Edward Jones Behavioral Interview
Well I have moved quite quickly through the first parts of the interview process for Edward Jones. I have my behavioral interview on Wednesday and was just wondering if any of you guys could help me out with what I may expect? My recruiter seems to like me, my FA referral on my app. turned out to be her FA so that isn’t too shabby. Any help would be greatly appreciated.
Thanks
Tell him you absolutely refuse to door knock (see: pride) and you’re more into the analytical, quantitative methods of finding the fair value of a stock rather than trying to sell it to a stranger (who buys stock from a broker anyway?! see: Scottrade). Also tell him you think the business model as a whole is flawed and in 20 years everyone will be day-trading their way to retirement (see: Scottrade).
~hope this helps~Be sure to tell them you aren’t “afraid” to “bend the rules” to get the sale done. ABC!
Tell him that you plan on making at least 35 qualified contacts door to door per day, and that you hope to one day individually serve 2,000 households with an average account size of $10,000. That should get his/her attention.
Ask how much vacation time you get and their policy on office relationships
Low producing douche bags are all you will find here
With your heroic post this thread now contains at least one set of "high producing...bags". Thanks!Low producing douche bags are all you will find here
Everyone does.Well I have moved quite quickly through the first parts of the interview process for Edward Jones. I have my behavioral interview on Wednesday and was just wondering if any of you guys could help me out with what I may expect? My recruiter seems to like me, my FA referral on my app. turned out to be her FA so that isn’t too shabby. Any help would be greatly appreciated.
Thanks
Tell them you plan on starting a hedge fund out of your office.
Poor guy, can’t ask an honest question! Sorry, dlc008.
As for your question, just keep your pants on and you will get an offer. If it is a phone interview, make sure you let the interviewer know that your pants are on.[quote=Billy Mays]Poor guy, can’t ask an honest question! Sorry, dlc008.
As for your question, just keep your pants on and you will get an offer. If it is a phone interview, make sure you let the interviewer know that your pants are on. [/quote] That is for the phone interview. When you actually interview with an FA in the field pants are completely off. Shoes, socks, shirt, tie, jacket, no pants, no briefsThe behavioral interview can make or break your hiring process. Try googling “behavior-based questions” on the internet to get an idea of what kind of questions they are likely to ask. I did that, and I practiced about 10 different scenarios where I “showed I was capable of leadership” or “completed a project independently” etc. etc and I still got rejected by Jones after the interview. My RL gave me the silver bullet and I got through. Also, be ready to tell what an awesome experience you had while visiting an FA at a local Jones office. Good luck. - rc
Lack of pride has nothing to do with door knocking. It’s like a small business and people want to see you when you’re new to them in the area. I’m not gonna trust some guy that just called me on the phone. But maybe if the guy comes to see me I would give them a chance.
If I was “more into the analytical, quantitative methods of finding the fair value of a stock” I would go to be analyst or just stayed at the university to get my MS in Finance. I learned that in intro to FIN 381 my friend and most people I talk to don’t care too much to hear about it, they wanna know some rates and what money they can get.
Lastly, nobody is going to day-trade their way to retirement. They’ll day-trade their way into poverty because they “think” they know what they’re doing. And the model isn’t flawed. I haven’t seen Jones merging or going out of business or even laying anyone off in these tuff times.
Welp, thats all I have to say about that.
Another hint, don't quote Forrest Gump in your interview, makes you sound stupider than you really are.Lack of pride has nothing to do with door knocking. It’s like a small business and people want to see you when you’re new to them in the area. I’m not gonna trust some guy that just called me on the phone. But maybe if the guy comes to see me I would give them a chance.
If I was “more into the analytical, quantitative methods of finding the fair value of a stock” I would go to be analyst or just stayed at the university to get my MS in Finance. I learned that in intro to FIN 381 my friend and most people I talk to don’t care too much to hear about it, they wanna know some rates and what money they can get.
Lastly, nobody is going to day-trade their way to retirement. They’ll day-trade their way into poverty because they “think” they know what they’re doing. And the model isn’t flawed. I haven’t seen Jones merging or going out of business or even laying anyone off in these tuff times.
Welp, thats all I have to say about that.
Mr. Blonde was a crazy guy. I keep Forrest Gump quotes to a minimum.
I'm with you there. You are really over-thinking this thing. If you have to bone up to pass a personality test, you have bigger issues than getting in at EdJ. Just be honest. HINT: Jones wants people who admit they don't always want to play nice with others. We're a one-guy-in-an-office kind of place, after all.[quote=richchick] The behavioral interview can make or break your hiring process. Try googling “behavior-based questions” on the internet to get an idea of what kind of questions they are likely to ask. I did that, and I practiced about 10 different scenarios where I “showed I was capable of leadership” or “completed a project independently” etc. etc and I still got rejected by Jones after the interview. My RL gave me the silver bullet and I got through. Also, be ready to tell what an awesome experience you had while visiting an FA at a local Jones office. Good luck. - rc[/quote]
I will be honest…anyone that has to google that to pass a EJ exam is not for the business.
Had the interview today. Didn’t really practice or anything, just had my resume in front of me and pulled stories from my past jobs for answers to her questions. She liked me and told me we would schedule my last f2f interview once the results of my background check come in in 3-5 days. Thanks to any of the people that aren’t d-bags that posted on here.
congrats on moving on dlc but let me help with something…when you
said EJ has not been laying people off, you were severely mistaken.
You always here sales is a Numbers game, well that is what EJ is
playing, a numbers game. You’ll get hired and fly up to St. Louis and
spend a week learning how to knock on doors. Hundreds of people will
be there and you’ll have about 15-20 people in your class. On average,
about 2-3 people in your class will make it to PDP and on average, EJ
will fire all but 1 person per class after 3-5 years. They essentially
send out a small army to knock on doors, market the firm, and bring in some business, but
get rid of them and give the business to tenured FA’s. A girl in
Charlotte needed to make one more sale to get to PDP. She managed to get
a $500,000 sale (in mutual funds) and should have gone to PDP.
However, EJ fired her the day before the check came in. Now a senior
FA has that $500,000
"And the model isn’t flawed. I haven’t seen Jones merging or going out
of business or even laying anyone off in these tuff times."
Also, that is false, they just had to sell all of their European Branch/Offices at an extreme loss
Is somebody bitter? Holding reps to performance standards is not called "laying off" - they weren't cut for lack of corporate activity. This is called "cutting out the dead weight". Jones has some of the lowest production standards in the industry, so if these guys were cut by Jones, they'd have been eaten alive at the breakfast buffet at some of the wirehouses. Your "I-know-a-gal" anecdote doesn't pass the smell test to me. She only needed 26 accounts, $2250 Net and XXX number of prospects to qualify for PDP - - - AFTER 17 weeks in the field. My guess is she was either really low in account numbers or wasn't prospecting, and they weren't going to let one big sale save a person who otherwise wouldn't cut it. Consider it a mercy killing, because there are a lot of guys I've seen pass through PDP who probably shouldn't have been sent, who later starve and have to leave anyway.congrats on moving on dlc but let me help with something…when you said EJ has not been laying people off, you were severely mistaken. You always here sales is a Numbers game, well that is what EJ is playing, a numbers game. You’ll get hired and fly up to St. Louis and spend a week learning how to knock on doors. Hundreds of people will be there and you’ll have about 15-20 people in your class. On average, about 2-3 people in your class will make it to PDP and on average, EJ will fire all but 1 person per class after 3-5 years. They essentially send out a small army to knock on doors, market the firm, and bring in some business, but get rid of them and give the business to tenured FA’s. A girl in Charlotte needed to make one more sale to get to PDP. She managed to get a $500,000 sale (in mutual funds) and should have gone to PDP. However, EJ fired her the day before the check came in. Now a senior FA has that $500,000
This is true but you're spinning a bit here - Jones did sell its UK branches (we didn't have any in Europe, just the UK. If I remember correctly it was less than 300 brokers in total, out of 12,000+ firm-wide. The UK operations were never profitable and increasing the branch count was making the matter worse, not better. It has a lot to do with real estate and labor costs in the UK that make the EdJ model impractical. We didn't have to sell the UK operation; we chose to sell rather than compromise the single-broker office model. And even then, no one was laid off - the home office staff who supported the UK were re-absorbed back into the US / Canadian operations. The biggest gripes you will hear around Jones as a result of the recession is that there was a year-long wage freeze (but no layoffs), some of the Goodknight and Legacy offices were put on hold for longer than normal, and partner bonuses were gone for most of last year. There is talk of cutting underperforming rookies earlier than week 17 and having underperforming FA's in higher Segments revert back to lower Segments if their production is below standards, but I don't know how true that is. I know this will curl the toes of all the Jones haters here, but the company really is doing just fine.“And the model isn’t flawed. I haven’t seen Jones merging or going out of business or even laying anyone off in these tuff times.”
Also, that is false, they just had to sell all of their European Branch/Offices at an extreme loss
Bitter? I have nothing to be bitter about with Jones, I’m just telling him how it really goes. On average, 1 person in the class of 15 will make it but all 15 will do something to benefit Jones (for the most part) which is why they continue to do it. As for the girl, she is not in my region so I have no idea about the detail surrounding her situation, but you cannot deny the fact EDJ is quick to cut/fire new FA’s. Not that I completely blame them, I’m simply telling the guy how it works. Even my RL will tell you that about 1 out of ten New FA’s will make it for more than 5 years
Actually, when I was still at Jones (haha Still@jones), there was a guy who got cut two weeks before PDP, after he had deposited a $600k check and was going to make the trades. He got the call on the way back from the bank, after the deposit was made (and entered into the Jones system).
I actually know this for a fact, because he used my office to do it. Would have qualified right off the bat.
The joke was on Jones though. He immediately walked into an RJ office and was hired and the 600k was pulled from Jones (and yes, I’m sure Jones didn’t care all that much).
The UK was going to fail from the beginning. Where did the brokers go?
Of course Jones is doing just fine. The business model is actually pretty good. And they are getting more ruthless (which is a good thing sometimes).
Yes, yes I can. I know of several people that were kept at really, really low production levels for months, if not years. Right now in my region we have a couple of people that I don't think have ever been above expectations and consistently been significantly below. But I know that they work hard, "do the right things" (FAST adopters, attend meetings, follow the recipe), run a good business. Overall, the company has a great heart and does the right thing.… but you cannot deny the fact EDJ is quick to cut/fire new FA’s …
HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all.
I am always amazed that the Jones model works.
As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I'm in my office and I see other people in the struggle.
I would agree with InlandTX that most Jones reps have either a social aversion...or, my opinion, they like to drink at work. Not that there's anything wrong with either - it's just not my style.
I hear you, but your numbers are flawed. I am out almost 5 years, and about 45% of my entire class (out of maybe 85-100?) is still with Jones. I can check it in the system. More than half my own class (like 12 people) are still here. 2-3 people out of 15-20 go back to PDP? That is just way off. They fire everyone but 1 after 3-5 years? So that would mean that out of 100 or so people, about 7 will make it. Not even close. That would mean for them to keep hitting their growth goals (such as last year, to keep like 900 net new FA's), they would need to actually hire like 12,000 new FA's per year. You are just way off.congrats on moving on dlc but let me help with something…when you said EJ has not been laying people off, you were severely mistaken. You always here sales is a Numbers game, well that is what EJ is playing, a numbers game. You’ll get hired and fly up to St. Louis and spend a week learning how to knock on doors. Hundreds of people will be there and you’ll have about 15-20 people in your class. On average, about 2-3 people in your class will make it to PDP and on average, EJ will fire all but 1 person per class after 3-5 years. They essentially send out a small army to knock on doors, market the firm, and bring in some business, but get rid of them and give the business to tenured FA’s. A girl in Charlotte needed to make one more sale to get to PDP. She managed to get a $500,000 sale (in mutual funds) and should have gone to PDP. However, EJ fired her the day before the check came in. Now a senior FA has that $500,000
5% make it 5 years - his numbers seem right on; although the early attrition seems a little steep.
I hear you, but your numbers are flawed. I am out almost 5 years, and about 45% of my entire class (out of maybe 85-100?) is still with Jones. I can check it in the system. More than half my own class (like 12 people) are still here. 2-3 people out of 15-20 go back to PDP? That is just way off. They fire everyone but 1 after 3-5 years? So that would mean that out of 100 or so people, about 7 will make it. Not even close. That would mean for them to keep hitting their growth goals (such as last year, to keep like 900 net new FA's), they would need to actually hire like 12,000 new FA's per year. You are just way off.[/quote] 2-3 going back to PDP isn't quite right but not that off out five years. I had 20 in my class, 6 are still in the industry, 3 still with Jones, 2 of those inherited small books and hit seg 3 but aren't doing anywhere close to seg 3 numbersand are thinking of leaving. The one other started from scratch and is still there, no idea how he is doing though.[quote=donte_drink&drive] congrats on moving on dlc but let me help with something…when you said EJ has not been laying people off, you were severely mistaken. You always here sales is a Numbers game, well that is what EJ is playing, a numbers game. You’ll get hired and fly up to St. Louis and spend a week learning how to knock on doors. Hundreds of people will be there and you’ll have about 15-20 people in your class. On average, about 2-3 people in your class will make it to PDP and on average, EJ will fire all but 1 person per class after 3-5 years. They essentially send out a small army to knock on doors, market the firm, and bring in some business, but get rid of them and give the business to tenured FA’s. A girl in Charlotte needed to make one more sale to get to PDP. She managed to get a $500,000 sale (in mutual funds) and should have gone to PDP. However, EJ fired her the day before the check came in. Now a senior FA has that $500,000
Again, my guess would be that he was lagging in all of the other areas. It's not just gross commission that keeps a person around - being active in the region and having a plausible pipeline is much more important than scoring one big fish. I bet the guy had 8-9 accounts out of the required 26 and that's why he was dropped. Another case in point - we recently had a guy (who was a banker for years) come in and score a big sale right out of Eval/Grad - his commission was high enough he literally qualified for PDP in week 1, but by week 17 he had only 6 accounts. It was obvious he wasn't doing the work. So they cut him after giving him an extra 4 weeks to open another 8 accounts. Turns out later that the big sale was also an in-law. Jones can't rely just on one metric to decide whether or not to keep a guy.Actually, when I was still at Jones (haha Still@jones), there was a guy who got cut two weeks before PDP, after he had deposited a $600k check and was going to make the trades. He got the call on the way back from the bank, after the deposit was made (and entered into the Jones system).
I actually know this for a fact, because he used my office to do it. Would have qualified right off the bat.
Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed. And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash. It does get lonely at times, so it's really important to keep in contact with others in the region and get together often. I think that's one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.[quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote]
I am always amazed that the Jones model works.
As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle.
I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style.
It’s amazing to me how post after post Jones gets hated on…I must say though, when you’re at the top, people tend to hate you when they don’t even know you (or your company).
Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed. And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash. It does get lonely at times, so it's really important to keep in contact with others in the region and get together often. I think that's one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.[/quote][quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote]
I am always amazed that the Jones model works.
As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle.
I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style.
Sorry inLand. You are not your own boss. At least not until you get to Segment 4. And how many people are languishing in Segment 3?
Nobody gives a damn what you think, let me guess, going through the hiring process?It’s amazing to me how post after post Jones gets hated on…I must say though, when you’re at the top, people tend to hate you when they don’t even know you (or your company).
[quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote] I am always amazed that the Jones model works. As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle. I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style. [/quote] Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed. And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash. It does get lonely at times, so it’s really important to keep in contact with others in the region and get together often. I think that’s one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.
I always thought the mouthwash was for the guy who sits near the boss. At Jones, you are free to hit the wine-box!
Very good information
Just thought I’d update what’s going on, don’t really know if anyone cares but maybe there’s someone who reads this for information on the interview process…
Finished my behavioral interview a week ago, they ran my background check and that has taken a week. Everything checked out good ( I do have collections on my credit report, but I sent a letter to compliance so I guess it’s alright). Just have to take a drug test and schedule my f2f interview.
Everything is moving along quicker than I thought it would. If they have taken me this far and done the background check do you guys think I am in a good position to get an offer. Thanks for any of the helpful comments.
Do NOT forget to bring a toaster to your f2f interview. I cannot stress this enough.
[quote=dlc008]… do you guys think I am in a good position to get an offer…
[/quote]
Yeah, I think you’re in perfect position to get the offer.
Your offer: We’ll happily pay you minimum wage for the next three years, and expect you to work promoting our brand name on every street in your home town by going door to door no matter what the weather. As an added bonus, we’d like you to volunteer in service organizations so that if you fail, you won’t feel like showing your face in your own hometown ever again.
If you decide to quit, before the 1000 days of this treatment is over, to leave we reserve the right to charge you up to $75000 for this privilege. Finally, we consider all the clients you ever bring to our company ours, not yours.
Of course, I’m assuming you mean, by being in perfect position you’ve dropped your drawers and have your a$$ perfectly pitched upward. Good luck.
Jealous
I really do wonder what is with all the d-bags here. I mean I will keep on reading because most of it is funny, but I really can’t take much of anything too seriously. You may not have liked EJ but I know people in the firm and think it’ll be alright. I’m not much for being an independent, I like having the backing and name on my office. I know I know it’s not “my” office, but it is where I will do my business so you don’t have to point that out.
I’ve done my research and picked what I believe the best choice for me. Im happy, my wife’s happy and thats all I need
Agreed. I read these things for the humor value (mostly low to none).
You have to be nuts to come here expecting serious answers or one with any value. The serial posters on this forum are mostly a waste of oxygen. Full of free advice and it’s worth every penny
[quote=dlc008]Jealous
[/quote]
I don’t think Lock is jealous. He works there.
So, If I am offered and accept a position with EJ, I may need that Boudreaux's Butt Paste for another use?
[quote=careerchngr]
So, If I am offered and accept a position with EJ, I may need that Boudreaux’s Butt Paste for another use?
[/quote]Not necessarily. Jones is a good company. But it is a for-profit company. Just like any other company, they look out for their stakeholders (the General Partners). If you go in with your eyes open and have an understanding of what it’s going to be like and spit out the kool-aid when the Regional Leaders isn’t looking you’ll be fine.
Personally, I think you would need more KY than anything, no matter what firm you work for. If you are on your own, you only need the KY for the regulators and the taxman.
[quote=Moraen] [quote=careerchngr]
So, If I am offered and accept a position with EJ, I may need that Boudreaux's Butt Paste for another use?
[/quote]Not necessarily. Jones is a good company. But it is a for-profit company. Just like any other company, they look out for their stakeholders (the General Partners). If you go in with your eyes open and have an understanding of what it's going to be like and spit out the kool-aid when the Regional Leaders isn't looking you'll be fine.
Personally, I think you would need more KY than anything, no matter what firm you work for. If you are on your own, you only need the KY for the regulators and the taxman.
[/quote] I agree. If you want to get into this industry, EDJ is one of the better options among captive BDs. Call them the "least evil" so to say. That being said, LockEDJ concisely and brutally explained the first three years with them. Moraen is right, that guy/gal is living the life.
Folks, I think EDJ is great. I really do; and Joel's right on.
My only point was to actually read the contract. Most people are so concerned over simply getting the offer (which is what I read, maybe not what was written - so to say) they just blithely sign away.
Living the green life can be great. Go get'm.
I understand what you are saying about people not understanding what they sign on to. I know the contract, I know about not being able to keep your clients, I know that if you quit or can’t cut it within the first three years you are going to have to pay them for your licensing and training.
Those are all things I am willing to sign on. I’m not gonna quit.This is a job i plan on keeping for a long time. I just wanted to know if they usually bring people this far and just let them go after the f2f interview. My “mentor” in EDJ has told me everything that is hard there, he told me everything he wanted to know when he signed on 13 years ago and I am totally fine with it. I just hope that I can start at the company with you in June.
How long have you been with EDJ
[quote=dlc008]I understand what you are saying about people not understanding what they sign on to. I know the contract, I know about not being able to keep your clients, I know that if you quit or can’t cut it within the first three years you are going to have to pay them for your licensing and training.
Those are all things I am willing to sign on. I’m not gonna quit.This is a job i plan on keeping for a long time. I just wanted to know if they usually bring people this far and just let them go after the f2f interview. My “mentor” in EDJ has told me everything that is hard there, he told me everything he wanted to know when he signed on 13 years ago and I am totally fine with it. I just hope that I can start at the company with you in June.
How long have you been with EDJ[/quote]
I don’t know how many people have said that, but it’s a lot.
Why would you work at a CPA firm if when you leave to start your own practice you cant take your high dollar clients with you. You gotta start from scratch doing tax returns and build. If you don’t want to leave or go independent it shouldn’t be a problem. Just do your work, tell them what they want to hear and stick in there while your making " such a small amount of money". to me 40-55000 isn’t a small amount of money. I’d be pretty happy with that to start, i don’t need hundreds of thousands of dollars.
[quote=dlc008]Why would you work at a CPA firm if when you leave to start your own practice you cant take your high dollar clients with you. You gotta start from scratch doing tax returns and build. If you don’t want to leave or go independent it shouldn’t be a problem. Just do your work, tell them what they want to hear and stick in there while your making " such a small amount of money". to me 40-55000 isn’t a small amount of money. I’d be pretty happy with that to start, i don’t need hundreds of thousands of dollars. [/quote]
I’m going to go out on a limb here and say that you won’t survive. You have to really want it.
Ya the owner of our sonic makes a good 90000 after tax so that’s not too bad. I’m not saying I don’t want the hundreds of thousands believe me I do. I’m just saying I don’t mind working my ass off for the " small pay" until I prove myself. I want it more than anything. I will not fail. I will work 6 or 7 days a week to grow my business beyond expectation. This is me, I’m not a slacker. I will not fail. I do not want to smell like fast food the rest of my life I don’t care how much they make those places are run poorly and are horrible.
Oh and I was a shift manager at a sonic in college, They make from 8.00 to 9.50. It is horrible and you work ridiculous amounts of time for a guy who barely graduated high school. I was a manger and there were carhops making more than me.Pretty depressing at the end of the day.
You just gave them yet another example of an ex-fast food person moving to Edward Jones. Not that I care what people did in college or whether some 'internship' at a major bank was indeed more impressive. I interned at a place and literally read the newspaper all day. It looked good on a resume though.Oh and I was a shift manager at a sonic in college, They make from 8.00 to 9.50. It is horrible and you work ridiculous amounts of time for a guy who barely graduated high school. I was a manger and there were carhops making more than me.Pretty depressing at the end of the day.
Ya. In a college town where nobody’s is hiring your choices are limited. I did work at the local national bank for a year and just sat at a desk looking on the internet and being pretty bored. Have a degree in accounting and finance so I don’t really care where I used to work. It paid the rent and that’s all I needed at the time.
[quote=LSUAlum]
.....You just gave them yet another example of an ex-fast food person moving to Edward Jones. [/quote] .... and by that you mean ... ? That ex-fast food people can't possibly pick up a phone, or knock on doors, or [HORRORS] actually RELATE to people? Give me five really good servers - the ones that always wound up with the most tips at the end of the day- and put them in a room with five guys with a Finance degree, and I'll bet it will be a horserace as to who wins. (Sorry. I'm a little defensive about my backround, and I know this topic gets beaten up a bit.)Ever read the book “My Secret Life in the McJob” or something like that?
Its about a professor that goes undercover as an entry level employee over a year at various different fast food chains. He is supposedly an academic authority on HR matters, I think he co-wrote the book Compensation. Very interesting read.Yeah, I know Jerry Newman; heard his lectures on the subject matter and spilled a beer or two with him when I got my advanced degree.
I wasn't in the fast food arena long, but his points don't change any where along the food service continuum. In fact they may get more exaggerated as you pay more for your food.Don’t get me wrong. I didn’t say I cared where you worked before. I was commenting on the various Edward Jones bashers who claim you guys are all ex-car salesman and bartenders, etc.
Pedigree doesn't matter much to me. I used the fact that I had a fashionable internship that in reality taught me squat because I read the newspaper all day. It was strictly a good 'resume builder'.dlc008, It is a plus that you are willing to work 6-7 days a week. Unfortunately, it doesn't even come close to guaranteeing success. Many people in this industry work long hours and work hard and still fail. The key is working long and hard doing the things that matter. The things that matter are not any fun and get discouraging pretty quickly. Prospect. Sell. Get rejected. Repeat. I have mentored and trained many FAs that worked hard and failed. The problem is they worked on "things" that weren't critical so they could avoid doing the work that mattered. Be honest with yourself about what matters and you will have great succes.Ya the owner of our sonic makes a good 90000 after tax so that’s not too bad. I’m not saying I don’t want the hundreds of thousands believe me I do. I’m just saying I don’t mind working my ass off for the " small pay" until I prove myself. I want it more than anything. I will not fail. I will work 6 or 7 days a week to grow my business beyond expectation. This is me, I’m not a slacker. I will not fail. I do not want to smell like fast food the rest of my life I don’t care how much they make those places are run poorly and are horrible.
Thanks ytrewq, I have spoken with the EDJ FA that has been my Mentor throughout this process and I have learned what you must do so I think I will do good. I have the dtermination and grit to get through the tough years. I don’t fear talking with new people or being rejected all day. Thanks to anyone with encouraging words. And thanks to the other D-Bags out there for making me laugh sometimes .
This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He’s never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time. Now, contrast that with another guy in my region....works at least 70 hours a week. Usually in around 9:00, and never leaves until after 8:00. And works every Saturday. Been in the business 7 years. Is lucky to break $175K gross. I asked him once what he spends all his time doing, and he said "analyzing portfolios, preparing FAST reports, going through cost basis, looking for ways to improve client portfolios, researching the markets, etc." WTF? Nothing in there tells me you were talking to clients, calling prospects, cold calling, doing a seminar, attending a networking event, etc. He says "yeah, I need to do more of that stuff". OK. Glad I'm not your wife. You're an underpaid workaholic.[quote=Lawrence]5% make it 5 years - his numbers seem right on; although the early attrition seems a little steep.
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HI,
Thanks very much for this comment. It help me to think about my ideals.
Apart from that, this link below may be useful: Behavioral interview questions
Tks again and pls keep posting.
[quote=B24]This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He's never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time.[/quote]That is some serious wisdom, right there. I'm only a Seg 2 and already have my day loaded with reports, BondNet, FAST analysis, clients dropping by to BS... That starts me on a new course, starting today.
Hmmm
[quote=B24]This is absolutely true. My mentor at Jones probably works 1200 hours per year at most. He's never gonna be a top producer, but he is Seg5 and gets his share of 50K+ months.
His deal is that he is ONLY at work to work, he will leave the office if he is "done" for the day (which can often be noontime), and he does NOTHING that his BOA can do. He basically comes in, talks to clients and prospects, and goes home. That's it. He'll stay at work until midnight preparing for a big client meeting when he needs to, but then he'll have that one meeting the next day and go home. He does around 450K gross, all from referrals. $200K net working just about part-time. Now, contrast that with another guy in my region....works at least 70 hours a week. Usually in around 9:00, and never leaves until after 8:00. And works every Saturday. Been in the business 7 years. Is lucky to break $175K gross. I asked him once what he spends all his time doing, and he said "analyzing portfolios, preparing FAST reports, going through cost basis, looking for ways to improve client portfolios, researching the markets, etc."WTF? Nothing in there tells me you were talking to clients, calling prospects, cold calling, doing a seminar, attending a networking event, etc. He says "yeah, I need to do more of that stuff". OK. Glad I'm not your wife. You're an underpaid workaholic.[/quote]
This is a terrific post... I must say I see myself in guy 2 to some extent.
However, there may be other factors present as well. Such as AUM and time in the business. Also, the last 7 years have been difficult years in this business.
Well, I should add something to my description above of my mentor. He is NOT a transactional broker. He does not spend all day calling client for orders. He typically gets one or two big referrals every month or two from either a close CPA friend or a client. Usually they are more complex cases involving estate issues, life insurance (for estate planning purposes), small company retirement plans (he has been doing a lot of DBP plans the past few years for 1099 consultants), etc. So in addition to recurring revenue and regular monthly transactions, he will book 20-30K in insurance and big investement cases. So his workload each month may consist of one or two big cases he is working on, and then just some regular client maintenance.
His only problem is that he lives and dies by that sword. He will have the occassional 15-20K month because he has no big case come in, and all he has is trails, recurring fees, some DCA stuff, and maybe a few transactions on mautring bonds, etc.
Part if his success in this is that he has positioned himself as the "big case" guy. His CPA buddy refers to a few wirehouse friends for regular "broker"-type clients, but when a complex case comes along, it always goes to him.
24, He sounds like a very smart guy, definitely a cut above. But I'll go out on a limb and guess that he started in the business prior to 1993 and that his AUM are 100m plus?
[quote=American Flag]
24, He sounds like a very smart guy, definitely a cut above. But I'll go out on a limb and guess that he started in the business prior to 1993 and that his AUM are 100m plus?
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Seriously? He is doing 450K. He's not even close to 100mm (maybe 55mm). He started in 1999 and bounced from an insurance-based BD to AGE to Jones (all in 5 years). He brought MAYBE 5mm to Jones, took over about 15-20mm from a Jones office, and built it to 55mm in 5 years (giving away 10mm along the way). Most of his new assets came between 2007-2010 (ironically).
[quote=Moraen][quote=inlandTX][quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don't always want to play nice with others. We're a one-guy-in-an-office kind of place, after all. [/quote]
I am always amazed that the Jones model works.
As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I'm in my office and I see other people in the struggle.
I would agree with InlandTX that most Jones reps have either a social aversion...or, my opinion, they like to drink at work. Not that there's anything wrong with either - it's just not my style. [/quote]
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Sorry inLand. You are not your own boss. At least not until you get to Segment 4. And how many people are languishing in Segment 3?
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You are not your own boss at segment 4 either. You may not get hassled about your numbers but you still are expected to attend meetings and do the in-voluntary volunteering stuff.
I sort of disagree. Sincne we are W2 employees, we are employees without doubt. However, we really are our own "bosses". Yes, we have Field Supervision people, but they are simply there to make sure we don't fukc up. They don't care when we come or go or how we prospect.
We have plenty of people in our region that don't do ANY volunteering. Inlcuding me. I could even skip all teh silly meetings, and in fact, I often do. But I actually like some of the meetigns, because I am friends with a lot of them, so it's good to see them every month or so.
But unless I fukc something up compliance-wise, HR-wise, or stop making my numbers, there ain't jack-schit they can do to me about ANYTHING. Now, if some bad schit comes down (client complaints, my numbers deteriorate,etc.), chances are I would not have as much backing as if I were "fully engaged" in the region. But that would be my choice. I have NEVER heard of someone being fired (in the field) for anything other than an HR violation (secks in the office, abusing BOA, lying about reimbursements, whatever), a major compliance issue (and usually they will work with you if it was honest mistake and you don't lie about it), or missing your numbers. And 95% of the time it's the last issue (hitting numbers).
The first half of these post where great made me laugh out loud. Segment 4 here that just went Indy! Amazing what you see when the kool aid runs out....
2 FA's left from my 2004 class of 11.
[quote=dlc008]I really do wonder what is with all the d-bags here. [/quote]
This is the financial industry... We are all d-bags...
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