Thoughts on a "one book office."

With the push for FAs to share office space, there are FA teams merging to combine AUM into one-book partnerships. All of the "book" will be evenly divided among each FA.

What will the success rate be of these partnerships?

Does EJ have all of the partnership arrangements worked out (legalities) or have these situations been patched together (which is a possibility because management is discombobulated, to say the least)?

I've heard of one branch that has 4 "partners."
2 veteran FAs, an AFA and a brand new college graduate that hasn't passed testing yet (already considered a partner and included in talks).

Curious what the success rate of a set up like this might be? Family members sharing a book sounds like it could be successful, but with 4 distinct unrelated individuals (friends) sharing a book......I am skeptical on the success rate.

Curious what your opinions are on this new EJ drive to "share one book" equally among FAs."

Would enjoy hearing your thoughts on this matter.

#Collaboration #Culture #Success #Team #Teamwork

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They are “encouraging” teaming to try and make it as hard as physically possible for an FA to leave. Everything they are cramming down all of our proverbial throats, will benefit the GP’s yes. If it also benefits us worker bees also then fantastic, but point 1 is non negotiable.

@az wow, you just described everything my wife has just gone through over the last couple years with an EDJ competitor. It took a totally functional workplace and destroyed it with excessive greed and petty drama. So yes, you are 100% accurate in your prediction.

This already happens at other firms. "Wealth Management" Teams. They choose the percentage they make based on FA pecking order (usually AUM figures). Then the underling realizes he/she is doing all the work while the top dog is shmoozing at the country clubs, cool events and on trips and wants a higher cut. Then they'll have a big fight and start new teams. In the meantime, the BOA will be pulled in all directions and have to decide who to listen to. But in the end, the BOA ends up doing all the work for all of them - who needs to call HO for support and will get "Johnny" in India.

This isn't a new concept. It is exactly what happens now in other firms and will be a complete sh!t show - if you thought it a cluster now, hold Pennys beer, it's going to be the greatest show on earth soon.

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Thoughts on a "one book office."

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