Txmade 15 hours 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?
Jeremy 1 day 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?
Just another FA 3 days ago
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.
EJBOA in Louisiana 10 days ago
This has been the worst company I have ever worked for with so much red tape and corporate bull and there is no system in place as advocate for the BOA who is in training for at least the first year. The BOAs are at the mercy of how the FA views and evaluates them. The FA can give a very low evaluation and associate relations always sides with the FA...they never question him. If you and your FA have issues with varying personalities/workstyles, the FA can write you up for whatever he chooses and a couple of times and you are out.
I understand others have had good experiences but that depends entirely on the FA they work for. In my case, I had the misfortune of working for a young, inexperienced guy who lacked managerial skills and was also anal, hyper critical, a micromanager who could find fault with the way you placed your stapler on your desk. He was unorganized and totally clueless about how to handle the "older client" that Edward Jones serves.
The pay is only menial but they claim to give you bonuses which are taxed to death. Again, you are at the mercy of your FA and whether he chooses to share a bonus with you. You wear many hats and the learning curve is out of this world. There is no proper training,...you train from computer modules while on the job from the first day trying to appear to know what you are doing, when in fact, you are totally green and handling clients accounts and million dollar portfolios. It's a joke to allow such a situation. To put a BOA behind the desk and on the job w/no training and expect them to act as if they know what they are doing when they are trying to learn on the job is ludicrous. Trying to work thru computer modules for your many hours of learning while you are also trying to do your job is ludicrous. If the client only knew you are sitting there with two weeks on the job they would be shocked. The client assumes you are trained fully. Home office has made if quite clear they always side with the FA.
Steve G in Fort Worth, Texas 4 months ago
Hello, I will be starting the study for success program real soon! Is there anyone else who will is starting the program real soon? I am looking to meet other FA's who are starting out and share experiences. I know there are mixed opinions working as an FA, but I plan to work hard and reach my goals. I have already made goals that I want to achieve, and I have dates when I will reach these goals. Please let me know if you would like to share your experiences!
BC in Dunbar, West Virginia 4 months ago
I'm looking at a career change from the mortgage industry into the Financial Conulting industry with Edward Jones. They seem to have a proven system that helps build business up while paying a salary. The only thing is, I'm coming from income levels in the 150K range and don't know what is realistic with Edward Jones. My initial salary they're offering is $40K so I need to make $110K in commissions. Can you make that kind of money at Edward Jones and if so, how long does it take to build that kind of cash flow?
SBfinance in Oklahoma 5 months ago
Hello, I am in the beginning stages of my application to work for Edward Jones and was hoping someone could help me with some honest answers. Please respond with the corresponding number that your answer applies to.
1. What advantages does Edward Jones give its advisors that other financial institutions do not?
2. How much pressure is there to sell specific products and how much freedom to advisors have?
3. Is it better to get in the field right out of school, or gain experience elsewhere?
4. How successful are individuals who come out of the FACD program?
5. What personality traits or abilities separate the successful advisors from the unsuccessful?
Cohoma in Scituate, Massachusetts 7 months ago
I spent around 5-6 hours yesterday knocking on about a total of 75 places (both businesses and residences combined). Due to being in the process of finishing another job while battling some medical stuff, it's been easier said than done to accomplish as much as I've intended. However, I think that is something I can work around.
The first part of my concerns with the Survey part of this process is that with businesses it's pretty straight forward, I initially got some hesitance from business owners but when I explained that I am surveying and not selling, their concerns were rather easily alleviated.
With that said though, I know there's a big aspect of the surveying that encourages, or better yet requires that we talk to residences too. Out of my quality contacts thus far, I got five residences that gave complete information. The only caveat I am facing is the idea of trying to alleviate residents in town about the fact that this isn't a sales related trip to their house I am making. I am merely just surveying and trying to see if my desire to open a business is conducive to the location I am looking to work in.
My biggest hurdle has definitely been residences, I've read the script and I've had no problems taking no for an answer but at the same time, I also am trying to clear up any misconceptions individuals that I door knock that this isn't a sales pitch. But with that said, I got to thinking, I was concerned and maybe I've missed something in the email but when I was sent the survey/business plan email I was told it would have to be done in a week. Does that mean I'll be doing the 25 quality contacts per day like a new FA would? Also, these names I collect, are they going to be used by the company in any way, shape or form. As the survey says for question 7 "Do I have permission to contact you?" but at the same time, would EJ still have a prerogative to call these individuals once I send this documentation? (Part 1 of 2)
E.J. Advisor in Lake Forest, California 10 months ago
I just received the email to go out and perform the survey and business plan. I understand the EJ business model is to go door to door and I'm good with that but, I read other forums where people state they only door knocked for 2-6 months. What other ideas do FA use to get clients?
Quando in Garden City, Kansas 10 months ago
I had some issues, stupid little misdemeanors in 98 and 99, total of 3 in a short time frame. I had totally forgot about them until it was brought up by compliance. They asked for a letter explaining the situation and why I did not disclose it beforehand. They asked for any court documents and police reports. This was all provided.
This was 14-15 years ago, and I haven't thought about it in 10 or more years. I frankly hadn't had it cross my mind until they brought it up. The situations were pretty much a 22 year old that made studid decisions primarily involoving alcohol.
Anyone on here know anything about how this will be looked at by compliance. I just learned today that I have passed the final step in the interview and we are only waiting for background check.
Thanks in advance for any help.