Chase Bank vs. EJ

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May 17, 2008 8:02 pm

I currently work for a firm stuck in a time warp from the 1970s and I’m sure you know which one it might be.  Blue hairs unite for coffee ad tax-free bonds!  I passed all regulatory exams with them and have been selling for a year. 
Recently, I was approached by one of my former colleagues that defected for Chase.  He likes it there, good office environment and a quicker way to grow his business (600k in new assets a month - according to him).  I don’t have a great level of experience, but I will do about 100k in gross in basically my first year at Jones.  My ultimate goal is to go independent in 7-8 years.  Where I work while bringing in the assets isn’t really important to me.  I would go from a 40% payout to 30% and I would have to deal with training cost payback, though I have talked to others that have not had to pay it back. 
I know some may say I’m thinking of pulling he plug too quick, but I am de-brainwashing myself and have had enough of the communist propaganda.  Do I just put my head down and keep working for an urban Edward Jones location surrounded by millions of other brokers or do I go into whatever environment it takes for me to build my business since doorknocking is last on my business building agenda?
One of the last straws for me was working hard to put together a seminar recently, bringing a good number of prospects and then the “live” part of the Jones seminar was embarrassing to my reputation and many clients and prospects voiced their disgust and being talked down to for half an hour by Penny Pennington and other “financial health” experts.

Please help, I fell like I am thinking of building a raft to escape Cuba for safe refuge in Miami. 

Signed–Feeling trapped and too new in the business to have many options

May 17, 2008 8:30 pm

Don’t bother going to another place that is not independent.  I would love to have a junior advisor to hand business to.  Find an independent shop with a good group of people and never worry about payback charges, gettign sued for stealing clients, etc…  If you have the slightest inclination you want to be a planner vs. a stock broker, go to a good shop.  The only name that matters is yours, don’t worry about the EDJ name or anyone elses.  Those names actually hurt you more in the long run with people who have money and brains.

May 17, 2008 10:51 pm

as an example, however, if you leave in month 13 they will bill you 75K per your contract