Can You Make it at Edward Jones Starting as a Fee Emphasis Advisor
If you started from the begining of your career with emphasis on fees, would you be able to make at Edward Jones? Assuming I worked my buttocks off.
Hard to imagine that a new/new could accomplish putting everything in advisory and making the numbers at Jones. On the other hand, a good plan would be to know how many assets you need to put into transactional products in order to pay your bills and keep the home office off your back. For instance, put 200k into UIT paying 4%=8k gross=seg 2. Thereafter shoot everything into advisory to finish out your month. You should definitely aspire to bring in at least 500k in new assets per month. So you can put in approximately 300k in fee based advisory averaging 1.25%. After one year, your advisory trails would be 45k gross per year. Ask every client you get about life insurance and add 2k gross per month. You could make 50-60k in the first year while slowly building a fee based practice. Or ignore building fee based and make six-figures. I say definitely do not ignore building fee based for your future.
If you want to build a fee business Jones is not the place to be since they only have one acct choice at this point in time.
Actually that's not true. It is true that we have Advisory Solutions. But we also have MAP and can do C shares.
I think it's a bit more difficult to do it at Jones than other places because our fee based choices are not all encompassing like at other firms. For instance, you can't wrap a stock only account. From what we've been told that's coming in the future, but not here yet. The task of creating a fee based EDJ business will get easier over time.
As to being able to make it at EDJ, I don't think that it would be a big problem. At the end of 36 months in the biz the goals are about $12K a month. Get $10 million in to Advisory or C shares and you're there. If that's your focus going in, it should be attainable. The other ancilliary business, like life and LTC, will just be icing on the cake.