Life After Edward Jones: How One Advisor Built a Lean, Focused Independent Firm

About this episode…

When we talk about advisors “outgrowing the firm,” it often sounds theoretical. For this episode’s guest, it’s anything but.

After more than a decade at Edward Jones, Steve Davis found himself limited—unable to market his CFP® credential, restricted on hiring, and frustrated by compliance that treated every advisor the same, regardless of experience. The breaking point came when he lost a major client relationship: not because of service, but because he simply couldn’t access the solutions that his client needed inside the Edward Jones model.

That was when it became clear that Steve hadn’t just outgrown Edward Jones; he needed a platform that matched where he wanted to take his practice well into the future.

Today, as the founder of Madison & Elm Wealth Management, an independent practice affiliated with LPL, he runs what he calls a “hyper-efficient, hyper-focused” solo practice. With 60 clients, $60M in assets, and a net payout that well-exceeds that of his time at Edward Jones, he’s proven that independence isn’t just about size: It’s about control, choice, and building a business aligned with your life.

In this episode, Jason Diamond dives into Steve’s story, including:

• The limitations he experienced at Edward Jones—and the tangible things he can now do for his clients and business as an independent.
• The options he considered—and why he passed on a lucrative W-2 recruiting deal.
• The process of transitioning out of Edward Jones—and why independence with LPL was the right path.
• The real value of freedom—and how it was reshaped both his practice and his perspective.
• Creating a business that aligns with his lifestyle—and why that was not possible at the firm.

It’s an honest look at life after the W-2 world and how one advisor built a business that works smarter, not harder, with relevant takeaways for advisors at all levels.

Want to learn more about where, why, and how advisors like you are moving? Click to contact us or call 908-879-1002.