The myth of the high net worth client
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[quote=B24] Locked, you are correct. In the beginning, you HAVE TO take everything you can get, unless you are in a unique situation. That is not a function of Jones. The weakness is that many Jones guys never break out of that “any size account” rut. My own regional leader has said he will take any account, any time. And he does about 600K gross (he’s only 34 also - started right out of college). I think he’s crazy, but that’s the type of business he’s willing to run. He could NEVER leave Jones now (well, he COULD), because he makes money off volume. He probably has 750 housholds at an average of 100K each. Who would want to move all that? And it probably means he needs two BOA’s, which impacts his bonus.
If I left Jones today, and took all the clients I wanted, my average would be at least 175K.[/quote]
Your regional leader IS crazy. I guess if he puts everyone into advisory solutions, he’ll be fine, right?
I ran my Jones office like you B. You have to look at the business you want to run 3, 5, 10 years down the road. Whether you stay at Jones or not.