Once the media got wind of my story, I’ve had numerous opportunities to speak with the press. Here are a few of the pieces they’ve run as a result of the move I made.
I want you to know you are not alone. I’ve been there.
Call me. I’d be happy to chat.
John Lindsey, CEO and Founder
Lindsey & Lindsey Wealth Management, Inc.
JOHN LINDSEY: HOW EDWARD JONES ‘BRUTALIZES’ BREAKWAWAY BROKERS
When John Lindsey broke away in 2012, Edward Jones sued for $5 million. But Lindsey fought back and is helping other brokers do the same.
Breaking up is hard to do, as John C. Lindsey knows only too well: When the financial advisor broke away to go independent in 2012, Edward Jones sued him for $5 million.
But Lindsey fought back. After spending thousands of dollars in legal costs and sustaining much emotional wear and tear, he emerged victorious: the Financial Industry Regulatory Authority and an arbitration panel dismissed the case in July 2013.
Star Broker Tells of Her Strange Breakup With Edward Jones
It was no idle legal threat that Edward Jones made, out of the blue, according to financial advisor Melanie J. Housden, who had built a multimillion-dollar business at the firm in the tiny city of Hamilton, Texas — population 3,000 — over 15 years. To be sure, when Housden went independent a year later, Jones made good on its alleged threat and sued her for $3 million, Housden tells ThinkAdvisor in an interview.
LINDSEY AND LINDSEY RECEIVES SECURITIES AMERICA'S PRESTIGIOUS SHOOTING STAR AWARD
In recognition of business excellence, Securities America has presented John Lindsey and Christina Lindsey Orta of Lindsey and Lindsey Wealth Management, Inc. the Shooting Star Award for 2015. Each year, Securities America recognizes the firm with the highest percentage increase in fee-based assets under management for the year. Lindsey and Lindsey Wealth Management, Inc. exemplifies professionalism and success throughout all aspects of its financial practice and was recognized for these achievements at the Securities America's Connect National Conference in Orlando, FL
PAYING FOR PUBLICITY: IS IT WORTH THE COST?
“It’s not easy to quantify the results from hiring a PR firm,” says Joe Belfatto, managing partner at Massey Quick, a wealth management firm in Morristown, N.J. Nevertheless, some advisers think that hiring a PR firm has upgraded their practice.
Belfatto is in that category. So is Christina Lindsey Orta, a CFP and a vice president at Lindsey & Lindsey Wealth Management in Westlake Village, Calif., who says that hiring a PR firm has helped her gain recognition and recruit advisers.
“We’ve won awards, which help with credibility in the community, bringing referrals and new clients,” she says.
PROFILE: 'BOLD' ADVISOR SHAKES OFF WIREHOUSE, BUILDS FATHER-DAUGHTER TEAM
When John Lindsey of Westlake Village, California left his longtime firm three years ago to go independent, he did not realize his story would become such an inspiration to other advisors or that his reason for leaving, a desire to plan his legacy, would become a rallying cry for his wealth management practice. John, a longtime top producer, was not even planning on starting his own business. In his late 50s, he simply wanted to bring his 28-year-old daughter, Christina, in to partner with him. Christina was a top REIT wholesaler, and had previously interned at the firm. He believed that together they could offer more robust services to clients – and greater confidence and continuity for the future. Problem: John says that working with his successor and continuing to build the business, while planning for his ultimate exit, was not possible at his old firm. He was not allowed to develop a true succession plan.
JOHN LINDSEY TALKS WITH THE WALL STREET JOURNAL
John Lindsey tells the Wall Street Journal that he plans to grow assets by 25% and add another broker/staff member. He also plans to achieve Five Star Wealth Professional again. "We decided on making sure we could continue our standard of excellence and by growing staff we could accommodate our growth," he said. "We will hire one new staff in January and another in 2nd quarter."
JOHN LINDSEY NAMED FIVE STAR WEALTH ADVISOR
Consumer-oriented award cites Lindsey's service to clients; honor is only bestowed upon two percent of the 18,500 advisors in the Los Angeles area.
The Five Star Wealth Manager designation is given to select wealth managers in 45 markets throughout the U.S. and Canada. The purpose of the award is to differentiate those wealth managers who excel in client retention and satisfaction.
"I have always strived to be of service to those who come in to Lindsey and Lindsey Wealth Management. For my clients to stay fulfilled for so long is an honor," said Lindsey. "I look forward to continuing to work with new and longtime clients to enhance their financial futures."
EDWARD JONES CULTURE CAN BE BORDERLINE TOXIC
FinancialAdvisor IQ’s Chris Latham reports on Edward Jones’ growth and those who take issue with the firm’s pristine exterior. John Lindsey is quoted discussing the reasons he left Edward Jones and the legal problems he encountered as he attempted to leave the firm.
The firm’s culture can be borderline toxic, according to John Lindsey, a former general partner and top producer at Edward Jones. "I left because the Kool-Aid wore off,” he says. “Edward Jones doesn’t take care of advisors; it takes care of management in the home office.”
Lindsey thinks Edward Jones is just like a wirehouse — and he doesn’t mean that in a positive way.
JOHN LINDSEY WELCOMES DAUGHTER CHRISTINA LINDSEY ORTA TO THE FIRM
When John Lindsey broke away from Edward Jones, in order to be more independent and establish his own firm, he did so with the idea that his daughter Christina Lindsey Orta would eventually join the family business. However, they both wanted to be sure that she earned her position within the company it was not to be "a given."
"I was raised that you have to work hard for what you get," said Christina, a CERTIFIED FINANCIAL PLANNER™ professional. "I don't know that it would have been the best thing for me to be handed a job with my father right out of college. I needed to work for another boss, another corporation, and build my own knowledge base in the industry before I could come to work for the family business and bring all of the best practices."
THE BOLD AND THE INDEPENDENT
Knowing when to walk away and having the courage to do so don't necessarily happen in tandem. Financial advisor John Lindsey knows first-hand the hesitation and fear that fester when an advisor even contemplates going solo. But Lindsey hasn't looked back - at least not in regret - since he did two years ago.
Now very much an independent, the advisor once a major player with a large international firm has launched a website - The Bold Advisor - offering encouragement and support to others, like him, who yearn to do the same. He offers seven steps to independent advisors, and other insights, in this feature article on one of Canada's top industry publications.
'BRUTALIZED' BREAKAWAY BROKERS SPEAK OUT: 7 STORIES FROM THE ROAD TO INDEPENDENCE
Advisors who break away from wirehouses or big regionals don’t expect a goodbye kiss. Instead, they often get hit right in the gut. ThinkAdvisor’s recent story about Edward Jones' alleged mistreatment of feisty breakaway advisor John C. Lindsey, who fought back and won when the firm sued him for $5 million, struck a major chord with other advisors, especially those whose dream jobs turned into nightmare alley when they resigned.
In top producer Lindsey’s case, a Financial Industry Regulatory Authority arbitration panel in 2013 dismissed Jones’ suit of breach of contract, breach of fiduciary duty and unfair competition. The advisor is now happily helming Lindsey & Lindsey Wealth Management in Westlake Village, California, and giving guidance to other advisors who want to break away, too.
EDWARD JONES BREAKAWAY SAYS THE FIRM SERVES "KOOL-AID"
John Lindsey, a former advisor at Edward Jones, whom the firm UNsuccessfully sued for $5 million after he left it in 2012, tells ThinkAdvisor his former employer has a “Kool-Aid culture.” In addition, Lindsey says EDJ marginalizes employees who don’t assimilate.
That’s why Lindsey takes time from running his new firm, Westlake Village, Calif.-based Lindsey and Lindsey Wealth Management, to counsel other advisors on the verge of following his example by leaving a “captive” or “full service” for independence.
SEVEN THINGS EVERY ADVISOR SHOULD DO BEFORE GOING INDIE
If you’re an advisor who is ready to leave a wirehouse, John Lindsey has some quick tips for you in this Gallery Slide Show piece
Okay, so you're ready to leave the wirehouse world. You've been doing your homework about making the transition to the independent space: reading everything you can get your hands on, talking to other advisors who have made the move and doing due diligence on the business model you want to pursue. Here are seven things that you should do before leaving your wirehouse role.
NAVIGATING THE TOUGH ROAD TO INDEPENDENCE
John C. Lindsey, an advisor affiliated with Cooper McManus, a Super OSJ branch office with Securities America, has launched a website to share information and support for wirehouse reps thinking about going independent. TheBoldAdvisor.com includes details on Lindsey’s move to independence from Edward Jones.
“I have been getting calls and emails from advisors all over the country who are emboldened by my story, but who have struggled to move the ball forward and make their own transition to independence,” Lindsey said. “With the Bold Advisor website, I hope to give wirehouse advisors some of the tools and support they will need during this move. This process can be extremely stressful and many advisors don’t know where to begin the journey.”
EDWARD JONES CASE GOES DOWN IN FLAMES
Edward Jones didn't like the way that its former registered person Lindsey said goodbye. The firm accused him of breach of contract and unfair competition and came loaded for bear at a FINRA arbitration - to the tune of a $5 million damage claim. Lindsey, however, wasn't about to sit there and take it.
Lindsey generally denied the allegations, asserted various affirmative defenses, and filed a Counter Claim. Lindsey asserted causes of action against Edward Jones. While the FINRA Arbitration Panel denied Lindsey’s counter claims, they also denied Claimant Edward Jones’ claims against Lindsey.
WHEN THE FIGHT TO INDEPENDENCE IS WON
Breaking away from a large institution can get messy. But if this advisor’s tale is any indication, it does pay to fight the system.
The trouble began when John Lindsey—a 15-year Edward Jones veteran—quit the firm on March 30, 2012 to open his own practice affiliated with Irvine, Calif.-based Cooper McManus, a hybrid RIA firm with brokerage business through Securities America.
Lindsey, who was a top producer with Edward Jones and a regional leader for 65 of the firm’s offices in California, said two primary factors prompted his decision to go independent. He said he would be better able to service his clients independently, and was also planning his succession. Lindsey's three daughters are all licensed in the industry—not with Edward Jones—and he eventually planned to bring at least one on board.
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