Income Expected At Edward Jones

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Comments (13)

bythelb in Richmond, Virginia

75 months ago

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.

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E-JO 77 in Philadelphia, Pennsylvania

75 months ago

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

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d0ug2008 in Winnipeg, Manitoba

75 months ago

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.

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bythelb in Richmond, Virginia

75 months ago

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.

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been there in Saint Louis, Missouri

73 months ago

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.

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chris manns in Orlando, Florida

73 months ago

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

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Bigtimer in Saint Louis, Missouri

73 months ago

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.

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Dennis in Reading, Pennsylvania

68 months ago

Any comments on this? Prospective EJ newbie here.

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Tila814 in West Henrietta, New York

68 months ago

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.

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amstay714 in Indiana

68 months ago

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!

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Vensik in Mechanicsville, Virginia

33 months ago

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.

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BC in Dunbar, West Virginia

6 months ago

Vensik in Mechanicsville,
I like your post. I am strongly considering a career at Edward Jones, but I want to make sure I will have flexability to do what is best for client. If I see it is best for them financially, to be fee-based (no commissions) will I find managers upset at me because I didn't make the move best for client? I will be successful if I know I can do what is right for customer. Please advise.

Vensik in Mechanicsville, Virginia said: 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."

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.

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Michael in Indianapolis, Indiana

11 days ago

Vensik in Mechanicsville, Virginia said: 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."

It was only easy to get that client because he knew what he was paying his advisor. Your clients don't know what you make in fees of them so they don't expect any service. In four years since starting my firm, I have NEVER met a brokerage client who could guess what he or she paid in fees: not even close. My clients know what they pay me in dollars and they expect more of me.

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.

You have only ever worked as a stockbroker under a suitability standard. Fee based is a world away from fee-only. If you truly what's "right for the client" how about you sign an oath saying as much? Something tells me you won't. Meanwhile, I can and do sign oaths that say I will work as a fiduciary (in the client's best interest.)

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.

I have helped plenty of people set up these accounts and I'm a fee-only. It's true that fee-onlys work with those that have more money because 1). We usually make less as a % of AUM than brokersafter all is said and 2). People with more money usually have more investment experience and won't work with anyone but a fee-only. What does that tell you?

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