Edward Jones. Opportunity or no?

Mar 5, 2019

  1. VolAgent
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    VolAgent Guru

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    I'm not saying you should stay or leave. I believe the MGA route is viable in either case.

    That said, I do not see Edward Jones improving your situation in the slightest. And I do agree with LostDollar, you will not be able to do both investments and commercial insurance well. You are better off focusing on one and letting someone else do the other, either a team member, a business partner or a referral partnership.
     
  2. NCAgent828
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    NCAgent828 Super Genius

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    After seeing this I totally agree with you!

    Sometimes grass looks greener when there is grass right here. Thanks for all your input. Means a lot for you to spend the time to respond.
     
  3. pfg1
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    pfg1 Guru

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    No disrespect to Jones, but if you work for Jones, you ARE Jones - period. You can't do anything else financial or insurance. I looked into it years back - a friend of mine who is high up with them tried to recruit me. What I was told after beating on them for an answer... I had to shut down my business, and terminate ALL my insurance contracts/appointments if I wanted to work with them. The other thing that killed it for me... you can't pass your book of business on to family or beneficiary. They own it.
    That is their model, wasn't for me.
     
    pfg1, Mar 6, 2019
    #13
  4. NCAgent828
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    NCAgent828 Super Genius

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    So State Farm of financial advisors basically?
     
  5. NCAgent828
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    NCAgent828 Super Genius

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    Not doubting you at all but how do you know that they are that way?
     
  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    DHK, Mar 6, 2019
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  7. NCAgent828
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    NCAgent828 Super Genius

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    Was not ignoring, distracted is all. Yes, that sounds similar to what I’ve read. Doesn’t seem like a bad gig just seems like it will fit or not fit. Sounds like a gamble to give up an agency and hope all goes well without some solid assurance that it will. All makes since to me.
     
  8. Golfnut2112
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    Golfnut2112 Guru

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    You will be required to show bank statements during your audits and you can have outside accounts however that firm must sent copies of your statements to your current firm, both issues are not a big deal. Real estate transactions are also not a big deal, you need to remember these BD’s are not trying to own you but keep you in compliance. The OBA form just notifies your BD what you want to do and are usually approved in a day or two, I never had one denied in 32 years. I would be more worried about minimum production standards with Edward Jones since you will be splitting your time.
    I forgot the only bank statement that is required is the one your securities commissions are deposited in.
     
  9. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I think that depends on all the infrastructure being provided.

    EDJ reps have an office space and a BOA (branch office administrator). In short, they DO "own you" and your time because they are paying for all that overhead... and want the assurance that you are putting THEIR needs first while meeting your investment client needs.

    While I have not worked in compliance, and even if it could be a compliant OBA... "no man can serve two masters". You would be an employee of EDJ, not just contracted or registered through them. (In fact, you would not be allowed to "keep your book" if and when you leave them.)

    Employment agreements are different than independent contracted agreements.
     
    DHK, Mar 6, 2019
    #19
  10. NCAgent828
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    NCAgent828 Super Genius

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    So it sounds like from what you are saying they may not have an issue with the insurance business?
     
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