Edward Jones Hiring Process - Unethical?

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cspurr in Northeast, Indiana

70 months ago

additional completed surveys. So, I go into the final face to face interview with a local Edward Jones partner in the firm, and I thought I did ok - not necessarily excellent, but confident and better than average. The questions weren't anything too difficult by any means. More or less a verification of past phone interview answers, along with some additional situational questions, and a "I am a partner with Edward Jones, please explain to me why Edward Jones should spend a $100K to hire and train you as a new financial advisor." Then, there was the typical sales quesitons of "What do you see yourself making in 5 years? What do you see yourself making 10 years from now?" There was really only one question that stumped me for a few seconds and that was the "Why should we spend 100K to train you?" question. Admittedly, I have never been asked that one before. So I had to think about that for a few seconds...and besides explaining my ability to turn a profit for the firm...what else can you say? At the end of the interview, the partner mentioned that Edward Jones would get back with me and that it could take up to two weeks for a response. He explained that Edward Jones uses a point system to gauge your viability as a financial advisor (in order to extend an offer). Based on the total points, starting with your initial printed application, both of your phone interviews, your door-knocking activity, and your final interview, you were assigned points. Well, after one week went by without hearing anything from corporate (St. Louis, MO) I knew that more than likely I didn't get the job (extended an offer). So, then I began to think about the process in which I just subjected myself and my family to...a month long interview process including a "door-knocking" activity in the middle of winter with snow and freezing temperatures. I thought to myself - Wow! I just generated 25 SOLID leads for a financial advisor in a DOWN economy looking for investors. What if there were 10-30

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cspurr in Northeast, Indiana

70 months ago

other "applicants" looking for this same job as I was in this down economy...? Well, if you multiply 25x10 you get 250 leads. Multiply 30x25 and you get 750 leads. Man, that could keep this financial advisor in business for a while...enough to get through the "difficult" times. Now, in Edward Jones defense, they "claim" that these "surveys" are used for interviewing/activity purposes only, and are not used as leads. But, you think about it...if you are in the (privately held) business to make money via sales, would you think about calling or visiting these people three, maybe six months from now, possibly even a year from now? Or, are you just going to throw them in the trash like they claim? I don't know, unfortunately, I can't prove it either way. The jury is still out...Needless to say, my family will be transferring all of our investments away from Edward Jones. I am not even remotely interested in generating another dime for them after going through what I just went through. My question to Edward Jones is this...why not hold the "activity" function AFTER the "final" interview (after they have made their decision - you get the job upon successful completion of the door-knocking activity, if you don't do the door-knocking activity you don't get the job). This would be very easy to accomplish, you just don't let the candidate know this is the policy. In this way, it would help to ELIMINATE the seemingly suspect, or unethical practice of generating leads before you get the job. It is my hope that this helps someone better understand the hiring process of Edward Jones. I wish I had known this going into the rather lengthy process.

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cspurr in Northeast, Indiana

70 months ago

Indiana Jim in Evansville, Indiana said: cspurr, After reading this post, I must add that:

1) The surveys are not "leads" at all, but simply an opportunity for you and Edward Jones to measure your ability to perform a difficult, but longstanding staple activity of their marketing.
2) You will undoubtedly be happier somewhere else.
3) Look at this month's Fortune Magazine rankings of the best employers to work for.

I take it you are an employee with Edward Jones...if so, I wouldn't expect an un-biased comment.

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cspurr in Northeast, Indiana

70 months ago

Sure I am frustrated - wouldn't you be? I would hope so, otherwise I would question your passion, want, and need for the position.

It is a little suspect, that is what I am saying. I think any logical person on the outside would totally agree with that statement, obviously you work for Jones. I wonder if they interviewed those same investors at the end of 2009 if they will still say that they are "satisfied" with the way their accounts have been held. While long-term investors have lost an astounding 30%-60+% of their mutual funds value on average, I have made money swing-trading in this market. So, there are two sides to every story. Everyone is entitled to their opinions. P.S. to clarify your statement regarding Fortune's #2 ranking...rankings are done in HINDSIGHT. Rankings can't predict the future, therefore the #2 ranking, although it JUST CAME OUT THIS MONTH ( January 2009) - does not gauge the future - meaning it is derived from 2008 and previous data. I wish you the best in your business and hope that EJ doesn't re-evaluate their offices and look to close some - as the previous company holding the #1 spot (Google) has began to layoff individuals. NOBODY is exempt from this market. NOBODY. As you have seen...not even Goldman Sachs - whom Fortune ranked #9 out of the top 100 companies to work for in 2008.

I personally think the stock market is on sale right now. There are some absolutely great deals to be had. Sure I am a little miffed by EJ's decision, because I know I would have been out hitting the pavement like nobody's business, earning some great commissions along the way. But, there are other modes and methods...EJ is only one of them.

To close, the suspect nature of what I went through with Edward Jones is enough for me and my wife to close our accounts with Edward Jones. It is a shame, because our second financial advisor was a pretty cool guy...the first one couldn't cut it after year one. I think EJ fired him or he quit do to the pressure.

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CivicSI in Oakville, Ontario

70 months ago

Hi cspurr,

I read through your comments and I found some problems with your claims. Just so you know, I was just recently hired, and I started January 5th, so I am in no means a Financial Advisor yet, or can even REALLY claim being an employee of Edward Jones. I'm just training to see if I can get to the next step.

Anyway, after reading what you've said, it seems to me your problem or feelings started at a sensitive time.

After going through a lengthy interview process, seemingly getting passed on from one stage to the other rapidly, and feeling like things are moving along well, it is only natural and normal to feel that things are going positive, things are going well, and not leaving any room for thinking "this may not work." This form of "over thinking" prior to knowing the result can lead you to form theories like you came up with to justify or make seemingly logic sense as to why you may not have heard from them yet. Well now two scenarios can happen;

1) You get the job, and you throw your theory away after pondering it for a few days but the end result is you're working for them, and you don't really care anymore about the theory you formulated.

2) You don't get the job, and this supposedly reinforces your theory and the combination of the two lead you to where you were when you initially wrote this entry.

So, the problems in your theory;

1) You say that during this down time, you had generated a bunch of leads via the activity, which can now be used by another advisor to make a potential sale.

Problem with this one is that this process is used during down times in the economy, and during the high times in the economy. The process hasn't changed through good or bad. The other problems are that the questions you ask during this activity are mostly community related, and not financially related. "How long have you lived here," "What are some of the things you like about the community," and not "How much money do you invest every year?"

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CivicSI in Oakville, Ontario

70 months ago

or "Which financial institution do you invest with." So it would be hard to use these answers to really figure out who's a good "lead" to pursue.
If you can't figure out which people are good leads to pursue as potential investors, the list of names and (whatever # of phone#'s you got) is basically
like a glorified phonebook. Name, number and "community" answers. Bottom line, the survey cannot be used as leads, even if you wanted to. You might as well just
pick up a phone and start cold calling.

2) You say you're going to transfer all of your EDJ accounts to some other firm. No one can tell you what to do with your money. If you're willing to move
money away from someone you claim is a "pretty cool guy," and put your money into someone you don't really have a relationship with yet all because you weren't
hired, then that's your call, but I personally wouldn't say it's smart. I mean, if you lost a ton of money, your advisor wasn't making contact with you, or
if you were just getting a better deal somewhere else, all of those are good reasons to move to another advisor. If I stopped shopping at all the places I thought
I was good enough to work at but wasn't hired...man my choices would be limited!

3) The purpose of having the survey activity is to help the potential employee understand what it will or can be like being a new advisor with the firm.
As a new advisor, you're required to make 25 contacts a day via meeting people face to face. Edward Jones, and I'm sure any other company doesn't want to invest
money into training a new advisor, if they can't handle this part of the business. So, how do you weed out those who can, and those who can't? Well you get them
to do a practice run, with irrelevant questions. Then, during your final interview, you get to expand on you experience and the interviewer can determine based
on your answers if you are the right person for the Edward Jones culture.

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CivicSI in Oakville, Ontario

70 months ago

If we all thought like you, every person that wasn't hired, could sue for "unethical" behaviour. You complaint would go unheard because, 1) you can't prove anything
and 2) the survey questions do not relate in any way to investing.

Do you really think that someone up in this giant organization hasn't thought of what you're saying? The Investment segment is HIGHLY regulated, I'm sure this
practice would have been changed years ago if there was a problem with it.

Don't put a negative spin on something that happens everywhere.

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cspurr in Northeast, Indiana

70 months ago

Tila814 in West Henrietta, New York said:
If you were hired you wouldn't care. Because you weren't and your ego is bruised you do.

Sure, you are a little correct on the ego thing...only because I have a good idea of how valuable I can be to a firm. Not touting my credentials or anything like that...it is just a fact. But yes, I do feel I deserved the job...and if given the chance, would have proved it. When I was in the military I served around fighter pilots...if you asked anyone of them who is the best fighter pilot on this side of the equator, you know what he would say? He would say, me. You know why? Because you have to believe that you are the best if you want to survive...if you want to be the guy that lives another day. Those are the people I don't mind being around - as long as they aren't overly boastful. You have to believe in yourself first, otherwise nobody will. If you don't believe me, I would say you lack life experience. Remember that before you try and thrash on somebody posting a comment.

Therefore, please get off your soapbox, because you are preaching to an educated crowd. I was simply posting my scenario on this board for all to see, to see if other people had experienced any similarities in the past. Quite frankly, I find it amusing at how many pro EJ supporters there are...most of which seem to work for the company. So, please save your breathe, I did my research thoroughly - I did my homework...which I why I CHOSE to interview with them.

I have moved on...another firm is already recruiting me and I am weighing my options.

My comment is directed at both Tila814 and CivicSI.
P.S. Do something honorable with yourself and serve your country for a while. From the sounds of your comments it seems like you both need a gut-check on life in general.

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CivicSI in Oakville, Ontario

70 months ago

cspurr in Northeast, Indiana said: Sure, you are a little correct on the ego thing...only because I have a good idea of how valuable I can be to a firm. Not touting my credentials or anything like that...it is just a fact. But yes, I do feel I deserved the job...and if given the chance, would have proved it. When I was in the military I served around fighter pilots...if you asked anyone of them who is the best fighter pilot on this side of the equator, you know what he would say? He would say, me. You know why? Because you have to believe that you are the best if you want to survive...if you want to be the guy that lives another day. Those are the people I don't mind being around - as long as they aren't overly boastful. You have to believe in yourself first, otherwise nobody will. If you don't believe me, I would say you lack life experience. Remember that before you try and thrash on somebody posting a comment.

Therefore, please get off your soapbox, because you are preaching to an educated crowd. I was simply posting my scenario on this board for all to see, to see if other people had experienced any similarities in the past. Quite frankly, I find it amusing at how many pro EJ supporters there are...most of which seem to work for the company. So, please save your breathe, I did my research thoroughly - I did my homework...which I why I CHOSE to interview with them.

I have moved on...another firm is already recruiting me and I am weighing my options.

My comment is directed at both Tila814 and CivicSI.
P.S. Do something honorable with yourself and serve your country for a while. From the sounds of your comments it seems like you both need a gut-check on life in general.

You are a conundrum. You comments/posts are filled with contradictions. On one hand you're switching FA's because you don't want to help an unethical company like EDJ make any money. Then you say you did your homework and that's why you CHOSE to interview with them.

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CivicSI in Oakville, Ontario

70 months ago

Well obviously you suck at doing homework if you realized shortly after you were wrong.

You are posting something for everyone to see, and no where in your comments did you say you want to know if anyone else has had similar experiences until that last one, you initially wrote it to whine about how you didn't get hired. Who cares? If you're so good, you would get hired somewhere else like you say you did.

There are 2 kinds of people, people who act tough and say all the big things behind the scenes (like say on a computer), and people who go out and prove who they are by getting what they want. Sounds like you took the initial decline and gave up.

During my interview process, I met with another FA who told me his story. He wasn't hired with EDJ the first time he applied, but he told me it didn't stop him from trying. He made the follow up phone calls, asked why he wasn't hired, asked how he could make the situation better in order to be hired, went out and met more FA's and talked to them about his desire to be in the position and how he was just looking for a chance. Well his persistence paid off, one of the FA's recommended him for another interview. This time he got the job, and now...well he was right, he was one of the region leaders when I met with him.

Bottom line, if you want it, go out and get it...don't sit in front of a computer and complain and claim a company is unethical based on your ego being bruised and that's it.

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Fud Box in US

70 months ago

I can see why EJ didn't hire this guy. He's got the attitude of a high school jock. Seriously, would ANY OF YOU actually hire someone that portrayed this kind of attitude??? Of course not. Now, undoubtedly, cspurr, has NO idea what I'm talking about.
Believing in yourself, having a sense of self worth, knowing in your heart that you can accomplish anything you put your mind to....these are qualities that EJ admires because it is exactly these qualities that create the drive and self motivation to endure the challenging first years. YOU DO NOT PORTRAY THESE QUALITIES IN YOUR COMMUNICATION STYLE. Rather, it has more of the, "I'm the baddest mothaf*cka on the block and oh yeah...I gots a MBA too!" Ask anyone whose been in this industry for any length of time...an MBA really doesn't help. Doesn't hurt, of course. Education is always important. But this is a sales job...and, pal, you didn't sell your interviewer...and you didn't sell any of us either.

Go figure.

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Fud Box in US

70 months ago

Oh by the way. I told them I'd do 25 surveys, and I did. The FA that interviewed me looked at them briefly to see they were done, and then he handed them back to me. Not very suspect to me. Besides, you did them...you know darn well there isn't any information on there to suggest that any of these people are actual prospects for EJ's services. Useless data. It was simply an exercise done for YOUR benefit, so that you don't make the mistake of taking a job you'll end up hating.

You mentioned earlier that you liked being around the "Type A" personality, fighter pilot types...as long as they aren't "overly boastful". YOU strike me and, I'm sure, many others as overly boastful.

Ask yourself...what could I have done differently? Said differently? What did I do or not do? Could I have been more genuine? Could I have been more humble? Was I too cocky?

Seriously, you've taken absolutely no responsibility for anything you've discussed. It was EJ's fault, so you're going to punish the FA that has served you and your family faithfully. Maybe your interviewer sensed your lack of loyalty...or judgement. I'd say take a look in the mirror, but you obviously like what you see.

You sure do complain alot...

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cspurr in Northeast, Indiana

70 months ago

I think all of the comments from EJ employees are laughable. I put his out there for people to see - plain and simple. I do find it quite ironic how Fud and Civic are so quick to judge about someone's post (I sense a lot of hate and condemnation on your behalf - for whatever reason). If I wasn't confident I could get and DO the job I wouldn't have wasted either my or EJ's time. So to Bud and Civic, who feel the need to flame me and are obviously EJ employees - please don't waste your time and type anything more...it doesn't look good for you or your firm.

Indian Rediff - Yeah, that sounds better than what happened to me...I never saw my sheets again. Admittedly, I screwed up and didn't scan them beforehand - before I turned them over to the EJ FA.

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CivicSI in Oakville, Ontario

70 months ago

cspurr in Northeast, Indiana said: I think all of the comments from EJ employees are laughable. I put his out there for people to see - plain and simple. I do find it quite ironic how Fud and Civic are so quick to judge about someone's post (I sense a lot of hate and condemnation on your behalf - for whatever reason). If I wasn't confident I could get and DO the job I wouldn't have wasted either my or EJ's time. So to Bud and Civic, who feel the need to flame me and are obviously EJ employees - please don't waste your time and type anything more...it doesn't look good for you or your firm.

Indian Rediff - Yeah, that sounds better than what happened to me...I never saw my sheets again. Admittedly, I screwed up and didn't scan them beforehand - before I turned them over to the EJ FA.

I think any reasonable person could read this entire thread and come to the conclusion that your posts are the most laughable. What was the ironic part about judging your post? If you didn't want your opinion judged, you should have kept it to yourself. As far as hatred goes, yes, I do hate people who think they have the world owed to them, but don't want to go out and earn a damn thing. You come across as a guy who applied, thought the world of himself, didn't get hired and decided to "flame" the company and anyone who defends it. If you wanted to prove what kind of "man" you were, instead of wasting time trying to complain and pointing fingers, you would have gone out and not taken the no for an answer and did whatever it took to get the answer you were looking for. You don't have the drive for a job like this and maybe the interviewer picked up on it and decided to go with someone who didn't have the education, but was willing to do whatever it took to get results.

I don't feel I'm wasting my time, I find it amusing reading you defend yourself. The only person who doesn't look good here is you.

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cspurr in Northeast, Indiana

70 months ago

CivicSI in Oakville, Ontario said: I think any reasonable person could read this entire thread and come to the conclusion that your posts are the most laughable. What was the ironic part about judging your post? If you didn't want your opinion judged, you should have kept it to yourself. As far as hatred goes, yes, I do hate people who think they have the world owed to them, but don't want to go out and earn a damn thing. You come across as a guy who applied, thought the world of himself, didn't get hired and decided to "flame" the company and anyone who defends it. If you wanted to prove what kind of "man" you were, instead of wasting time trying to complain and pointing fingers, you would have gone out and not taken the no for an answer and did whatever it took to get the answer you were looking for. You don't have the drive for a job like this and maybe the interviewer picked up on it and decided to go with someone who didn't have the education, but was willing to do whatever it took to get results.

I don't feel I'm wasting my time, I find it amusing reading you defend yourself. The only person who doesn't look good here is you.

Perhaps you didn't read my other posts? Read my other posts dude...stop WASTING your time. If I see something from you from now on - it will be deleted and not read...just about the only way you can deal with people like you. I feel honored that you take the time out of your day to read my posts. Thank you. Do you go to Church with such hatred...if so, perhaps it's not doing you much good as of yet? Just my thoughts...

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MoneyNeverSleeps in Upstate, New York

70 months ago

I was employed with Jones for 13-months. In less than 5 months - July through November - I was successful in raising over $3M and establishing a real presence for Jones in my community (there were no other Jones FA's within a 40 mile radius of my branch). Over 1,500 prospects and close to sixty accounts - and now it all belongs to Jones. I was terminated by Jones only after I was involved in an automobile accident on my way to a mandatory new FA Saturday morning meeting and sustained injuries that severely limited my ability to perform my job responsibilities. The accident occurred at 7AM over 2 hrs away from my home (you travel endlessly for required Jones meetings - 25 cents a mile to cover either gas or mileage - but that's it) during a blizzard. I'm currently under my physician's care and out on disability and have been for a month. Regardless, I was let go for 'underperforming'. I'm convinced that the Jones business model is both brilliant and sinister. Close to 70% WILL fail a GP told me. Most within the first year through attrition. Jones makes out like a bandit whether you stick it out or not. Since they pay a salary, they are legally entitled to your book of business, your prospects, etc. for the first three years of service. They know that most will drop out, but that's ok. They are left with an endless list of warm leads and assets already under care. Every day an FA fails is like Christmas morning at Edward Jones.

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CivicSI in Oakville, Ontario

70 months ago

Hey Money,

That's horrible to hear, I'm sorry you had to go through that. I agree in that given your circumstances, it should not have lead to your termination. EJ has short and long term disability benefits, did you try to look into those? I would recommend visiting an employment lawyer. The laws might be different in the US but in Canada, to be terminated with cause, the employer has to show that there was definite under performing. It sounds like they fired you because you got injured on the way to a work meeting in a storm which was mandatory. In those circumstances EJ could be held liable. Another thing working in your favour is that you were not under performing as your numbers state. Then being terminated shortly after being in an accident and not being able to work does not work in EJ's favour. You could have one heck of a case. Good luck!

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MoneyNeverSleeps in Upstate, New York

70 months ago

I appreciate it. My production began to slide from Nov thru Jan - 150% (Nov), 68% (Dec) and 39% (Jan), respectively. Leadership was aware of my physical challenges as a result of my accident. For about four-weeks I struggled through the pain and kept my mouth shut. So I was fighting both the market and a physical impediment. I just kept 're-upping' on anti-inflamatories and hoped for the best. By Christmas, I was in so much pain I could barely get out of bed. I saw my physician a week later and on Jan 8 he placed me on the dl. So, for roughly 4-6 weeks after my accident, my condition began to deteriorate and worsen, but I said nothing until the first week of January, shortly before they placed me on goals. Why did I wait? Quite simply, my RL had threatened my job and leveled every insult in the book at me just one week prior to my accident. What was my egregious crime? I was unable to attend a few of the telephone workshops. Furthermore, I was under the impression that they weren't mandatory. I have extensive phone experience, do not suffer from call reluctance, and actually conducted phone training for years while a broker with a major firm. Regardless, I felt that my RL's behavior was both unacceptable and unwarranted. I was literally shocked by his treatment of a new employee. I used to coach executive management in conjunction with HR on such topics as discrimination, sexual harassment, verbal and physical abuse, intimidation, hostile work environment, conflict resolution, etc. Perhaps this is why I am so sensitive to this type of behavior and find it inexcusable. I studied management science in bus. school and these topics were covered very carefully throughout that program. I certainly did not anticipate termination, not after just three weeks on goals and while being on disability. I feel as though this whole thing was designed so that my RL would have grounds for my termination, knowing full well that it would be near impossible for me to accomplish.

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MoneyNeverSleeps in Upstate, New York

70 months ago

CivicSI in Oakville, Ontario said: It's good to see you losing composure. Can't handle criticism? Man, if you feel honored by having your posts read, it must not take much to impress you. Go on with your replies, or heck start ignoring, both show why you aren't EJ material.

It's funny you mention hatred, your posts were full of it for a company that made a decision to not hire you. Up to and including you "firing" your financial advisor. I wonder if that was a decision based on the principals you learned in church? Just my thoughts...

CivicSI, what exactly is "EJ material". Just curious. Thanks.

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CivicSI in Oakville, Ontario

70 months ago

Wow, sounds like you got stuck with a RL that had it out for you. I had a similar experience with Best Buy. When your employer starts creating an environment for you to fail in order to terminate you it's called constructive dismissal. It's a form of wrongful termination that can net you a bag of goodies from an employer that decides to use these tactics. It might be different in the US, but I managed to get an excellent "termination package" from Best Buy once they received my lawyers letter. It may still be a good idea to check out an employment lawyer. If you signed any paperwork that "relieves" a company of any further legal action, you can claim you signed under duress and not in a clear state of mind.

As for what EJ material is, my answer can only go as far as my experience with the company. They're looking for people that have the drive and determination to get results. Generally a type A personality, someone who can go out and spend hours a day willing to build a business. Lack of these qualities can lead to majority of the first year failures. I can't even imagine how many more people would fail if they didn't have these stringent interviewing processes to weed out those who may fail in the future. I don't think EJ is for everyone.

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MoneyNeverSleeps in Upstate, New York

70 months ago

I agree, however I feel that the Jones model is not truly designed to capture and retain top talent. Our region here is a perfect example. I've met some fine, talented people from very diverse backgrounds. All were very successful and earned low six-figures in their former careers. Like myself, they weren't necessarily unhappy in their former careers, but instead desired more control and autonomy over their professional lives. But the first sign of trouble, the leadership either cuts their throat outright or makes life so unbearable that they ultimately resign. The culture is very 'cult' like here in the States and the term 'Kool-Aid drinker' is used to describe the Jones employee who can not think for himself nor recognize any fault whatsoever with the company. Like a lemming, they will blindly follow the pied piper over the cliff. They never question authority nor would ever consider to do so. It's never the fault of Edward Jones and it's perfectly acceptable for a RL to verbally abuse and threaten an employee and get away with such behavior time and time again. It's quite sad, actually. I was so passionate about this company, too. It's really a shame.

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justdoit33 in Clifton Park, New York

70 months ago

I understand that you are disappointed. Do you really believe that this is the most respectful and productive venue to discuss this? I happen to know both RLs in Upstate NY and I don't share your opinion.

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justdoit33 in Montclair, New Jersey

70 months ago

cspurr in Northeast, Indiana said: I take it you are an employee with Edward Jones...if so, I wouldn't expect an un-biased comment.

cspurr: don't you have a job to look for? You might have been an excellent soldier - thank you for our serving our country. However- this doesn't mean you will be a good FA. I have seen Marines who didn't make it. Rest assured Jones FAs don't care about leads from an applicant's doorknock. If you think that: What do you like about your community? etc opens accounts, you are mislead. You are better than that: to sit here and gripe about the would have and should have. Rest assured Jones will continue to exist without your contribution.

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MoneyNeverSleeps in Upstate, New York

70 months ago

What's right is right; what's wrong is wrong. Not everyone can see that. Consider yourself one of the fortunate ones. Good luck.

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justdoit33 in Montclair, New Jersey

70 months ago

I don't think you know me- what I know is a judgment you are unable to make. All I can remind you of is that your actions, which are certainly spurred out of anger and disappointment are not appropriate in this venue. I really am looking out for you.

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MoneyNeverSleeps in Upstate, New York

70 months ago

I appreciate your concern, I truly do. Thank you.

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justdoit33 in Montclair, New Jersey

70 months ago

I have seen it before: people getting rejected after an interview because of something they threw on the web about a previous employer. You owe yourself and your family more than that. Don't throw away the anonymity the law allows you. I am sure you still have a lot of friends at Jones and that especially your RL has no ill will against you.

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cspurr in Northeast, Indiana

70 months ago

I totally disagree with all of the PRO EJ employees out there who say that this forum is not the place to air your situations, both past and present - even though they are essentially anonymous. I find those comments VERY suspect. The great thing about this forum is that it allows other people to know that they, in their current situation, ARE NOT ALONE. Meaning, EJ has done this to people before, and as it is playing out, a number of people. So, therefore this forum is an OPPORTUNE place and time to anonymously air your situation for all of those to read. Please keep the comments coming...they are much appreciated. It looks as though the cat is beginning to climb out of the bag.

P.S. To all of the EJ employees - I wonder if Edward Jones knows you are posting in this forum...I would bet money on it they would not approve. Additionally, I would imagine there would be something in the company handbook about airing such comments for the world to see. I say this because EJ is EXTREMELY REGULATED INTERNALLY. No unapproved letters, etc.

Keep the comments coming...Keep 'em coming. This is why I started the thread.

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CivicSI in Oakville, Ontario

70 months ago

cspurr in Northeast, Indiana said: I totally disagree with all of the PRO EJ employees out there who say that this forum is not the place to air your situations, both past and present - even though they are essentially anonymous. I find those comments VERY suspect. The great thing about this forum is that it allows other people to know that they, in their current situation, ARE NOT ALONE. Meaning, EJ has done this to people before, and as it is playing out, a number of people. So, therefore this forum is an OPPORTUNE place and time to anonymously air your situation for all of those to read. Please keep the comments coming...they are much appreciated. It looks as though the cat is beginning to climb out of the bag.

P.S. To all of the EJ employees - I wonder if Edward Jones knows you are posting in this forum...I would bet money on it they would not approve. Additionally, I would imagine there would be something in the company handbook about airing such comments for the world to see. I say this because EJ is EXTREMELY REGULATED INTERNALLY. No unapproved letters, etc.

Keep the comments coming...Keep 'em coming. This is why I started the thread.

You didn't start this thread for any other reason but to sound off on not being hired by a company you "thought" you were great for. When you didn't get hired you took it personally and decided to vent on here. Venting is fine, but don't be surprised when people nitpick your comments to truly find that there isn't a REAL problem with your situation. MoneyNeverSleeps has a reason to vent, as if what he says is true, he could have a good case for wrongful termination. You just sound like a 12 year old who didn't get the toy he wanted and decided to hate the world.

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cspurr in Midwest, Indiana

70 months ago

Dude,

You worked for Best Buy and were terminated...so P-L-E-A-S-E don't talk to me about jobs. When I read that, I about fell over. Whatever comes out of your mouth is basically bantha fodder in my opinion. I mean c'mon...Best Buy fired you. Wow. I can't believe EJ even interviewed someone like you...unless of course you lied on your application. Which, based on all of your worthless posts, I wouldn't doubt. Enough said. Don't waste your breath dude...you are a joke.

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CivicSI in Oakville, Ontario

70 months ago

cspurr in Midwest, Indiana said: Dude,

You worked for Best Buy and were terminated...so P-L-E-A-S-E don't talk to me about jobs. When I read that, I about fell over. Whatever comes out of your mouth is basically bantha fodder in my opinion. I mean c'mon...Best Buy fired you. Wow. I can't believe EJ even interviewed someone like you...unless of course you lied on your application. Which, based on all of your worthless posts, I wouldn't doubt. Enough said. Don't waste your breath dude...you are a joke.

It's sad because they hired me, a lowly guy fired from best buy (you can't lie on the application, they go back 10 years for your background check), and there you are, sitting at home, holding your MBA, wondering...why didn't I get hired? That's all I have to say about your childish gibberish. Obviously you're attitude was the problem.

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MoneyNeverSleeps in Upstate, New York

70 months ago

Jones is as Jones does. As painful as my experience has been for me and my family - at the regional level anyway - had I known what the outcome what have been 12 mos ago, I probably would have taken the same path. Not because I think the 'Jones Way' is far superior than other models (it really isn't, otherwise Jones would be the only successful firm in the marketplace), but because of the countless, wonderful people I've been blessed to know along the way. Many former FAs would agree with me, I'm sure. So far as hiring methods are concerned, who really knows. Education means nothing to Jones. Cspurr, sadly, your MBA is as worthless to Jones as is mine. They do not regard ones academic achievements or credentials with the value many competitor firms do. In fact, one does not even need a college degree to be hired as an FA for Edward Jones. Interesting. When I active in the industry many years ago, I worked half as hard and earned twice as much as I did with Jones. For me, it was the appeal of having autonomy, control, and flexibility in my schedule that compelled me to make the leap to Jones. The prospect of operating my own office was very appealing to me. Sadly, it did not work out as I had hoped. In fact, in my honest opinion, for me it really ended badly. Nevertheless, I am confident that once I recover and get healthy again, I will get back in the game. My clients are loyal and my network is extensive. I will, however, perform my due diligence more, well, diligently the next time I enter the market. I will, heretofore, embrace Dr.Robert Sutton's workplace philosophy as outlined in his excellent work entitledThe No A**hole Rule: Building a Civilized Workplace and Surviving One That Isn't. I highly recommend this book. I used it extensively when I coached executive management and leadership in my division. We all know such people!

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cspurr in Midwest, Indiana

70 months ago

Thanks for the comments Money...I might have to check out that book. I will say in corroboration with what you said about "working half as hard and earning twice as much," that I have heard similar comments from others. I have heard that Jones has some of the worst commission/compensation packages in the industry. I am not bashing them, I am just going on what I have heard from others. Again, I never ended up working for them, so I can't say that I experienced it firsthand, but the more I hear it, the more I tend to believe it. It is very similar in the Real Estate industry when people start out...meaning, you go with a big company - you pay more - they take more of your check. I have a feeling that Jones is very similar in that regard.

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justdoit33 in Montclair, New Jersey

70 months ago

Both of your assessments regarding the compensation package is incorrect. I have worked in the industry long enough and have scrutinized the company very thoroughly before I took the job, but as you said: it doesn't matter because both of you will work elsewhere.

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MoneyNeverSleeps in Upstate, New York

70 months ago

Check it out on Amazon. You won't be disappointed. Although the book has a somewhat unflattering title, and the word is used extensively throughout its pages, it is written by an academic and in my opinion is a true masterpiece of the management/leadership genre. We've all experienced at least one - maybe two - in the workplace!

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Acct Exec in Alachua, Florida

70 months ago

cspurr in Northeast, Indiana said: I totally disagree with all of the PRO EJ employees out there who say that this forum is not the place to air your situations, both past and present - even though they are essentially anonymous. I find those comments VERY suspect. The great thing about this forum is that it allows other people to know that they, in their current situation, ARE NOT ALONE. Meaning, EJ has done this to people before, and as it is playing out, a number of people. So, therefore this forum is an OPPORTUNE place and time to anonymously air your situation for all of those to read. Please keep the comments coming...they are much appreciated. It looks as though the cat is beginning to climb out of the bag.

P.S. To all of the EJ employees - I wonder if Edward Jones knows you are posting in this forum...I would bet money on it they would not approve. Additionally, I would imagine there would be something in the company handbook about airing such comments for the world to see. I say this because EJ is EXTREMELY REGULATED INTERNALLY. No unapproved letters, etc.

Keep the comments coming...Keep 'em coming. This is why I started the thread.

Now I know why we didn't hire you!!!! You are arrogant AND not all that bright. Otherwise you would know what is regulated and what is not. How weird to have as much self pity as you do.

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JP1 in LI, New York

69 months ago

Cspurr, the fact that you compared Jones with Goldman Sachs proves to me that you bought your MBA from a website.

Have you heard of credit default swaps? CDO's? Mortgage backed securities.

Jones isn't suffering with Wall Street because it never took on these high risks. They lay-off when an FA isn't producing, not when the economy is weak.

News-flash: You said it yourself. They asked you why they should spend 100,000 dollars on you and you FROZE. This is a sales job...if you can't sell yourself, you'll never be able to sell securities.

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cspurr in Midwest, Indiana

69 months ago

Normally I don't waste my time on mind-numbing du-mba_$$e_$ such as yourself, but when you detract from my hard Earned credentials - you merit the short time it takes to call you a complete du_m-b_as_$. Are you a total idiot? I can assure you my degree was Earned...not purchased from a sh-1_tty Web site - I won't give you the pleasure of knowing where it is from...because this is a public forum, and because, unlike you I am not a complete freaking 1d10t so as to describe myself to the point that you might be able to identify EXACTLY who I am. And so, some schmoe such as yourself decides to take a pot shot at me (perhaps you are jealous of my credentials) - and you yourself probably have crappy credentials. Please dude - get lost. You make me puke. How do you wake up in the morning and look yourself in the mirror? Your post alone let's me know that you didn't know squat about the financial sector before you interviewed and were obviously hired by Jones. Yet another Jones FOLLOWER. Spineless, you are - of course you have probably heard that before, so that is nothing new to you.

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Tila814 in West Henrietta, New York

69 months ago

cspurr in Midwest, Indiana said: Thanks for the comments Money...I might have to check out that book. I will say in corroboration with what you said about "working half as hard and earning twice as much," that I have heard similar comments from others. I have heard that Jones has some of the worst commission/compensation packages in the industry. I am not bashing them, I am just going on what I have heard from others. Again, I never ended up working for them, so I can't say that I experienced it firsthand, but the more I hear it, the more I tend to believe it. It is very similar in the Real Estate industry when people start out...meaning, you go with a big company - you pay more - they take more of your check. I have a feeling that Jones is very similar in that regard.

It's not true that you work half as hard and earn twice as much at other firms. Perhaps as a trainee you do. The salary at Merrill Lynch, as part of their training program, is much better and you are much more sheltered in terms of how they bring you up through the ranks. At Merrill there is no door knocking or anything like that. You are more or less on a team with another adviser who trains you through it. So, yes I'd say merrill is much easier for what it is worth. However, the compensation is not better once you are an FA. If you'd like more detail, email me, otherwise I cannot post here.

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The Captain in Huntersville, North Carolina

51 months ago

I worked for Edward Jones as a financial advisor for more than a decade (in the field and home office), and it startles me how rabid and defensive some EJ employees are to those who are not part of the company. Even on the Internet, there is the cult mentality of "You're either with us or against us."

Having worked with other companies, one thing I did not like about Edward Jones is the lack of transparency and upfront honesty. In this case, not disclosing the odds of a financial advisor candidate has of success. The firm never discloses any such numbers, but even if you were hired, cspurr, the attrition rate is abnormally high. Typically, a 12-person training class will lose more than half of its members within two years. Within four years, most of that class will be gone.

And I have to say, I always doubted that "We spend $100,000 on a person in training" spiel. You train for the Series 7 license out of your home with books and take daily tests on a laptop the firm loans to you. You need a firm to sponsor you to take the Series 7 exam, but the cost of the exam itself is only $265 on FINRA's Web site. I've never seen some itemized breakdown of such a total and I have asked for it more than once.

If the firm is spending that kind of money, it's not getting it's money's worth because of the incredibly high attrition. Personally, I feel that is one of Edward Jones' control and intimidation tactics for which it is known.

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vinnybagofdonuts in Myrtle Beach, South Carolina

46 months ago

The Jones "cult" is not for everyone. You must be able to take direction from big brother in St.Louis and do as you are told. You will be watched at all times. If you must work for these guys, get your 7, put in three years and go independent.
Why? 40% payout vs. 85%-90% payout

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connie

41 months ago

Who is this man who re-applied ?
Is he willing to provide his name to me so I can speak to him directly?
I also would like to get 2 new sponsors and try again-
I am a woman, Hispanic and I speak Spanish-something EJ needs desperately in SNM, TX area--I would be a real asset- and am not easily discouraged-

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mjackson817 in DFW, Texas

39 months ago

MoneyNeverSleeps in Upstate, New York said: I was employed with Jones for 13-months. In less than 5 months - July through November - I was successful in raising over $3M and establishing a real presence for Jones in my community (there were no other Jones FA's within a 40 mile radius of my branch). Over 1,500 prospects and close to sixty accounts - and now it all belongs to Jones..... MoneyNeverSleeps, I am in a situation that sounds nearly identical to yours. Is there anyway we can talk outside of this forum. I would like to know how long it took to make their decision, how long it took for disability to begin, and how they broke the news to you? I am facing all of the same challenges, and getting different answers from everone i have spoken to. My email is mjackson817@gmail.com. Thanks! -MJ

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Kchelle in Calhan, Colorado

27 months ago

I had an amazing time interviewing with E.J. and was told I was the best candidate they have had in a while. I have a proven track record and an amazing resume. Everything was great until I mentioned the word "kids." Out of nowhere I got a notice that I was not the kind of candidate they were looking for. Does anyone else think this company is biased against women?

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NoCompromise77 in York, Pennsylvania

26 months ago

Surveys completed during the EJ hiring process are not legally eligible for solicitation in many states due to privacy and "no call" laws. Further, discussing investments or financial planning during the survey process is expressly forbidden by the firm, so survey participants are not farmed as prospects. Edward Jones is not using hirling's surveys, which don't qualify to be called "leads." Really.

That being said, the firm IS close-mouthed about success rates vs. hiring volume and several other pertinent data points. Get over it. Any entrepreneur suited to this job will research the firm, the market they intend to practice in, the structure they would work within and the bottom line of simple payout rate vs. benefits & firm-sponsored business expenses. I would hesitate to link the fate of my practice to a charitable organization - I prefer they have some sense of how to operate a profitable concern. If you were unprepared, uninformed, it is a clear sign of your unsuitability for ANY entrepreneurial business venture. Stick to corporate America and don't bemoan your lack of autonomy - not having to think independently is best for you.

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