EDJ, again. Yes, I searched

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Dec 13, 2008 1:00 pm

I did search for this and I couldn't find a topic related to my question.

I'm doing the interviews with Jones and I can't help but notice that the interviewers are selling the company to me rather than asking me hardball questions like at the wires. Usually, this sends up red flags to me. But, I'm still curious about Jones.

Do they just hire anyone off the street? Are they picky at all? Is there a reason why they seem to be selling the company to me rather than asking me how good of a closer I am, etc?

That said, I do like the conservative culture of the company so far and the people I've talked to are top-notch.

Dec 13, 2008 1:13 pm

How do you prove how good of a closer you are?

Dec 13, 2008 1:18 pm

If they're moving you along in the interview process it means they feel like you have potential.  They'll ask some more common behavioral questions in your phone interview.  I was impressed in their interview process with how happy everyone was and how proud they were of the company.  It's definitely a good company with a conservative reputation, which is going to be attractive to investors who've lost trust in the market in recent years.

Dec 13, 2008 1:36 pm
chief123:

How do you prove how good of a closer you are?



Current sales role and success? I don't know, but that was the very first question I was asked by one of the wires, "why do you think I should hire you and can you close?" followed by lots of probing. So far, I haven't faced that at Jones.

Thanks for the replies.

Dec 13, 2008 1:44 pm

What have you been through so far at jones?

Dec 13, 2008 1:47 pm
someonewouldntexpect:
chief123:

How do you prove how good of a closer you are?



Current sales role and success? I don't know, but that was the very first question I was asked by one of the wires, "why do you think I should hire you and can you close?" followed by lots of probing. So far, I haven't faced that at Jones.

Thanks for the replies.

 
Jones believes that if you are ethical and hardworking they can teach you to close. ... Jones is not looking for somebody with a great business plan or even a history of sales success. They want you to be honest, because you will be on your own most of the time, and hard-working, because they believe their recipe works if you stick with it.
 
 
Dec 13, 2008 1:52 pm

While I agree with buyandhold's last comments I can tell you that Jones is very aggressive to hire and does suffer more attrtion yr 1 then the street average.  Not having an office to work out of from day 1 in most cases having to earn one after 4-8 months is a problem.  

Dec 13, 2008 2:17 pm

Interesting. Where do potential leads sign paperwork, at the home of the lead/client? They told me retention is around 17%.

I've been through the 3rd stage.

Dec 13, 2008 2:24 pm

This they is mistaken and not remotely close, take your percentage and double it, 10 % alone is lost in the series 7 study and exam months.  A prospect will ask you where your office is located. My advice is to ask another of your Jones competitors to use there conference room prior to earning your office.

Dec 13, 2008 2:29 pm

The attrition rate I mentioned was 1st year advisors

Dec 13, 2008 2:33 pm
Tincup:

This they is mistaken and not remotely close, take your percentage and double it, 10 % alone is lost in the series 7 study and exam months.  A prospect will ask you where your office is located. My advice is to ask another of your Jones competitors to use there conference room prior to earning your office.



I've got the 7, so I guess I've got an advantage, but any mutt can study hard enough to pass it. I can attest to that considering who has it where I'm currently located.

My question to them was how many new hires are retained through year 3. They (interviewer) said 17%. So, they retain better than that or worse? I was expecting the standard answer, 10% make it. But, of course, everyone will tell you better than what it really is.

I'm just intrigued by the difference in interviewing styles. Met with a BOM at a wire, and he was direct and to the point, "if you don't produce, you'll eat my profits and I'll get rid of you." I'm cool with that, and I like that style. With Jones, they keep talking about how much money I can make and how great it is, and how awesome it is to run "your own business." That type of discussion made me a little concerned.

Dec 13, 2008 2:44 pm

Big brother gets a healthy cut of your business revenue. Be sure to get the specifics of your benefits costs.   Make sure you like being solo at all times, this market is not fun when your on an island by yourself. 

Dec 13, 2008 3:12 pm
Tincup:

Big brother gets a healthy cut of your business revenue. Be sure to get the specifics of your benefits costs.   Make sure you like being solo at all times, this market is not fun when your on an island by yourself. 

 
Good points, Tincup.
 
Regarding Jones' conservative philosophy and the assertion that that benefits clients in this market: it's total fiction. We're a stock and bond shop--mostly via mutual funds--and as a result, the majority of our clients have been hammered. We have numerous clients who lost all of their principal in Lehman bonds and many who are unfortunate owners of GM and Ford bonds. Noone has been immune from this meltdown.
 
Second, while some people see the independence of having their own office as a benefit, I find the isolationism to be brutal at times. Sure, you can always pick up the phone and call another Joneser, but they have stuff going on too and you often find yourself in a long, drawn out game of phone tag.
 
Being a part of either an independent or wirehouse team would be ideal, and even if you couldn't join a team immediately, it would be a good situation to have veteran advisors in the same office as you to be able to bounce ideas off of and learn from.
 
I realize we're all responsible for our own professional development, but for those who prefer to learn from face-to-face interaction from folks who have "been there," Jones ain't the place for you.
 
Dec 13, 2008 3:24 pm

Borker Boy,

You are one of the very few at Jones who answers with a true and objective response, I don't know why that is..but it is refreshing to see.
Dec 13, 2008 3:27 pm

One important thing about interviews - you're not always being judged on your answers to their questions.

If I told you more, it would be cheating

Dec 13, 2008 3:47 pm

EJ claims to have the same acceptance rate of applicants as Harvard, maybe they are using psychology on you without your knowledge via their questions.  Seriously though, I don't think the questions have changed much in the 5 years since I was hired, they are a bit strange.  I think the leadership teams are trying to hire as many people as possible to meet the 5 year goal to go from "Good to Great".  I think they should just be trying to maintain a healthy sales force right now, but that's just me.  It's been a great experience and good training at EJ, but I am getting ready to move on and go Indy.  If you don't have much industry experience then I would definately recommend the Jones'.  Just my 2 bits.


 
BTW.  I have read the forums since I was hired 5 years ago, and I have always gotten a big kick out of everyone bloviating online.
Dec 13, 2008 5:03 pm
Tincup:

Borker Boy,

You are one of the very few at Jones who answers with a true and objective response, I don't know why that is..but it is refreshing to see.



We are all liars.  Atleast almost all of us are.  Very few of us are "objective".  He is the only person at Jones that tells the truth and has no bias at all. 

It has absolutely nothing to do with the fact that he gave the response that you wanted.

Another idiotic Edward Jones conspiracy theory....How do the 1000's of us liars (except your buddy Borker) keep our lies straight?  Does Jones only hire liars or do "they" teach us to be liars?

Dec 13, 2008 5:29 pm

We are all not liars. I didn't ask for his response although it was honest and accurate.  These are my personal observations and I don't expect them to mean anymore to you then yours do to me. 

Dec 13, 2008 5:39 pm
6160:

One important thing about interviews - you're not always being judged on your answers to their questions.

If I told you more, it would be cheating



Good point, but the questions I ask are met with an answer about how great the company is and how great it is to run "your own business."

I guess maybe I'm just used to being cussed out all day? lol.

I appreciate the responses.

Dec 13, 2008 7:24 pm

I too have been out about 3 years at Jones, the isolation is brutal. There are good regions and bad regions. I am a minority so I do not fit in our region. They way the FA interact reminds me of the 70's or 80's. They are trying to recruit women, but their door to door sales tatics are not the best for young attractive women. There was a women in a large city who had the police called on her. There was a group that was doing breakin's in the area and they where using a young attractive female to see if anyone was home. The fa got hauled into the police station, needless to say she never was heard from again.  Now that I look back over my interview process it was a bunch of promises, big money, big trips and "your" own business. Just one problem, you don't know what you are doing.....and in this market that is brutal. It is a very weird sales/office set up.  You really are not accepted until you are a seg 4 or 5, 3 and under have no value to the "hairy 5 year goal".good luck to you. At least at 3 years you are free to do what you would like...you know a lot more then you did at the beginning. It feels REALLY good to be past the magical 3 year time period. Just waiting for the right opportunity now..