Should I stay or should i go

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Sep 10, 2007 9:06 pm

Looking for ex EDJ brokers now at LPL.  Want to hear about the transition–what to do, what not to do.  Also, how hard did Jones come after you?  I am 7 years in at EDJ, mid level producer.  I saw the threads on cost basis.  I have moved most IRA’s to fund companies already. What else to consider?

Sep 10, 2007 9:12 pm

[quote=should i go]Looking for ex EDJ brokers now at LPL.  Want to hear about the transition--what to do, what not to do.  Also, how hard did Jones come after you?  I am 7 years in at EDJ, mid level producer.  I saw the threads on cost basis.  I have moved most IRA's to fund companies already. What else to consider? [/quote]

7 years and midlevel?  go.  I doubt they would miss you.

Sep 10, 2007 10:18 pm

One more question for LPL reps–in looking at rates on Insured Cash account, they are much much lower than EJ MMK.  What do you use for MMK at LPL besides ICA?

Sep 11, 2007 10:48 am

OK, so are you a 6 year vet or a 7 year mid level?  Cause on the other post I just answered it said 6 year vet.  Something stinks about your story.

Sep 11, 2007 1:24 pm

Spiff, he's doing the same thing I did when I left...varying the facts a bit to avoid being smoked out.  The truth is somewhere in the vicinity of what he's posting and that's good enough to assess probability of success.  I don't blame him for being wary.  We know for a fact that RLs have lurked and posted here before (Guest1 smoked out by spikedkoolaid) so he's wise in keeping the facts to a minimum and moving them around a bit.

On the money market issue, it's simple to set up direct mmkts with your favorite fund company and link them to your LPL account.  Most that I've looked at are paying 4.6-4.8%, will give you free checks and even pay a small trail.

The biggest thing to consider is keeping a very low profile, while providing top-drawer service to those clients you want to move.  Also, nothing wrong with sandbagging a few tickets if you're very close to the move, but don't start too early or do too much or you'll get smoked out there also.  You might just softpeddle your 2-3 largest prospects until you make the move.

Finally, ask your recruiter for a copy of Bob Fragasso's book about running your own practice and read it ASAP.  There's more information in there than you'll ever get here and your recruiter can swing the $10-12 if he knows you're coming over...

Good luck.

Sep 12, 2007 4:03 pm

I left to much info at my old office.  Take as much as you can...all of it.  Make copies and leave one if they ask for it.  Don't worry about what assets you will take, bring, whatever.  Clients will transfer, a lot at first and then it will slow down to a few a week.  Don't sound needy, but don't sound like you don't need them...a fine line.  I think the first few days, I sounded pretty desperate...calm down..slow down and revel in the life changing decision you made.  Go Forest Go!!!

Learn the LPL system.  I shrugged off the opening client accts training and just the overall system.  Big mistake.  It took me a lot longer to open an acct starting out...which caused for more hrs than necessary.  TELL NO ONE.

Sep 12, 2007 5:40 pm

You might even be able to get access to the web-based fast forward training before you come over...that is very valuable training on opening new accounts, how to handle direct accounts, etc, etc.  Soak it up and hit the ground running.

Sep 14, 2007 5:00 pm

Slow down!

Plan this out!  6 months out--make sure all your clients have in-depth statements.

Buy a laptop!  Get some contact management system you can use like redtail or even outlook.  Great storage of info.

Make sure you get as many folks on account link as you can--this is a great way to pull up current statements after you leave.  It will help if you have everyone's e-mail address.

Get a copy of LPL's New Account form and transfer forms.  Prefill info on those forms.  Keep forms at friend's house along with the laptop.

Understand that Jones has a great way of linking direct business to accounts--it is very simple.  At LPL you will need a seperate outside business account for just about every direct mutual fund and annuity you have.

Delink all your annuities held in a 90,000 account back to the account owner--this is very simple at Jones--it is a one page form.

Get Drunk the night before you resign--you want have time to eat or sleep for the next three months--if you are married--take a good hard look at the spouse--it might be the last time they will be nice to you after the first week.

Use up all your business expense money--buy a bunch of extra stamps 2 to 3 months before you go and everymonth there after.  Remember--half of those belong to Jones when you leave!

Please make sure you have enough money to survive 3 to six months without a income--just in case they get a TRO on you.

ASK LPL for some upfront help--they might just give it to you.  Ask the recruiter to get LPL to pay all transfer fees. 

Move all UTMA mutual fund accounts back to the fund company from the brokerage accounts--this is a easy move on the system--takes about 45 seconds to perform.  This is the reason you have to plan this out several months--if you do this all at once--you can be found out by the GP's.

Trust NO ONE!!!!!!!!!!  Don't tell fellow FA's or Client's.

Be prepared that people you think will come with you will surprise you and the one's you hope to leave behind will track you down.  Jones attorney's have to prove to Jones they can make a kill every so often to prove their worth to the firm.

Good luck--being a Indy is fun and can be profitable.