Washing Out at EDJ
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Topic: Washing Out at EDJ
Posted By: washout
Subject: Washing Out at EDJ
Date 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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Replies:
Posted By: B24
Date Posted: Sep/22/2015 at 11:19am
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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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Posted By: Monkey
Date Posted: Sep/22/2015 at 11:33am
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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. |
Posted By: washout
Date Posted: Sep/22/2015 at 11:36am
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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B24 wrote:Posted By: washout
Date Posted: Sep/22/2015 at 11:39am
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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Posted By: Spaceman Spiff
Date Posted: Sep/22/2015 at 12:01pm
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. |
Posted By: washout
Date Posted: Sep/22/2015 at 12:13pm
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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. |
Posted By: Chief
Date Posted: Sep/22/2015 at 12:28pm
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Go to tda...those guys make a decent buck and don't prospect at all... ------------- "You like winning don't you?" "Saves you from having to say the word please." Good point Chief. Iceco1d 10/30/12 |
Posted By: snaphook
Date Posted: Sep/22/2015 at 1:13pm
| 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. |
Posted By: DaveW
Date Posted: Sep/22/2015 at 2:36pm
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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). ------------- "80% of lottery winners go bankrupt because 100% of lottery players are retarded." |
Posted By: SometimesNowhere
Date Posted: Sep/22/2015 at 3:10pm
| Go find an Audi dealer, wrap your lips around the tailpipe, and turn the car on. |
Posted By: Ron 14
Date Posted: Sep/22/2015 at 4:33pm
| Resign and go to a bank. Jones won't come after you. It will be the best thing you ever did. |
Posted By: BigCheese
Date Posted: Sep/22/2015 at 5:13pm
| 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. |
Posted By: Canton Delaware III
Date Posted: Sep/22/2015 at 5:17pm
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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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Posted By: RichMexican_
Date Posted: Sep/22/2015 at 6:39pm
Merrill Edge is the best fit for you buddy. Let me know so I can get a $5k bonus for you. ------------- "Don't throw your pearls to the pigs." |
Posted By: Hacksaw
Date Posted: Sep/23/2015 at 8:56am
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Did everyone else miss that this is a chick?!? Where's Luv? |
Posted By: missionshooter
Date Posted: Sep/23/2015 at 9:36am
Helado, hasn't even given this nice young lady any advice either.... 
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Posted By: luvindy
Date Posted: Sep/23/2015 at 9:59am
Missed that. ------------- 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, |
Posted By: Ron 14
Date Posted: Sep/23/2015 at 10:31am
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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. |
Posted By: kabushiki
Date Posted: Sep/23/2015 at 11:36am
| 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. |
Posted By: Jersey33
Date Posted: Sep/23/2015 at 9:29pm
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Wash- you have options after leaving EDJ. I'm in a similar situation as yourself. I'm doing well relative to my peers but there is just this sinking feeling having to go into the office everyday to work with some of these customers and have to listen to their bs stories before they open an account. For the past month or so, I have this feeling that this nonsense is not worth it anymore. I mean have you considered an internal wholesaler role or something of that nature? I'm at that point where depression is happening more and more having to deal with this. Whatever you decide good luck. Apologies for hijacking the thread. ------------- Without struggle there is no progress |
Posted By: ClarenceBeeks
Date Posted: Sep/24/2015 at 9:04pm
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Try to eke your way to 36 months, then go independent and take every single client you can with you. Don't let jones push you out; they will give your clients to your field trainer. ------------- Good luck and good selling. |
Posted By: washout
Date Posted: Sep/25/2015 at 3:40pm
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Thanks for all the advice. I don't see myself making it to 36 months. That's too far away to be starved out. I don't have enough assets to go indy, nor the desire to let the industry dominate my life any further. I know my RL responses to my concerns would be, "well just do the work and sell more". All I ever hear from the green machine is "do the work" - ad infinitum. I just want a J. O. B. Not a lifestyle or an obsession. I have had enough of that for over 14 years in my previous career. Talking to Fido recruiter soon, hopefully that goes well. If nothing comes of that I'll look at banks or just leave the industry altogether.
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Posted By: acumenjay
Date Posted: Sep/25/2015 at 4:25pm
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Fido is more of the same. I know a guy there and have been on a couple of interviews there. Very metric driven. Can definitely make what you are looking to make though. Once you get up to Account Executive they make 115-145ish but you have a manager up your a** and get constantly weighed and measured. Same at TIAA-CREF from what I hear even though the base salary looks big and total comp decent, it is tough to last long unless you get lucky with manager and existing book to work off an uncover more money. You would probably like my job. I was at MS and washed out in a year and jumped ship to a small RIA. I do a lot of the financial planning, portfolio analytics, work with existing clients, onboard some new ones, try to bring in my own to build my worth, got a CFP last year. Get paid a base salary and no real expectations of bringing in a certain amount of business. Just all self driven and will get comped on what I do bring in. Stress level is pretty low. I want more money than you want though so that is only thing driving me for more. I also had another high stress career before this for about 10 years and don't want to go back to it. Go look for an RIA. A lot of them are looking for people like you. You will probably have to search harder. Identify RIAs in your area and contact them directly. Most of them won't have stuff plastered all over LinkedIn or Indeed.com....
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Posted By: Monkey
Date Posted: Sep/25/2015 at 4:30pm
Spoken like a failure. These guys are being nice to you can you have tits. Just leave with grace and find a new career path. |
Posted By: doubleup28
Date Posted: Sep/26/2015 at 9:54am
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[/QUOTE] Spoken like a failure. These guys are being nice to you can you have tits. Just leave with grace and find a new career path. [/QUOTE] 100% disagree. I was in a similar situation as her. Started selling life insurance, went to Chase, then EDJ. All of the worst things you can do but you have to start somehow. She sounds like a failure b/c she is right now and so was I. After jumping ship 3 times in 4 years I'm finally in a role I love and am succeeding at and don't see myself leaving until they kick me out the door and based on my numbers that won't happen anytime soon. OP all the people on this board make it sound like knocking on doors and cold calling takes time and hard work. For some of us its just not physically and/or mentally possible. For the rest of the population we need an existing book or need to be in a support role and there's nothing wrong with that. Whatever you choose, good luck and don't let EDJ and their used car salesman tactics making you think its the end all be all or sink out of the industry. That shouldn't dictate your future in the business b/c there are many alternate routes as others have suggested. |
Posted By: Crimson
Date Posted: Sep/26/2015 at 12:41pm
| Fuck you, for calling me a used car salesman, you fucking failure. |
Posted By: BigCheese
Date Posted: Sep/27/2015 at 11:58am
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How many people in industry fail before they succeed? A ton. Hopefully, you will learn from this experience. The challenge is to find the right fit and clearly EDJ isn't it. Don't give up on our industry because it didn't happen for you at Jones. Find the right fit, for you and your family, and then do what you need to do to be successful. Maybe you start as an admin, then move back into the FA role once you know what your value is (and that may take time to understand). We need young people to succeed in this biz, we need women to succeed. It helps all of us in the long run otherwise the robos of the world will take over. Recognize what you are not. You can't be a stockpicker, or a mutual fund seller only. We are relationship oriented advisors, we hold the hands of clients, we quarterback the relationships (or we should) for tax and legal advice. We become the go-to person in our clients lives when they need any type of referral. I know I have crossed the line of being that quarterback when clients ask me for a referral for a local dentist. Things that we don't get paid on, but pay us back 10 times over when we receive that referral because it shows that our clients have trust in us. After 21 years in this business I can now say the struggle was worth the wait. Don't make the generalization because it didn't work at EDJ it can't work elsewhere. Oh and for what its worth Crimsom shouldn't be the model you compare yourself to. My sense is he might be better suited to selling that used Toyota... |
Posted By: Guests
Date Posted: Sep/27/2015 at 12:16pm
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There's also Waddell & Reed. Their only quota is that you sell $1million per year in W&R funds. Other than that, it's all you. No salary though, but they have an RIA platform that'll front you 3-years worth of fee income up front. But before you go to W&R, look up Stephen Sawtelle.
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Posted By: Ron 14
Date Posted: Oct/10/2019 at 7:43pm
Anyone have more info on this?
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Posted By: Guests
Date Posted: Oct/10/2019 at 7:48pm
| Not much. Just that the video must have expired |