First Phone Interview for EJ in 2 Days

Never, if you're skating that close to the edge, please postpone your plans to be a Registered Rep.  The Jones system will bleed you dry in a couple of months.  I mean that with all sincerity.

This is the greatest business in the world when you're ten years out, but the first few years aren't easy, to say the very least, so I wouldn't try to discourage you from entering it...just don't do it 'til you're ready financially.

Have you tried to get on as a sales assistant with any of the big houses?  A branch manager might look very favorably upon a candidate with your credentials and a long term plan.

Just my $.02.  Best of luck!

I second Starka’s comments. Save up enough so that you have at least a 9-12 months of expenses socked away so that you can access them. Then and only then should you consider working in this industry…

[quote=NeverIffey3]

Hi,

I’m really interested in the IR position at EJ. I’ve been reading through a

lot of these posts and it’s been enlightening to say the least. Does

anybody have any advice on what to expect for the first phone interview?

(types of questions I’ll get asked, which ones I should ask, etc.) The

recruiter said it would be a 15-20 minute conversation. I’d like to know

the best way to prepare for this.

I recently earned my MBA (entrepreneurship & finance concentration),

but I have very little sales experience. I’m wondering if this is the right

profession for me.

Could someone tell me how much the bi-weekly checks are (if I’m

hired) while I would be studying for the Series 7? I’ve been looking for

work for 6 months now and my grace period is up on my loans. I just

want to get an idea of how hard the struggle is in the early-going.

Thank you for your reply along with any advice you might have for me.

I would agree that with the others that you need to have some cash saved prior to entering this field. But, Jones will not “bleed you dry” any more than any other firm in the beginning.

Jones has great training and will help you out alot.

It sounds like you don't have any other options.  Jones will pay you around $2000/month gross for a year, that is just salary.  Do you have anything that might pay better than that? 

Jones might be the best option to start out, from what you have said so far.  People here attack Jones non stop, but realistically, is there an alternative for you right now?  If not, then how else will you pay for your loans and other bills?

There aren't many better options at this point. I could sell cars (no sales experience necessary.)

The salary support for the first year sounds nice.

What's the difference between an IR and a FA? Is there one? If you're an IR at EJ, and 5 years down the line you're still a success, are you still considered an IR? How many people that gain success as an IR go after a CFP- is it necessary? Will a firm like EJ encourage you to receive such certification?

Why not take a shot at this career with EDJ, and then if it doesn’t work, go sell cars?  I guarantee you will be a better car salesman, and you might actually like Jones and be successful.  On the phone interview, I am sure they will probe you on your seriousness and commitment to a career as a Jones IR.  They don’t want to hear any doubts about the following questions, nor should there be: How do you handle rejection?  Can you arrange 25 real contacts per day?  Do you really want to work for Jones? 

First of all, I agree that the ideal is to have several months of income socked away.  There are a lot of expenses in the beginning of your practice and unless you really hit the ground running you will soon have no money left.  If your living expenses are low (sounds like you are young and unmarried) you will probably be able to squeek by on the $2000 a month salary.  For the first year (I think) Jones subsidizes your medical insurance premiums, but get ready for the second year.

The phone interview was about the wierdest experience I have ever had.  They ask you strange things and try to elicit your personal stress tolerances, your ability to think on your feet and I think try to determine if you are an honest person.  There are no right or wrong answers.

"What was your biggest challenge in life and how did you overcome it."  "What accomplishment are you most proud of?"  "Name something that you regret."  and my favorite that I remember. "What would you do if you saw a young child crying and wandering alone in a shopping mall?"

Good luck.

How do you feel about door knocking?

I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn’t seem to fit what I wanted to do, plus the fact that you don’t have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn’t have the experience that others in the industry have.

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[quote=RecordGuy]

It sounds like you don't have any other options.  Jones will pay you around $2000/month gross for a year, that is just salary.  Do you have anything that might pay better than that? 

Jones might be the best option to start out, from what you have said so far.  People here attack Jones non stop, but realistically, is there an alternative for you right now?  If not, then how else will you pay for your loans and other bills?

[/quote]

 "DO you have anything that might pay BETTER than that?- How about Food Stamps and a Welfare check?

It's a monthly check not bi-weekly.  So for your first month, no $.  I would also caution you against starting this biz with out a cash reserve.  I thought I had enough cash, but ended up selling my house and going through my IRAs and savings.

[quote=new_rep555]I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn't seem to fit what I wanted to do, plus the fact that you don't have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn't have the experience that others in the industry have.
[/quote]

So how do you get new clients at Ameriprise? 

[quote=babbling looney]

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[/quote]

What percentage of people, in your estimate, would show interest in possibly becoming a client?  And for the ones that didn't show immediate interest, how did you follow up?

[quote=RecordGuy]

[quote=new_rep555]I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn’t seem to fit what I wanted to do, plus the fact that you don’t have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn’t have the experience that others in the industry have.
[/quote]

So how do you get new clients at Ameriprise? 

Gotta love the lunch & learns.

[quote=RecordGuy][quote=babbling looney]

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[/quote]

What percentage of people, in your estimate, would show interest in possibly becoming a client?  And for the ones that didn't show immediate interest, how did you follow up?

[/quote]

Probably less than 10% of contacts showed any initial interest or asked any questions.  The trick is to try to get their mailing address so you can follow up with a "thank you for your time card".  Usually I had left them a brochure and business card at the first contact.  Sometimes if they were on the fence I would ask if they would be interested in receiving a listing of upcoming FREE educational seminars and if so what would they be interested in having me present.

After that it is just a drip drip, call call method.  I rarely went back to the house more than once.  Businesses about once a month with the same drip system.  After about 4 to 6 months I would usually get another 20% to 30% become customers. I would also about that time call and confirm their level of interest.  Yes, Mabye, Never.  I would also explain that I don't want to be wasting their time or mine if they really didn't want to receive the mailings.  Quite often they would say to go ahead and keep mailing even though they weren't ready to invest right now.  It is surprising how many people would hold onto a brochure or letter and 6 months later come in and say OK I'm ready.

The idea is to be pleasantly persistant without becoming an annoying pain in the butt.

Honestly, at least in my region, it is rare that you would actually open a new-new office.  So many vets are leaving, you would probably end up in an exsisting office with 30% retained assets.  The salary should be great for someone fresh out of school.  I say GO FOR IT!

Door knocking sucks .  And EJ will push you.  But remember this is your business, so build it how you want... and start preparing for indy now.  I found buying a qualified list to work great, but it is frowned upon.  I also got into a networking group.

That said, I found the training at EJ to be excellent for a newbie like I was.  And, BTW, the "studying" they track DAILY results, not biweekly or whatever you heard.  Fall behind a day and they will call.  I don't remember the interviews, but they are looking for commitment.  Hope this helps.

[quote=Ready2Jump]

Honestly, at least in my region, it is rare that you would actually open a new-new office.  So many vets are leaving, you would probably end up in an exsisting office with 30% retained assets.  The salary should be great for someone fresh out of school.  I say GO FOR IT!

Door knocking sucks .  And EJ will push you.  But remember this is your business, so build it how you want... and start preparing for indy now.  I found buying a qualified list to work great, but it is frowned upon.  I also got into a networking group.

That said, I found the training at EJ to be excellent for a newbie like I was.  And, BTW, the "studying" they track DAILY results, not biweekly or whatever you heard.  Fall behind a day and they will call.  I don't remember the interviews, but they are looking for commitment.  Hope this helps.

[/quote]

They track daily results for the studying for the Series 7?  That's kind of weird.

RecordGuy...I think it's because they are paying you a salary to study - and they don't like it when someone takes the pay, but doesn't study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[quote=Devoted SA]

RecordGuy…I think it’s because they are paying
you a salary to study - and they don’t like it when someone takes the
pay, but doesn’t study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[quote=Devoted SA]

RecordGuy...I think it's because they are paying you a salary to study - and they don't like it when someone takes the pay, but doesn't study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[/quote]

Its not stringent at all.  You study the chapter, take the test and submit the results.  If they tell you a chapter will take 4 hours to complete with tests included, it will take you 2 hours.  Then you can get in 9 holes before dinner.  There are weekly conference calls to review the past week and prepare for the upcoming week.  You dont always go to KYC/Evalgrad with the people in your study group.

Contract is 3 years from your can-sell date.  But you can always creatively get canned 



It’s probably the best company for newbies though.  Just for fun,
“forget” to put your test answers in one day and watch what happens.



Max is right though.  They tell you to read the chapter
twice.  I had a tee time to get to.  And don’t feel guilty
about it, 'cause you gonna work like a dog for a few years without much
to show for it.

"Just for fun, "forget" to put your test answers in one day and watch what happens."

Nothing happens.

"Max is right though.  They tell you to read the chapter twice.  I had a tee time to get to.  And don't feel guilty about it, 'cause you gonna work like a dog for a few years without much to show for it."

Why would you feel guilty?  Your an adult, you've completeled the "project" correctly and ahead of schedule. 

I started this thread and since reading this board (like Record Guy) I've decided to cancel that first phone interview with EDJ. I still find myself in search of a new career (MBA in back pocket isn't helping).

I had no idea the contract was for 3 years- that's a long time. What happens if you break contract? You have to pay them back for all the training- how much is that? I've also read a little bit about how EDJ doesn't like you dabbling in other endeavors- is this true? I'd like to start work, save, and invest in certain ventures.

Who chooses the town/city in which you door-knock?

Everybody talks about how you "work like a dog" and struggle financially the first few years. On the EDJ website, it says you make around 54k your first year out with salary support. Is 54k struggling or is there something I miss.

Everybody talks about how you "work like a dog" and struggle financially the first few years. On the EDJ website, it says you make around 54k your first year out with salary support. Is 54k struggling or is there something I miss.

The difference is gross vs net.  I made almost 100K gross  commissions my first year out and was making less net than I had at a bank position. They had a different system of compensation in place then.  All I got was $2000 gross a month and a bonus for the commissions I made over the $24000 gross after one year.  Woo Hoo. Try living on a salary of $24,000 without dipping strongly into your savings.

Everyplace you work in this industry takes a rake off of your commissions. That is standard. At Jones you have a relatively low payout (35% approx) and were still responsible for other office and business costs out of your own pocket.  Advertising, postage 1/2, phone, membership dues, brochure/newsletter costs and the ever popular toilet paper and paperclips.   As an independent you have a much higher payout 70 to 90% depending on your production level and all costs of running the office are deductible on a schedule C instead of being subjet to the 2% of AGI floor.

Nevertheless, Jones is not a bad place for some one brand new to the business to start as they will get you to pass the Series 7 and teach you a few rudimentary skills.  Just pay attention to the rest of the industry and don't take the Jones line as gospel. 

Yes, it is hard work because you will be going out every day and getting a pie in the face from many prospects. It takes time to build a relationship with strangers so that they will trust you with their life savings. You will struggle financially because the money you net will barely be enough to cover expenses and the cost of keeping up the front of a successful professional.  After a few years and you have built up a book of clients who give you repeat business and referrals, things DO get better. 

I guess we all present the worst side of the business so that we don't encourage people to think it is a piece of cake an set you up for a big dissapointment.

Jones implies that you will make around $50,000 first year, and rising every year after that.  Is that just a load of crap?

The $50,000+ could be true. However, a more telling question to ask EDJ or any BD is what their failure rate is for the first 2 years of newbies who pass the 7.  If the failure rate is 70%-80%, then the income question becomes less reliable, as an indicator of your success.

Perhaps, a more truthful/realistic way to express the inherent difficulty of this job would be to say: "Unless you make $50,000 net your first year, you won't make it. Unless you make $65,000 net your second year, you won't make it. etc. etc. With a 70%-80% failure rate for the first two years, your chances of just surviving are slim and none."

Just my opinion. 

That number is fairly accurate, and even higher now.  You get salary (for me, around 35-40k yr. 1), milestone bonuses (the new program pays you a total of about $27K over a few years), new account bonuses ($500 after 5 real accounts per month/$100 per account after that), plus regular commissions earned (which totally varies-obviously).  I am about 9 months in, and I should make about $65K total.  HOWEVER, I may actually make less in year 2, since your salary tails off.  So you are now on full commission plus milestone bonuses and new account bonuses.  They have really imporved the New IR compensation program recently. 

BUT, as said before, if you fail, it doesn't matter what you WOULD have made.

Babb are you in the south or central. You come knocking on doors in my town and people would throw an egg at you. Well since your a lady you might get away with it.



Good luck to the host of this post!

AF, you would be surprised.  I live/work in a rather affluent town in the Northeast.  I too thought I would get the proverbial “egg” thrown in my face.  I have found the opposite to be quite true.  I swore up and down to everyone - “this can’t work where I live, blah, blah, blah…”.  But, I was proven wrong.