80K or EDJ?

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Jul 29, 2008 10:41 am

Like most everyone on this board, I am a newcomer to the financial services world (My first post as well).  I am approaching my last interview with EDJ and feel confident about my chances.  I have been studying these boards and interviewing people for weeks about the FA job at EDJ and it is getting decision time.  I am currently 26 and a sales consultant that is making around 80K give or take, but I am getting close to the ceiling with my current position.  However I do travel at least two nights a week and looking to settle down a little more. The only way to make more is to get promoted and move, no longer a desire of mine.  I am starting to realize the hard work that is required for this job and I know I can do it (I just have to man up a little more), but I wanted to get some opinions out there about direction or just really good advice.  I have been talking with about 5 different EDJ reps and everyone has the same synposis, put in the work and you will be rewarded, along with I wish I would have done this at your age.  So with that said take the 80K or go with EDJ?

Jul 29, 2008 11:00 am

I had a 100k job that i left, but it was in the mortgage business so i had a little more incentive.
 
I would consider how easy it would be for you to get your old job back and how long you could do the job if you didn't make the change.
 
If you hate the job, in my mind even if you made double, it's time to change.
 
 
 
Why only EDJ?
 
I went to the one near my house to speak to the local rep and he was in a strip mall next to a title pawn shop?!
I'm sure thats not the norm, but he wasn't happy about it and made it out as though he had no choice where is office would be.
I was offered double the starting salary at ML, but my primary reason for going there was because i think they have the best training and lowest attrition (at least in this office).
 
 
 
 
Jul 29, 2008 11:06 am

The only bad thing about EDJ is that your client's cars will get dinged by shopping carts, right outside your office. 

Jul 29, 2008 11:12 am

I don't know why just EDJ, I know I should check my options, but everything keeps pointing back to them.  From friends investments, family members, etc, all have their money with them and all have very good experiences. The one thing I have learned through all of this is that it is never the firm who investors like or dislike it is the FA that drives the business.  I am also looking at a small community back home and this seems to be the best option.  I could do my job for a long time, but it's not my passion, helping people and finances are, that's why I think I can excel, but I know it is extremely hard work.

Jul 29, 2008 11:20 am

I sincerely appreciate all the advice.  This is great, I am so happy I found this website.  I am a very hard and smart worker, but I look at the success rate and it makes me scratch my head, but then again sales isn't for everyone.  I have had 4+ years experience, but it is calling on businesses and some indiviuals.  I have done over 100+ seminars, wrote territory newsletters, made sales pitches, etc, with a very large private company (the largest).  I am debt free with a little money saved up and if I need to make a move, it is getting time.  I just need a little more of a kick in the pants. By the way, I was a B and C student. 

Jul 29, 2008 11:21 am
NCTiger:

Like most everyone on this board, I am a newcomer to the financial services world (My first post as well).  I am approaching my last interview with EDJ and feel confident about my chances.  I have been studying these boards and interviewing people for weeks about the FA job at EDJ and it is getting decision time.  I am currently 26 and a sales consultant that is making around 80K give or take, but I am getting close to the ceiling with my current position.  However I do travel at least two nights a week and looking to settle down a little more. The only way to make more is to get promoted and move, no longer a desire of mine.  I am starting to realize the hard work that is required for this job and I know I can do it (I just have to man up a little more), but I wanted to get some opinions out there about direction or just really good advice.  I have been talking with about 5 different EDJ reps and everyone has the same synposis, put in the work and you will be rewarded, along with I wish I would have done this at your age.  So with that said take the 80K or go with EDJ?

This sounds very similar to were I was a few months ago. I'm 25 making $75,000 in my sales related job, and while I didn't travel every week I spent 8 weeks on the road last year (in one or two week blocks). I'm making the jump to EDJ with a start date of Aug 25. It is going to be a major pay cut for me so I had to put a lot of money in the bank to be able to finance the move. I suggest you do the same.

Jul 29, 2008 11:25 am

I think i will be okay there, I have good support behind me, and hardly any expenses.  Why did you make the jump?

Jul 29, 2008 11:30 am

I'm no expert and like River King I will be strating in the next 30 days, but the general consensus on here seems to be that if you live in:

 
small town USA then go with Jones.
 
larger city, go with a wirehouse like SB, ML, MS.
 
 
PS:
I'm not sure about Jones' policy, but you may want to consider somewhere else if all your friends and family are there because you may not be able to take them from another FA in the same company.
Jul 29, 2008 11:34 am

As a generality, if you make all decisions based upon what will be best for you 5 years from now, you can't go wrong.

Jul 29, 2008 11:37 am

I'm not interested in swapping business, yet...... I have heard Thanksgiving dinner tastes different when you control the money, I just want  to make the leap, I have the desire, but maybe a little skiddish. (Although I will tell you I do have an ace in the hole - a brother who is a doctor who is looking for a broker!)

Jul 29, 2008 11:42 am

NC-

Sounds like a good move for you.  As someone mentioned if you are in (or near) a major city, you might consider a wirehouse.  If you are in a very suburban or rural area without a lot of wirehouses, Jones would be a great deal.  Based on your work history, I think you would be fine.
Jul 29, 2008 11:46 am

I appreciate the good advice!

Jul 29, 2008 11:47 am

I'm making the jump because in my business just like in the FA business it's 60+ hour weeks in the beginning. However in my line of work those hours will never change. I planned on working in the finance industry years ago, but life events kind of lead me to my current job. Now that I'm established and have a family it's time to go after the career I wanted. I am motivated and excited about making the move, but I am also so nervous.

Jul 29, 2008 11:55 am

Minus the family, we have similar situations.  I work all the time,  mostly meaningless corporate emails, you know what I am talking about, I also deal with a large percentage of people who don't care about their business, strange, yes I know.  Plus my quota's are always changing, i don't even know how my pay is calcualted any more, I just go out work hard,  get a check and hope for the best, very dis-engaging. There use to be a formula.  Crazy isn't it.

Jul 29, 2008 12:19 pm

I'm glad you have an "ace in the hole," but I can tell you that many, many people have failed because they came into the business thinking their grandmother with $6 million  would be their career-maker. Investing six million dollars will provide you with a good month or two, but that's as far as it'll go.

 
I made the mistake of rounding up all my family and friends from day one. I put together pretty little portfolios for them and after about nine months--BAM!--the market began it's decline. Now I regret that I have them as clients. Every single time I see them they ask me about their accounts and tell me how scared and upset they are.
 
It's put quite a strain on many of my relationships. My advice: let someone else handle your family and friends' money.
Jul 29, 2008 12:27 pm

I agree per my comment above about dinner tasting different, I know its hard work and very few people make it.

Jul 29, 2008 2:14 pm

NC Tiger in general I would strongly suggest not having family and close friends as clients. That being said after some experience " under your belt " less of an issue.

Hard for many people to remove the emotional part of business and with family/friends it can and does become difficult. IT IS PERSONAL and from experience it does not stop at the office.
Agree with Borker Boy on this issue.
 
Jul 29, 2008 2:15 pm
Borker Boy:

I'm glad you have an "ace in the hole," but I can tell you that many, many people have failed because they came into the business thinking their grandmother with $6 million  would be their career-maker. Investing six million dollars will provide you with a good month or two, but that's as far as it'll go.

 
I made the mistake of rounding up all my family and friends from day one. I put together pretty little portfolios for them and after about nine months--BAM!--the market began it's decline. Now I regret that I have them as clients. Every single time I see them they ask me about their accounts and tell me how scared and upset they are.
 
It's put quite a strain on many of my relationships. My advice: let someone else handle your family and friends' money.
 
It's too bad you didn't put them in a variable annuity.  They'd probably be happier since their guaranteed income would be going up despite this market. 
Jul 29, 2008 2:30 pm

NC Tiger - Pay close attention to Ice's advise on : " it will probably just FOOL YOU into thinking you are doing well for a few months". Have seen that happen more than once after selling family/friends. They were all different they claimed and unfortunately they all ended up in the same place. Gone.

Jul 29, 2008 3:17 pm
snaggletooth:
Borker Boy:

I'm glad you have an "ace in the hole," but I can tell you that many, many people have failed because they came into the business thinking their grandmother with $6 million  would be their career-maker. Investing six million dollars will provide you with a good month or two, but that's as far as it'll go.

 
I made the mistake of rounding up all my family and friends from day one. I put together pretty little portfolios for them and after about nine months--BAM!--the market began it's decline. Now I regret that I have them as clients. Every single time I see them they ask me about their accounts and tell me how scared and upset they are.
 
It's put quite a strain on many of my relationships. My advice: let someone else handle your family and friends' money.
 
It's too bad you didn't put them in a variable annuity.  They'd probably be happier since their guaranteed income would be going up despite this market. 
 
 
My mother-in-law is in a VA, and, unfortunately, no matter how many times and ways I explain to her that her income is guaranteed, she still tells me at least twice a week how concerned she is about her account value being down so much.
 
Those additional annuity expenses, coupled with a down market, are really taking a toll on her account balance, i.e., the amout she can "walk away" with versus what she invested. And that's all she seems to care about.