Washing Out at EDJ |
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washout
Rookie Joined: Sep/22/2015 Status: Offline Points: 6 |
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Posted: Sep/22/2015 at 11:08am |
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So I am starting the slide into the irrecoverable death spiral of an EDJ failout. I have exhausted my warm contacts and after banging on doors for the better part of a year and have not been able to convert enough cold prospects to clients. I am slightly below expectations but not on PIP yet, my area is saturated with Jones FAs and I haven't been able to meet enough quality people willing to do business with me.
I have decided the strain on my marriage from the long hours, low pay, and iffy chances for success are no longer worth pursuing the EDJ opportunity anymore to me and my family. I was licensed before coming to EDJ (7/66/insurance) but not treated as a transfer broker since I came from a support role at a wire. I would like to go to a more captive firm with less autonomy, lower pay ceiling, but set hours and more secure salary (Fido, Schwab, banks, credit unions, etc). I wouldn't even mind transitioning to a support role again. I do have a finance degree and experience from my time at the wire. I like the industry but would probably be better suited to a relationship manager role or even down the line, managerial or compliance role. I haven't been able to hack it in sales apparently. The sword of damocles hangs over my head in terms of the training costs. I'd like to leave gracefully but not take it in the ass for the fees. I am new/new and have not inherited assets, I wouldn't pursue any clients as the ones that aren't friends and family aren't worth chasing after. Am I best lawyering up and preparing for the notice? Just apply to Fido and if I catch on, see if I get a legal notice? Just leave the industry altogether?
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B24
Moderator Joined: Mar/09/2010 Status: Offline Points: 25749 |
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Don't worry about it. If you have few assets, and especially if you don't go after them, Jones will leave you alone. They will send the standard letter, but there's no way they will pursue anything, especially if you are failing out.
How much income do you realistically need? How old are you? What area of the country?
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Monkey
Senior Member Joined: Nov/03/2014 Status: Offline Points: 2752 |
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Jones WILL come after you for the training costs if under 36 months and you go to another firm.
With that said, I've "heard" you can negotiate those things down. |
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washout
Rookie Joined: Sep/22/2015 Status: Offline Points: 6 |
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Income is a secondary concern. My spouse makes enough to support me and the family while I did this but he doesn't want to keep doing it for 2-3 more years until it starts turning and we will not start tapping into our savings etc to keep us afloat if I were to continue to pursue this. I'd like to make 40 to 50k in my next job basically what I made before starting at EDJ. My EDJ salary is tipped to go away at the next salary adjustment. I am in my early 40s In the Suburb of a Major Midwestern city. All the wires, banks, etc have major presences. Jones has 20+ FAs in a tri city area of 80,000.
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washout
Rookie Joined: Sep/22/2015 Status: Offline Points: 6 |
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In what neighborhood have you "heard" those go to? I figure I am at $0 salary and have to pay some $ to get back to a $50K salary and still be able to be in the industry it could be worth it. The only other work experience I have, is from an industry that technology has rendered completely obsolete.
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Spaceman Spiff
Gold Member Joined: Mar/11/2010 Status: Offline Points: 10546 |
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Are you close enough to Jones' home office to consider going there? Lots of support type roles there than could get you in the $50K mark. Maybe consider becoming a licensed BOA for a level 10 producer. I know a lot of them are considering that as an option for their branch and their existing BOAs don't want to take the 7. Salary won't get you to $50K, but bonus money should. |
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washout
Rookie Joined: Sep/22/2015 Status: Offline Points: 6 |
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Spiff - Relocating to the mothership is not an option. I'd rather not be a BOA for EDJ FA. The ones that I have met in the area, I don't think I'd like to work for.
I understand I made a decision and signed the deal. No one ever goes into agreements thinking they will fail out. Road to hell is paved with good intentions. |
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Chief
Gold Member Joined: Mar/12/2010 Status: Offline Points: 16265 |
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Go to tda...those guys make a decent buck and don't prospect at all...
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"You like winning don't you?" "Saves you from having to say the word please."
Good point Chief. Iceco1d 10/30/12 |
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snaphook
Senior Member Joined: Jul/17/2010 Status: Offline Points: 560 |
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Have you approached your regional leader with these exact concerns? Jones is not an easy place to make it at as a new new but if you're not asking for help from the people that can give it to you, that's your fault. Maybe someone's ready to do a goodknight plan or spin a few assets off. Maybe you need to have your daily activities critiqued and adjusted. Or if you really just want to wave the white flag and move on, go to him first and be honest. See what he says so you can atleast quit knowing what to expect or have him support you when he has to complete some sort of exit review of you.
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DaveW
Senior Member Joined: Feb/15/2013 Status: Offline Points: 1060 |
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you probably aren't going to make the cut at schwab, but fidelity or merrill edge might work out for you. Both of them have decent bases (fidelity at 45k with high bonuses, Edge at 60k with slightly lower bonuses).
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"80% of lottery winners go bankrupt because 100% of lottery players are retarded."
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SometimesNowhere
Gold Member Joined: Mar/11/2010 Status: Offline Points: 13989 |
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Go find an Audi dealer, wrap your lips around the tailpipe, and turn the car on.
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Resign and go to a bank. Jones won't come after you. It will be the best thing you ever did.
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BigCheese
Senior Member Joined: Feb/28/2012 Status: Offline Points: 2464 |
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Can you get your husband to move to Northern California? I am looking for someone just like you. Have 100M in an indy office and need help. California isn't the cheapest place to live...if this resonates PM me.
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Canton Delaware III
Senior Member Joined: Aug/29/2011 Status: Offline Points: 926 |
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Probably the best advice is from Snaphook. Also Ron has good advice, but I would get the bank to agree to pay if they come after you.
Cheese has the best offer, if you can find something like that (or move to NoCal) that's a path to the holy grail.
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RichMexican_
Senior Member Joined: Nov/22/2014 Status: Offline Points: 581 |
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Merrill Edge is the best fit for you buddy. Let me know so I can get a $5k bonus for you. |
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"Don't throw your pearls to the pigs."
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Hacksaw
Platinum Member Joined: Mar/27/2010 Status: Offline Points: 31478 |
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Did everyone else miss that this is a chick?!?
Where's Luv? |
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missionshooter
Senior Member Joined: Feb/12/2014 Status: Offline Points: 6136 |
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Helado, hasn't even given this nice young lady any advice either....
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luvindy
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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Missed that.
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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Ron 14
Gold Member Licensed Teller Joined: May/12/2010 Status: Offline Points: 19385 |
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Wash - don't be too hard on yourself. This business is a complete shitshow. If you enjoy the work, find a way to make it work. I assume you went to EJ because it offered "freedom" in a way, although the regional bullshit and cult grip has probably shown you there isn't any.
Find a small bank or credit union. You will have more freedom than EJ, make more money and actually be an asset because banks are finding it difficult to produce solid revenue sources, the investment side is one of them. Going to a large institution like Chase or Merril Edge will probably suck the life right out of you, I know it almost killed me. I went EJ to Chase and I am still alive. How I don't really know after just typing that. If I didn't have a wife and kids I probably would have dove off an interstate bridge. Edited by Ron 14 - Sep/23/2015 at 10:37am |
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kabushiki
Member Joined: Nov/22/2014 Location: United States Status: Offline Points: 356 |
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I would look for an independent group in your area, that you could be the junior advisor for. You will be able to make the salary you are looking for now, and given the average age of advisors you should be able to purchase a practice from one in the next five years or so. I know of one large regional group with practices in Minnesota, Iowa, Illinois, & the Dakota's. If that's your area, PMM and I'll see if they have an office close to you. It's a RIA Hybrid firm.
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