Pros
You can learn the ropes of the industry, but company is rapidly losing market share to competitors. This is a non innovative firm, that does not live up to promises. Management constantly skates to where the puck was, not where the puck is going, while telling their employees that are skating to where the puck is going. The lack of responsibility for poor management decisions, and doubling down on said poor decisions, while telling your employees “it’s all good” is asinine. Learn your basics and leave to a firm that provides clear growth, exposure to presenting to clients, and opportunities to grow your own book of business, etc. Client service associates are paper pushers. Don’t buy the hype of possible career growth, or do so at your own career detriment . Don’t listen to their hype of “warm leads”… Example of poor company management: Internal financial planning tool, don’t listen to the company / manager hype. Third party providers have 10x better solutions for financial planning software. Second example: TED tool. It’s not hard to figure out which blend of taxable / qualified assets to draw in retirement? Acting like this is an earth scattering solution, while closing the company eyes to worthwhile financial planning solutions is pure insanity. Will they pivot from these tools? No… they have made too large of an investment to pivot. The Barron’s “top RIA” is nothing more than a marketing play. Do not believe any hype, or do so at your own risk.
Cons
No career growth No solid lead flow No strong differentiators compared to industry leaders Poor management Ask yourself- why are so many financial planners leaving the firm? How this firm obtains clients with over 1M of assets is beyond me. Way better RIA offerings in the marketplace. Learn the basics then leave, do not burn multiple years here. This will not be your life long firm although others will tell you otherwise. Beware of the trap of “drinking the EFE koolaid”. Ask yourself why EFE, the largest RIA, not on a single referral platform from Schwab, Fidelity, ETC? It’s not that EFE wouldn’t love to be on those channels… EFE does not have a strong enough offering to be included.
