Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - Howdy and need input please!
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

Howdy and need input please!
 Post Reply Post Reply Page  123 5>
Author
Message
  Topic Search Topic Search  Topic Options Topic Options
dudemize View Drop Down
Greenhorns
Greenhorns


Joined: Jan/07/2014
Status: Offline
Points: 31 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dudemize Quote  Post ReplyReply Direct Link To This Post Topic: Howdy and need input please!
    Posted: Jan/07/2014 at 10:41pm
Howdy all,

I'm a CFP candidate (just need the experience) looking to get into the biz.  I've been doing mostly full time active duty in the Air National Guard for the last 12-13 years, with a couple civilian flying jobs thrown in there.  I studied engineering in college but have a much stronger passion for the financial markets and helping people.

I just finished the interview process and received an offer with Edward Jones, but I'm thinking about turning it down to go Indy from the get go.  I have an opportunity with a decent sized local RIA.  One of the reps there wants to take me under his wing and work on some projects together.  Obviously I will not have the benefit of a salary and support structure of an EJ, I just think the flexibility to learn the biz and grow my practice over time at my own pace is too attractive.  I make enough from my military gig to keep food on the table for my family, so that takes some of the pressure off.  

Am I nuts to pass up on the EJ offer?

Thanks!
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 7:14am
Go to the RIA firm.
Back to Top
Sportsfreak View Drop Down
Platinum Member
Platinum Member
Avatar
Wise Old Perv and CTO of AH

Joined: Mar/09/2010
Status: Offline
Points: 25709 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 7:26am
I would either go with the RIA firm, or set up your own RIA from scratch and build it out the way you want . W
If the FA at the RIA who would take you under his wing, is older, that's a strong consideration though.
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 9:42am
Is the RIA going to pay you a salary to start?
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 9:54am
He doesn't need a salary
Back to Top
SometimesNowhere View Drop Down
Gold Member
Gold Member


Joined: Mar/11/2010
Status: Offline
Points: 13989 		Post Options Post Options   Thanks (0) Thanks(0)   Quote SometimesNowhere Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 9:57am
Plus, the RIA firm will probably offer a 160% payout.
Back to Top
Gambit82 View Drop Down
Member
Member
Avatar

Joined: Jan/04/2014
Location: Chicago, IL
Status: Offline
Points: 109 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Gambit82 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 10:24am
I'm also military and an engineer. Do you have a lot of sales experience? One reason I went with Merrill Lynch and I looked at Edward Jones, too, is that they do give you sales training. When I met with Ed Jones they have a special program for military folks and that might be helpful, too.
Back to Top
advisorman View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/22/2011
Location: Behind you
Status: Offline
Points: 4305 		Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 11:40am
I used to be with EJ. Go with RIA. No brainer
Back to Top
dudemize View Drop Down
Greenhorns
Greenhorns


Joined: Jan/07/2014
Status: Offline
Points: 31 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dudemize Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 6:56pm
Originally posted by helado helado wrote:

Is the RIA going to pay you a salary to start?

Unfortunately, no salary.  I will start with an income of zero!

Edited by dudemize - Jan/08/2014 at 6:57pm
Back to Top
dudemize View Drop Down
Greenhorns
Greenhorns


Joined: Jan/07/2014
Status: Offline
Points: 31 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dudemize Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 7:09pm
Originally posted by Gambit82 Gambit82 wrote:

I'm also military and an engineer. Do you have a lot of sales experience? One reason I went with Merrill Lynch and I looked at Edward Jones, too, is that they do give you sales training. When I met with Ed Jones they have a special program for military folks and that might be helpful, too.

The EDJ offer is good no doubt.  In the end, I think the salary and sales training comes with too many strings attached.  Training cost payback and clients are locked down.  I hear there are ways around the client thing, but I would rather not deal with it.  Plus at this point in my life i am just not sure I want to lock myself into being a full time employee for EDJ and doorknocking 6 days a week for the next 3 years.  I'm lucky that I have the guard job to keep me going.

If I needed the salary, I would go to EDJ with no reservations.  I've talked to a lot of great people there who gave great advice both pro and con for EDJ.

Thanks for the input, everyone.  Lots of good info here! 
Back to Top
Sportsfreak View Drop Down
Platinum Member
Platinum Member
Avatar
Wise Old Perv and CTO of AH

Joined: Mar/09/2010
Status: Offline
Points: 25709 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 7:22pm
Shwetak Patel.Shwetak Patel.
Back to Top
NewMgr View Drop Down
Senior Member
Senior Member
Avatar

Joined: Sep/27/2011
Location: Anchorage
Status: Offline
Points: 982 		Post Options Post Options   Thanks (0) Thanks(0)   Quote NewMgr Quote  Post ReplyReply Direct Link To This Post Posted: Jan/08/2014 at 10:03pm
EDJ does NOT have a planning focus. If you want to do planning, go RIA, if you want to do sales, go EDJ. I had an opportunity that I passed on to sunset an EDJ book of $80MM. In real terms she probably would have left me with say... $20MM, and none of them would have ever heard about the planning process. Would have had to start them from scratch. Their planning software is nothing more than a way to gather more assets, not all bad mind you, but not how I work). I can do that without the overhead (office expenses)and training expectations (hello? I'm already trained...). Just sayin'
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 1:59am
Oh holy shit.  What a bunch of hogwash.  Everything in this industry (not just financial services, but all of the financial industry) is about sales.  "The planning process" is a fucking joke.  "The planning process" is just to figure out what kind of shit I need to sell you.  

If you work at New York Life, the "planning process" shows you why you need to buy some whole life and disability insurance.

If you work at Edward Jones, the "planning process" shows you why you need to buy some American Funds and 30 year bonds.  

If you work at a wirehouse, the "planning process" shows you why you need to open a wrap account.

If you work at an indy, the "planning process" shows you why you need to buy some non-traded REITS and some L-share annuities (it's because of the shorter surrender period, NOT the commissions people!).

If you only have an insurance licnese, "the planning process" shows you why you need to buy a FIA.  

If you are a Boglenaut like Rick Fairy, "the planning process" shows you why you should buy some index funds from Rick, at a low AUM fee IF you have a million dollars, otherwise, it's $3,700/year minimum.

If you are a Suze Orman wannabe, "the planning process" shows you why you should just pay me $400 an hour to tell you to spend less, save more, and buy index funds from Vanguard and term life insurance from the cheapest A rated insurer you can find.  

It doesn't matter who you work for.  The planning process is a common sense concept used as a sales tool because Joe America in 2014 is too fucking stupid to realize that if he can't afford a 65" TV in cash, then he probably shouldn't buy it.  But coming fresh off of the financial crisis of dumbass secretaries buying $500,000 houses on $40,000 incomes with 0% down, we need "the planning process" to show people why they should buy some shit for their future (whether it's retirement or insurance related) as opposed to spending their last red cent on yet ANOTHER time share in the Caribbean.  

The planning process, what a joke.  


Edited by helado - Jan/09/2014 at 2:01am
Back to Top
RipRock View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/29/2013
Status: Offline
Points: 1807 		Post Options Post Options   Thanks (0) Thanks(0)   Quote RipRock Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 5:17am
Helado is right - "real" planning involves attorneys and CPAs to give professional legal and tax advice - not an FA with a Monte Carlo. 
Back to Top
Iamlegend View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 23770 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 7:13am
"The planning process"=an excuse to add on an additional fee on top of the asset management fee.
Back to Top
Sportsfreak View Drop Down
Platinum Member
Platinum Member
Avatar
Wise Old Perv and CTO of AH

Joined: Mar/09/2010
Status: Offline
Points: 25709 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Sportsfreak Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 7:33am
Helado, RipRock and Legend are all correct.
The planning process can be valuable, or can be happy horseshit. Depends on how you go about it.

I think when I go thru the planning process, it's about 60% happy horseshit and finding more assets (finding more assets is the most valuable part of the planning process for us as FAs) and 40% (I admit it) helpful to the client
Back to Top
ClarenceBeeks View Drop Down
Senior Member
Senior Member


Joined: Aug/31/2011
Status: Offline
Points: 14334 		Post Options Post Options   Thanks (0) Thanks(0)   Quote ClarenceBeeks Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 9:30pm
You guys are all wrong.  I focus on planning, so I'm a real financial advisor, definitely not a salesman like the rest of you chumps. Big smile
Back to Top
dudemize View Drop Down
Greenhorns
Greenhorns


Joined: Jan/07/2014
Status: Offline
Points: 31 		Post Options Post Options   Thanks (0) Thanks(0)   Quote dudemize Quote  Post ReplyReply Direct Link To This Post Posted: Jan/09/2014 at 11:43pm
No doubt sales is a big part of any financial advisor/planner gig.  The sales training is certainly one of the pros of going to EDJ vs the Indy job.  The sales/prospecting training certainly can't hurt someone like me who has never done it.  However, if I did do the indy gig I could also go back to my corporate flying job and do some serious prospecting there.  Of course I would be fired in short order for that.

You know I never even knew until this week that I had to move all my personal investments over to EDJ (or Schwab for the RIA).  How does that work?  Does EDJ strip out the fees?  How much are stock trades for advisors?


Edited by dudemize - Jan/10/2014 at 12:35am
Back to Top
Dow30 View Drop Down
Member
Member


Joined: May/26/2011
Status: Offline
Points: 183 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Dow30 Quote  Post ReplyReply Direct Link To This Post Posted: Jan/10/2014 at 2:02am
You can discount the stock trades, not sure how low,$50/ minimum per trade I think. Another thought about EDJ is that most guys getting all the way through the program will get some assets or an office right away.
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Jan/10/2014 at 8:05am
LOL.  "Hey should I work at EDJ?  But wait...I don't have to do business there myself do I?"
Back to Top
 Post Reply Post Reply Page  123 5>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.078 seconds.