Best company to start with

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Jul 16, 2009 12:09 am

Looking to start out a new career as a career change.  I'm looking for a good company to provide solid training and support to get started.  Any recommendations on best companies?

 
I've been approached by Waddell & Reed and Ed Jones.
 

Thanks in advance for your thoughts!
 
 
Jul 16, 2009 12:38 am

Liar.  You have approached them and they responded.  Waddell & Reed is crap.

Jul 16, 2009 12:51 am

I put my resume on Monster and was contacted by WR.  I have a friend from EJ who approached me when I mentioned I was interested in the career.

 
What are your issues with WR?
Jul 16, 2009 1:34 am

You haven't been here very long if you haven't already read that Edward Jones is a very good place to start out.

Jul 16, 2009 5:35 am

elsmain



Your question is likely going to get you a lot of different answers on this forum. A year ago, I would have said that there were a bunch of great places to get started in this business.   Since then, many of those places have cut their training programs and aren't interested in new Advisors.   From what I read on this board, EJ hires just about anyone. There are plenty of guys here that can tell you about their experiences there.



Bottom line, you should interview with a bunch of firms and see which one feels right for you. In the end, choose a place that will help you get new clients. For the first few years, that will be your only goal to stay alive.



Jul 16, 2009 6:40 am

What Omar said.



It's all about culture and what fit's you. Due to the high failure rate - regardless of where you go - at the very least you should feel comfort while you're struggling. Edward Jones leaves you out on a limb. (That's good, because you'll eventually be alone in an office with an administrator.) I'm sure B24 and others will chime in about how you've got this person and that person and mentors aplenty. But at the end of the day, you are alone.



Which is good, because you'll eventually be alone with your BOA in an office. Most people quite frankly can't(won't?) do this job, and even fewer meet the Jones model. But within their parameters, nothing will beat them if that's what you want. Make sure you have enough money to live during the hard times for the next 36 months, put your head down and don't look up and you'll have the lifestyle you've dreamed.



If you're part of the 20-30% that survive.

Jul 16, 2009 9:21 am
Omar:




  From what I read on this board, EJ hires just about anyone.




FACT:  It's easier to get into Harvard than Jones

FACT:  Jones has a more rigorous training program than NASA

FACT:  The only B/D in the country with a truly ethical compliance dept is Jones

FACT:  Jones payout after factoring in company-paid benefits is the highest on the street

FACT:  Clients love Jones and when you knock on their door they see it as an invitation to join an exclusive club and will often sign over their accounts on the first stop.

FACT:  Jones transfers in 8 accounts for every 1 they lose

FACT:  The only people leaving Jones are suckers and Jones keeps over 60% of their book when they leave

Jul 16, 2009 9:26 am

Despite Bershire's hyperbole, EDJ is a good place to start, but it depends on what kind of business you want to be.  If you want to deal with the ultra high net worth, do a lot of alternative investments, EDJ is probably not the place.  If you want to deal with middle america, you can get great training and make a great living if you make the commitment at EDJ.

Jul 16, 2009 9:28 am
BerkshireBull:
Omar:


From what I read on this board, EJ hires just about anyone.

FACT: It's easier to get into Harvard than JonesFACT: Jones has a more rigorous training program than NASAFACT: The only B/D in the country with a truly ethical compliance dept is JonesFACT: Jones payout after factoring in company-paid benefits is the highest on the streetFACT: Clients love Jones and when you knock on their door they see it as an invitation to join an exclusive club and will often sign over their accounts on the first stop.FACT: Jones transfers in 8 accounts for every 1 they loseFACT: The only people leaving Jones are suckers and Jones keeps over 60% of their book when they leave





That hilarious.. I hope people get the sarcasm

Jul 16, 2009 9:57 am
henryhill:

Despite Bershire's hyperbole, EDJ is a good place to start, but it depends on what kind of business you want to be.  If you want to deal with the ultra high net worth, do a lot of alternative investments, EDJ is probably not the place.  If you want to deal with middle america, you can get great training and make a great living if you make the commitment at EDJ.

 
As a guy that's between eval/grad and PDP currently with Jones can you please let me know when I can expect to get this "great training" I hear you and other's speak of? I'd like to have something to look forward to!
 
Why I chose Jones: (in no order)
 
- Chance to become an LP seemed cool
- It's a family friendly enviroment (except for guys whose wives are hit on)
- Good culture
- Other FAs appeared eager for me to join the firm and said good things about it
- Salary YR 1
- They give you the business plan (hard to know how to do this job if you've  not before)
- No push to sell to your natural market
- Good name with consumers
- VERY loose management structure
Jul 16, 2009 10:16 am

[quote=voltmoie

- VERY loose management structure[/quote]
 
My manager in college was a woman, and she had a VERY loose management structure too.
Jul 16, 2009 11:25 am
BerkshireBull:
Omar:



  From what I read on this board, EJ hires just about anyone.



FACT:  It's easier to get into Harvard than Jones

FACT:  Jones has a more rigorous training program than NASA

FACT:  The only B/D in the country with a truly ethical compliance dept is Jones

FACT:  Jones payout after factoring in company-paid benefits is the highest on the street

FACT:  Clients love Jones and when you knock on their door they see it as an invitation to join an exclusive club and will often sign over their accounts on the first stop.

FACT:  Jones transfers in 8 accounts for every 1 they lose

FACT:  The only people leaving Jones are suckers and Jones keeps over 60% of their book when they leave

 
All true.  Very factual, intellectual, and well written review of EDJ.  I give it !!
Jul 16, 2009 11:36 pm
MJ:

[quote=voltmoie

- VERY loose management structure

 
My manager in college was a woman, and she had a VERY loose management structure too.

[/quote]

The same as me Too,

Jul 17, 2009 9:40 am

Jones is a great place to work if you fail out of a better firm first. It is a fine company, but if you are going to start...aim high...

 
Truth, most firm are hiring now if they really want to hire you.
Jul 17, 2009 10:01 am

MSSB is hiring again, it would be worth talking to them to see how you like the company and BOM (even though the BOM could be let go any day).

Jul 17, 2009 5:47 pm

You could be a janitor in my office. You would get toilet scrub 101, which is world class here!

Jul 19, 2009 5:33 pm

I am biased of course, but I would try to start at a firm that encourages a fee-based book. Generally that's gonna be one of the wirehouses.