Washing Out at EDJ

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.

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.

Monkey wrote: 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.

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.

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.

Go find an Audi dealer, wrap your lips around the tailpipe, and turn the car on.

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.

washout wrote: 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?

Merrill Edge is the best fit for you buddy. Let me know so I can get a $5k bonus for you.

Helado, hasn't even given this nice young lady any advice either....   

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