Income Expected At Edward Jones

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?

You raise a good question. I formerly was making about $150K or more per year with insurance, fixed annuities and LTC insurance so I can relate to your question. The business model I was using to develop clients was getting more difficult, I was driving too much, and my income was dropping steadily. I made the move to Edward Jones and am still in the early phases (heavy door knocking - it works). I know that I'll take a hit with Jones and it'll be a few years, like 3 to 4 to get back to the level you asked about ($150k+ per year). I wouldn't be in this if I was not 100% confident this is doable. I personally know too many Jones FA's who do this and more, in 4 years or less. The real beauty of Jones is the fact that you don't have to run around and once you're established the business becomes straightforward. It'll always be work, but it can be a 30 hour work week and you run the business your way. Jones is without question the finest, most ethical brokerage firm in the country. This is utterly indisputable. When reading negative comments about Jones, it's guaranteed going to be some miserable failure who may have left a state or govt. job and can't cut it in actual sales. I've done mortgages as well and you're reinventing yourself every single day. I don't want to keep doing that which is why I have joined Jones. I hope this long answer may be of help to you.

Hello people,
I 've been a EJ foroum spectator for the pass several weeks. I am currently in the door to door survey stage of the interview process.

I have a question:

Once you get into the later years in edward jones, say year 4 and beyond. Where is this nice salary coming from that I keep hearing about? Is it from opening new accounts or do you continue to earn commision on your eixisting accounts?

The answer is yes. In other words, both. However, the best way to think of it is like being a car salesman for over 5 years at the same dealership. The reason is, that's when the business gets good. You have your previous customers coming back to buy another vehicle. There is also the trailers on mutual funds, which can really get large after being in the business for more than 3 to 5 years, depending on how you run your office. The other thing is, there is really a big demand and need for good brokers, but the people with larger amounts of money are not going to come to you until you've been in the business for several years. I'm very new myself, less than 6 months actually. I look at this as a long term opportunity. It's not easy at first but it's well worth the effort in my opinion.

bythelb in Richmond, Virginia said: The answer is yes. In other words, both. However, the best way to think of it is like being a car salesman for over 5 years at the same dealership. The reason is, that's when the business gets good. You have your previous customers coming back to buy another vehicle. There is also the trailers on mutual funds, which can really get large after being in the business for more than 3 to 5 years, depending on how you run your office. The other thing is, there is really a big demand and need for good brokers, but the people with larger amounts of money are not going to come to you until you've been in the business for several years. I'm very new myself, less than 6 months actually. I look at this as a long term opportunity. It's not easy at first but it's well worth the effort in my opinion.

Thanks

Breaking into a financial advisor position is nice, but be warned, it is not easy. If you want to be making $150k a year, most likely, you will need to have close to $30M in assets under administration...which is no easy task. Expect your salary to be .5% of the amount of assets you have. Just a thought.

d0ug2008 in Winnipeg, Manitoba said: Breaking into a financial advisor position is nice, but be warned, it is not easy. If you want to be making $150k a year, most likely, you will need to have close to $30M in assets under administration...which is no easy task. Expect your salary to be .5% of the amount of assets you have. Just a thought.

I would say your comments are more-or-less correct. However, it's possible to make more than $150k per year with less than $30M under management. Likewise, it's also possible to make less than $150k that with even $100M under management, depending on how you run your shop. The real beauty of the business is once you've been in for 5 years or more. At that point, the business is mostly working with referrals and existing clients that either come into more money or have called or matured bonds etc and need another investment. I know too many brokers that have showed me their own numbers and are walking in the park making $200k or more year-in and year-out. It takes five to ten years to get to that point though, and many people bail long before that. There are over 200,000 brokers in the US, however, I doubt more than 5,000 are really worth their salt. There's always room at the top for a good stock broker; and that's where you want to be.

An even greater concern is not how well the FA will do but how well the client will do. An FA can make a lot of money or a little money but won't lose money. Your clients might.

if you have leads, do you still have to door knock?

If you are looking at Jones you will door knock. Period. There are many other firms that have you start from family and friends. However, I think door knocking although humbling is the best way to obtain clients.

I have to de-activate my Real Estate License to come aboard. I was also told I couldnt do anything else on the side to supplement my income until things get going for me. How some people start off with higher salaries? They told me here in orlando, the salary is $25k.....