To EDJ or not to EDJ?
I have noticed a lot of people bash EDJ, and others talk very highly of it. I have a friend that has been with them for about a year and he seems to be happy with them, but I'm uncertain if he would know the pros and cons of other options. I have kind of made my mind up to work for Edward Jones, but would like to know the truth behind the hate. I have no problem with working long hours, I'm in the car business and have been for a while and there have been weeks were I put in close to 100 hours. I'm going to be having my first child anyday now and like the idea that 5 years from now I would have my own office, set my own hours, and could somewhat work around my family's schedual. Is that true of other companies? what about a base salary while studying for 7 and 66? Whats the difference in Fee and Commission based? A-shares? Is gross based on AUM or transactions? I have many other questions, but I feel this is getting long...
Thanks, Drew
Drew,
As I have been told in the past ON THIS SITE, but I am not so rude as some on here, lots of info on the EJ site, under "getting started". Also under Search on this site There are lots of ways to compare companies. SEE BEST COMPANIES TO WORK FOR! THERE ARE ALSO GREAT WAYS TO BE HAPPY... Do what you enjoy most, love your family, and be honest & ethical .. and be positiveThank you for that info, but I’m trying to get information from people that work for these other companies, about the differences between EDJ and these other companies. I have read every word on the EJ site and have spent 3+ hours per day reading the forums. I can’t find anyone that classifies, A B C shares, tells the actual difference in fee and commission based business, How do you actually get paid on Gross, different details like these…
Thanks, DrewThank you for being so detailed, I understood the basics of commission, like I said I’m in the car business. I understand the fee based business now it’s pretty simple, but I don’t understand what the commission would be if say I sell a MF for $40,000, is the commission different on each product or is there an industry standard?
I am not looking for complacency at all, infact, that wouldn't motivate me in the least. I want an income that continues to grow based on the effort that I put in, and a career that will require me to always learn and push myself.EDJ is a fine company, highly rated by clients. Big on American Funds and it’s hard to go wrong with American Funds. They are sophisticated and stick to the basics. No options which is a downer. Great training. It takes the same at EDJ as anywhere I would guess and that’s it takes hard work.
A = you get paid more up front the client loses upfront. The long run you make less the client makes more
B = you get paid more up front the client only loses if they take their money out, long run it's in between A and C C = you get paid less up front the client makes more in the short run. The long run you get paid more the client makes lessJust to add to what Ice said regarding setting your own hours…I work for Jones, and obviosuly know many others that do. I pretty much come and go as a I please (though I tend to work long hours). Take days when i need it. Come in late or leave early when I need to. I have friends that only work 3-4 days a week. I have never once heard someone say that they get flack from anyone ragarding their hours (now, this is assuming they have already “made it”, and are running a goo doffice. If you are doing 5K gross per month, I suspect they might be talking to you about what you’re doing.
But, as Ice said, don't use that as a determinant of your future. Your biggest concern has to be (1) how to feed and clothe your family, and (2) how to make it in this business.I feel that I have a tremendous amount of freedom with Jones; I pretty much come and go as I please. However, obviously, if I’m not in the office, I’m not selling anything and thus not keeping my little dot above the red line. Therefore, I usually feel guilty if I’m not in the office during regular business hours.
I live in a small town and don't have the opportunity to work for a wirehouse in a "team" environment, but I think I would really enjoy working with a group of other guys to stay motivated and "go get 'em" together.Ice had a good post, but there will be fees at Jones in 2008---this does give you another good Jones option (but does NOT make you a fiduciary--but that matters not at all to you at this point Banks)
when you say there will be fees in 2008, I assume you mean wrap program. If this is what you meant, it does make you a fiduciary. And by you, I mean EDJ and the broker.
You can exhuast yourself w/ research or you can exhaust yourself with work. If you err to the latter it doesn’t matter where you go. Jones is terrific. Some of the best reps I know are there or are from there. They teach you how to story-sell which I strongly feel is as much a level of belief ingrained in you as an intelligence someone has & that’s a major plus. They have VERY defined trade-offs to their business model. I liked these trade-offs when I started because the rigor they provided helped me create my own rigor. I didn’t like them, though, when I got seriously ill and couldn’t be in the office for several months. This got me interested in banks. In your research, be sure to include banks. There’s a search button at the top. Search for bank & see what pops up. Good luck!
Thank you all very much for the information, This does help. I understand that I haven’t been hired yet, but is there anyway to study for the 7 and 66 online or free somewhere, as I have a lot of free time in the car business? Thanks
Most Borders or Barnes and Noble bookstores have Series 7 study materials you can buy off the shelf. Amazon may have some used. I don’t think you are going to find it for free anywhere. You might find some practice questions on the internet, but not any real material. I could be completely wrong, so use some of that free time to do some searching.
Aseubanks,
If you want some easy reading, for a small investment of less than $20, buy Series 7 for Dummies, it will give you some insight into the content of the exam. But in no way is it a substitute for the main material, which some companies like EJ would supply. There is also a disk with 250 questions & answers to practice ... not a bad deal in my eyes. So if this is not your future career ... you have learned something ... and only spent $20.Ok, like I’m the only jones basher around…guess every other non-jones guy took friday off… If you can’t get started anywhere else Jones is fine, it is where I started, but for God’s sakes don’t drink the kool-aide. Keep your eyes open, your mind open, and realize that other firms and other investment philosophies are not demonic just different. Mostly Jones is a mutual fund seller, with some bonds and limited stock research. If you want to expand beyond that, or have true interests in the financial markets, you will eventually end up somewhere else.
Jones is a great place to start your career…and if your like me, live in a small town, a great place to finish your career too. Before joining Jones I was in banking for 8 years and I must say…the training you get is second to none. You will hear the Kool-Aid thrown around here and there but it all boils down to Jones doing everything possible to set you up to be successful.
Several reasons why I would NEVER recommend any go to jones: (and I was a great producer at jones)
1. Limited investment choices-This is the main reason. Many situations arise where you will not be able to help a client. 2. Lagging in technology-(the jones guys will argue this point) 3. Cultic behaviour-Can't attend industry events (isolation)-This is a very strange trait of jones. 4. Payout. You asked about $40,000 investment. You gross about $2000. At jones you get $800 and then pay taxes and some of your cost share expenses. I have paystubs that prove you will live on about 25% of your gross, or $500 in this case. You could get $1800 at a 90% firm, but you pay all your own bills (Not a big deal), and would have no training or guidance. So, you have a $1300 variance. My advice-find a local or regional firm. Get a 60% payout to start with increases granted at certain levels. You will then get the guidance you need and a more fair deal for you and your family. New baby due-congrats!! Private message me if you want. You have a lot on the line. -------------------------------------------------------------------------------------------------------------------- Bottom line-run this by your spouse: EDJ-Gross 300,000 a year and live on 60,000 Somewhere else-Gross 300,000 a year and live on 150,000 to 180,000-After you have matured (2 yrs or so) 1st year or 2 will be tough anywhere you go and you wont gross 300k for at least 2-3 years. Jones will give a "sense" of security for those first 2 yrs. Don't buy into it. -------------------------------------------------------------------------------------------------------------------- uwec has a spreadsheet-look for his posts and ask him to see it.[quote=GoneIndy02]
Several reasons why I would NEVER recommend any go to jones: (and I was a great producer at jones)
1. Limited investment choices-This is the main reason. Many situations arise where you will not be able to help a client. 2. Lagging in technology-(the jones guys will argue this point) 3. Cultic behaviour-Can't attend industry events (isolation)-This is a very strange trait of jones. 4. Payout. You asked about $40,000 investment. You gross about $2000. At jones you get $800 and then pay taxes and some of your cost share expenses. I have paystubs that prove you will live on about 25% of your gross, or $500 in this case. You could get $1800 at a 90% firm, but you pay all your own bills (Not a big deal), and would have no training or guidance. So, you have a $1300 variance. My advice-find a local or regional firm. Get a 60% payout to start with increases granted at certain levels. You will then get the guidance you need and a more fair deal for you and your family. New baby due-congrats!! Private message me if you want. You have a lot on the line. -------------------------------------------------------------------------------------------------------------------- Bottom line-run this by your spouse: EDJ-Gross 300,000 a year and live on 60,000 Somewhere else-Gross 300,000 a year and live on 150,000 to 180,000-After you have matured (2 yrs or so) 1st year or 2 will be tough anywhere you go and you wont gross 300k for at least 2-3 years. Jones will give a "sense" of security for those first 2 yrs. Don't buy into it. -------------------------------------------------------------------------------------------------------------------- uwec has a spreadsheet-look for his posts and ask him to see it.[/quote]I just have a couple of questions about your post.....you are factoring in taxes on you live on income for EDJ but not for indy......and your not factoring in expenses you have to pay for through out the year (rent $12,000-$20,000, assistant $20,000-$30,000, utilities $7,000-$10,000, etc....) so your numbers are biased. Now if you go to another firm where those expenses are paid for then I guess you just have to compare work environments.....do you get your own office do you have a branch manager breathing down your neck things of that nature. Im not saying Jones is for everyone but when you look at all the factors involved they stack up just fine for the right people.
deja vu
Eyetattoo-(cool name)
You have been brain encrypted by jones with these assumed expenses. My numbers are correct. I have my jones p&ls and pay stubs. I, of course, have my current numbers. These are correct. I used to toot the same horn you now whistle to. Your jones arguments hold no water. I am only trying to give this man some advice that he wont regret taking. Hey Eyetattoo, since I am no longer with jones, who pays for the upkeep of my computers?And…what about my other points? You seem to have bypassed them.
Remember, we are attempting to assist a man that is making a major decision for he and his family. Why don't you describe the EDJ health insurance that he will have for his wife and new baby.Not trying to argue here…my questions are valid as you have to factor in those things when looking at your bottom line. $300K gross with Jones is $114K net bet for taxes and with 60% payout with someone else is $180K before taxes. yes Jones is less but for some people its a better setup, like me I live in a town with no major brokerage firms I will have my own office location and a BOA that isnt paid for out of my $114K.
And for the health insurance…I pay under $400/month for myself with wife and one baby. That covers all regular checkups for all of us and shots for my boy with no out of pocket expense. Now if something major comes up I pay for the first $2000 then its 100% coverage. That price also includes vision, dental, increased life insurance and increased disability pay.
And for your other points…I have not noticed any lag in technology that everyone pins on Jones, and for events…explain? FAs are encouraged to attend two trips/year to attend meetings put on by the whole sellers at their home offices.
EyeT-Speaking of life insurance. When you sell a policy to a client, and the premium is $100 a month, how much and when do you get paid at EDJ?
Remember, we are trying to help someone make a decision that will change his life.When did you guys get email??
And for industry events, you have only described jones events at jones preferred fund family offices. These are not industry events. Jones isolates its reps from attending events that the rest of the investment reps in your area attend.Not sure exactly when email was rolled out…6 to 12 months ago?
Go a couple of days without drinking the koolaid and come back here to fight…
Tattoo-
One thing you have to realize, strange as it sounds, we actually don't run very lean offices. Most Indy's expenses are less than ours (on a margin basis). I've analyzed our P&L's, and I know there are plenty of places where we are fat. The problem lies in the fact that to get consistency among 11,000 offices, there are a lot of systems and procedures built in to our environment that do not need to exist in a small, independant environment. I will give a few examples: - I found less expensive offices than I am in, but Jones would not approve them due to the expense of making modifications, having adequate space, ADA compliant, etc. And I could easily shaer my office with another advisor. - There are less expensive phone and IT solutions than we have. - Especially in the early years, I could be sharing a BOA with someone else. In the early years, we definitely get more out of Jones than they get out of us (they basically subsidize our training, salary and office expenses for a number of years). But as your production increases, your payout does not go up proportionately, since you still give up 60%. Yes, you get bonuses, but those do not become meaningful until you are producing north of $350K. Once you get to about 600-700K, the payout gets pretty good again, because your bonuses are now getting larger and larger (you move up in the bonus brackets, and your office expenses do not increase very much). At this point, your payout is in the 55-65% range. The problem lies in the fact that probably half of our prodcuers are in the 300-600K range, so so many of them are in that not-so-great deal range.ET - you’re wasting your time. This debate has been going on for a long time on this board. The math works out well in favor of the indy guys compared to the average Jones producer. B24 is exactly right in his numbers.
Indy - I hear that line about limited investment options all the time around here. If I recall my KYC class there are only two kinds of investments: Own and Loan. OK, maybe cash, so there's three. 95% of the people you or I are going to meet are NOT going to be UHNW people. So, stocks, bonds, funds, annuities, LI, disability, LTC, UITs, SMAs, soon to be fee based, 401Ks, SIMPLES, and SEPS, aren't enough for the averaga person out there? I have yet to meet someone who's needs can't be met by EDJ. Typical clients want to make 8-10% on their money. They want to own things they understand. They want to see companies they know on their statements. They want to keep things simple and easy. The tech at Jones has certainly been behind the curve. That is quickly changing. We can do virtually anything today that the other firms can do. There are a couple of things that I know Jones is "working on" that would be nice to have. But there isn't anything that I need today that is getting in the way of me doing my job. I need a phone and a computer with a quote monitor and a financial planning platform. Everything else is bells and whistles. Perhaps you have a whistle that would make my life easier? I will never agree with the "cult" term. We have a culture. We have a history we are proud of. We have a lot of people who are very loyal to the EDJ name. We like what we do and it gives us a great amount of pleasure to say we work for EDJ. So, if culture, history, and loyalty are what make us a cult, then so be it.EyeT-(notice I refrained from calling you ET), and Spiff-
The goal of this thread is to assist someone in making a career decision. Again, my advice is to find a local or regional firm. It's a much more proper balance between training, guidance and comp to your family. Spiff, the limited investment options is a serious one. Your reply is a quote I once rattled off in a response to edj critics. Ever have a client that needed to protect a position with puts?? Dont need to be HNW or sophisticated for that. You only need to be with a firm that will allow you to provide puts. When you have a client say, "I really like you and the way you've treated us, but I need to have "X"." And the account leaves. This will affect this man's ability to provide for his wife and new baby.I’ve never had ANYONE walk into my office and say “I really like you and the way you’ve treated us, but I NEED to have puts on my account.” Those “needs” are driven by another advisor/salesman (which includes all of us) telling the client he can build a better mouse trap. And I would disagree that you don’t need to be sophisticated for options trading. Trying to teach people who are in the industry how to trade options is difficult enough. Trying to teach the average investor who doesn’t even understand his 401K statement is next to impossible.
This guy's ability to provide for his family depends much less on the products that he has to offer than it does the training and support he's going to get. If he can't make learn how to gather assets in those first couple of years, he's not going to have to worry about what net commission dollars he's making. Is it possible to get good training somewhere besides EDJ? Yes. Should he discount EDJ because we don't offer a product he shouldn't be offering right now anyway? No. Put Jones on the short list. Interview with some other firms. Ask them what their success rate is for their new FAs. Go to the place that matches what you need the best. Indy - how many clients have you REALLY lost because you couldn't offer options?I think the indy/regional model is a great place to start, PROVIDED that you can get good training and mentoring. That is a big if. Could happen, but you could step into a situation where you are basically on your own, which means you will probably fail eventually, but not without hurting alot of clients on your way down.
FYI - Trading options and buying puts to protect a position are very different animals, but EDJ doesn't make the distinction. Say I have $1,000,000 in restricted stock of my employer, a start up company that really took off, but is still a risky venture at this stage. This represents the majority of my net worth. At virtually any non-EDJ firm, I can buy puts to protect myself. Alternatively, I could sell covered calls. Both of these are low risk propositions, in fact they are managing the risk of having the majority of my net worth tied up in my employer's stock. EDJ will not allow it. I saw one of the "up and comers" in my region lose a $1mm client for this reason. The client was apologetic, but didn't feel like he could afford the risk (he was correct, the stock tanked a year later) so he moved his account to a full service firm. In the grand scheme of things, this client wasn't that important to the broker. But seeing one of your top clients leave when you are only a couple of years out puts a bad taste in your mouth, especially since this was a trade that would have lowered risk, not increased it. He left EDJ within a year, taking most of his book with him. By and large, the clients you can land the first couple of years don't need anything fancy, but this is a silly restriction that is done solely because they don't want the supervision hassles. I still think EDJ is a good place to start, but I am certainly glad I'm not there anymore.Spiff,
You probably don't see it in your practice, but I see it in mine. I have two very large employers in my area that overdose on options and Restricted stock awards. I have some clients with over a million dollars, plus who knows how much in options some day (they are currently all under-water). Because most of my client's stock is currently trading at a loss to where they picked it up, the tax issue is no big deal. But, when teh day comes that the stock comes back (and it will - I won't get into why), I am going to need to figure out how to hedge those positions that I can't easily sell (due to tax issues - most are in the 30%+ tax brackets including state). So it is not a big deal right now, but eventually it will be. I would love someone to give me a strategy that can hedge against a large position, not kill them in taxes, and can be done at Jones. It's not something I would do often, but sometimes those are the best options. Right now, it's sell or keep, no in-between. And there are a LOT more potential clients in my area in this situation.I’m halfway through the EJ interview process and IMO, they are one of the few firms that I’ve found to be the best place for a newbie to start. Why? Because of the training, support and patience they have with new FAs. The alternative, and possibly better training, are the larger wirehouses which have stricter and larger production hurdles. Indy might be better, but where is the recruiting, training and support of new FAs?
Brkr24-
Thanks for keeping your eyes and mind open. These hedging strategies are necessary, even if only 3 to 4 times a year.[quote=lambda]I’m halfway through the EJ interview process and IMO, they are one of the few firms that I’ve found to be the best place for a newbie to start. Why? Because of the training, support and patience they have with new FAs. The alternative, and possibly better training, are the larger wirehouses which have stricter and larger production hurdles. Indy might be better, but where is the recruiting, training and support of new FAs?[/quote]
Uff da. If you haven’t even been hired yet, how can you possibly judge the actual training and support EDJ provides, much less what others provide?
And Spiff, It’s not options “trading” to do this. It’s lowering risk.
Lambda–You would have to get hired by a local Indy, because you can’t walk off the street and open your own Indy business. So you would pick Jones because of the lower hurdles? Sounds self defeating to me. I believe every top firm would have great training, support and patience, as long as you’re doing the work and getting results. Even Jones expects something for its 75k in training.
BrokER24--You are starting down a very slippery slope my friend...your attitude is starting to show in your posts. I suggest injecting more juice...Or call you local LPL recruiter...I know the difference between options trading and using puts and covered calls to hedge large stock positions. It’s still technically options trading. Call it what you want.
So, that's one thing that some EDJ guys would be able to use in their biz that they can't do now. I still don't think that's enough of a reason for us to tell this guy not to at least put Jones on his list of companies to explore.I can only judge from my interviews at SB and ML and by what I read from company litature and hear from other FAs, primarily from EDJers on this forum. Can anyone name a Regional Indy who takes in and trains new FAs?
There are several in my part of the country.
------------------------------------------------------------ EDJ4now-Great points. Once you lose one client over this issue, you lose all referrals from that client as well. Then (as happened here) you become known as the "nice guy that can't do everything that other brokers can do."Cut the kid a break. Wait until he gets halfway through training, think how great EDJ will seem then!!! I personally think that training sucked, and I went through one that was considered very good. What they do not do is prepare you for anything beyond being a vanilla broker with some basic product knowledge of some basic products and a process for selling. I knew how to sell going in, and have received far more REAL training in my branch office from experienced brokers. Do not depend on firm literature to set expectations for support, training, or patience. It is a different ballgame once you get licensed. It is eat or be eaten. As far as the options discussion, wouldn't you want the ability to fulfill as many client needs as possible (at least the availability)? The client that wants these "get rich quick, risky, gambling" (from EDJ website) types of investments are exactly the clients you will want the most... the HNW client. To be clear, options and futures, if used properly WILL reduce risk. You just need to know what you are doing.[quote=lambda]I’m halfway through the EJ interview process and IMO, they are one of the few firms that I’ve found to be the best place for a newbie to start. Why? Because of the training, support and patience they have with new FAs. The alternative, and possibly better training, are the larger wirehouses which have stricter and larger production hurdles. Indy might be better, but where is the recruiting, training and support of new FAs?[/quote]
Uff da. If you haven’t even been hired yet, how can you possibly judge the actual training and support EDJ provides, much less what others provide?
BrokER24–You are starting down a very slippery slope my friend…your attitude is starting to show in your posts. I suggest injecting more juice…Or call you local LPL recruiter…
No. I'm fine. I guess I am just finding it necessary to point out that I am AWARE of the tradeoffs I accept at Jones. I thought people had finally O.D.'d on anti-Jones talk for awhile, but for some reason it is back with a vengance. I'm starting to get a little turned off by all of it. I used to learn a lot on this site, but it seems the only things I am learning is how much former Jones people hate Jones, and all the reasons. I am not "pro-Jones" or "anti-Jones". It seems to me that it has far more to do with the person, and less to do with the firm. For my situation, Jones was (and still is), the only option. I would never go to a wirehouse (not that they're bad - just not for me), and being Indy is just not an option yet (and was less of one when I started). There are no indy firms in my immediate area (other than several solos), and I didn't know what the hell I was doing anyway.
The truth is, most experienced Jones FA's are aware that they are not going to compete for the ultra HNW individuals. They don't always know why - they just know. But I think we are well positioned for the mass-affluent, which is the vast majority of investors. To compete for the UHNW, and even the upper HNW, we need to change our business model. But that's not going to happen - by choice. I personally have to decide whether I am comfortable with that or not. I could be very comfortable doing what I do. I could also be very comfortable going indy (and make a little more $). I also have to decide if I want the headaches that go along with it. Time will tell. But it is at least 3-5 years away for me. I live in a very affluent area, but there is a lot of "old" money that is generally with the old wirehouse guys that have been in town for years. I won't have access to that money for some time, so I have developed a strategy to nurture relationships with those people, while building my book with some other "core" clients. At some point, I will have cemented enough relationships to go indy, but not yet. Maybe by then, Jones will have made me rich beyond belief ( ), but again, only time will tell.
Good for you Broker24…explain to me the headaches with going Indy??
[quote=Broker24] I’m starting to get a little turned off by all of it. I used to learn a lot on this site, but it seems the only things I am learning is how much former Jones people hate Jones, and all the reasons. [/quote]
My suggestion would be for you and spiff to not join in on these debates and let the anti-jones crowd do their circle jerk till they run out of steam and then the thread dies sooner. I mean your arguing with people who can’t tell the difference between an employee bonus program(profit bonus that includes a $1300 tech hurdle) and out of pocket expenses.
Pair that with the fact this is a forum and they will ignore any reasonable point to the argument to attack the easy target and it makes for pretty pointless exercise.
I was at Jones for almost 14 years–I left > a year ago and went LPL. I had to get deprogramed some what. I DO NOT HATE JONES! I hate the way they reacted after I left but I understand most firms do that. Even if you like the commission based route like selling A share mutual funds–you do end up much better at the Indy firm after the transistion. I am in a office with another LPL Branch Manager–we are two seperate branches sharing space together and sharing expenses. We also fill-in for each other during vacations–illness–ect… We have a buy sell agreement should someone cross the center line! We share an assistant so our cost stays low. It is nice to be able to hedge a portfolio with some commodities funds–ETF’s–structured products–real reits, not reit funds! Another example, recently a client needed a better HSA than the bank. I was able as a IAR to do an hourly fee to find and set up for all his clients one with Vanguard. My fee was $250 hour and it took me several to do the job. He was happy and so was his employees. Those are the kind of things we could not do at Jones.
I think Jones for the most part is a good place to start and stay if you are happy. What Jones isn't is an illusion of ethics and fairness! Jones bugs the hell out of everyone to due recruiting--I did it and recruited over 17 people in my career. I did a Goodknight Plan and keep my numbers up. But when they ask me to do another Goodknight Plan and I said no, then when LP came up again my amount of LP was a little more than a third of what I expected. I sat down with my regional leader and said I understand I will never be a regional leader or a GP--but why so little in LP...the young regional leader said you should have not taken the Goodknight Plan request as a request! I knew it was time to move on. So all you hard working Edward Jones FA's who are busting your A__ to recruit, mentor, grow, ect who hope to one day move up to the next level as a regional leader--understand your chances are small! Indy isn't for everyone either--some people need a sturctured enviroment to grow. But being a Indy--I am my own bonus--my own LP/GP--my own trips! I control costs and services with a higher payout!Good thing I have no desire to be a RL.
BSpears - "Good for you Broker24…explain to me the headaches with going Indy?? "
Sorry, can't use Reply command for some reason.... - MY biggest concerns/headaches are the unknown - how many will come with me, how difficult and costly will it be to set up new business, upfront costs, real estate, should I hire an assistant and if so how can I pay her benefits, getting my own benefits, arranging the accounts (I don't like the idea of setting up accounts at the fund companies - I prefer holding everything in one account), etc. Fortunately, I am not even considering it right now. It is at least 3-5 years away.Roadhard-----what do you mean by, “the young regional leader said you should have not taken the Goodknight Plan request as a request”. What does this have to do with becoming a LP or GP?
The RL gave him less LP because he did not do another Goodkinght Plan when “asked”.
Since I refused to do a second GoodKnight Plan–I was blackballed! The regional leader has a lot to say about how much LP you receive and when a regional leader retires, goes to HQ, ect… they have a lot to say who is going to replace them! Lambda, if you don’t recruit, mentor, or do a GoodKnight Plan – you are not going to receive much in LP! You also will never be a team player so you will never be GP. I had done a GoodKnight 5 years before, a successful one, even my own former GoodKnight was offered twice as much LP as I was on the last go around! The amount you will receive is based on a lot of factors but believe me, the regional leader (and mine was a GP) has a very large input!
Well, I am now a daddy! I have read over every post, and again the information is great. I do not think that working under an indy is an option right now, and I am not sure about some of the other firms. Can anyone tell me about training salary for other firms while studying for the 7 and 66, graduation bonus’, first year salary, working as a team or individual? It seems to me that you will get rewarded for your efforts no matter where you go, some pay a higher %, but what are the trade-offs? I think that knowing that I’d have my own office and assistant would be a plus, are there anyother firms that offer this other than indy and doing it yourself. If I go with Jones and work hard for 3 years and finish my training, how much more experiance would I need to go Indy? What all is required, needed, a plus, to go that route. Thank you all for the help!
Congrats Dad!!! Truly one of lifes most amazing times. Enjoy every day!!!
Congrats–I have kids and grandkids–that gives me the right to say they are like puppies! They are sweet and neat to watch grow “Until about age 13 to 17” then they become like teenagers who know more about life and everything else Dad! About 16 years from now they are going to wonder how you made it so far! Why aren’t you in a nursing home or something! But really congrats–may your child have a wonderful, long and healthy life!
As an Indy I would tell you--go to Jones! Just don't tell Spiffy I said that!Congrats Dad!
My advice still stands. If I had to do it again I would hit the streets, find a local firm(something like Smith, Smitty and Smithers, you know what I mean) in my local town. Tell them what you want to do and see what you get. I would exhaust this before going to EDJ.
An office and an assistant(even if partial assistant) will be there already. Your pay, benefits and traing will be different from firm to firm. The support I got from EDJ those first yrs was not worth the cost of the following years. And, as you have read, when you leave EDJ they can turn into the nastiest company. Bottom line-You have to go out in the community and gain peoples confidence. The firm you are with has little to do with this. Keep us informed of your decision.Congrats on the Baby!! And to your question regarding training pay…I could be wrong but I think EDJ is the only firm that pays you a salary during the series 7 & 66 studying. They also pay you for 12 months past your can sell date, it just tiers down every four months. In some bank programs you can get paid while your being licensed but you have to deal with other factors like being a PB opening checking accounts, HELOCS, etc…
Hi people, been reading the forum post on EJ for a bit. I’m 42, senior purchasing director for an automotive parts wholesaler, have a mortgage, teenager, etc. I have been trading stocks and have developed a great love for the market. Most people in our company come to me for investment advice. So recently our company was purchased by an investment capital company. Management is terrified. I’m looking for a change, contacted EJ…did the profile…had the first phone call, got another scheduled for Wednesday. Why am I posting? Well not because I’m terrified of the 7 or 66 but because after reading all the input about EJ…I have started to think I’m making a mistake. We haven’t discussed money yet, but based upon what I see on here, I may need to consider day trading. Do you think that I am too income dependent to make it with EJ? My annual is 60k and bonus. I have many business and personal contacts. Maybe since I’m not in the industry and have nothing to bring to EJ I had better consider another route. Anyone share an opinion?
Thank you very much, ToddIf you can it as a day trader, why would you want to bother with any job that would depend on others for your paycheck? I've met tons of daytraders over the years. None of them have succeeded long term. If you are different from everyone else and you are willing to bet your house and your kid's education, etc. on that fact, go for it!
As for Jones, you are making a serious mistake simply because there are lots of quality companies in the field and before making a move, you should talk to many other firms. Jones may be the best fit for you, but you'll have no idea without talking to others.
[quote=Eyetattoo]Congrats on the Baby!! And to your question regarding training pay…I could be wrong but I think EDJ is the only firm that pays you a salary during the series 7 & 66 studying. They also pay you for 12 months past your can sell date, it just tiers down every four months.
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You’re right about being wrong, Eyetattoo. Most, if not all, of the wires and large regionals pay a salary during the licensing/training period, as well as on a declining scale after entering production. The details will vary from firm to firm.
Oh no offense taken. I very well understand your point. I am a "relationship builder", probably more sales oriented than those in our sales department. I establish a partnership with vendors, problems solve, "sell back" our organization to win discount etc. Not afraid of cold calling or the close. After reviewing my post a little closer, I see where my comments might have mislead (it was late..at least for me ; ) ). The day trading....well I'm more of a swing trader. Probably should have said this...."I want to work in the financial industry becuase I enjoy trading stocks". lol....please scratch the day trading comment. I am concerned about my income level. No, my wife doesn't work. I know that I can't make it on 2k/month. I don't wan't to appear to doubt my own ability....but as good a salesman as I may think I am or that I am not, having -0- experience to bring to the table, would you guys think that maybe I shoulc consider a different route?
I do appreciate the comments...I can take it on the chin, thank you all. Todd[quote=TBailey]Hi people, been reading the forum post on EJ for a bit. I’m 42, senior purchasing director for an automotive parts wholesaler, have a mortgage, teenager, etc. I have been trading stocks and have developed a great love for the market. Most people in our company come to me for investment advice. So recently our company was purchased by an investment capital company. Management is terrified. I’m looking for a change, contacted EJ…did the profile…had the first phone call, got another scheduled for Wednesday. Why am I posting? Well not because I’m terrified of the 7 or 66 but because after reading all the input about EJ…I have started to think I’m making a mistake. We haven’t discussed money yet, but based upon what I see on here, I may need to consider day trading. Do you think that I am too income dependent to make it with EJ? My annual is 60k and bonus. I have many business and personal contacts. Maybe since I’m not in the industry and have nothing to bring to EJ I had better consider another route. Anyone share an opinion?
Thank you very much, Todd[/quote]You've gotten good advice on the day trading thing. Nothing but the poor house waits for you down that dead end street.
The other comment I'd add is this: before you get bogged down in this firm vs. that, you should recognize that if you are looking for a straight salary situation, a career as a retail broker is not the route for you, as generally compensation is tied to your production. Obviously there are a number of places where a salary of sorts is paid during training - as well as channels like banks where some salary is paid along with reduced production payouts - but fundamentally this is a 'eat what you kill' field. Before you jump in, ask yourself if that is what you want or can live with. Oh, and ask your wife, too. If she's not on board what will happen two months out of training when your take home doesn't even cover your health insurance deductions? Do you have savings to live off of? What is the cash flow plan?
Just be realistic and do your due diligence. This is a great career for many ... but not all. What you need to decide is if it is right for you. THEN you can worry about which firms fit best.
All of this is insightful. Thank you very much. After sleeping on it, I think that I will continue independent studies for the series 7. I think that I will pass on EJ, not because they are a bad company, but because of my own financial situation. We don’t live beyond our means but I do know that I would be putting our family in jeopardy by losing over 50% of my income. Maybe a situation will present itself for me to be sponsored and I will have most of my study complete.
Thank you guys.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/edj-or-not-edj