do you find that a lot of brokers back there sell EJ? i think it would be hard to transfer assets if the client spent years being sold on EJ rather than the broker.

I think that in many cases, an EJ rep would not want to transfer the accounts.  If a broker has lots of $50,000 accounts in “A” shares and the clients are now C and D clients, why move the assets?  Who wants to service clients for .25% GDC?

Spiffy you are a gp no doubt!!! Before I left edj I spoke to over 40 irs that had left before me, the least amount that was left was 50%.I left after 10 plus years with 175m and took 95%-which was more than I should have  bothered with.You truly like to be a gp mouth piece.How many firms spent countless hours telling the greatest sale force in the world why they should not leave? What firm has hired 2-300 new irs a month over the last 7 years and have been stuck with no growth?  Please get to a summer regional and spew your crap with the new irs that believe you. 

[quote=Dontknow]Spiff, is it possible those results are tainted because you are so close to the mothership? In my recent memory:
1 to LPL - 85% transferred within 6 months
1 to Wachovia - 70% of his 80MM went within a month
1 to AG Edwards - 50% in the first month alone and still bleeding
1 to Wachovia -currently at 90%, admittedly a smaller book - less than $20MM

I have yet to hear of anyone taking less than 50%. And we have had massive turnover in our seg 3,4,5's. [/quote]

Massive?  Really?  Would you say higher or lower than the historical averages? 

I didn't say that there weren't guys who have taken 50%+.  They're just not the norm.  Especially in my region.  I'd say the average in my region is about 25%.  None of those guys had books under $20 mil. None of them were as great as FREE says he is, but maybe he's the exception to the rule. 

I'm not a GP, I've been to my summer regional, and yes I do think a lot of brokers tend to sell EDJ as much as themselves.  I was also getting bored with the recent conversations, so I thought I'd stir the pot a little bit.   

2 segment 5’s

5 segment 4’s

a basketful of segment 3’s



I was really just curious if the retention numbers are better in the st louis area than elsewhere, because around here it doesn’t seem like folks have a hard time taking their clients with. but again, I think anyone who sells the firm rather than themselves is going to be screwed when it is time to go.

Spiffy, Spiffy…your eyes are turning a puke green.  The transfers have been over the top…and yes some of these I actually didn’t want…but thought…why shouldn’t I have them.  I have a list of 25 or so accts, holding 10-12 million, which I have on my radar. These have yet to transfer, but told me they will.  I haven’t contacted any of these in awhile, and to be honest, none of the transfers, 0, were going to make or break my decision.  See, when I left, I did it to make sure I was successful in this profession.  I went through the training just like you, just like the new guy who left a couple of weeks ago, and the new person they will try to get in the office as soon as possible.  Theres nothing new or proprietary at EDJ’s, NOTHING!!  I now have a great platform of everything needed to make my clients and I successful, oh you the payout is awesome.  Even in your posts…“well we’re not there yet,but we’re getting close.”…you know how many years the EDJ faithful have been saying this…way too many.  My biggest fear of EDJ’s…is the GP’s will wake up one day and decide not to be so greedy…raise the brokers  payout to north of 60%…Now that would scare me…but believe me, no one leaves today’s EDJ with any thoughts of not being successful.  We know the new brokers chance of survival in today’s competitive market is very slim, especially when they see the ACATS of clients they just met with and thought…“wow that was easy, I’ll keep them” abd then…WAM…the acat hits!!! That hits them in the stomach and mentally it is hard to overcome.  SOrry I’m rambling on and on…but Spiffy hit a cord…

Spiff,

I don't know where you're getting your data, but I would guess the AVERAGE rep takes at least 50% when they leave. I'm a little over 80% (of assets, NOT households) right now, and my one year non-solicit is up soon. I only have about 8 households I'm going to even bother calling.

Sorry to hit a chord with you.  I agree that everyone who leaves Jones does it with the thought of being much more successful than they were at Jones.  Everyone that leaves a job anywhere only does so with the expectation that there are greener pastures somewhere else.  

You didn't need to leave Jones to make yourself and your clients more successful.    Maybe you needed to leave Jones to feel better about what you were doing for your clients, ie offer them a fee based relationship vs. transaction based, alternative investments, possibly better tools.  But, none of those things is going to make more phone calls for you or network better for you.  You still needed to do those things to bring more assets in no matter what name is on your door.  And I can still make my clients and myself successful even though I choose to stay at Jones.   Maybe Mark Hurley was right when he said the financial advice game is "fundamentally a marketing business.  The issue isn't whether you have the best service or not.  It's your ability to market the service." 

Payout is NOT the only factor in making a decision to leave a firm.  Maybe your firm is pressuring you to become a better producer or bring in more assets.  Maybe you feel handcuffed by only being able to sell annuities.  Maybe you prefer a team approach to a one man shop.  Whatever.  Nobody that I know who has left Jones has ever told me the reason they left was because of payout.   

You didn't need to leave Jones to make yourself and your clients more successful

Ummm.  Yes I did.  I have more freedom, more products, more payout and a much much much better attitude about my business.

Nobody that I know who has left Jones has ever told me the reason they left was because of payout.   

Let me be the first then.