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?

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.....

Any comments on this? Prospective EJ newbie here.

Dennis in Reading, Pennsylvania said: Any comments on this? Prospective EJ newbie here.

hey Dennis,

I've been hired. I am a graduating from college in May so I don't know how accurate my salary and pay would be to you if you are older and more experienced than myself. Feel free to email me at at10@geneseo.edu if you have questions about the hiring process, edward jones as a firm (I was an intern with the firm), or salaries.

Awesome company. Work hard at it and always do what's right for the customer. Forget commissions *(that's how you get into trouble). If you always do what's right and remain diligent for the first few years, there is absolutely nothing that can slow you down. We are all different and we all expect different things from ourselves. You cannot compare to anyone else. Good luck and welcome aboard!

No offense, but some of you have been drinking the Kool-Aid. The fact that you are earning commissions makes you a completely biased source of financial advice. EJ and other brokerage firms sell mutual funds with huge loads to earn fat paychecks. That money comes straight from the client.

My advice: get a job with a Registered Investment Advisor. You will have to work harder since you wont' have name recognition but you will be actually able to do what is right for the customer.

jmerkel in Henderson, Kentucky said: No offense, but some of you have been drinking the Kool-Aid. The fact that you are earning commissions makes you a completely biased source of financial advice. EJ and other brokerage firms sell mutual funds with huge loads to earn fat paychecks. That money comes straight from the client.

No Offense taken, I just transfered a client from a register rep that was charging a wrap fee on the entire account while 60% of his portfolio sat in 1 dividend paying stock. Yeah, that's right for the customer. I called the client and told them "Everyone else in the world is earning 2.5% yield on this stock, and you are earning 1% because the Rep you are with is taking 1.5% per year for you to hold the stock in his managed account."

jmerkel in Henderson, Kentucky said: My advice: get a job with a Registered Investment Advisor. You will have to work harder since you wont' have name recognition but you will be actually able to do what is right for the customer.

I have worked as a fee based advisor and I have worked for other firms, I came to Jones because now I can do both. If fee based is right for the client, then I can manage it in a fee based account, just like your registered rep. If Mutual funds are right for the client, then I can build a portfolio of any fund family I choose with no proprietary products. If the client has always owned stock and likes the feel of knowing what they own I we can build a portfolio of individual stocks.

If you truly think all we do is sell mutual funds to earn "Big Fat Checks" then your the one who has taken the kool-aid pushed by all the fee based advisors out there. I opened 40+ No Set-up fee, no Annual Fee, Roth IRA's for 18-20 year olds before they went off to college this summer so they could save $25 dollars a month. Good luck getting a fee based advisor to do that, or look at anyone below the minimum they feel like dealing with.