Great company to start a career as an investment advisor
Financial Advisor (Former Employee), Wilmington, NC – December 10, 2014
Pros: regional support
Cons: door to door prospecting
Our goal was to make 25 contacts per day with potential prospects by going door to door within an assigned territory. We would follow up with these prospects in the near future with focused call sessions to better identify their financial needs and to offer tailored solutions.
The training program is primarily focused on how to prospect and very little – more... is concentrated on the product knowledge that we as advisors need to make the recommendations that are in the best interest of our clients.
One benefit of working for Edward Jones is that there is no micromanagement. Each advisor has the resources of the home office and the freedom to build their practice however they see fit. In addition, the majority of the senior advisors within my region were happy to meet with new advisors and offer their expertise and business building techniques.
The most difficult part of the job was going door to door. In this day and age, people are very reluctant to provide sensitive information, such as their finances, to a stranger walking through their neighborhood. Beacuse the door to door activity was so time consuming, it was difficult to prospect through other avenues, for example, civic organizations, personal networking, seminars, etc.
Although going door to door proved an inefficient method for prospecting, I believe the activity helped facilitate the understanding of how difficult it can be to build a business in the Financial Services industry. Advisors utilizing the door to door technique inevitably develop a thicker skin and are more adept to overcoming objections. Because of this, I believe Edward Jones is a great place for someone starting out in the industry. – less
FINANCIAL ADVISOR TRAINEE (Former Employee), Covington, LA – October 2, 2014
You are a number, and you have sales numbers to meet. Financial Advisors do not talk about how they have or can help clients; They focus on how much money they make and the trips they have won. Of course, this is done on the backs of their clients, by recommending client's 'invest' in offerings with high fees.
It's disappointing what they are doing – more... to people under the guise of 'helping.' – less
BOA Hiring - Team Leader (Former Employee), St. Louis, MO – September 27, 2014
Pros: excellent learning environment, good benefits
Edward Jones was an excellent place to work. It cultivates a wonderful learning environment. I learned so much by working here. My leadership was extremely supportive of my development and wanted to see all of us do our best. They were also very good at sharing the vision of the firm and keeping our strategy aligned with that vision.
The most challenging – more... aspect of my job was that my area was working with the financial advisors during a stressful time in their business. The Branch Office Administrator is their entire staff and when they leave, they have lost half their team. The financial advisors are then left to support the clients on their own. This creates work for us that is highly urgent. Time is of the essence and it is imperative that you work smart and get the work completed in a very timely manner. – less
Senior Branch Office Administrator (Former Employee), Port Charlotte, FL – September 16, 2014
Pros: two person office, large home office support, unlimited learning capabilities, benefits
Cons: excessive paperwork procedures, workload assigned for one person
I started this job not knowing anything about investments or the stock market. The training I received taught me an unmeasurable amount of information. My main focus was to deliver amazing customer service in any way to help clients. It was a two person office with the financial adviser and myself enabling a close working relationship to best suit the – more... business needs. The hardest part of the job was the amount of pressure put on my position. The most enjoyable part was working with clients and being able to help them reach their financial needs. – less
Good Company, Good Training, Terrible ramp up period
FINANCIAL ADVISOR (Current Employee), Midwest – September 1, 2014
Pros: own business, fellow advisors, home office
Cons: starting pay, expectation increases too soon
I love the company and the culture but depending on your situation getting ramped up and successfully bringing in enough clients so you can make ends meet can take well over a year. In the mean time your pay decreases at a rapid rate so you have to make it up on your commissions. If you don't then you fall below expectations and could be out on your – more... tail with no severance and no benefits. I'd say it's a good place to start if your single. If your a family man it is a big gamble that you are going to make enough money even if you bust your tail and do everything they say to do. Client creation and asset accumulation is very tough and if you don't meet the right people and they don't have a good reason to leave their current FA and bring assets to you then good luck living on the small investors. You need to be bringing in at least $200K a month new just to survive. The commission rate the first three years is terrible. The insurance is major medical so be prepared to pay all your doctors bills because it's only good if you get into a major accident. Be sure you ask up front about the salary ramping down. They were not up front with me on this. I was told for 2 years I'd have a guarantee base while I built my business. Wrong! At month 10 because I received a Goodknight my salary is going down. Goodknight does not mean your life is on easy street. Veteran FA's give you the bottom of the barrel and you are supposed to be able to make something out of it. It helps them with their business and in my opinion hurts yours. Meanwhile they give you their worst clients and EDJ suddenly thinks because they gave you these clients your salary should go down and your monthly expectations go up. If the Veteran FA couldn't do it why do they think a new FA can. Mine are mostly elderly people who are drawing down every month and very small accounts. EDJ needs to give new FA's a full 2 year salary and more time with Goodknight clients before they expect increased productivity. If they did that then maybe more Advisors would succeed.
If you want to give this a go you better pile up your savings because you are going to dig into it or worse your retirement to keep the dream alive and keep working this job. I have found after one year selling it is probably not going to work out for me. Others in my class have been fortunate and inherited $30 million dollar offices but I am new/new with a very poor Goodknight that is actually making it harder for me to continue. – less
Good job for independent skills and client contact
Senior Branch Office Administrator (Former Employee), York, PA – August 21, 2014
Pros: bonuses based on performance and client contact
Cons: one on one working relationship with a single adviser.
A typical day would involve some face to face client contact, phone work answering client questions, vendors, appointments and check in calls. Preparing requested reports for client appointments in the office. I would process all mail, deposits and insurance/annuity applications and their follow up. Possible marketing items such as advertising, compliance – more... reviews, training in the branch. The best part of my day was helping our clients and getting to know them. The hardest part was making clients feel comfortable during market down turns. A negative to my position was the lack of mobility once a Senior status was made, usually within 3-4 years. And that you are only working for one financial advisor. It requires a teamwork approach. I would prefer to work for more than one person, possibly a team, who appreciate the efforts of each and are compensated fairly for their contributions. – less
Branch Office Administrator (Current Employee), Cortland, NY – August 18, 2014
Pros: great work environment, always room to move up and grow.
Cons: you are in an office all day.
Always busy, our particular branch is a level 10 branch and always busy with something to do, opening new accounts, updating current ones and staying in constant contact with all of our current clients. I am lucky enough to love my boss and the other Branch Office Assistances, the hardest part of the day is organizing and prioritizing what should be – more... done first when there is an over whelming amount to do in a day, because all of the clients are equally as important to us. The best part of the day is the interaction and community that goes on through out the day. – less
Edward Jones has an extensive support system in place.
OnCall Branch Office Administrator (Current Employee), Warwick, NY – August 14, 2014
During a typical work day I would encounter phone calls from clients with questions about their investment accounts. I would open new accounts for clients, follow up on needed paperwork. I spent time calling clients to invite them to marketing events. Assisted in sending out mailings for upcoming events. Made calls that pertained to setting up events. – more... Completed scanning documents into the system. I worked closely with the Financial Advisor and with clients along with representatives from other companies. – less