Kudos to jbarnes for his/her reply.  As an ex-Joneser, I can state without a doubt that EDJ is the best place to START in this business.  Where is the best place to FINISH in this business?  Well, that’s something that you’ll have to decide for yourself.  For me, it’s INDY!!!

[quote=Go_Pios]"white shoes"  -- My bad![/quote]

The term "white shoes" is slang for an investment firm that caters to ultra-high net worth clients. An example of one such firm would be Goldman Sachs.

Again, I would try to find a position that incorporates everything you've learned and accomplished up to this point. Because you possess both a CPA and JD degree, that puts you in an enviable position, as far as, possessing skills that could benefit your clients. And the only clients that would truly benefit from your skill-set are ultra-high net worth clients. Therefore, I would advise you to apply at those firms that cater specifically to this type of client.

Good luck!

Wow! This has been a fantastic discussion.

In my opinion, EDJ and ML are two totally different animals. I can't imagine a ML office being located in a town with a population of less than 100,000, while I've see EDJ offices in towns of 2,000. The autonomy EDJ allows is what was so attractive to me. I took over an office (very beneficial) and have worked my own hours since day one. If I don't feel like going to the office on a Tuesday, I don't. I frequently use our "remote access" from home, and it is phenomenal.

I think it comes down to whether you want to run your own business in any town in the US, UK or Canada with unlimited earning potential, or work in an office in a medium-sized to large city with unlimited earning potential.

My field trainer is a limited partner and has been with EDJ for approximately 13 years. He consistently nets $300,000 per year in a town of fewer than 9,000 people. I don't know how much money would satisfy you, but I could live very comfortably on that kind of income!

I think the biggest surprise for most folks is that this is a sales job...plain and simple. Although you'll desperately want to be perceived as a financial advisor, you're going to be building trust and selling investments for many years before you'll do much advising. A lot of people get into this industry without realizing that their job is to sell, sell, sell--and they feel like an insurance or car salesman and decide this isn't for them.

Good luck with your decision; they're both great companies.

I suggest that you request to speak with at least two additional people at each of the firms.  One should be someone currently in the training program and the other should be someone recently graduated from the training program.  I did that and the insight to the firms that it provided was invaluable. I am partial to Merrill, but I do feel that the culture of the branch plays an equally important role than that of the company.

I’m a current POA trainee at Merrill Lynch and while I agree that the AUM requirements are challenging, I don’t see them as nearly impossible as others have stated. 

[quote=doberman]

[quote=Go_Pios]“white shoes”  – My bad![/quote]

The term "white shoes" is slang for an investment firm that caters to ultra-high net worth clients. An example of one such firm would be Goldman Sachs.

Again, I would try to find a position that incorporates everything you've learned and accomplished up to this point. Because you possess both a CPA and JD degree, that puts you in an enviable position, as far as, possessing skills that could benefit your clients. And the only clients that would truly benefit from your skill-set are ultra-high net worth clients. Therefore, I would advise you to apply at those firms that cater specifically to this type of client.

Good luck!

The more I think about it, the more I think you may well be suited as a

junior partner in and Indy firm (providing support to the partners). I am

not sure what your specialty is that you have developed from your CPA

and law experience, but if you could parlay that into a supporting

position in a small to mid-sized indy office, it would be a great way to

utilize your talents and break into the industry.

I wish I could say that I know the industry well! Truly, I know nothing about the industry, I don't know how to balance a portfolio. I really don't see what value I could add to any clientele at a private bank, or for that matter an INDY, other than the clients would see the diplomas on the wall.

I've read other threads on this forum, and other than having a vague idea what people are talking about, the discussion is largely over my head.

I think with just a few years of gathering assets, learning the business, and proving that I can bring in clients, I would be much better suited for private banking.  I just googled "private banking" and had never even heard of it. It does sound very interesting though.

I only wish the career path wasn't so defined for an accountant. While still in college, a decade ago, I was offered a position with Arthur Andersen and told that if I didn't accept it... It would be a stupid mistake.  While at AA, I hated it! 35k a year, while working 80-90 hours a week. I wish I had gone directly into financial services then, as opposed to law school.  I make friends easily, am trusted, and work my tail off.  In undergrad, I wish they would have informed us that there were other career options available. Instead, I drank the kool aid, put the blinders on, and just plowed forward...  Uggh!

You know...I just can't help but think you're in the perfect position right now. Are there two other professions in this country that provide a better opportunity for unlimited income than that of CPA or attorney? Both are highly respected fields--much more so than "stock broking"--and you don't have to go out a create a need...you just hang a shingle and get to work. And if a lawyer or CPA were to employ the EDJ method of marketing, they'd have people lined up outside their door waiting to do business with them. 

I'm friends with several CPAs and attorneys in my community, and though they work very hard, they seem to be very happy and financially secure. Actually, I'm about to begin studying for the LSAT, because my background is in law enforcement and I've always wanted to be a prosecutor... ...and then maybe move into the criminal defense side of things. (I spent many years working with the police officers I'd be defending against...and that should be a walk in the park to beat them. )

I think there is a reason you see so many CPA's and Attorney's in the brokerage industry.  "The grass is always greener on the other side!" My best friend tells me to hang a shingle every day, but, he doesn't understand how much I hate both occupations. I'm quite sure I could do quite well at both accounting or law, but is life really worth being miserable?

I do have a question. Has anyone started in this industry as an Indy?

I really would like to work for myself one day... and I'm starting to agree with whoever it was that said "Start with EDJ, then leave after 3-4 years and become Indy"  It's starting to make sense as I read more and more of these threads.

I think your friend may be right in the end.  It is much more difficult to build a business in this industry than the other two.  However, the veterans I see in this industry either make more money or work less hours, (40ish vs 60ish as a ballpark average from those I know) or both, than CPAs and Attorneys. 

I was also a CPA with one of the major firms, and have spent the last 2 plus yrs at Jones.  It has worked out fine for me and more than anything has been a learning experience. 

I would say to take your time.  With your experience you may have some options others wouldn't have.  Here are a few other options rather than to just start cold.  This list is not exhaustive, there are many ways to break in.  

1.  Become a junior partner with the chance to grow your own book and/or become part of a team.  Being a CPA and JD would give you a leg up against other newbies trying for the same position.  

2.  Hang up your shingle for CPA and Law and get your securities licenses and ease into the business.  I think your transition would come with a lot less heartburn and less risk.

3.  Look for a mid sized CPA firm (10-30) that does not currently offer investments and try to join them to start an investment arm of their firm.  You'll may need to do some CPA work at first in order to justify the salary you would need for the first couple years.  The growth would be much easier with inside access to a huge referral source.  Granted this may be an easier sell after a couple years at Merrill or EJ, but it is worth a shot now.

I have read good articles on #1 and #3 in the trade magazines maybe reg rep.  Could be online somewhere.

Final note, if you LOVE to sell (maybe one in 25 who start in this industry qualify) it doesn't matter at all where you start because you will do great.

Personally I am not the 1 in 25 and would not start over cold in this business at any wirehouse or regional firm.

Anyway best of luck in your decision.    

[quote=Borker Boy]

You know…I just can’t help but think
you’re in the perfect position right now. Are there two other
professions in this country that provide a better opportunity for
unlimited income than that of CPA or attorney? Both are
highly respected fields–much more so than “stock broking”–and
you don’t have to go out a create a need…you just hang a shingle and
get to work. And if a lawyer or CPA were to employ the
EDJ method of marketing, they’d have people lined up outside their
door waiting to do business with them. 
[/quote]

EDJ Lawyer: Knock Knock: Madam, have you been injured as a result of someone elses negligence?

EDJ CPA: Knock Knock: Sir, do you pay income tax?

[QUOTE]I'm friends with several CPAs and attorneys in my community, and though they work very hard, they seem to be very happy and financially secure. Actually, I'm about to begin studying for the LSAT, because my background is in law enforcement and I've always wanted to be a prosecutor... ...and then maybe move into the criminal defense side of things. (I spent many years working with the police officers I'd be defending against...and that should be a walk in the park to beat them. )[/quote]

Reasonable doubt for a reasonable price.

"Gentlemen of the Jury: Does this man look like someone who would sell a variable annuity?"

More seriously, as a CPA/Lawyer you can control your "deal flow", as a stockbroker you have to constantly hustle to even get deal flow. I second the idea of working a support position at an indy firm doing support work in estate/tax planning.

Since I don't have the problem of having to decide what career to begin now since I'm not happy with my JD or CPA, I didn't think of this earlier and am surprised it hasn't been mentioned yet with the intellectual powerhouses that frequent this forum. (Read: AllREIT)

If you go to work for EDJ as an IR--or any other wire house or regional brokerage firm for that matter--you'll be prohibited from giving legal and/or tax advice to your clients...even though you're certified and licensed in both disciplines.