Thinking of leaving Jones, any advice?
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Jones is trying to make territories for us. I've been with the firm 4 years, we've had 4 new offices open, and they're worried about having enough doors for the new guys to knock on, even though they're gonna hand them all $30mm to start with. I'm pretty fed up. Looking at Waddell & Reed, WFA (not in a bank branch), Ameriprise, and Cornerstone, a group of ex-Jones guys (including Alan Skrainka as CIO) that clear through LPL. I have $12mm AUM (the territories have killed me the last 18 months) and T-12 of $120k.
Anyone move from Jones to one of the firms above? Anyone else have any advice?
Left in August…
do you want to work for another big firm or do you want indi? AMP seemed too much like jones for me. Went to First Allied, fairly happy but I will say Jones’ back office is very nice but the lack of sales option suck. A share or adv sol.
@ 12mm Jones may not come after you very hard but something to consider if new firm will pick up attorney costs
I’d like to go to a firm and get my asset base up plus my savings before I go Indy. Did the math, and it could cost $20k just in ACAT fees. Any opinions or Waddell & Reed or Wells Fargo Advisors (not the Indy channel). Anything else you miss from Jones?
I left Jones and went INDY. Who says you pay for the ACAT fee(s) I didn’t. I passed those along to my clients unless they were in my top 20% where I choose to pick those up ~ Let’s be honest the top 20% is where the bulk of my income came from and I sure didn’t want to leave them behind.
I am at LPL and think it’s the best decision of my career. Biggest issues in leaving was learning a new system and the lack of total integration via technology. I still would make the decision again if presented to me.
If you can avoid LPL, I would. Plenty of other B/Ds out there that charge less and provide the same. I left Jones about a year ago. Let’s be honest here… you are not a big producer. Don’t blame it on Jones, its you. So you are going to need to keep your costs low. If you had a 50mm book no worries but with only 2-3mm in asset growth per year you will get skinned alive. You’ll grow slower and spend more out of pocket. I suspect you’re actually being driven out because of your production. Try and find an existing Indy office - that is your best bet IMO.