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Nov 5, 2009 12:08 pm

Long time lurker, first post noob here.

A little background: I'm a very recent college graduate looking for advice on where/what to pursue.  I applied to EDJ for the PASS program on a recommendation from another broker, but wasn't selected.  Instead, the recruiter suggested an "apprentice" program for 4 months, making sh*t-pay per hour, before I could move on to start FA training. 

Any advice on where to go from here?  I wasn't hoping to enter PASS to come out and take over a 20-30MM office or anything, but I do understand it is a VERY challenging business for your first couple of years.  I'm young, and extremely young looking.  I'm just not sure if I would be able to succeed starting new/new. 

My college degree is completely unrelated to investing, finance, etc. as I was pre-med.  I've also had interviews w/ NWM, and they seemed pretty intent on hiring (they probably hire everyone tho). 


Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?

Nov 5, 2009 12:19 pm

Why not med school?

Nov 5, 2009 12:40 pm

Tell them you want a full time position. There's no need to do the intern/pass or any of that crap. They will hire you as long as you make it very clear during the interviewing process that you're willing to bust your ass for 3 years and you don't mind door knocking.


Also, being very young looking, cold call like mad. It works. Read the 500 day war that was posted here about a year ago.
 
Cold calling works.
Nov 5, 2009 12:42 pm

Btw I'm a long time lurker here as well. I'm currently an FA at Jones and have been here for a year. I've been exceeding expectations since being hired, but I cold call about 400 numbers a day. Just had one bite about an hour ago.


7:30am-7:30pm Mon-Fi is my work schedule. If you can handle it for 3 years, you'll be set.

It's not a hard job (physically), but it's hard to do (mentally).
Nov 5, 2009 1:48 pm

400 a day, wow, that is impressive. No messages, right?

Nov 5, 2009 1:53 pm

Is it me, or what??  Seems like if you are making 400 dials per day, you must not be talking to anybody.  Regardless of the number of dials, what's a good target for the number of quality conversations per day?  Isn't that the more relevant number?

Nov 5, 2009 1:56 pm

Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond.  I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.


I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level.
 
I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.
Nov 5, 2009 3:34 pm

"Why not med school?"



I'm not fired up about four more years of school, followed by 3-5+ years of residency making barely minimum wage when factoring in the amount of hours you work/study.



I guess I'm bored of learning about the Kreb's cycle and want to make some money in the real world before I'm 30.



The reason being an FA interests me is the same reason being a doctor interested me, save for the details and subject. I enjoy explaining and advising people. The careers aren't really all THAT different when you really look at the nuts and bolts. Besides potentially killing someone, of course.

Nov 5, 2009 5:25 pm
dreamingFA:

...Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?

 
MHO ...
The training is good as advertised and the culture regardless of what people say is not overwhelming. Good support, and things you simply won't get I don't believe elsewhere (like ... up to $300 for every seminar you hold); but of course then you have to use their scripts which might dull the edge of a razor.
 
That said, do not allow yourself to be a "new-new". Either become a Legacy, a GK, an office ... something. I'd guess the failure rate of new-news is about 90-95% and that's too much headwind for anyone to overcome.
 
Nov 5, 2009 5:43 pm
dreamingFA:

"Why not med school?"

I'm not fired up about four more years of school, followed by 3-5+ years of residency making barely minimum wage when factoring in the amount of hours you work/study.

I guess I'm bored of learning about the Kreb's cycle and want to make some money in the real world before I'm 30.

The reason being an FA interests me is the same reason being a doctor interested me, save for the details and subject. I enjoy explaining and advising people. The careers aren't really all THAT different when you really look at the nuts and bolts. Besides potentially killing someone, of course.

 
Translation... he did real bad on his MCATs.
 
Careers are a lot different by the way. FAs sell and doctors don't.
Nov 5, 2009 5:46 pm
gethardgetraw:

Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond.  I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.


I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level.
 
I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.
 
First of all if you are actually doing this... f***ING BRAVO... Dont worry about anything else. This will work(because it has for the last 15 years).
 
The newbies who made it in this sites magazine did 4 things: Coldcalling, inherit book, join team and huge network.

Find what you have and run with it...
 
 
What is the green line these days?
Nov 5, 2009 5:52 pm

If you think the Kreb's cycle is boring, just wait until you start talking with ice about MPT and asset allocation.  Now that's boring. 

Nov 5, 2009 6:07 pm
LockEDJ:
dreamingFA:

...Just looking for some guidance from vets if EDJ is a good place to start, should I look elsewhere, etc?

 
MHO ...
The training is good as advertised and the culture regardless of what people say is not overwhelming. Good support, and things you simply won't get I don't believe elsewhere (like ... up to $300 for every seminar you hold); but of course then you have to use their scripts which might dull the edge of a razor.
 
That said, do not allow yourself to be a "new-new". Either become a Legacy, a GK, an office ... something. I'd guess the failure rate of new-news is about 90-95% and that's too much headwind for anyone to overcome.
 
 
Clear your inbox
 
Nov 5, 2009 6:24 pm
LockEDJ:

That said, do not allow yourself to be a "new-new". Either become a Legacy, a GK, an office ... something. I'd guess the failure rate of new-news is about 90-95% and that's too much headwind for anyone to overcome.




This is sort of why I was hoping for the PASS program, since it's tailored for graduates to take over an office, correct?

In any case, does a newly minted FA ass kiss for a GK or Legacy?  Or is there some sort of funneling where assets get dispersed?

Nov 5, 2009 6:26 pm
Squash1:

Translation... he did real bad on his MCATs.

 
Careers are a lot different by the way. FAs sell and doctors don't.



Naw, MCAT (singular, there aren't multiple tests) was decent.  Not going to Harvard, but I was never aiming there anyway.

I've enjoyed learning about investments from personal experience.  That, and there's not a whole lot a biology grad can do without doing some type of grad school. 

Shoulda been an engineering major. 

Nov 5, 2009 6:33 pm

it always seemed to me that there wasn't a rhyme or reason for the GK/Legacy thing. Maybe Spiff or Volt or B24 can speak to that.

Nov 5, 2009 7:56 pm
LockEDJ:

it always seemed to me that there wasn't a rhyme or reason for the GK/Legacy thing. Maybe Spiff or Volt or B24 can speak to that.





Like building a team at a wirehouse, there is no "formula" and nobody is guaranteed to get one. Some guys at wirehouses are lucky enough to be asked onto a team, others end up going it solo. At Jones, if you are in the right place at the right time, you could get asked to do a Goodknight, and if an office opens in your "target" location, and you are doing well at the time, you may be able to fill it.   Yes, there's plenty of nepotism, jsut like at wirehouses, and indy firms, and law firms, and CPA firms. So to a degree, it's luck, but to a greater degree it's about who would want you working with them and their clients, and what the Regional Leader thinks about you. He is going to put in an office whoever he thinks has the best shot at making it. Some dork who can't get out of his own shadow isn't going to be given an open office, no matter how much he comes onto RegRep forums bitching about how awful Edward Jones is for not handing him some assets (that's not aimed at you LockEdj).

Personally, I was offered two Goodknight plans by different vets. The one I took was very small, and a bunch of crap (which I was told in advance), but it was in my hometown. The other would have been three times as much assets, in a monster office (180mm), but 40 miles from home where I knew nobody and would have had to move my family. I made the right choice, even though I would have had a MUCH faster start with the other one.

Nov 5, 2009 9:36 pm

Sheesh, 193 posts and I'm comin' around bitching about how Jones doesn't do this and doesn't do that.



Seriously, the people that interviewed me gave me my GK. They recruited me, liked me enough and said I'd be the one they wanted.

Nov 5, 2009 10:02 pm
gethardgetraw:

Actually I do leave messages. They take about 15 seconds to leave and they generate about 1 callback per day, which generally qualifies the prospect as having interest in a bond. I call for 2 hours starting at 8am, then 30 minute break. Rinse & Repeat until 7pm which gets me 9 hours of calling per day.

I've followed this forum's advice on calling with my state's muni bonds, and I've found that people are pretty receptive to them regardless of their income level.



I'm by no means knocking it out of the park, but it's working, and I'm staying above the green line.





Who are you calling? Business prospects or residential .. local or all over your state? Where do you get your lists?

Nov 5, 2009 10:09 pm
LockEDJ:

Sheesh, 193 posts and I'm comin' around bitching about how Jones doesn't do this and doesn't do that.

Seriously, the people that interviewed me gave me my GK. They recruited me, liked me enough and said I'd be the one they wanted.





 
Not sure what you meant, but hopefully you read where I said "This is not aimed at you LockEdj"