There is constant talk about assets bleeding. Fingers point from above on what is not being done by areas and departments of the firm to motivate the field to improve. I would be curious the impact of Enterprise Reimagine to clients leaving who may feel the firm is not the firm they thought it was? Anyone on ELT even think to ask that question?
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We have had many clients who have seen the news and asked questions if Edward Jones was okay and if their investments were okay. We have lost some clients to companies like LPL Financial. These client sentiments are common when we speak with other branch associates during our region meetings. Unfortunately, these questions are being asked by our better clients as they are more tuned in which is why they are better clients to begin with. Our region is definitely bleeding clients and assets.
I'm sure &Partners wouldn't mind taking more FAs.
The regional leadership teams really need to band together and threaten to leave and take top producers with them. That's all there is to it. Nothing will make them listen until they are forced to feel the pain of the mess they created. The field has the numbers to make their voices heard, HQ doesn't. The field has the power. The time is now.
In the field. I think a lot of people joined/stayed with Jones because it’s sort of quasi independent. Now, we are being told, if you don’t do this, you won’t be paid, ethical and profitable isn’t good enough anymore. People didn’t sign up for this, and a lot of us see the Advisor Hub news with big producers/teams leaving. It’s not surprising to me at all. But, I don’t think they care. A lot of us are horrified by the out sourcing. Yes, we would like things to move faster but don’t see how to India solves that. To me, it’s un American. No amount of spin and flowery words will convince me it’s not about money.
As to clients, we’ve had a few see the news and ask if Jones was ok, were their accounts ok, was Jones’s going out of business. Really fun calls.