Is it true starting in January and beyond; if a BOA wants to work at a branch the BOA needs the Series 7?
If so, is this a way for the firm to cut overhead at the branch level?
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No, not true.
Penny announced this week at Pinnacle, the goal is 40% licensed cst.
Get licensed on the company’s dime and then leave.
Duh.
From someone who has worked closely on this work recently: Edward Jones has a goal of more CSTs in licensed roles (RBA and AFA) by 2030. The industry at large has 40-50% in licensed roles, we're trying to get closer to that.
There is no truth in a requirement for BOAs to become licensed, nor is this being discussed. What is being discussed is providing BOAs with more upskilling and opportunities for advancement, if they want it.
Practices with licensed roles (at Edward Jones and in the industry) can serve more clients at a deeper level and are generally more profitable, and licensed CSTs provide more capacity to FAs. That's honestly the beginning and end of the "why," nothing to do with making it difficult for FAs to leave (this comment actually baffles me).
I worked closely with the team that owns this work and they really care about CSTs!
@cp seems like it would actually help because now they get the license and training paid for by EJ.
@ap How does a registered BOA make it harder for an FA to go independent?
They are wanting to be around 40% of branch admins to be licensed.
No, the push to get BOAs licensed is part of the effort to provide another layer in difficulty when an advisor transitions to independent.