EDJ vs. WFA: For training and beyond?

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Aug 8, 2012 12:23 pm


This forum has been an invaluable resource for newcomer advisors, like me.  Big thanks to all who have shared their comments - positive, cynical, and otherwise.



I’ve been having positive conversations with reps from Wells Fargo Advisors and Edward Jones.  Although this forum provides a lot of information on EDJ training, I have not seen much on WFA training … or the two programs compared.



Question: Which firm has offers better training and support for new advisors?  Which would you commit to and why?  I understand this is a sales job, however does either emphasize comprehensive planning more than the other?



Background: mid-career changer, small business owner, network is mostly middle-class, MBA, passed CFP exam (no FA experience), passed Series 65, no AUM, living in mid-sized market.  Few local RIA options. Preference toward fee-based than commission-based compensation, although initially this is flexible.  Long-term expectation to go independent. 




All informed criticism welcome.  Thanks.

Aug 8, 2012 1:03 pm

EJ has a 'shotgun' prospecting approach. Open accounts with anyone that has $50/month or more to invest. You will collect a lot of unprofitable clients.

Think about it: $50/month A-share = $2.87/month in GDC. Then put it through the grid.

It's not just comparing the firms. It's about what they'll ask you to do to "be successful".

Which firm will help you prospect to your strengths and build the profitable business that you want?

I don't know enough about WFA to really comment... but you can safely assume it would be similar to ML... a bank-owned program that won't allow you to solicit referrals from the local bank branches.

Aug 9, 2012 10:56 am
Gordon Ramsey:

EJ has a 'shotgun' prospecting approach. Open accounts with anyone that has $50/month or more to invest. You will collect a lot of unprofitable clients.

Think about it: $50/month A-share = $2.87/month in GDC. Then put it through the grid.

It's not just comparing the firms. It's about what they'll ask you to do to "be successful".

Which firm will help you prospect to your strengths and build the profitable business that you want?

I don't know enough about WFA to really comment... but you can safely assume it would be similar to ML... a bank-owned program that won't allow you to solicit referrals from the local bank branches.

Thanks for your comments, Gordon Ramsey. Good point about finding a firm whose methods will reinforce (& not conflict) with one's own strengths, with regard to prospecting and building a successful business.

Thanks.