Edward Jones Salaries, Bonuses and Benefits.

Get new comments by email
You can cancel email alerts at anytime.
Comments (42)

Host

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?

Reply - Report abuse

soozque in wheeling, West Virginia

102 months ago

Hi

- Was this comment helpful? Yes (30) / No (68) Reply - Report abuse

crazyjim in Round Rock, Texas

99 months ago

Some great feedback on these forums, so I'll give this one a whirl. I'm a relatively new FA with EJ, and I like what I see so far. Training is a definite plus, though it is a lot more involved than I originally thought it would be. Great preparation for the exams!

Some things I have found a bit odd so far, hopefully I'll get the answers to soon from home office or someone here:

1. Does anyone know how this magical number $100,000 that is constantly being quoted is broken out? (I heard it quoted at $180,000 by an authority two weeks ago, so this number seems to be more subjective than it seemed at first.) I imagine that includes all costs the company has covered as an investment in a new recruit, from new hire to fully functional FA, to include training, recruitment, lodging/meals at training site, etc.

2. For the FA's now have their offices, why are items on the cost side of the office profit/loss so expensive? How many times does one have to pay for the same computer monitor year after year? Just wondering if this is just normal or what.

Otherwise, I really like the presentation thus far. By the way, one of the FAs here has told me that, out of his class of about 10-12 KYC grads--who passed both Series 7 & 66, by the way--only 3 remain in the business. Pretty scary. If that doesn't get me to buckle down as a new hire, I don't know what will.

- Was this comment helpful? Yes (43) / No (11) Reply - Report abuse

bythelb in Richmond, Virginia

97 months ago

Having been in straight commission sales for over ten years (formerly a salaried $90k per year software developer) I consider Jones one of the best sales opportunities in existence. Office overhead etc does not affect your paycheck, it's for your office P&L once you get to a bonus status. For a person that actually works the business, $100K second year (your income is very doable). That said, some who struggle with self confidence or newer to closing sales and inspiring confidence in a client, may make only $50k even the second year. Still, this isn't bad and gets better as time goes by. It's still sales, you have to develop skill and learn how to ask for orders. It doesn't surprise me that the loss rate is as high as you say - being in sales is not for everyone. Jones is a long term position. If you don't commit with that in mind, you'll end up frustrated and possibly quit. All that said, I know people that persisted and are only in they're late 20's now making better than $200k per year. I'm 47 so I'm a lot later to the company.

- Was this comment helpful? Yes (71) / No (14) Reply - Report abuse

Dennis in Reading, Pennsylvania

89 months ago

I am interested in hearing what people are getting paid through the 10 week study period, and as a base when they actually start selling. I understand fully that in the end you will be compensated relative to your abilities and efforts, but I have bills to pay in the mean time, and alot of my "cushion" has been eaten up while the real estate business went down the tubes.

- Was this comment helpful? Yes (100) / No (11) Reply - Report abuse

MaryBooAtCU in Raleigh, North Carolina

78 months ago

Hi everyone,

I am new to this post (and the site), but I was recently thinking about the FA opportunity at Edward Jones. I'm a young'n (I'll be 25 next month), with 2 years of banking under my belt at a very well-respected (southeast based) institution. I've been working on the institutional side of wealth-management/investments (think: company 401(k)s). I also have my MBA and a tremendous work-ethic. After reading some of these posts, the FA role excites and scares me (not that I've even started the process of applying really)... but with the little that I've just posted about myself, would you think me ill-prepared to try and pursue this? What sort of experience does Edward Jones look for/expect when considering candidates? Any advice that could be offered would be much appreciated!!

Thanks!

- Was this comment helpful? Yes (22) / No (6) Reply - Report abuse

bythelb in Richmond, Virginia

71 months ago

Many "leaders" and Jones corporate trainers fixate on the number of accounts opened - and I'll admit, this is a STATISTICAL indicator of a successful FA. However, it is just that. In other words, we have a golden boy in our region that our regional leader thinks is a great FA. In fact, he's so sorry ass it's comical. BUT, he does open a lot of accounts. These are family, friends, other dweebs etc with little or no money coming. I open about 10 to fifteen accounts per month, some months only 5 accounts and I average $20k gross per month, maybe a little more. Been selling LESS than 2 yrs now. Anyway, it's really all about the money being earned, far more than the number of accounts. Of course the best scenario is lots of accounts with lots of money each. Also remember it's all about transactions, not about the total pile you have. I know FAs that have $50M in assets yet I produce more gross than them with less than $20M. So bear this all in mind. So, in short, to net $3k per month, you need $12k gross, which is approx $300k or so in new A-share mutual fund sales or MUITs etc. Cheers.

- Was this comment helpful? Yes (17) / No (5) Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

FAWealthManager,

The payout at all firms is different. If you move $99,999.99 (to avoid breakpoints) into a mutual fund, the gross commission on that to the company is generally 5% (client pays 5.75% sales fee on a-shares and the .75% goes to the MF company). That creats a $5,000 commission. EJ gets 60% of that, FA gets 40% (again, payouts differ by firm). If you produce $2,000,000 in assets in your first two years, not counting the accounts that move away from you or market movements, yes, you would have $4,000,000 in assets at the end of those 2 years. That would be your assets under management (AUM) and that would also be pretty poor. Average advisors need to be doing $3-4 million a year. Now, you only get paid up front on those assets one time, otherwise you will be making trails on the assets year over year. Generally, the trails run between 10-20 basis points on the total assets under management if they're all in A-share mutual funds (not even going to get into wrap accounts, stocks, and bonds). That means, if you have $4,000,000 in AUM and you are getting 15 bps on them, you are making about $6,000 in trails.
In summation, if you move $2M in your first 2 years all at 5.75%, you would make $40,000 each year in commissions, $80,000 total. Then you factor in the trails, bonus, incentive trips, etc. and you've got your pay.

Hope that helps,
Rob

- Was this comment helpful? Yes (8) / No (3) Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

It really comes down to this: moving money in a bear market is easier than moving money in a bull market. When peoples' accounts are up, they generally don't care whether or not it's up 7% relative to the overall market being up 10% (thus, actually, underperforming). They are worried when their accounts are down and that's when you can add value through your products and service (mostly service). Depending on a few factors, ie. market, who you know, your activities, etc., it's actually not that difficult to move $2M/year. But, as I said, that's not going to help you keep your job at many firms. You can't look at it on a new money into investment account basis (such as roth contributions). You have to be going after existing accounts with other firms/advisors, 401k rollovers, and new purchases from things like CDs, MMMFs, and so on. The most lax companies are the ones that sell their own proprietary mutual funds, because they get a larger cut of the sales load. I would check companines like Waddell & Reed out. They are a good firm to start with, lots of independence, and good mutual funds, but even though you can sell other funds, you will only really ever sell W&R Advisor funds and Ivy funds (a subsidiary). They don't have near as much training and support, and their bonus structure is almost non-existent. At the end of the day, if you are ok with making $40k/year (or even double that: $80k/year), this probably isn't the career for you. I don't say that to be mean, but realistic. People go the FA route for 2 reasons, money and independence. To get those much sought after things, like has been said all over this thread, you have to work your tail off (not sure 100 hours/week is that realistic, but 60-70 is almost mandatory). The breakdown in your first year of prospecting should absolutely not be 70/30. It should be 90/10 and similar in year 2. The rest of that stuff that's talked about is avoidance behavior. You don't need to be researching MFs.

- Was this comment helpful? Yes (9) / No Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

...your company has pros putting portfolios together for you. You don't need to read the WSJ, that's the biggest waste there is. Put all that stuff aside and go out and meet people. Ask for orders. Ask for referrals. Ask to call them back. Again, hope this encourages you rather than discourages, but like some previous poster said, "you are always on vacation, but you are always working" or something to that effect. It's a great career and if you can make it, you have biggers balls that 100%, yes, 100% of any of your lawyer, accountant, doctor, any professional friends, 'cuz it's a grind.

- Was this comment helpful? Yes (9) / No (4) Reply - Report abuse

fawealthmanager in Boca Raton, Florida

56 months ago

That totally makes sense that people are keen to make more in % if the economy is down. I am keen to make big $$ and plus the independency is both a huge advantage in this career. I am used to make $ 100k plus as independent contractor but I was always on the road in different cities and still had to do a lot of routine office work from 8 to 5 which I hate. The reason why I mentioned 40k is that it seems very hard to get so many accounts opened in one year to my philosophy and not knowing how people react if I asked them to open an account. I think I can only make assumptions if I actually try it and get hired. As you said I have to go out and use my existing network and start asking for orders. I am sure the company gives traing in what products they sell... Please explain this further to me "90/10 prospecting in the first years" and also "going after existing accounts with other firms/advisors, 401k rollovers, and new purchases from things like CDs, MMMFs," How hard is it to go after existing accounts and where do I get them. Does it mean a client is not happy with their current investment strategy and FA and they like my offer better and change accounts from one firm to another? I am interviewing with ML and EJ but also have a meeting with Raymond James. The first two firms pay salary plus commission but I dont own my book of business where else RJ is only commission plus I own my book of clients. Is there still any way if I want to change companies after 3 to 5 years that I can still take my BoB from EJ and ML. I do like their training program. What would you do if you had the choice?

- Was this comment helpful? Yes (1) / No (1) Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

The 90/10 rule means 90% of your time needs to be spent getting new names into your funnel of people to call for appointments, calling them to ask for appointments, or in appointments. There are a ton of ways to do that. You can walk up and down the street, hand stuff out in front of stores, whatever gets people to sit down with you. Fortunately/unfortunately EJ has figured out that going out and knocking on doors is the best way to meet people, ask questions, and get permission to call those people back.
Going after existing accounts means, when you talk to those people, after you build some rapport, ask them who their advisor is. Call them out if they don't know his name. Ask how much he calls. Ask if they like that amount of contact. Even if they love him, pry more, say something like: "In this market environment, I'm sure you can see the wisdom in having a second opinion done on your finances". Say that to enough people and you WILL be successful. As far as your offer...there is no offer. It's only you. They just have to like you better and want to hear from and work with you, which is why you have to talk to enough people and ask truly ask for their business. As far as which firm is best, that will depend ENTIRELY on you and your personality. I am independent and like to work as such. I hate admin stuff and want someone to do that for me. I am a professional and don't want to sit down with a client after closing a deal and do paperwork. Does your doctor fill out paperwork with you? Definitely not. He's on to the next client. Salary is nonsense anyway. RJ has multiple business models, so if they don't offer salary, you are looking at their independent model. Their employee model does offer salary. But either way, salary is only there for a little bit of time anyway, anywhere you go. The real question of owning your book is a good one. If you are worried about getting into the industry, ML is not the place for you.

- Was this comment helpful? Yes (10) / No (2) Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

ML advisors are top tier. They don't even get paid on accounts below a certain point, and you will basically need to be moving $10-15M/year to be successful. EJ makes you jump through crazy hoops to go through their training and they really make you drink the kool-aid. Also, your book is not your own. They have some of the best advisor satisfaction rating in the industry, though, and pay their advisors very well (bonuses and partnerships). RJ is a chameleon, in that they have several business models in which you can start your business. They don't generally encourage you to start as an employee and then transition to independent, but it does happen. WFA might be a good fit for you as well. I would suggest checking out registeredrep.com forums. They have some really good info that might be worth your time if you're seriously considering this career. IMHO, there is no other way to live. I've had $12,000 paychecks and months at a time where I didn't make but a few hundred dollars each pay period. You eat what you kill and eventually come out golden if you work the system right. And don't let anyone fool you, it's just that, working the system.

- Was this comment helpful? Yes (7) / No Reply - Report abuse

DezFA in Davenport, Iowa

56 months ago

And that was supposed to read $22,000 paychecks, but either way, good pay for 2 weeks.

- Was this comment helpful? Yes (5) / No (1) Reply - Report abuse

fawealthmanager in Boca Raton, Florida

56 months ago

Rob... Thank you your comments are very useful for my me and for going in the right direction. I really appreciate it. I would like to ask you a couple more questions if you dont mind and have the time to give me some more advice so I can decide which company to choose. It is such an important decision for my future and I wasted already so much time with companies in the past where their culture did not fit my values.

Please email me fawealthmanager at yahoo dot com

- Was this comment helpful? Yes (6) / No Reply - Report abuse

Vensik in Richmond, Virginia

54 months ago

EJ in Pine Brook, New Jersey said: Hi - good question - wonder why no one answers - maybe it's because they sell C shares (no load but high expenses) to relatives/family.

Immediate Family members (Parents, Siblings), but yes you can buy A shares at NAV just like you can as an adviser. And you will find it very difficult doing anything with C Shares at Jones because they are so expensive. Most of the C Shares on my book were transferred in from Wells Fargo.

- Was this comment helpful? Yes (3) / No Reply - Report abuse

jrozz in Kingston, Rhode Island

54 months ago

Thanks for all the comments above they are extremely helpful!

I am on the face to face survey part and doing quite well. 30 door knocks 10 completed survey's 5 come backthis weekend and 15 no answer. Not a bad ratio.

My question however to everyone on the board is that i have talked to so many FA's for other companies and EJ is I would like to build my business on managed money I.E wrap accounts, (1% of all investible assets under management) becuase I believe that is the most condusive to acting in the clients best interest.Does the EJ model allow for that or am i going to pushed to seell American Funds and others for commission/fee based accounts?

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Vensik in -, Virginia

54 months ago

jrozz in Kingston, Rhode Island said:
I believe that is the most condusive to acting in the clients best interest.Does the EJ model allow for that or am i going to pushed to seell American Funds and others for commission/fee based accounts?

Actually, acting in every clients best interest is not going to be fee based every time like most independents will tell you, it's being able to do both. There are clients who should genuinely be in a commission based account. Are you going to bother helping an 18 year old that wants to start somewhere on their first ROTH by contributing $25 a month? At 1% of $25, the power companies going to turn off your lights pretty quick. But I opened over 40 ROTH IRA's this year for kids under 25 in that same boat. What about the investor who has 25k in a good dividend stock and just wants to transfer it in and hold it somewhere? You want to tell them that holding it in any other account they would earn 3.5% dividends but in yours they will earn 2.5% and pay you 1%? I just transferred in an 80k portfolio where 50k was in Dominion Power stock, and 30k was in a decent mutual fund portfolio. The fee based advisor he had met a few years ago at church was charging him 1% to manage the entire portfolio, and only Actually managing 40% of the account. The portion in stock had just sat there and he took his fee out of the mutual fund side.

Advisory Solutions is Edward Jones Fee Based platform, so how much you have under fee based vs. commission is up to you. No, you won't be forced to sell any 1 fund over another. I have very few clients in American.

The bottom line is acting in the clients best interest is completely up to you, as the person managing the assets and the relationship.

- Was this comment helpful? Yes (9) / No Reply - Report abuse

tony in Las Vegas, Nevada

40 months ago

I'm a veteran reside in Las Vegas, was wondering if anyone on here is a veteran and working in the las vegas area.

- Was this comment helpful? Yes / No Reply - Report abuse

Jason in Hattiesburg, Mississippi

36 months ago

Any help would be appreciated. Thanks.

- Was this comment helpful? Yes / No Reply - Report abuse

Jason in Hattiesburg, Mississippi

36 months ago

Rant in SoCal, California said: Hi Jason,

I started at Edward Jones at the age of about 25 and worked at Fidelity Investments prior. Door knocking is quite tedious with very little payoff in my opinion. Realistically, there are people at Edward Jones (working 10 years) still not making that amount you mentioned above. Also, depending on your area you are likely not to make anywhere near that amount. I started my own firm because I didn't want to share over 60% of my fees to Edward Jones and wanted to actually give my clients true wealth management. I'm much happier now that I have full control of my investment offerings and services. Unfortunately, Edward Jones has smaller value client accounts. I have to get accounts in excess of $100,000 to justify my time since I'm a Certified Financial Planner. I also do comprehensive financial planning.

Don't be fooled by the nice happy commercials, they are inherently conflicted. Most Edward Jones advisors do not understand basic investment concepts and are just licensed salespeople. Your job is to gather assets. If you are in a low-income area, you will have to get 1,000s of accounts to barely make it.

www.dailyfinance.com/2012/12/06/can-your-edward-jones-financial-advisor-really-ser/

Be careful, your ethics are likely to be compromised at this firm. If you want to earn about $100K, you'll need production of about $300K. It takes a lot to get to $300K. Hope that helps. I'd recommend you be an assistant to an advisor at the bank; get licensed and you'll have more lucrative options.

No, that really doesn't help, to be honest. No offense, but your opinion seems like sour grapes to me. I know several people personally who have done very well with Jones and told me it was the best decision they ever made. The reason I asked this question was to get a few pros and cons. No point in trying to claim it is a terrible job - Fortune 500 begs to differ.

- Was this comment helpful? Yes (8) / No (5) Reply - Report abuse

Cola in Columbia, South Carolina

36 months ago

You are coached at Jones on how to answer surveys for Fortune 500 Barron's etc surveys whether you know it or not. You'll find they constantly repeat what they want you to answer. I worked at Jones and left to become independent. My advice, start there get trained there, if you are lucky you may simply fall into a position where you never want to leave. I.e. taking over a big book. Otherwise get rolling and go independent, you can do much better for your clients and yourself. Jones is a good place to start though. I think they offer a decent base salary these days. I'm 29, I refer ppl to Jones who I don't think are truly ready to be on their own yet and tell them to come work with me in 2-3 years. You should be able to replace your salary pretty easy. The one truth that should influence your decision is that this is an aging field. Not only are millions of ppl retiring but so are millions of financial advisors. The percentage of advisors under 30 is almost nil and the avg age is still around 55. Go to jones get your licenses paid for work a couple of years and keep ALL of your options open, you will be in high demand.

- Was this comment helpful? Yes (10) / No (2) Reply - Report abuse

Cola in Columbia, South Carolina

36 months ago

Correction millions of advisors are not retiring obviously, but you get my point. Typing on my phone.

- Was this comment helpful? Yes (2) / No Reply - Report abuse

sturg11 in Salt Lake City, Utah

36 months ago

Jason in Hattiesburg, Mississippi said: No, that really doesn't help, to be honest. No offense, but your opinion seems like sour grapes to me. I know several people personally who have done very well with Jones and told me it was the best decision they ever made. The reason I asked this question was to get a few pros and cons. No point in trying to claim it is a terrible job - Fortune 500 begs to differ.

Bravo for seeing through his rant, Jason. To answer your question directly, would you prefer to live on the top floor of a penthouse suite with a spectacular view, knowing the trade off is that it would be more difficult to vacate the building in the unlikely event of an emergency, or would you prefer a ground level unit with no view, knowing it would be far easier to get out in an emergency?
The question is one of risk and return. Would you rather take on more risk for greater return, or stay with the "comfort" of a stable salary. Nothing wrong with either choice, but I think that is the question to ask.
To address the rant, I am four years into my career with Jones, I work in a town of 50,000 people, and my W-2 for last year was $197K. In addition, Jones flew my wife and I to Grand Velas resort in Mexico for a week all expenses paid. They also sent us on a cruise in the Mediterranean six months before. Our payout is much higher than a fixed percentage, when all the perks are factored in. I hope this does not come across as bragging, I am frustrated by the unsubstantiated rant.
You can build your business however you would like. I have less than 100 clients and am a comprehensive advisor. Last time I checked, Fidelity didn't offer long-term care products, which protect against one of the greatest dangers facing our clients. Are there people at Jones who are just licensed salespeople? I am sure there are, as I am sure there are at Fidelity. I have never had to compromise my ethics in the least. Contact me if you'd like more helpful info.

- Was this comment helpful? Yes (25) / No Reply - Report abuse

sturg11 in Rural, Idaho

36 months ago

sturg11 in Salt Lake City, Utah said: Bravo for seeing through his rant, Jason. To answer your question directly, would you prefer to live on the top floor of a penthouse suite with a spectacular view, knowing the trade off is that it would be more difficult to vacate the building in the unlikely event of an emergency, or would you prefer a ground level unit with no view, knowing it would be far easier to get out in an emergency?
The question is one of risk and return. Would you rather take on more risk for greater return, or stay with the "comfort" of a stable salary. Nothing wrong with either choice, but I think that is the question to ask.
To address the rant, I am four years into my career with Jones, I work in a town of 50,000 people, and my W-2 for last year was $197K. In addition, Jones flew my wife and I to Grand Velas resort in Mexico for a week all expenses paid. They also sent us on a cruise in the Mediterranean six months before. Our payout is much higher than a fixed percentage, when all the perks are factored in. I hope this does not come across as bragging, I am frustrated by the unsubstantiated rant.
You can build your business however you would like. I have less than 100 clients and am a comprehensive advisor. Last time I checked, Fidelity didn't offer long-term care products, which protect against one of the greatest dangers facing our clients. Are there people at Jones who are just licensed salespeople? I am sure there are, as I am sure there are at Fidelity. I have never had to compromise my ethics in the least. Contact me if you'd like more helpful info.

Btw, I have restarted my business three times at Jones, and am now in Idaho. When I started with Jones, I was in Salt Lake.

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Southpalms in George Town, Cayman Islands

36 months ago

sturg11 in Salt Lake City, Utah said: Bravo for seeing through his rant, Jason. To answer your question directly, would you prefer to live on the top floor of a penthouse suite with a spectacular view, knowing the trade off is that it would be more difficult to vacate the building in the unlikely event of an emergency, or would you prefer a ground level unit with no view, knowing it would be far easier to get out in an emergency?
The question is one of risk and return. Would you rather take on more risk for greater return, or stay with the "comfort" of a stable salary. Nothing wrong with either choice, but I think that is the question to ask.
To address the rant, I am four years into my career with Jones, I work in a town of 50,000 people, and my W-2 for last year was $197K. In addition, Jones flew my wife and I to Grand Velas resort in Mexico for a week all expenses paid. They also sent us on a cruise in the Mediterranean six months before. Our payout is much higher than a fixed percentage, when all the perks are factored in. I hope this does not come across as bragging, I am frustrated by the unsubstantiated rant.
You can build your business however you would like. I have less than 100 clients and am a comprehensive advisor. Last time I checked, Fidelity didn't offer long-term care products, which protect against one of the greatest dangers facing our clients. Are there people at Jones who are just licensed salespeople? I am sure there are, as I am sure there are at Fidelity. I have never had to compromise my ethics in the least. Contact me if you'd like more helpful info.

Hi, great information here. Just curious what your work/life balance is like now?

- Was this comment helpful? Yes / No Reply - Report abuse

sturg11 in Rural, Idaho

36 months ago

Southpalms in George Town, Cayman Islands said: Hi, great information here. Just curious what your work/life balance is like now?

I work a lot, but I choose to do so. I have not reached my professional goals yet, so I push hard. I am typically in the office by 7, home by 5:30, and I usually take 1.5 hours to work out and eat lunch. I also work a couple evenings a week. Again, because I choose to do so. There are other offices that are open bankers hours. I hope that helps!

- Was this comment helpful? Yes (6) / No Reply - Report abuse

Southpalms in George Town, Cayman Islands

36 months ago

sturg11 in Rural, Idaho said: I work a lot, but I choose to do so. I have not reached my professional goals yet, so I push hard. I am typically in the office by 7, home by 5:30, and I usually take 1.5 hours to work out and eat lunch. I also work a couple evenings a week. Again, because I choose to do so. There are other offices that are open bankers hours. I hope that helps!

Yes, thank you that is helpful. That's actually not too bad.

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Jason in Hattiesburg, Mississippi

35 months ago

I just got the offer from EDJ, and I am very excited. Getting ready to start my 8 week study period. I have heard that the series 7 and series 66 are very hard tests to take. Could someone please give me a little insight or some pointers? Are these tests based more on memorization? I have heard that the pass rate for EDJ FA's is above 90% for the series 7, but that the 66 is not that high. What should I expect?

- Was this comment helpful? Yes (7) / No Reply - Report abuse

buckeye22 in Dublin, Ohio

35 months ago

Hey everyone, I really appreciate the honesty shown with this posting. There is really some good information with regard to the Financial Advisor position with Edward Jones. My brother-in-law has been a Financial Advisor for about three years now and has been very successful. He has had a few friends that have tried the position in another area and failed. About a year ago I was between jobs and applied for the position but luckily found a great firm in the Columbus Ohio area performing duties that I obtained my college degree in; Civil Engineering. My wife and I just had our first child and after running through the numbers (i.e. mortgage, car payment, bills and utilities) there won't really be a whole lot left over for entertainment. My wife currently doesn't work and I bring home approximately 48k a year. I know what it means to work hard as I was working part time while maintaining full time college student status for a year. I have been in my field for over two and a half years and am evaluating the future potential. Exploring a career as a financial advisor seems really risky especially considering the fact that I'm giving up a pristine engineering firm that is all about employee satisfaction. Any advice out there for a parent trying to start a new career?

- Was this comment helpful? Yes / No (2) Reply - Report abuse

Michelle S. in Detroit, Michigan

35 months ago

Jason, How do I start with the financial advisor position? (Obviously, I know that the series 7 and 66 are mandatory).

I have looked at websites for the top financial advisor companies. I live in Michigan and none of these companies have openings in my area.

I have an undergrad degree in marketing (which is obsolete). Where do I go from here?

Thanks

- Was this comment helpful? Yes (1) / No (1) Reply - Report abuse

JULIAN BOYKIN in Huntsville, Alabama

33 months ago

please contact me. I'm having my phone interview today and would like to talk with you. Thanks twofivesix sevenzeroone zerofoursixfour jboykin1911@gmail.com

- Was this comment helpful? Yes (1) / No Reply - Report abuse

surfdunk

32 months ago

Thanks to everyone for your helpful comments. I'm just contemplating EJ and haven't taken any steps yet, so details on the salary, hours, number of new accounts, etc offer here are great. Here are some questions for those who are now FAs...

What about moving into an area already saturated with other EJ shops. What is the guidance to not step on toes with those other FAs? Second question...what is the process to 'inherit' books from retiring FAs, how are they handled? Are they divied up among local FAs or do they go to the senior FAs in the area? Wouldn't obtaining a big chunk of an existing book be a quick ticket? (i know its a rare scenario but it happens)

- Was this comment helpful? Yes / No Reply - Report abuse

jda123 in Letchworth, United Kingdom

32 months ago

Hi All,

Some questions for those of you who have worked the model successfully as I'm considering a position with a UK firm that works in a similar way to the Edward Jones model.

How many doors do you knock per day?
From, say 100 door knocks, how many contacts/prospects would you expect to gain?
If you get, say 20 contacts/prospects, how many of those 20 would you convert to a sale?

I know it varies on area and skill of person knocking etc. just wondering about ball park/average figures.

Would be really grateful for any advice.

- Was this comment helpful? Yes / No Reply - Report abuse

Jeremy in Palm Coast, Florida

22 months ago

Jason in Hattiesburg, Mississippi said: I just got the offer from EDJ, and I am very excited. Getting ready to start my 8 week study period. I have heard that the series 7 and series 66 are very hard tests to take. Could someone please give me a little insight or some pointers? Are these tests based more on memorization? I have heard that the pass rate for EDJ FA's is above 90% for the series 7, but that the 66 is not that high. What should I expect?

Hi Jason - interested to hear how things are going for you after a year at EJ? Thinking about taking the plunge myself.

- Was this comment helpful? Yes / No (1) Reply - Report abuse

Amonte in Malden, Massachusetts

17 months ago

I really enjoy your insight on EJ and am currently going through the process .. I have just entering my "Day in the Life" assessment phase. I hope this means good news since I've gone this far through this long process. I would like any recommendations in starting out as well if I may contact you directly. I'm Al and I plan to open my business in Boston.

- Was this comment helpful? Yes / No (1) Reply - Report abuse

Amontejo in Malden, Massachusetts

17 months ago

I'd like to learn more from you... do u have an email address?

- Was this comment helpful? Yes / No Reply - Report abuse

Amontejo in Malden, Massachusetts

17 months ago

Anyone want to contact me directly regarding Edward Jones please do so. I am currently going through end part of the hiring process yet pretty nervous as to whether this would be a great career move. I have been a Boton bank manager for 10 years and now finally moving into the investment field. I hope to open a branch in Boston. My email is amontejo@comcast.net so please fell free to write. Al

- Was this comment helpful? Yes / No Reply - Report abuse

Amontejo in Malden, Massachusetts

17 months ago

I meant Boston bank manager (sp check)

- Was this comment helpful? Yes (2) / No Reply - Report abuse

Amontejo in Malden, Massachusetts

17 months ago

Hey Jeremy, how have you done with the Series exams? How has your first 5 months been?

- Was this comment helpful? Yes (1) / No Reply - Report abuse

brandon87 in Boise, Idaho

9 months ago

sturg11 in Salt Lake City, Utah said: Bravo for seeing through his rant, Jason. To answer your question directly, would you prefer to live on the top floor of a penthouse suite with a spectacular view, knowing the trade off is that it would be more difficult to vacate the building in the unlikely event of an emergency, or would you prefer a ground level unit with no view, knowing it would be far easier to get out in an emergency?
The question is one of risk and return. Would you rather take on more risk for greater return, or stay with the "comfort" of a stable salary. Nothing wrong with either choice, but I think that is the question to ask.
To address the rant, I am four years into my career with Jones, I work in a town of 50,000 people, and my W-2 for last year was $197K. In addition, Jones flew my wife and I to Grand Velas resort in Mexico for a week all expenses paid. They also sent us on a cruise in the Mediterranean six months before. Our payout is much higher than a fixed percentage, when all the perks are factored in. I hope this does not come across as bragging, I am frustrated by the unsubstantiated rant.
You can build your business however you would like. I have less than 100 clients and am a comprehensive advisor. Last time I checked, Fidelity didn't offer long-term care products, which protect against one of the greatest dangers facing our clients. Are there people at Jones who are just licensed salespeople? I am sure there are, as I am sure there are at Fidelity. I have never had to compromise my ethics in the least. Contact me if you'd like more helpful info.

Sturg11-I am looking at a career at EJ and have my phone screen in a week. I have talked with a friend who is an FA and am curious how a typical day in the life of a EJ advisor goes. Also, is there anyway you could email me advise, pro tips for the first 3 years and how to be a comprehensive advisor, rather than a salesperson with a license?

bcstevitty7@gmail.com

- Was this comment helpful? Yes / No Reply - Report abuse

brandon87 in Boise, Idaho

9 months ago

sturg11 in Rural, Idaho said: Btw, I have restarted my business three times at Jones, and am now in Idaho. When I started with Jones, I was in Salt Lake.

Also, I am in Idaho and plan on working here(love Idaho!) so wondered how one goes about getting to 6 figures by year 2 while still developing strong relationships rather than just quick numbers. Like I said, I really would rather be the "friend' who is helping out than the "salesperson".

And if anyone here knows, what would a good client base be to sustain 6 figures annually or is that not possible without new clients

And, at what point(if any) can a FA simply retain their current book vs knocking doors and adding new clients that way?

Thanks!

- Was this comment helpful? Yes (1) / No Reply - Report abuse

» Sign in or create an account to comment on this topic.