Did it!
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Glad to read success stories for brokers leaving. My office has been just the opposite. One team with 300mm assets and 2mm production left in early 08. Disaster!! They lost over 50% assets and the team broke up within a year. Their book was mostly inherited from retired FAs and I think that’s one of the reasons it did not go well. Also, many MFs could not be transferred in kind, so problems with the ACATs.
On a side note, FAs that have come from other firms to my office have not done much better. Why do I get the sense that a lot of people left this year while their fee-based numbers were still fairly high? (on a T-12 basis). My BOM brags about his hires but their numbers suck!
Makes sense. I think if all the clients are "your" clients (as opposed to inherited crap), they are more likely to move with you. Those first interactions when when you initially "sell" someone on you and/or your firm tend to be some of the most powerful. If you never have those, you miss the "courtship" routine, when you learn a lot about a client. Thus someone feels more married to the firm than the FA (that is, unless you do an excellent job of developing a relationship after you inherited the account). You can always tell who has great relationships with their clients, because the clients will always say "I'm with B24", not "I'm with Edward Jones, or I'm with Merrill Lynch" or whatever.Glad to read success stories for brokers leaving. My office has been just the opposite. One team with 300mm assets and 2mm production left in early 08. Disaster!! They lost over 50% assets and the team broke up within a year. Their book was mostly inherited from retired FAs and I think that’s one of the reasons it did not go well. Also, many MFs could not be transferred in kind, so problems with the ACATs.
On a side note, FAs that have come from other firms to my office have not done much better. Why do I get the sense that a lot of people left this year while their fee-based numbers were still fairly high? (on a T-12 basis). My BOM brags about his hires but their numbers suck!
Just made the move to Indy as well. So far the response from clients has been excellent. I honestly feel like a tremendous weight has been lifted off my shoulders. Just couldn’t take all the bs and distractions anymore.
I’ll keep you guys posted on my progress but if any of you are thinking of leaping…now is the time!
For those that have left and started … how badly was your productivity hurt?
Consider: Leaving GDC, M3 before you went Leaving GDC, M2 before you went Leaving GDC, M1 before you went New GDC, M1 after you left New GDC, M2 after you left New GDC, M3 after you left[quote=LockEDJ] For those that have left and started … how badly was your productivity hurt?
Consider:
Leaving GDC, M3 before you went
Leaving GDC, M2 before you went
Leaving GDC, M1 before you went
New GDC, M1 after you left
New GDC, M2 after you left
New GDC, M3 after you left
[/quote]
Not bad enough that it wasn’t worth it.
Omar, glad you finally left that poopshoot. You just regained 5 hours a week of your life by not having to dial into all those conference calls.