Edward Jones Salaries, Bonuses and Benefits.

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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?

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soozque in wheeling, West Virginia

79 months ago

Hi

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CrazyJim in Round Rock, Texas

76 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.

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bythelb in Richmond, Virginia

74 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.

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casey259 in Louisville, Kentucky

70 months ago

I currently work for Jones and the biggest loss rate come from the new college grads. Going from the college world and being thrown into the Jones world is tough. I knew a guy who had a mental breakdown during Eval/Grad because they kept on hammering us to make those phone sessions.

If you want to work for Jones then you need to answer something for yourself. Can I give up seeing my friends and spend less time with my family and kids for a minimum of 2 years? If you can honestly answer yes then it's for you.

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Dennis in Reading, Pennsylvania

67 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.

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Tila814 in West Henrietta, New York

66 months ago

Hey
I was just wondering what type of corporate benefits come from being employed by jones. I know that sprint offers jones employees 19% discount off of certain plans but are there any others and when does jones officially tell you about them?

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bythelb in Richmond, Virginia

66 months ago

Bryan Snider in Louisville, Kentucky said: Thanks for the insight and honesty. Could you comment in more detail about your statement of "less time with family and kids for 2 years"? I work in a professional industry and put in about 50 hours per week. Would it still be more demanding even on a person who is used to that type of 8am-6pm schedule?

You'll still be able to spend time with your family but it will be very limited. To be successful, once you finish the textbook training, weeks will be more like 70 to 100 hours (no kidding). So you have to make sure you're time effective. Within a year, however, it turns more into 50 hours to maybe 60 hours on a hard week. Most people will say 'no problem, I can do it' BEFORE they are really in the trenches. But when reality sets in, many head for greener pastures (or what they think are greener pastures). If you try to work this business easy it'll be a hard road. If you work it hard up front, it's a great business. Not much more I can say. It's not a job - that's where people fail. It's YOUR business. It's not like corporate America where the average worker probably does no more than 2 real hours of work every day. You have to make this happen.

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sturg11 in Salt Lake City, Utah

65 months ago

Fud Box in US said: The training pay will vary based on locale, work experience, and prior earnings. Training pay seems to hover around a couple thousand per month (give or take), and starting salary is around $25K/yr and decreases every few months until it is gone after a year.

These numbers are based on my experience and could vary considerably.

Nonetheless, if you're prepared to live a little lean for a couple of years until you get your business up and running, I can't imagine a better opportunity for a rewarding career. Best of luck!

Does anyone know what part of the offer (if any) is negotiable? I have my f2f interview next Wednesday and am wondering if it's a "take it or leave it" offer, or if there is negotiating room.
Thanks in advance!
Kevin

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Geo Wanda in Los Angeles, California

65 months ago

JP1 in LI, New York said: Can you please explain to me where a 70-100 hour work week comes from. I understand client prospecting, and making 25 quality contacts per day, but where do these long hours come from. You can't prospect at 5 in the morning, and there's no door knocking at 10 PM....is there just a lot of admin work?? Can you elaborate?

Good question. I'm doing my 45 minute phone interview this week. I'm very excited about the opportunity. I'm not afraid of hard work but 100 hours just isn't possible for me. I don't see how we can f2f that many hours when prospects aren't available all those hours.

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JP1 in LI, New York

65 months ago

Well I guess if you consider that work. I'm already a member of the republican and kiwanis club, and read the wall-street journal every single morning. Chamber of Commerce I guess is a step, but keeping up with current economic times and the market is more of a hobby then a job. I too have interned at brokerages @ Merrill Lynch and AXA and I understand you have to keep up to date with current clients, but I have read the first three years the ratio of prospecting to client maintenance should be 70:30. If you doorknock at 12 in the afternoon it will take 6 hours or so to make 25 contacts because noone's home, but if you're out hammering businesses and malls during the day, then knocking from 4-6 PM you can easily make 50 a day in a short time period. I factored in admin work, but then again I guess you're right about researching mutual funds/other investments for specific clients. I also read just yesterday that there are many new advisor meetings so I'm assuming that will take up a good amount of your time as well. It's not that I'm not willing to work 70-80 hours, it's just that I wasn't sure exactly where it was coming from, but I guess you answered my question. Thanks.

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newbster in New York

64 months ago

Any female FAs out there have children while at Edward Jones? What sort of maternity benefit is involved? Since you're 100% commission, are you without pay while on maternity?

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bythelb in Richmond, Virginia

64 months ago

JP1 in LI, New York said: Can you please explain to me where a 70-100 hour work week comes from. I understand client prospecting, and making 25 quality contacts per day, but where do these long hours come from. You can't prospect at 5 in the morning, and there's no door knocking at 10 PM....is there just a lot of admin work?? Can you elaborate?

Most people who get into sales don't REALLY realize that you have to actually work. It's not like a job where most people only work 2hrs tops per day (read the book 'That's Why They Call It Work'). Yes, it really is 70hrs a week AT LEAST if you want to be successful. It's five 12 hr days and a minimum of 4-6 hrs most Saturdays. Want to work it easy, go ahead - you'll end up washing out if you do. It's a great business but a tough business. You better either have a pair or get a pair if you're going to get in. And yes, I do mean ladies too. You need some sand and perseverence to do this. If you're looking for the breakdown of time etc, you're asking the wrong question - it's probably not for you. The correct question is 'what must I do to succeed?' Don't try and kid yourself, get an hourly job if you want to be the typical American indentured servant. If you want to be free, then pull yourself together and get in the game. These long hours turn into a great life within 3 years. J. Paul Getty said anyone can be successful if they WANT to, but most are unwilling to pay the price for genuine success.

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Deep in Jersey City, New Jersey

61 months ago

sturg11 in Salt Lake City, Utah said: Does anyone know what part of the offer (if any) is negotiable? I have my f2f interview next Wednesday and am wondering if it's a "take it or leave it" offer, or if there is negotiating room.
Thanks in advance!
Kevin

Hi Kevin:

Have u taken up the job with ED?

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Rant in Chapel Hill, North Carolina

61 months ago

The base salary is based on your experience level and geographic location. Average is about 20/21K + commissions and bonuses. I just received an offer yesterday but have yet to decide on a geographic location which is holding up my salary letter. I'm interested in possibly moving to Florida or Georgia. Has anyone accepted an offer in those regions? Please let me know about your experience. Thanks!

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sturg11 in Salt Lake City, Utah

61 months ago

Deep in Jersey City, New Jersey said: Hi Kevin:

Have u taken up the job with ED?

I have, and absolutely love it! Sorry it has taken me so long to respond. I would be happy to answer any questions you might have. My number is eight0one eight8four-eightyseveneighty.
Kevin

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Rant in Chapel Hill, North Carolina

61 months ago

sturg11 in Salt Lake City, Utah said: I have, and absolutely love it! Sorry it has taken me so long to respond. I would be happy to answer any questions you might have. My number is eight0one eight8four-eightyseveneighty.
Kevin

Hey Kevin,

How's it going? I'm slightly eavesdropping here, but I just got a phone offer last week-just need to complete the fingerprinting, drug testing and I-9. I'm very excited about the process. Do you have an official class date yet? Do you mind if I contact you? I'd like to meet others who just/about to start with EJ. Are you going to Tempe?

Thanks,

Rob

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Sullysul in Suffolk, Virginia

61 months ago

Hey Kevin,
I'm doing a phone interview tomorrow, any advice. Can you give us more detail on what the pay is like for the first year. Congrats on the job by the way. What is your backgroung?

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sturg11 in Salt Lake City, Utah

61 months ago

Strange, I thought I had responded to you, Rob. I came in without having to do Study for Success. I am a new / new, but already had my licenses. My can sell date was May 9, so I am in the PDP phase now. You are welcome to contact me. I did go through Tempe. Sullysul, with the phone interview, search the indeed forum "getting a Job at EDJ" for "behavioral interview" or "phone interview". There are a lot of actual questions posted in the forum. They are a lot of questions like, "give me an example of a time where you failed at first, but then were able to turn it around." Just be natural and relax and you should do fine. I thought I had done horribly, but received the F2F within a few days after that. I won't go through detail on what the pay is like. It varies by region, and since I was a broker before this, I believe my pay is slightly higher (although I don't know that for sure). I took what they offered me because I knew it was enough for me to get by, but not enough for me to be comfortable with (read: incentive to work hard). I was an attorney before this, but frankly brokers from Jones have all different backgrounds so don't think you need to be an atty to get a job here. In my region we have someone who was a professional opera singer, a former marine, a business retiree who decided to try something new, a couple people straight out of college, etc. You will find Jones people to be as diverse as the people in the real world.

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MaryBooAtCU in Raleigh, North Carolina

55 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!

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Fernandezrafael in orlando

50 months ago

bythelb in Richmond, Virginia said: 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.

bythelb.... how are you doing so far, if you dont mind me asking?????

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bythelb in Richmond, Virginia

49 months ago

Hello Fernandez, It's going good, however I was previously accustomed to earning a lot more money than I am right now. I'd like to caution anyone looking at this to note that few people produce at a high enough level to consistently earn even $150k per year. I'm earning about $90k. This is considered above average for the time I'm out but still, I know a fair number of Jones advisors who have done this or better. It's a tedious business but a good business. I'd like to get to $150k income, that's $32k gross per month - a pretty tall order - especially consistently over the long haul. I'm not trying to talk you out of the business but there are easier ways to make a living. Maybe less money but infinitely less stress. I'm trying to be totally honest. Cheers.

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bythelb in Richmond, Virginia

48 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.

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Vensik in Mechanicsville, Virginia

48 months ago

dejavu in Albemarle, North Carolina said: piggy backing on my post above, how many accounts would one need to open in order to reach $3k commission per month?

I think what my colleague above is saying, new account bonuses aside, you can earn 3k commission on 1 account a month or open 30 accounts a month and not net out 1k. Not a dollar in commission is generated when you hit submit on opening an account. Its when you hit submit on the trades for that 500k rollover.

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EJAdv in Columbia, South Carolina

35 months ago

I've been licensed and selling since Dec 2010. Your base salary will be approx 20k and assuming you are meeting expectations in sales you will achieve your bonuses and make an additional 30-50k easily. It is a great great environment for an independent person. You must be self motivated. A great key to success is to find an office or book of business in your area to take over. A very rare opportunity. Your goal in year one should be to bring in 2 million in new assets. Assuming you avg 3% on those new assets you will gross approx. 60k in your first year. If you want to know more about your cut of that, you need to go through the interview process and they'll fill you in on all you need to know. Talk to people, talk to people with money. You are always on vacation, but always at work. Always be prospecting... talking to people about what you do, and always offering to help them out with your services. Great support, super place to work.

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ljnorris in Chapin, South Carolina

33 months ago

EJAdv in Columbia, South Carolina said: I've been licensed and selling since Dec 2010. Your base salary will be approx 20k and assuming you are meeting expectations in sales you will achieve your bonuses and make an additional 30-50k easily. It is a great great environment for an independent person. You must be self motivated. A great key to success is to find an office or book of business in your area to take over. A very rare opportunity. Your goal in year one should be to bring in 2 million in new assets. Assuming you avg 3% on those new assets you will gross approx. 60k in your first year. If you want to know more about your cut of that, you need to go through the interview process and they'll fill you in on all you need to know. Talk to people, talk to people with money. You are always on vacation, but always at work. Always be prospecting... talking to people about what you do, and always offering to help them out with your services. Great support, super place to work.

I had my phone interview today and will get information regarding my face to face in 5 - 7 days. After having been a salaried CPA for 20 years I am excited about the possibility of my efforts directly correlating to my earnings. Could I contact you directly to talk with you? If so, please send contact info to laura.norris@palmettohealth.org? Thanks.

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FAWealthManager in Boca Raton, Florida

33 months ago

EJAdv in Columbia, South Carolina said: I've been licensed and selling since Dec 2010. Your base salary will be approx 20k and assuming you are meeting expectations in sales you will achieve your bonuses and make an additional 30-50k easily. It is a great great environment for an independent person. You must be self motivated. A great key to success is to find an office or book of business in your area to take over. A very rare opportunity. Your goal in year one should be to bring in 2 million in new assets. Assuming you avg 3% on those new assets you will gross approx. 60k in your first year. If you want to know more about your cut of that, you need to go through the interview process and they'll fill you in on all you need to know. Talk to people, talk to people with money. You are always on vacation, but always at work. Always be prospecting... talking to people about what you do, and always offering to help them out with your services. Great support, super place to work.

Thanks for your input. One question if I open 100 accounts valued at $2m in year one and another 100 valued at $2m in year 2 does it mean my total assets I manage at EJ is $4m by the end of year 2 and I earn 3% of total assets valued at $4m? Is there a commission paid continuously or only one time when the account has been opened?

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DezFA in Davenport, Iowa

33 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

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FAWealthManager in Boca Raton, Florida

33 months ago

Rob..thank you. How hard is it to move $ 2m each year and increase it by $ 1m per year. If I look at the average family income which is around $ 60k to 100k depending if both are working there could be only $10k as an average to be left for investments by the end of each year because cost of living has become so high. I would need to open 100 new accounts per year. Where will all this money come from and especially where will I find new clients. I am wondering if it is even worth it to start a career as an FA. I know I would enjoy this type of work a lot but it scares me that all these firms (EJ, ML, MSSB etc) have such high expectations. I heard its not even enough if I only bring in $2m annually and then take the risk to get fired. Well eventually the salary they are paying will disappear and $ 40k per year is not too bad in our current economy. Do you know which firm has a more human approach to their FAs in terms of expected annual revenues generated/account openings?

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DezFA in Davenport, Iowa

33 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.

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DezFA in Davenport, Iowa

33 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.

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FAWealthManager in Boca Raton, Florida

33 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?

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DezFA in Davenport, Iowa

33 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.

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DezFA in Davenport, Iowa

33 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.

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DezFA in Davenport, Iowa

33 months ago

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

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FAWealthManager in Boca Raton, Florida

33 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

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Vensik in Richmond, Virginia

32 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.

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jrozz in Kingston, Rhode Island

31 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?

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Vensik in -, Virginia

31 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.

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tony in Las Vegas, Nevada

18 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.

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tony in Las Vegas, Nevada

18 months ago

at Edward Jones I mean

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Jason in Hattiesburg, Mississippi

14 months ago

I am thinking of giving up a $52,000 a year salary in Mississippi to work at EDJ. My wife makes $42,000, and we do not have a house note or rent. No kids, but we would like to try in a year or 2. I am 31 and she is 28, so we live a very comfortable life. I am just not sure whether we are ready to give that comfort up. Is it worth it?

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Jason in Hattiesburg, Mississippi

14 months ago

Any help would be appreciated. Thanks.

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Rant in SoCal, California

14 months ago

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.

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Jason in Hattiesburg, Mississippi

14 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.

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Cola in Columbia, South Carolina

14 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.

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Cola in Columbia, South Carolina

14 months ago

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

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sturg11 in Salt Lake City, Utah

14 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.

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sturg11 in Rural, Idaho

14 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.

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Southpalms in George Town, Cayman Islands

13 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?

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