EDJ training

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I used the search button for over a hour and did not find anything related to the training compensation. Everything discussed is about what to expect during your first year of selling. I am looking for income information for the 10 week home study. Thanks

Depends on how much you made at your old job.. and your market. I think I was around $10.00 an hour, but they expect you to work around 10-12 hour days so they pay you time and a half.. hope that helps.. you could get more or less. I was shocked at how low it was!

Hi there, I’m applying to EJ as well. My final f2f interview is actually next Thursday. When I spoke with my recruiter, she said the stipend during training is 2000-2200 per month depending on your location. The company is very up front about that, and they will also advise you to have money set aside before you start the training process with them.

If I were you, I would contact your recruiter and ask them. After all, that’s what they’re there for.

20,000 to 25,000 is the first year salary is what I was told by the EJ recruiter.

Getmethod,

Depending on how much you are currently earning prior to EJ, you will probably need some savings set aside.

[quote=getmethod]I meant overall compensation. However…my “salary” starting off for the first 4 months of selling (after training) is high 30’s. Obviously, this is not an exact representation of a full year’s salary since it diminishes through the year as production should increase. I did qualify my statement with stating that what you make is based on current salary, experience, and effort. Of course, geographic location is a factor as well.

24, correct me if I’m wrong, your salary is an expense that goes directly onto your P&L.  Therefore, the higher the salary the more production will be required of you.

the salary goes down every month. it is TOTALLY irrelevant after a very few months if you have any hope of doing this. meaningless. it is all about commissions, and is very doable if you prospect a lot. If you prefer to push paper and analyze mutual funds, your pay will go way down.  I remember that my first full calendar year was 95000 or so, and I started newnew (zero accounts). Had sales experience though–huge help. Also have a “few” gray hairs. I.ve seen 20 somethings do it, though.

Also have a “few” gray hairs. 

24, correct me if I’m wrong, your salary is an expense that goes directly onto your P&L. Therefore, the higher the salary the more production will be required of you.

newnew, is the $95,000 first year, $240,000. gross? That’s impressive starting with 0.

No…it is $95K gross…

95 Gross would be average.  I grossed 175K, but payout was up due to winning a trip to Hawaii and many monthly bonuses. One month my new account bonus was 1600. People say you cannot do that starting from zero, and then they proceed to do PAPERWORK between 9am and 5pm. Big mistake.

also was still on salary…great deal!

[quote=newnew]95 Gross would be average.  I grossed 175K, but payout was up due to winning a trip to Hawaii and many monthly bonuses. One month my new account bonus was 1600. People say you cannot do that starting from zero, and then they proceed to do PAPERWORK between 9am and 5pm. Big mistake.

newnew,  So you “grossed” $95k in commissions and salary and bonuses were $80k. How many accounts did you open in a month to get the $1,600. and how much did you net/net/net.

I just recently got hired with EJ and just got my compensation package. They are paying me hourly for my study time at $13.50 an hour, but I had a pretty good salary at my previous job, so that might even be on the higher end (!!)

How many hours a day do they assume you study?

I’m under the impression that they assume you study 8 hours at day.

i opened 240 accounts the first year, approx. I wanted to earn three shovels, but only achieved 2. to answer the other question, all I did was exactly what the training said to do. I found that almost all my classmates “cheated”, or took shortcuts. most people find many reasons NOT to prospect, and the reasons seem legotimate enough that they fool themselves into thinking that they MUST do this papershuffling rIGHT NOW, it is SO  much more important than prospecting!

Doesn't the BOA soley exist just to take care of the paperwork and logistics of opening accounts, while the FA prospects?

“and the reasons seem legitimate enough that they fool themselves”…You can do all the paperwork you want. The BOA cannot analyze your prospects portfolio, or analyze what you will present as an alternative, or analyze what new products you like, or analyze your next annual client review, etc. (do these things before 9am or after 5pm or on saturday, unless you want to make less money—your choice))

newnew, How much of the $175 gross did you get to deposit in the bank? Is this typical?

i opened 240 accounts the first year, approx. I wanted to earn three shovels, but only achieved 2. to answer the other question, all I did was exactly what the training said to do. I found that almost all my classmates “cheated”, or took shortcuts. most people find many reasons NOT to prospect, and the reasons seem legotimate enough that they fool themselves into thinking that they MUST do this papershuffling rIGHT NOW, it is SO  much more important than prospecting!

if you are new/new you will not have a BOA unless you get an office, which is not guaranteed at all.  what new/new said is correct.  spend your time prospecting, but there will be some paperwork.

dRAPALA- 175k was not net. The way it works is you get about 40% of the gross--but I was saying that I actually kept about 95k because it wasn't all tied to commissions: some was salary, some was taxable trips, some was various bonuses, etc

the best trip was to Manhattan for Pacesetters--I achieved the 34 month goal in month 13. I am only bragging on this now after posting for a year because I saw people saying you cannot do it unless you get a big GK book----NOT TRUE with hard work (most people work hard; what I mean is prospect hard---we get more pay for more rejection)

ps Thanks for the kind words, Miss Jones, my favorite anonymous joneser

If you get goodknighted at Jones, do you get an office and BOA sooner than if you were "newnew"?  Seems like you would need a BOA to help with the existing accounts...

Hey NewNew,
That is an awesome first year success story!  You set a very high bar.

I’ve been assigned to a legacy office for training and my first year.  I was just asked by another FA if I am interested in a GK with him.  He is a great guy and would be a great mentor.  I’m not sure if I can do both, though they are both in the same town.  I’m not positive I want the least attractive clients from someone else, though getting a jump on referrals is very appealing.   My other thought is that I would probably take all comers to start anyway. 
Should I jump at $5M in assets?

a great mentor is important. every situation has too many variables for me to comment definitively, but if you do take the 5MM, don’t sloiw down prospecting. You’re right–those will not be desirable for the most part. On the other hand, it is a proven fact that your odds are better with even a (very) small headstart. 5MM in funds only means 5K in you pocket, but it’s something.

Hey NewNew,
That is an awesome first year success story!  You set a very high bar.

I’ve been assigned to a legacy office for training and my first year.  I was just asked by another FA if I am interested in a GK with him.  He is a great guy and would be a great mentor.  I’m not sure if I can do both, though they are both in the same town.  I’m not positive I want the least attractive clients from someone else, though getting a jump on referrals is very appealing.   My other thought is that I would probably take all comers to start anyway. 
Should I jump at $5M in assets?

Spaceman and newnew....  Thanks for the advice.  I'll move on it tomorrow, though I am just getting started.

I've kept my P&Ls and paystubs from jones days for reference...nothing to be so excited about.