miseraable..and wanted to do what Ive always loved more than IT..be a financial advisor and eventually a CFP.  Its something that those that know me, Im very good at...investing and planning...

So here I sit...I quit my job, took the summer off to think.....finished a CFP course I started last year.....and have finally just started applying to firms to be a FA..

I first applied to Edward Jones.  I know some people on here hate them for some reason..but so far so good..and Im at the last stage of the interview process.  Can anybody give me any real insight on this firm.? Those that I know who use them for retirement planning love them.

I next applied to UBS.  My last CFP instructor was from there and I like what he had to say.  Any insight or advice about this firm?

And paddy last is Wells Fargo Advisors..Ive used them for years to manage IRA accounts and like the quality of service..the software is awful..but I like them.  Any real insight on this company?  Advice?

Any advice at all is welcome. 



Sep 16, 2014 3:57 pm

I don’t know why no one has replied but I will do my best. First, the CFP isn’t all that great. It looks good to people in the field but honestly many clients have no idea what it is. Experience (years in the business) is far more important to clients then those letters after my name.

Ed Jones is “ok” for someone that sort of wants to be an independent. Most people on here don’t like them because it is an unusually situation. You work almost just like and independent but don’t get all the benefits (own your book and payout is lower). On the other side, you have great name branding and helps not to have to explain what you do when you hand someone a business card.

UBS and Wells are the same. You are in a wire house and it is no different than any other wire house. Payouts are different a little but honestly they are all the same.

If I were you, I would actually be looking to partner with an independent rep that will sell you their book when they walk. You would have all the control in tech (which you obviously have expertise in) and you could decide how much to pay yourself and how much to put into your company.

Good luck!

Sep 20, 2014 3:05 pm

In short, be wary of companies that advertise continually. Some of the companies listed above are continually on indeed/monster. That should be a “giant” red flag…lots of turnover.