The experienced FA losses are really accelerating. Big promises that weren’t delivered by Penny and her ELT, unforced errors like ent reimagined and return to office impacting operations and aggressiveness of competitive recruiting are all contributing.
Only momentum helping EJ AUM right now is market exuberance…
@gg Anything that was a part of the "culture" of has been strategically stripped away on purpose and anyone left from those days were forced out. They basically memory holed founders day. Give it a couple years and DC will sell off the teds farm so a strip mall can be built over it. PP will be there to help cut the ribbon with a stupid little hard hat on and toy shovel in hand.
@gg , I left on my own accord and am making more money elsewhere. I believe one has to trust the hire being and move on. There's life outside of EJ.
Home office employee here. I’m just here for the money now. If money is better elsewhere, I’m out. This place was once special. Now it’s rotting away. Culture is gone and it’s not because we weren’t working in the office. The culture is gone because senior leadership has prioritized profits over people, suppressed raises and bonuses, laid off hard working people in US, outsourced to India, let the firm be captured by consultants, and aggressively hired from the outside to senior positions. I feel bad for the FAs that have build a business here (and with their name on the wall) but will be sued when they try to leave.
PP was the wrong decision.
I'm surprised it's gone as far downhill as it has since I left. You'd think the GP's would stand up to the monsters running the show. I have been offered $50K a head to get experienced FA's to jump ship to where I am. Guess what I'm going to do?
We set a record last year with 1450 FAs leaving coupled with a steady outflow of assets. So, instead of figuring out how to fix the business model and stop chasing the bottom line profit numbers, PP and ELT have decided to double down on failure. They figured just outsource as much as possible and make everyone pi---d off at home office will surely be the winning ticket to fix this toxic sh!thole. The stupidity and malicious behavior of these people will be studied for years. "Here is what NOT to do to a great company."
The money that FAs bring in are supposed to pay for a functioning home office that supports them. The rest, distributed back via bonuses.
Instead elt is gutting the home office, eliminating the people that truly cared about them, replacing them with offshore employees and contractors, and "ai solutions"
Those "ai solutions" are also eating up record profits.
Yeah, leaving is the most powerful thing they can do. Stop feeding the beast with their blood sweat and tears.