I dont understand the Edward Jones hiring process
One of my friends worked for Chase Bank, I know another guy who worked at a supermarket. The guy from Chase had an accounting degree with a minor in finance, the guy at the supermarket had a hs diploma and a year of college
the supermarket guy got hired and the former banker didnt. wtf is going on?[quote=utcheachea]
One of my friends worked for Chase Bank, I know another guy who worked at a supermarket. The guy from Chase had an accounting degree with a minor in finance, the guy at the supermarket had a hs diploma and a year of college
the supermarket guy got hired and the former banker didnt. wtf is going on? [/quote]What’s so difficult to understand?
Hard to say without knowing them. Crap, I worked at a bank many years ago with people with all kinds of finance/business/accounting degrees, and I wouldn't hire them for this job!
Remember - this is a SALES job, not an accounting or analyst position. Groceryman may have had a more outgoing personality, interviewed better, etc. I know several bankers who have been turned down at Jones because of too many jobs in a 5-year period, not enough promotion/professional improvement at their current job, etc. Or, maybe the guy who recruited groceryman needed a new hire to win a diversification trip and asked a favor of the region hiring team.Shut up you freaking windy!
Shut up you freaking windy!
Strawberry sucker biotch...!!!!Shut up you freaking windy!
[quote=utcheachea]
One of my friends worked for Chase Bank, I know another guy who worked at a supermarket. The guy from Chase had an accounting degree with a minor in finance, the guy at the supermarket had a hs diploma and a year of college
the supermarket guy got hired and the former banker didnt. wtf is going on? [/quote] Part of the exam is a fruits and vegetables quiz....guess who passed??Strawberry sucker biotch...!!!![/quote][quote=hotair1]Shut up you freaking windy!
Funny the first time...
Strawberry sucker biotch...!!!![/quote][quote=Ronnie Dobbs][quote=hotair1]Shut up you freaking windy!
Funny the first time...
[/quote] I think that Dobbs can't really be Windy...cause that message was written by a 16 year old high school girl!
[quote=utcheachea]
One of my friends worked for Chase Bank, I know another guy who worked at a supermarket. The guy from Chase had an accounting degree with a minor in finance, the guy at the supermarket had a hs diploma and a year of college
the supermarket guy got hired and the former banker didnt. wtf is going on? [/quote] Sounds normal to me.That doesn’t surprise me at all. There is not a thing in this world more overrated than a college degree. It does absolutely nothing to describe someones work ethic or level of common sense. Just because little Johnny went to Beer State University and got C’s in accounting for 5 years and ran up his Dad’s credit card doesn’t mean he will be a successful professional. Groceryman will probably bust his ass and appreciate his opportunity while doing so.
College is important but very well said either way. IN my career I've probably hired about 100 people or so in total. The way I see it college tells me (at least at the center of the bell curve): 1) they guy can finish what he starts, 2) he can reciprocate courtesy and respect in a diverse world, and 3) he must have some basic communication skills I have/would hire someone without a degree if they demonstrate these things. To your point, there is nothing that substitutes for inner drive. Grocery man probably brought that to the table.That doesn’t surprise me at all. There is not a thing in this world more overrated than a college degree. It does absolutely nothing to describe someones work ethic or level of common sense. Just because little Johnny went to Beer State University and got C’s in accounting for 5 years and ran up his Dad’s credit card doesn’t mean he will be a successful professional. Groceryman will probably bust his ass and appreciate his opportunity while doing so.
[quote=Ron 14]That doesn’t surprise me at all. There is not a thing in this world more overrated than a college degree. It does absolutely nothing to describe someones work ethic or level of common sense. Just because little Johnny went to Beer State University and got C’s in accounting for 5 years and ran up his Dad’s credit card doesn’t mean he will be a successful professional. Groceryman will probably bust his ass and appreciate his opportunity while doing so.
College is important but very well said either way.
IN my career I’ve probably hired about 100 people or so in total. The way I see it college tells me (at least at the center of the bell curve):
1) they guy can finish what he starts,
2) he can reciprocate courtesy and respect in a diverse world, and
3) he must have some basic communication skills
I have/would hire someone without a degree if they demonstrate these things. To your point, there is nothing that substitutes for inner drive. Grocery man probably brought that to the table.
[/quote]
Two and Three are not given from having a college degree.
A college degree is extremely important, as it is such a basic education. It is the current equivalent of a 1960’s high school diploma.
However. A college degree does not determine whether or not you succeed in this business.
If he is not union, Groceryman will probably appreciate the salary more.
Chaseman will probably have a plan B
[quote=iceco1d]What’s with the “Strawberry suck biotch!” thing? I don’t get it…
[/quote]
When wind goes to the bank to deposit his paycheck, birthday money from grandma, etc he tells the teller about how he earned his paycheck talking to a guy who was out mowing his lawn about fishing and how the guy pulled out a $400,000 brokerage statement and gave it to him. When he finishes his story she nods and smiles and hands him a strawberry sucker and sends him on his way.
They all think wind is a very special young man and he’s very creative with his stories so they remember him and remember that strawberry is his favorite flavor.
[quote=BerkshireBull]
[quote=iceco1d]What’s with the “Strawberry suck biotch!” thing? I don’t get it…
[/quote]
When wind goes to the bank to deposit his paycheck, birthday money from grandma, etc he tells the teller about how he earned his paycheck talking to a guy who was out mowing his lawn about fishing and how the guy pulled out a $400,000 brokerage statement and gave it to him. When he finishes his story she nods and smiles and hands him a strawberry sucker and sends him on his way.
They all think wind is a very special young man and he’s very creative with his stories so they remember him and remember that strawberry is his favorite flavor.
[/quote]
Wind / Ronnie is the guy in you neighborhood who wears a helmet even when he is not riding his 3-wheeler.
Still@Jones is the guy who fails at everything he does, is an embarrassment to his family, Can’t keep a job, can’t open an account, and is NOT Still@Jones.
By the way, the sucker statement is a crack at him working at a bank.
[quote=iceco1d] I thought Still was at an insurance co. now? And I thought Ron was at the bank?
[/quote]
The sucker comment was to Ron… Still has been at an insurance co. for a week.
Strawberry sucker biotch...!!!![/quote][quote=hotair1]Shut up you freaking windy!
No dummy you made the sucker comment to me. I work at Jones. You are once again caught in a lie.
[quote=hotair1]
[quote=Ronnie Dobbs][quote=hotair1]Shut up you freaking windy![/quote]
Strawberry sucker biotch…!!![/quote]No dummy you made the sucker comment to me. I work at Jones. You are once again caught in a lie.[/quote]
I’ve made the sucker comment to both you and Ron.
We did order a new shipment of suckers last week. We are really going above and beyond to help our customers. We also offer CD rates that are FDIC insured at 1 %!!!!!!!
The only problem we run into is when the local Jones BOA comes to deposit the collected checks from her FA. (Usually 5 or 6 checks for $50) She opens her purse and dumps all of the suckers into a fancy glass jar with an EJ label on it. She will then leave a stack of Edward Jones and You brochures, claiming she "dropped" them. When I ask her if she was told to do this she says, "No, I just want to earn LP before my FA".[quote=Ron 14]
We did order a new shipment of suckers last week. We are really going above and beyond to help our customers. We also offer CD rates that are FDIC insured at 1 %!!!!!!!
The only problem we run into is when the local Jones BOA comes to deposit the collected checks from her FA. (Usually 5 or 6 checks for $50) She opens her purse and dumps all of the suckers into a fancy glass jar with an EJ label on it. She will then leave a stack of Edward Jones and You brochures, claiming she "dropped" them. When I ask her if she was told to do this she says, "No, I just want to earn LP before my FA". [/quote] That would be funny if at least half of it weren't true.[quote=Ron 14]
We did order a new shipment of suckers last week. We are really going above and beyond to help our customers. We also offer CD rates that are FDIC insured at 1 %!!!
The only problem we run into is when the local Jones BOA comes to deposit the collected checks from her FA. (Usually 5 or 6 checks for $50) She opens her purse and dumps all of the suckers into a fancy glass jar with an EJ label on it. She will then leave a stack of Edward Jones and You brochures, claiming she “dropped” them. When I ask her if she was told to do this she says, “No, I just want to earn LP before my FA”. [/quote]
Ron, you’re on a roll this week. I’m almost positive at least half of that is true.
I didn’t mean to take a shot at EJ. Just the strokes at the firm, like Windy.
Ron Ron Ron…You just wish i deposited my check at your bank.
Good one
Was that your BOA cramming the suckers in her purse?Ron Ron Ron…You just wish i deposited my check at your bank.
No, my BOA was busy scanning about 13 checks worth over $2M on our check scanner. We have no need for the local bank.
Ooooooooo...really? Golly, that sure is impressive. I think I liked you better when people were calling your office and scaring your BOA.No, my BOA was busy scanning about 13 checks worth over $2M on our check scanner. We have no need for the local bank.
Was that your BOA cramming the suckers in her purse?[/quote] Windy was to busy cramming his RL's "sucker" in his mouth, which must have paid off allowing him to inherit an office.[quote=Ronnie Dobbs]Ron Ron Ron…You just wish i deposited my check at your bank.
I got an office. Noone gave me a 100, 20, or even 10 Million dollar book.
I thought you inherited a book that you said you've been firing clients from that don't answer their phone or something.I got an office. Noone gave me a 100, 20, or even 10 Million dollar book.
Holy crap! We get it Windy, you are an Edward Jones god. Seriously, I have never in my life seen someone brag so much about how much money they make.
With that kind of success, those of you who still go to the new FA meetings, how many times have you seen DJ on a broadcast? He should be on there every flippin’ month.
I thought you inherited a book that you said you've been firing clients from that don't answer their phone or something.[/quote] I inherited a little less than 5 M.[quote=Ronnie Dobbs]I got an office. Noone gave me a 100, 20, or even 10 Million dollar book.
I thought you inherited a book that you said you've been firing clients from that don't answer their phone or something.[/quote] I inherited a little less than 5 M. [/quote][quote=3rdyrp2][quote=Ronnie Dobbs]I got an office. Noone gave me a 100, 20, or even 10 Million dollar book.
Ronnie/Windy,
After looking back at your posts this past year, your assets under management are now $547MM. Add $5MM from the office you took over and that brings you to $552MM.
Your posts are getting boring...please stop!
[quote=3rdyrp2][quote=Ronnie Dobbs]I got an office. Noone gave me a 100, 20, or even 10 Million dollar book.
I thought you inherited a book that you said you’ve been firing clients from that don’t answer their phone or something.[/quote]
I inherited a little less than 5 M. [/quote]
I thought when you moved in you had a little less than 5M, but 3M of that was what you brought in. So you inherited 2M?
My bad. The office had under $5M after i transferred in, so yes $3 of that was mine already.
Windy, your real name is DJ ? Did I read that correctly ? Wow, your parents are dumber than you.
If you are doing 1/3 of what you say you are you don't need EJ at all. You should be Indy and taking a bigger cut.ha ha – DJ made another thread about his production.
Do us all a favor and just update it in your signature line fool.
Windy do they increase your standards when you take over an office with assets or do they only do that for goodknights?My bad. The office had under $5M after i transferred in, so yes $3 of that was mine already.
Windy do they increase your standards when you take over an office with assets or do they only do that for goodknights?[/quote] They do raise your standards even if you take over a small amount. It's kind of a crock, but whatever. I don't complain, i just do it.[quote=Ronnie Dobbs]My bad. The office had under $5M after i transferred in, so yes $3 of that was mine already.
[quote=Moraen]Holy crap! We get it Windy, you are an Edward Jones god. Seriously, I have never in my life seen someone brag so much about how much money they make.
With that kind of success, those of you who still go to the new FA meetings, how many times have you seen DJ on a broadcast? He should be on there every flippin’ month.[/quote]
This is just a rumor but I’ve heard they are flying him out to my fall regional meeting. He’s going to lead the Segment 5 breakout session. Again, that’s just what I heard.
[quote=voltmoie]
[quote=Moraen]Holy crap! We get it Windy, you are an Edward Jones god. Seriously, I have never in my life seen someone brag so much about how much money they make.
With that kind of success, those of you who still go to the new FA meetings, how many times have you seen DJ on a broadcast? He should be on there every flippin’ month.[/quote]
This is just a rumor but I’ve heard they are flying him out to my fall regional meeting. He’s going to lead the Segment 5 breakout session. Again, that’s just what I heard.
[/quote]
If those guys are lucky he might let them carry his luggage to his room and give them a little sage advise as a tip for a job well done.
EJs uses the shot gun approach. If they hire as many people as possible, one is bound to stick.
I didn’t like their structure, too slimey. Your competition isn’t another advisor, your competitor is the guy selling vacuums, Tupperware, or magazines.
If your successful at EJ, good for you.
[quote=someonewouldntexpect]EJs uses the shot gun approach. If they hire as many people as possible, one is bound to stick.
I didn’t like their structure, too slimey. Your competition isn’t another advisor, your competitor is the guy selling vacuums, Tupperware, or magazines.
If your successful at EJ, good for you.
[/quote]
That’s complete crap and you know it. Tell me, do the wirehouse have a better retention rate on new advisors?
No offense, but EJ advisors and Wirehouse advisors are going after different clients. HNW v. someone with $25k.
[quote=someonewouldntexpect]No offense, but EJ advisors and Wirehouse advisors are going after different clients. HNW v. someone with $25k.
[/quote]
Still waiting for you to answer my question.
was it a serious question? People with big money want to invest with guys from elite schools and nice suits, not grocery store clerks turned into FA's[quote=someonewouldntexpect]No offense, but EJ advisors and Wirehouse advisors are going after different clients. HNW v. someone with $25k. [/quote]
Still waiting for you to answer my question.
was it a serious question? People with big money want to invest with guys from elite schools and nice suits, not grocery store clerks turned into FA's[/quote][quote=voltmoie] [quote=someonewouldntexpect]No offense, but EJ advisors and Wirehouse advisors are going after different clients. HNW v. someone with $25k. [/quote]
Still waiting for you to answer my question.
Want to compare degrees and suits? Anytime :) That was not my question though... I won't give it to you, go back a page and look.
Can you give me an example of a time EDJ has hired a grocery store clerk? The majority of the people from my region have previous industry experience or professional experience.
didnt you read the thread? my example is the 1st post, i wasnt kidding.
lol, i was kidding about the degrees and suits.I read it and I think you are either lying or not giving us all the facts. The real question is what kind of retard is your friend that he can’t get hired by Jones?
Now, we might hire a recent college graduate that worked as a grocery store clerk through college. Does that make us any different than a wirehouse?volt - I doubt he’s lying. I know a guy who has a Master’s degree in Statistics that didn’t get hired. And a guy who was a Target assistant manager who got hired.
Tractor salesmen, guys who sold books door-to-door.
I can only speak from my limited perspective .... I've not seen anyone in my region or at my KYC & Eval/Grad classes that worked the check out counter in a retail enviroment.
There were guys with f2f sales, education, banking, and many different backgrounds ... but grocery store clerk? None.No lie, I know a guy who was a wedding DJ before Jones.
I am sure, like every firm, that there are guys out there with bizarre backgrounds. However, every year we get a package at the regional meeting with everyone in the region and it lists their previous employer. I have looked at our region, and I would say 90-95% of the FA’s in my region have financial backgrounds. The top 3 previous employers are banks, insurance companies, and wirehouses. Most of the non-financial people were previously business owners. A few were salespeople in various B2B industries. I just don’t see anyone with strange backgrounds like everyone seems to see here. And I’m not defending Jones, I’m just saying that’s what I see. We may be unique in that I am in New England which has a high concentration of financial services jobs. I will also say that I don’t think there’s a strong correlation between previous career and current success in this industry, because very few of those people are lighting the world on fire right now.
No lie, I know a guy who was a wedding DJ before Jones.
Who cares? IF the guy can sell, why not give him a shake. Extreme example: I had a friend at my last employer (large Mutual fund) who was probably the smartest human being I've ever known. Graduated from an elite school, FSA (A.K.A. Super Delux Actuary), MS Finance, Comleted the CFA, lectured at a local university.. He was the guy to talk to when daydreaming about useless crap like Bond Convexity, implied volatility on equity options, disecting Black Scholes(I'm actually embarrassed to admit I was once interested in such things).
Guess what? This guy could figure out a way not to make money with a Lemonade Stand in the middle of Death Vally surrounded by people dying of thirst.
Super nice fellow; just too smart for his own good and would fall flat on his face in a production environment.
[quote=Cape1] [quote=SometimesNowhere]
No lie, I know a guy who was a wedding DJ before Jones.
[/quote]Who cares? IF the guy can sell, why not give him a shake. Extreme example: I had a friend at my last employer (large Mutual fund) who was probably the smartest human being I've ever known. Graduated from an elite school, FSA (A.K.A. Super Delux Actuary), MS Finance, Comleted the CFA, lectured at a local university.. He was the guy to talk to when daydreaming about useless crap like Bond Convexity, implied volatility on equity options, disecting Black Scholes(I'm actually embarrassed to admit I was once interested in such things).
Guess what? This guy could figure out a way not to make money with a Lemonade Stand in the middle of Death Vally surrounded by people dying of thirst.
Super nice fellow; just too smart for his own good and would fall flat on his face in a production environment.
[/quote] The problem is a lot of them can't sell. This guy would roll around in a Mystery Machine like van like a child molester stalking people in their neighborhoods. I know there are success stories in every walk of life where the little guy got a shot and made the most of it, but there are many more that get blown up trying to make it work, bankrupting themselves and embarrassing the firm. I don't mean to be harsh, but in many cases there is a good reason these people do the work they did before their career as an FA. It is because they lacked the savvy or ambition to do anything else.
Seems to me Edward Jones business model was profitable last year while other brokerage houses were selling, going out of business, or changing names. They were also hiring while others were firing or too scared to grow their sales force.
Sooooo, that begs the question ... WTF do you guys know? Have you ever run a business the scale of Jones? I'm guessing they know it takes 1000 hires to produce 100 profitable advisors and that at a certain point those 100 advisors profit covers the recruitment and training costs of the 900 that failed. .... but hey, the guys running guys are probably just St. Louis rednecks guessing at this sh!t.[quote=voltmoie]Seems to me Edward Jones business model was profitable last year while other brokerage houses were selling, going out of business, or changing names. They were also hiring while others were firing or too scared to grow their sales force.
Sooooo, that begs the question ... WTF do you guys know? Have you ever run a business the scale of Jones? I'm guessing they know it takes 1000 hires to produce 100 profitable advisors and that at a certain point those 100 advisors profit covers the recruitment and training costs of the 900 that failed. .... but hey, the guys running guys are probably just St. Louis rednecks guessing at this sh!t.[/quote] I know that a guy driving the Mystery Machine around a neighborhood blasting the Macarena out the windows will probably get fired.[quote=SometimesNowhere][quote=voltmoie]Seems to me Edward Jones business model was profitable last year while other brokerage houses were selling, going out of business, or changing names. They were also hiring while others were firing or too scared to grow their sales force.
Sooooo, that begs the question ... WTF do you guys know? Have you ever run a business the scale of Jones? I'm guessing they know it takes 1000 hires to produce 100 profitable advisors and that at a certain point those 100 advisors profit covers the recruitment and training costs of the 900 that failed. .... but hey, the guys running guys are probably just St. Louis rednecks guessing at this sh!t.[/quote] I know that a guy driving the Mystery Machine around a neighborhood blasting the Macarena out the windows will probably get fired. [/quote] Jones knows that 900 will fail but 100 will make it. They don't know which 100 and don't care ... they just know that three years out they will be making the firm money. Mystery Machine or not. It just happens to offend guys that think they are intellectually superior to guys that used to sell tractors. Their egos are fragile ... Jones dosn't have an ego, they just have a bottom line.[quote=voltmoie][quote=SometimesNowhere][quote=voltmoie]Seems to me Edward Jones business model was profitable last year while other brokerage houses were selling, going out of business, or changing names. They were also hiring while others were firing or too scared to grow their sales force.
Sooooo, that begs the question ... WTF do you guys know? Have you ever run a business the scale of Jones? I'm guessing they know it takes 1000 hires to produce 100 profitable advisors and that at a certain point those 100 advisors profit covers the recruitment and training costs of the 900 that failed. .... but hey, the guys running guys are probably just St. Louis rednecks guessing at this sh!t.[/quote] I know that a guy driving the Mystery Machine around a neighborhood blasting the Macarena out the windows will probably get fired. [/quote] Jones knows that 900 will fail but 100 will make it. They don't know which 100 and don't care ... they just know that three years out they will be making the firm money. Mystery Machine or not. It just happens to offend guys that think they are intellectually superior to guys that used to sell tractors. Their egos are fragile ... Jones dosn't have an ego, they just have a bottom line. [/quote]It does sound a little like Kool-Aid drinking. Surprising, coming from volt.
It may SOUND like kool aid but its TRUE. All the Jones bashers can hate all they want but the model obviously works for them. I personally don’t see how some guy in a little cubicle begging for business over the phone is professional in the least. At least the mystery machine guy has the balls to get out there and help people and earn a dime while doing it, and most of my prospects respect that.
Look...I am not saying that the model is flawed from a profitability standpoint. That's a tough argument considering it is pretty much a constantly profitable enterprise. What I am saying is we all have sat in one of our meetings with someone that you just cannot believe ever made it through the interview process. I am sure that happens everywhere for different reasons. But you never hear of MSSB hiring some hair dresser from a small town that has no sales experience, or the deli guy, or the dry cleaner, etc.
Trying to see if those people "stick" is expensive. Not saying they are bad people or they are not smart or not motivated or don't have a right to make a great living. I just wonder how many profitible FA's clenched their jaw after missing on a bonus period because the firm was aggressively trying to grow by hiring just about anyone that made it through middle school and doesn't have any felonies on their record. I just think we can do a better job of screening candidates.Thats a great point. I wondered the same thing about my company until they completely changed the entire company model over the past year. It may be profitable to the company's bottom line when everything's said and done, but to say theres not a significant amount of collateral damage left in the wake is naive.I just wonder how many profitible FA’s clenched their jaw after missing on a bonus period because the firm was aggressively trying to grow by hiring just about anyone that made it through middle school and doesn’t have any felonies on their record.
What’s the knock on Edward Jones? Seems like everyone on this board has it in for this firm. Someone give me the short story.
The short story is that the wirehouse guys that are here bashing Jones can be likened to the Birthers in politics. They state that Jones does a horrible job and is unqualified to be a top tier firm however all the evidence is to the contrary and in fact these guys are just puss hurt because they are constantly losing clients to the Jones model (primarily windy) and they want their “old america back”.
No kool-aid drinking just defending their business model. It works. It works VERY WELL. Not sure I fit in it but you can't deny the truth. I don't pass judgements on who they hire. Just because you did hair before this does not mean you can't be excellent at this job. If they take and apply the training they get and use the resources that are out there the avg. 25-50k account they will service will benefit. It get's scary when a guy like Windy lands a big account and thinks he knows what he's doing - that client MIGHT be better served elsewhere. (i lump myself in there with Windy) Jones is a genuis model for their target client .. can't deny that. BTW: Weddle get's the big bucks to make tough decisions. He could have not hired anyone and hid his head in the sand. Sure some Vets would be happier but I'd rather have a leader make the hard decision than the easy one. ALLLLLL DAYYYYY LONNNNGIt does sound a little like Kool-Aid drinking. Surprising, coming from volt.
I’m not a wirehouser. My opinion is not that it doesn’t work. But I will argue for days that it doesn’t work VERY WELL. It is inefficient and could be improved.
… and yes, I think it’s beyond silly not to have 2 fa offices.
Everyday, someone that didn’t workout at EJ walks into my office asking for an application. And to answer your question, 70% is 70%.
[quote=SometimesNowhere][quote=voltmoie]Seems to me Edward Jones business model was profitable last year while other brokerage houses were selling, going out of business, or changing names. They were also hiring while others were firing or too scared to grow their sales force.
Sooooo, that begs the question ... WTF do you guys know? Have you ever run a business the scale of Jones? I'm guessing they know it takes 1000 hires to produce 100 profitable advisors and that at a certain point those 100 advisors profit covers the recruitment and training costs of the 900 that failed. .... but hey, the guys running guys are probably just St. Louis rednecks guessing at this sh!t.[/quote] I know that a guy driving the Mystery Machine around a neighborhood blasting the Macarena out the windows will probably get fired. [/quote] Best Ever !!Looking at it purely from a business perspective, I think it works VERY well for the firm. I think the only reason we still exist is because of our model. If we were a publicly traded firm with multi-FA offices, we would have died a slow death long ago. I won't get into ALL the reasons, but it works. Now, does it work for the FA's? Only the ones that buy into the model and can outlast the grueling nature of the model requirements (prospecting forever, commission-based, etc.). If you "make it", it's a fantastic model. It's great for competitive workaholics. Seriously. If you are the guy who is going to prospect and grow your business for years and years, it's great. Why? Because at the high-producer level, your payouts (with gross, bonus, and profit sharing) are well over 50%, which would be close to where they would be in the same environment as an indy. How's that? Because if you are that driven, you would do the same thing as an indy, but would need to add staff, infrastructure, systems,etc. so the cost would likely be much greater than at Jones, where much of the support mechanisms are included in that 50% you pay to the firm. Now, if you are a small or medium-sized producer, it's just tough to make a good living at Jones getting 40% +/-. The major financial perks come above 500K in production. And unless you feel like waiting 10-15 years, or inherit some huge book, it's very tough to have the fortitude to get to 500K and above before burning out. Most guys that I have seen do it from scratch started MANY years ago, and/or at a very young age (like early 20's) when they could work like crazy for years.I’m not a wirehouser. My opinion is not that it doesn’t work. But I will argue for days that it doesn’t work VERY WELL. It is inefficient and could be improved.
Thats a great point. I wondered the same thing about my company until they completely changed the entire company model over the past year. It may be profitable to the company's bottom line when everything's said and done, but to say theres not a significant amount of collateral damage left in the wake is naive. [/quote] bingo i think its safe to say that AT LEAST 33% of new hires I see at jones wouldnt even get an interview at most other places[quote=SometimesNowhere]I just wonder how many profitible FA’s clenched their jaw after missing on a bonus period because the firm was aggressively trying to grow by hiring just about anyone that made it through middle school and doesn’t have any felonies on their record.
[quote=utcheachea]
bingo i think its safe to say that AT LEAST 33% of new hires I see at jones wouldnt even get an interview at most other places[/quote]Please sure with us all your background in recruitment at other brokerage firms. Or are you just throwing BS numbers out to impress us?
Thats probably why people leave Jones. Once that 33% finds out that Momma moved the trailer next to a pond and bought that brand spankin new 4 year old matress with minimal stains on it, there is not need to work! Hell they have the Hilton at home! Swimming pool and all!i think its safe to say that AT LEAST 33% of new hires I see at jones wouldnt even get an interview at most other places
Is this forum full of ex Jones guys whom for one reason or another may use this forum as a means of venting their frustrations?
Excellent Post IceCold…Great summary…now back to the bitching…
I think Jones is making a smart move being extra aggressive in hiring while their competitors are hurting; but, with a model based on “community” and “volunteerism”, they will certainly end up straining their resources.
I believe this happened in early '00’s when they had plans to expand to 25,000 branches by 2010…experienced reps became overwhelmed with the amount of training they were forced to do, which led to a mass exodus from the company…
If this happens again, we can say Weddle is a schmuck…
ice the peacemaker.
To answer your question Leverage - I will speak for myself. My Edward Jones experience was a learning one. I learned that I wanted to be independent.
The bill of goods you are sold is not the one you get (in my case - there are others here who will disagree). I had a horrible regional leader, a crappy field trainer, was lied to repeatedly, was told I could do whatever I wanted as long as I was being ethical, legal and profitable (another lie).
I don’t b!tch as much as I used to, mainly because I realize that my experience isn’t the same as others. However, having been there, I have seen the flaws up close of the firm. And I think it is important that before someone jump into a career at Jones, they understand the pros and the cons.
I just went through the whole EDJ hiring process. I had my final F2F interview today. I will hear back by the end of the week.
I’m young. (I look like I’m 19) I put myself through college through night classes, and will not even have my degree until December. (Accounting Major).
My previous employer was a management consultant. And I was basically an administrative assistant.
Everyone has to start somewhere. And you guys are right, 900 of the 1000 will not work out. But no one knows where the 100 that do work out will come from.
It’s not different than prospecting for clients really. If you are cold-calling businesses, do you think you’d be successful automatically disqualifying people based on the type of shop they run?
“Oh this guy runs a mobile DJ business, I’m not gonna talk to him. Same for this guy that owns a barber shop. Next number”
The short story here, is that this forum is a GREAT place to learn, but you must sift through the constant bickering to get the info. We love to be critical of each other here for some reason; from grammar and spelling issues, to actually critiquing your prospecting methods and/or portfolio management skills. Get used to it now. EDJ gets bashed because they are "unsophisticated" by wirehouse standards, and because they door knock instead of cold call. They take flack for being a partnership, which gets twisted into them being a cult, because their business model isn't for everyone. They're also typically a bit "behind the times" in terms of new products (i.e. fee-based) and technology. Wires get stereotyped for being "arrogant," and after last year "wreckless with their money" (even though it was the i-bank's fault, not the retail ops). They get flack for having teams that make your assets "sticky," along with recruiting deals that "handcuff" you to the firm. There's also banter about being "assigned assets" by "mowing your BOMs yard." Insurance Co.'s get their share of flack for the mantra of "life insurance will solve all of your problems!" And that some of them want you to shake down your F&F to start in the biz, and sell overpriced products like VULs. Bank reps get their share too: "i.e. you're a Series 7 licensed teller that doesn't know how to prospect." The knock on Indy b/ds: "Most of you guys are wirehouse flunkies." Or "You guys work out of your Mom's basement and/or your garage." Also "your higher payout is b.s. after ticket charges and the light bill," or "i'd rather grow my practice at a wire than worry about vacuuming the office after closing time." And the knock on the RIA channel: "Fee-only isn't more ethical because you always have an interest in keeping assets invested - you can't do as good of a job for your clients because sometimes commission biz is better for the client." And they take a great deal of flack for charging for "Financial Plans" too. So, point is...get used to it. This board is a biatch-fest, almost all of the time, with a ton of "diamonds in the rough" if you are looking. [/quote] Thanks.[quote=Leverage]What’s the knock on Edward Jones? Seems like everyone on this board has it in for this firm. Someone give me the short story.
Point taken...I can understand that. All too often, individuals jump into a career in financial services with whatever company and don't know what they are getting into. I think that the white lies and overstatements occur to some extent at every company. I know I've heard more than my fair share at my current firm. I've come to the conclusion that only a handful of folks that stay in the financial services industry stay with the firm they first started with. Most folks transition on to other firms for multiple reasons. In my case, I'm just sick and tired of selling insurance. I was given the whole "were a financial planning outfit" from the jump and I fell for it hook, line and sinker. Slowly but surely, I realized that life for under 5yr producers at a captive insurance co. is all about insurance premium. Investment planning, advising, consulting and selling is virtually non-existent. I'm sure Jones has its share of flaws but at least I know what I'm getting into.ice the peacemaker.
To answer your question Leverage - I will speak for myself. My Edward Jones experience was a learning one. I learned that I wanted to be independent.
The bill of goods you are sold is not the one you get (in my case - there are others here who will disagree). I had a horrible regional leader, a crappy field trainer, was lied to repeatedly, was told I could do whatever I wanted as long as I was being ethical, legal and profitable (another lie).
I don’t b!tch as much as I used to, mainly because I realize that my experience isn’t the same as others. However, having been there, I have seen the flaws up close of the firm. And I think it is important that before someone jump into a career at Jones, they understand the pros and the cons.
[quote=MrJonesAndMe] But no one knows where the 100 that do work out will come from. It’s not different than prospecting for clients really.
[/quote]
It’s more likely that the 100 that do work out have a track record of success and have basic reasoning and social skills.
Statistics show that people who have had some success in the past (notwithstanding a stellar grocery clerk record), tend to have success in the future.
[/quote]
I've come to the conclusion that only a handful of folks that stay in the financial services industry stay with the firm they first started with. Most folks transition on to other firms for multiple reasons.[/quote] I thought the exact same thing. I feel like branch of MSSB I just started in is quite different (surprisingly so!). There are 4 guys that have been with this firm, IN THIS BRANCH for 40+ years. Pretty wild and uncommon from what I've heard.The short story here, is that this forum is a GREAT place to learn, but you must sift through the constant bickering to get the info. ...So, point is...get used to it. This board is a biatch-fest, almost all of the time, with a ton of "diamonds in the rough" if you are looking. [/quote] As usual, a great post from ice. I've learned as much from this forum as I have from my mentor and field trainer combined, and my clients have benefited. And I'll add this to ice's post ... it's probably the one source you can get the perspective of all those groups all in one spot.[quote=Leverage]What’s the knock on Edward Jones? Seems like everyone on this board has it in for this firm. Someone give me the short story.
To restate a Patton line, "if everyone is thinking the same thing, somebody's not thinking."
[quote=workinhard][/quote]
I've come to the conclusion that only a handful of folks that stay in the financial services industry stay with the firm they first started with. Most folks transition on to other firms for multiple reasons.[/quote] I thought the exact same thing. I feel like branch of MSSB I just started in is quite different (surprisingly so!). There are 4 guys that have been with this firm, IN THIS BRANCH for 40+ years. Pretty wild and uncommon from what I've heard.[/quote] The thing is (at least on the insurance end), check to see how many guys are there with tenure between 5 - 10 years. Most of the 20+ guys that are still in the business have huge books, started obviously when the business was not quite as tough, competition was not as much of a factor, etc. From what I've seen, you typically have the under 5 year guys and the over 20 year guys. Those in between years seem to be where there is a void.Agreed. I’m in a wirehouse, but the same seems to still apply
I have a question, studying for the series 7 and 66 test how much does edward jones pay you?
about 2-3k/ month
[quote=Leverage][quote=Moraen]ice the peacemaker.
In my case, I'm just sick and tired of selling insurance. I was given the whole "were a financial planning outfit" from the jump and I fell for it hook, line and sinker. Slowly but surely, I realized that life for under 5yr producers at a captive insurance co. is all about insurance premium. Investment planning, advising, consulting and selling is virtually non-existent. I'm sure Jones has its share of flaws but at least I know what I'm getting into.[/quote] Leverage, I'm not sure which mutual carrier you're with, but I am also with one too. Yes, you are expected to sell life insurance, but who cares about expectations? Sell enough to meet the GA/firm minimum and build your practice however way you want to. We have people here who do only 70k FYC/year and manage $100 million in assets (mostly fee based accts). I'm also relatively new as a producer, but other than hanging a wirehouse name brand over your head, I can't see why someone would leave the 80%+ investment payout + insurance payout.