Mike 6 hours ago
Hey everyone. I was wondering what would be a realistic expectation of assets under management for my first year as a FA? I'm new to the industry and I've had trouble finding a benchmark or anything to suggest what mt ballpark goal should be (besides as much as possible). I am located in upstate NY (not a wealthy area) were the county median household income is 56k, the median owner owned home is worth 202k and 59% of residents own their home. I know these stats are realistically of little help on this forum, but if anyone has started as a FA in a economically similar area I would appreciate your input.
Thanks.
jones2012 in montgomery, Alabama 17 days ago
Do you work at Edward Jones? How did you find the job? How did you get that first interview?
Any advice for someone trying to get in?
jones2012 in montgomery, Alabama 17 days ago
Hello everyone!
I received the offer package last Friday, which I was so excited about! After reading through the lengthy contract and the compensation schedule, I am having serious second thoughts regarding if I should accept the offer. And I would hope the participants in this forum would help me out there. Thanks in advance!
The followings are my major concerns:
1. The base salary disappears after the 1st year, and the hourly salary in my case is very low (I am a new college grad that had completed several internships). And after the 1st year, the salary is composed of the milestone bonuses and commissions. I don't mind working the long hours and knocking on doors, but looking at the economy realistically for the next 2 years or the short term, after the market plummeted 40% last year, how many people out there are willing to hand over at least $10,000 to invest in the load mutual funds from Edward Jones' preferred wholesalers (e.g. American Funds). So I am questioning if I will be able to have the desired amount of assets under management to put me above the poverty line.
2. The firm believes that the clients should be investing for the long run. What this mean to me is this: a. you hold on to your investments if even the market is down 40% and hope for the market to rebound to recover the loss, and b., as the FA, you rebalance clients' portfolios on an annual base. Under this investment philosophy and if my interpretations are correct, how would I be able to generate enough commissions to make my office profitable?
3. The contract stated that if you quit before the first 3 years, then you will be required to pay back the $75,000 training fees, but what if the company decides to end the employment due to underperforming?
The HR department needs to hear back from me by this Friday, so it would be greatly appreciated if you can address some of my concerns listed above.
Thanks again!
jones2012 in montgomery, Alabama 17 days ago
I have been through the phone interview and the face to face interview. Those went really well. I should be getting an email today I was told on the survey and business plan steps of the process. I also heard there was a half day mock trial run portion of the interview too. I heard from an FA that I spend about 4 hours answers phone calls from paid actors from home office to see how I am thinking on my feet. I haven't read about this anywhere though. Any truth to this new mock trial step?
jrozz in Kingston, Rhode Island 1 month ago
Hi all I am starting the pass program in June, and was looking for either A. Other people in the program currently past, or signed up for the same one as me. And B. Any hints tips etc. on what to look out for in the program, where to live in St.Louis etc.
newb 1 month ago
I'm brand new to the gig and just looking for some good advice.
How do you spend your week? How do you kick it off on Monday? How do you shut it down for the week?
Who is the best customer to market to for a new advisor?
Any feedback would be great.
Vensik in -, Virginia 5 months ago
What are the average starting salaries, bonuses, benefits and travel requirements like at Edward Jones?
What do you like best about working at Edward Jones? Are there any great perks or special treats for employees?
daisy_7788 in Temple, Texas 6 months ago
How long does the background check take for this position? Do they do it before F2F interviews or after?
daisy_7788 in Temple, Texas 6 months ago
Hello, I have my f2f interview tomorrow and was wondering what to expect? Any advice would be great!! Thanks
Vensik in -, Virginia 6 months ago
I would like to know how you build your business as an Financial Advisor. Does Edward Jones supply the leads or do you go door to door and find them yourself? I was reading some post and it appears you go door to door. Seems strange to me because I have never in my life had anyone knock on my door and asked me to be their financial advisor.
Realistically - what kind of compensation can I expect if I was average or a top performer in years 1, 3 and 5.
Thanks for the feedback.
