• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
      • Kelly Griffiths
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

What’s Driving All the Advisor Movement Away From Ed Jones?

Edward Jones advisors

What’s Driving All the Advisor Movement Away From Ed Jones?

Posted by Debbie Wallen

Historically, advisors at Edward Jones rarely changed jerseys.

They were loyal, felt independent enough, liked the culture and enjoyed the strong brand recognition.

But, today, we are seeing more and more Jones advisors leaving—and here’s why:

1. They feel the technology is lagging.
2. They want a more robust platform and ease of doing business.
3. They want outside business activities (OBAs).
4. They want book ownership.
5. They want to self-brand.
6. And, they’ve outgrown the firm.

The common ground is that they all want more control—over how they are compensated, how they service clients and how they live their business lives.

And, for these reasons and more, Jones’ advisors are leaving for firms that move the needle significantly—and give them the opportunity to access more modern technology and a broader platform and, for those with entrepreneurial DNA, to own their own firms.

Independent broker-dealers like LPL, Raymond James Financial Services and Ameriprise have been big winners in the race for ex-Jones talent because these advisors know how to work independently, having long been the lone advisor in an office. And firms like Raymond James and Wells Fargo have also recruited many a Jones advisor—offering entrepreneurial culture, significant transition deals, and the infrastructure and support they have come to rely upon. Plus, they know well how to successfully transition non-Protocol advisors like those from Ed Jones.

Note: The Broker Protocol is an agreement among participants in the securities industry that governs the use of client data when advisors move between firms that are signatories to the Broker Protocol. Ed Jones is not a member of this Protocol and so any move an advisor makes would be considered a non-Protocol one.

Focusing for a moment on the notion of having “outgrown their firm,” we hear this is often a common motivator for a move. Most every Ed Jones advisor acknowledges the success they’ve had in leveraging the firm’s brand and platform. But those who have taken the time to get educated on the expanded industry landscape and waterfall of possibilities report a sense of “something’s lacking here.” While the firm works to update technology and change outdated mandates, for some, it’s just not happening fast enough—especially when compared to what they see elsewhere.

And there’s one other thing worth mentioning:  It’s a seller’s market right now, where advisors are in the driver’s seat and most every firm is hungry to recruit top talent. This translates into an opportunity for an advisor to move not necessarily because they are unhappy, but because they want to accelerate their growth, take some chips off the table or custom build their own business.

It’s a perfect storm of sorts: A desire for increased agency over their professional lives combined with a greatly expanded industry landscape makes it more likely than ever before for quality advisors to find their ideal home.

You may also be interested in...

Share
18

About Debbie Wallen

Senior Consultant – Debbie has expertly guided some of the industry’s leading advisors and teams, providing them with a thorough understanding of the landscape while always listening and having their best interests at heart. Learn more...

    Subscribe for Updates

    Get updated by email when a new article is added.


    Listen. Here. Now

    Recent News & Articles

    • Financing Independence: A Lender’s Perspective on Breakaway Transitions, M&A and Succession
    • Winners and Losers: The Year that Was in the Wealth Management Recruiting Space
    • Recruiters Reveal Their Secrets On Cultivating A Robust Advisor Pipeline
    • What Really Makes Financial Advisors Happy?
    • The big questions facing SVB advisors and their clients
    Schedule a Complimentary Consultation
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

    • Leading Financial Advisor Recruiting Firm:
    • About
    • Services
    • FAQs
    • Articles
    • Podcast
    • News/Media
    • Tools/Resources
    • Contact
    • Our Locations
    • Privacy Policy
    • Site Map