Benjamin Edwards vs Independant

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yellowrose's picture
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Joined: 2009-08-27

I have been working with another advisor for about a year.  He wants to go independant, I want to got to BFEC.  His argument is the higher payout.  I think the reputation and leverage far outweigh the payout.  And I am not convienced that the payout would end up higher anyways.  Does anyone have any (positive and helpful) comments?  I would like for him to join with me at BFEC.  Since he didn't get to work for AGE, he doesn't know how amazing it was.

Anonymous's picture
Anonymous

Sounds like your friend doesn't care too much about working with you. If you can't crunch the numbers to compare the two options then you're too stupid to go independent. 

Moraen's picture
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Joined: 2009-01-22

I won't be as harsh as Bio - but are you kidding?!The reputation?  Who ever heard of Benjamin Edwards?  The same amount of people who have heard of YellowRose I guess.

B24's picture
B24
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Joined: 2008-07-08

FWIW, I know a few guys that came to EDJ from AGE several years ago.  They said Ben Edwards was a bozo.  He was essentially demoted to branch manager.  Not sure I would want to back that horse.

WarRoom's picture
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Joined: 2009-10-25

Its awesome.  Nuff said!  I'm there and love it.  Went Raymond after AGE sold now back to the family. 
 
Jones boys commenting on other firms is priceless.  It's almost like Ameriprise guys thinking they are advisors.  Funny.

B24's picture
B24
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Joined: 2008-07-08

WR, I was simply stating what I had heard. FWIW, I thought AGE was a great firm.

nestegg's picture
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Joined: 2007-06-14

Curious...what is the payout at BFE? We all know what Indy payouts are what is Tad offerin?

nestegg's picture
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Joined: 2007-06-14

B24 wrote:FWIW, I know a few guys that came to EDJ from AGE several years ago.  They said Ben Edwards was a bozo.  He was essentially demoted to branch manager.  Not sure I would want to back that horse.Ben Edwards...a bozo...have to say that is the first time I have heard those too words together...EVER. The man single handedly built AGE from a small regional firm in the 1960's to a National Firm with over 7000 brokers in the 2000's...he took the company public and was a great great man...may he Rest in Peace!

PremierAdvisor's picture
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Joined: 2009-07-22

He's talking about Ben (Tad) Edwards. He IS a bozo.

nestegg's picture
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Joined: 2007-06-14

PremierAdvisor wrote:He's talking about Ben (Tad) Edwards. He IS a bozo.Depends who you are comparing him too...if comparing to Danny or anyone at Wells...he is a genius!

PremierAdvisor's picture
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Joined: 2009-07-22

ROFL true. I've met them both.

tdude's picture
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Joined: 2009-02-03

PA-I disagree.as I said.opened a firm from scratch. Had a finra license in less than a year. Hired Bill Forest (guy who built a mega AGE office in manhattan bigger than most markets). Opened 4 branches in 3 mos. has another coming on line friday. will have 20 plus branches buy this time next yr. has a back office that works with some of AGE's best people. The first dozen plus guys who have jumped are 600k-1.5mil in production.   Not bad work for a bozo. I certainly couldnt pull that off but Im just a small fish HA!

3rdyrp2's picture
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Joined: 2008-11-13

WarRoom wrote:Its awesome.  Nuff said!  I'm there and love it.  Went Raymond after AGE sold now back to the family. 
 
Jones boys commenting on other firms is priceless.  It's almost like Ameriprise guys thinking they are advisors.  Funny.
 
The company's done a lot in the past year and a half to clean up their act.  No longer do you see a couple dozen 23 year olds making up the majority of an office.  The garbage has been weeded out for the most part.

Squash1's picture
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Joined: 2008-11-19

I think Tad came at the right time.. Some name recognition, pull in some well respected guys from AGE days, when WFA is a mess and people are looking for a firm from back in the day.... Perfect Storm..

mrclutch's picture
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Joined: 2006-09-23

I spent 11 years at wirehouse firms.  I joined a boutique independent firm in January.  I still produce for about 35 HH and I'm also Director of Business Development.  Just wanted to give my background before I explain my thoughts.  I think you go Indy before you go to Ben's new shop.  If you find the right Independent firm, you will have a higher payout and still have the down home boutique feel.  In reality, Ben's new firm is basically an Indy firm in disguise.  They clear through Pershing and repackage their product offerings, as my firm does.  We are about 65 FAs, and have average production in the $300-350k range.  PM me if you would like to learn more.  But once again, I would go Indy before you make that leap.  There is no name recognition with that firm and depending on your production, you will most likely net more in the Indy channel.

B24's picture
B24
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Joined: 2008-07-08

nestegg wrote: B24 wrote:FWIW, I know a few guys that came to EDJ from AGE several years ago.  They said Ben Edwards was a bozo.  He was essentially demoted to branch manager.  Not sure I would want to back that horse.Ben Edwards...a bozo...have to say that is the first time I have heard those too words together...EVER. The man single handedly built AGE from a small regional firm in the 1960's to a National Firm with over 7000 brokers in the 2000's...he took the company public and was a great great man...may he Rest in Peace!
 
Yeah, I was referring to Tad.  Just a slip of the fingers
 
Actually, Ben Edwards had a great reputation.

LockEDJ's picture
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Joined: 2009-07-06

mrclutch wrote:....PM me if you would like to learn more ... 
I'd strongly recommend you spend a couple of minutes talking with this firm.
 
From strictly a financial point of view, mrclutch's firm was far and away the best deal of any indy I spoke with. They are under the radar for now, but I don't think they'll be for very long.

Squash1's picture
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Joined: 2008-11-19

How is this firm set-up as far as offices go? Is it like AG Edwards where they have 6-10 advisors/office or like an indy set up

mrclutch's picture
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Joined: 2006-09-23

Squash, I don't know if you are talking about my firm but we have two channels.  We have pure Indy guys and we have captive branch offices for which we typically build out for 8-12 advisors.  Our exception is in Miami, where we already have 15 FAs and that will probably be a 40 FA office in a couple of years.  That office is unique to our platform b/c it is predominantly NRC business (non-resident clients).  Feel free to PM me and we could setup a time to talk if you want to learn more.  Just got back from a day trip to a major northeastern city where it looks like we could be opening another captive office.  Just opened one in West Palm about 3 weeks ago with 4 former SB FAs.  That office will hold 10 when full.

Anonymous's picture
Anonymous

nestegg wrote:Curious...what is the payout at BFE? We all know what Indy payouts are what is Tad offerin?
 
 
Is BFE like GFE?

tdude's picture
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Joined: 2009-02-03

mlgone...my understanding is 25% to either 8k or 10k and 50% above. No ticket charges and minimum trade to get pd I believe is 50.00? I see they opened another nw office yesterday- Madison, WI   

tdude's picture
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Joined: 2009-02-03

had a chance to visit BFE recently. Impressive what they have accomplished in a short amount of time. Quality people working there. Pershing is working hard to provide support for this endeavor. IMHO this is going to be a very successful enterprise over the next few years. Not only AGE guys but WS and MSSB folks have talking to these folks. No doubt you will see a number of new branches comin on line in the next several months. As far as platform/workstation its commendable and they are working diligently to add to too it as the needs arise. Very responsive to advisor input.

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