Two Jones Brokers in Ohio Defect for Indie Firms
(Updates in final two paragraphs with comment from Jones spokesman.)
Two brokers who had spent their entire brokerage careers running Edward Jones offices in Ohio have jumped ship for separate independent firms.
Jay Slouffman, who produced about $1.1 million in revenue in the past 12 months and oversaw about $186 million of customer assets, left on Friday to open a Prospera Financial Services branch in Manson, Ohio, according to Nicole Marsh, a Prospera spokeswoman.
“He wanted to find a fit at a boutique firm that had a culture to help him service his clients better,” Marsh said.
Slouffman, who had been with Jones for 16 years, did not return a call for comment. Dallas-based Prospera, which was founded in 1982 and clears through Wells Fargo and Pershing, has 137 advisors, she said.
In Centerville, Ohio, Steve Wray, who said he was a $500,000 producer overseeing around $75 million for Jones customers, also jumped ship because he wanted more say over creating a succession plan and more autonomy in managing client accounts.
“Not that I have carte blanche here,” he said of his decision to affiliate with Raymond James Financial Services three months ago, “but it’s more flexible. And as my clients’ net worth got higher, we needed a broader array of products.”
Wray, who claims that he has moved around 90% of his accounts since leaving Jones, said he also considered affiliating with LPL Financial and Wells Fargo Advisors but found RayJay to be more price-sensitive to his needs.
Wray, 47, said he started Wray Wealth Management as an independent Ray Jay contractor because Edwards Jones was restrictive about letting him have discretionary control of his clients’ accounts. The firm wanted home-office discretion over the advisory accounts, and was suggesting that more accounts should be in nondiscretionary transactional accounts, he said.
“If you have 350 clients, it’s impossible to call all those people” every time you want to make a trade, he said.
Jones also would not allow his assistant to become registered, in keeping with its corporate policy against allowing branch office administrators in its largely two-person offices, despite her desire to advance, Wray said.
A Jones spokesman, John Boul, wrote in an email that the firm allows branch office administrators to be licensed, “but only if they work for a financial advisor in the highest production level, for a regional leader or for a field-based area leader.”
“Wray was none of those three,” the spokesman wrote, noting that the firm’s records showed Wray’s production to be $426,000.