Worried about my job
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I am an Edward Jones guy who is out 5 yrs. At year 6 we need to keep our 4 month above 20,000. In 2010 I grossed 227K and last year I moved new money into Advisory Solutions instead of A shares which my career was built and I grossed 246K.
My 4 month rolling average moved to 17,400 per month because of a rough few months in Nov, Dec...
I never wanted to go independent just because I have been scared of actually taking the jump in my small town with veteren Jones Advisors. I have a young family....
however... I heard Jim Weddle say that if someone has worked in this industry for 6 years and isn't doing 20K on a 4 month, they don't belong in this industry and maybe some of you agree but the way I see it is that I am talented at investing money, I have started this gig in a horrid industry but I made a decent salary for the last few years...
I just don't like the idea that Jones is acting as if I am not a good at my job but do people on this board think those numbers suck... ?
Thoughts on my situation?
Make the jump to independence...after the first couple of months you will find that your net is where it was at EJ..and another 8-12 months later your gross production will meet or exceed what you are doing there now. I think it would be an ideal situation to be an indy in a town full of jones clones. You (or your spouse) determine what your monthly average needs to be as an indy. Good luck.
[quote=RealWorld]I never wanted to go independent just because I have been scared of actually taking the jump in my small town with veteren Jones Advisors. I have a young family.... [/quote]
Scared of what? Does Jones slip you big accounts, or do you land them yourself? Also, on a higher grid, you'll need far less clients (I'll assume) to acquire the same pay. Regarding veteran Jones advisors, you'd now have a potential to be at an advantage.
RealWorld… Let me give it to you straight. The first 6 months of
being INDY are tough and stressful… almost like when you first started in the
industry. It gets easier and easier the longer you are indy. You
come to realize that the firm you worked for was not a help but a hindrance.;
You’ll likely move between 50-65% of your assets. Assuming you were a scratch start or didn’t get an office along the way. That 50-60% will be your best clients. If I had to do it over again I would plant seeds of
distrust in my client’s minds about my old firm months before taking a leap.(Example, these advisory accounts at Jones have not preformed the way we wanted. If Jones does not get on the ball soon we will need to make a move. Are you comfortable with that? - wow, there are some great
ways to generate income these days but I can get to them at Jones. If I
could find a way to gain access to a better investment would you be
interested) At my old firm we had limited product offerings and I think
you guys do too. At the end of the day… $17k as an Indy is a
hell of a living, even with an assistant. Good luck!
These folks are absolutely correct Realworld. I own and have run a small "indie" firm for seventeen years.
In your circumstance it is only a question of:
Do you wnat to run your own business?
How (and why) will you select a particular "indie firm?"
Do you have sufficient funds for the transition?
Exactly what exit strategy will you use?
How will you circumvent the probale EDJ legal moves? (we have recent experience with this one)
Best of luck
Look, you had a couple of slow months. It happens. Get your numbers back to what they were and you will be fine. You may decide to go independent at some point. You want to do it when the time is right and not because you are afraid of being shown the door.
RealWorld - I frequently work with advisors like you and I do like some of the responses on here. You should check out this article regarding going independent:
http://www.investmentnews.com/article/20120201/FREE/120209995
If you are thinking of possibly going independent some time in the future, I have a great contact... please visit www.goingindie.com. They assist advisors in thinking through all the aspects on whether going independent is a good move for them, and they can assist you in finding the resources if that's what you choose to do. I happen to be one of the resources, and I a assist advisors in starting their on RIA and getting registered with the SEC or State. But there are so many more things to consider other than compliance, which is why I suggest you visit their site. Good luck!
In an RIA only situation one looses the ability to do any brokerage business, and to be paid for any brokerage business he or she might refer to another broker. We have some independent advisors at our firm, most of their business is advisory, but there is some brokerage ($25-50K per year per person). Additionally these folks charge a very small comission per transaction (disclosed in thier ADV) to cover clearing costs. All of that is lost in the RIA only model, foolish don't you think.
Wow. I was not aware that after 5-6 years in the industry, you can become independent. That's extremely exciting! Become your own boss!
I'm just a rookie when it comes to the financial industry, but I have been doing sales for a very long time. Sales, despite what anyone tries to tell you, is very fluid. Some days are up and some days are down. Don't sweat it. It's normal.
My advice is to keep at it until they actually show you the door. Don't take it as a sign of failure - simply take it as a SIGN. A sign to become your own boss. Follow your instinct and your family should not only understand the income fluctuations, but encourage you to move forward.
Reading the posts on this thread definitely encourage me to look forward to doing the same. It sounds like a very lucritive opportunity (then again, I'm young and have never made above $2,000-$3,000 a month) and rewarding career. Best of luck to you!
Warmest Regards,
~Indi