Training ground for going Independent
Pros
Own Branch, Hire your own staff, Work with clients you want too, Diversification Trips, Profit Sharing 100% vested.
Cons
Micro management, limited investment options (Bonds, Insurance carriers and business lines, advisory is all proprietary, now creating proprietary products developed by insurance annuity carriers), limited outside research views, lack of true medical benefits, if in a "location rich" area hard to maintain profitability, not much 'street creed' among investors and other advisors, lack of regional leadership, constant turnover in FA attrition, no loyalty within the firm and your dedication, low compensation, nickle and dime you for branch expenses (net closer to 33%), No room for growth and the list goes on.... If I had it to do again, I would have made a different choice. I was at EDJ for 7 years and the culture of the firm is DEAD. I was sold a bill of good and was set up to fail.. I made it but thought I would retire there, should have left many years ago. I love being Independent. Made the same amount of money from a whole year at EDJ as an independent in 33% of the time.