Edward Jones Experience

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Aug 6, 2006 1:42 pm

Folks:


I have spent the last couple of months researching and pursuing a possible career as an Investment Representative at Edward Jones I am looking for some honest and helpful feedback as an offer could come down in the next month or so. Any help from someone who has been through the program in the last year or two would be greatly appreciated.


I have read many good things about Edward Jones and I must say that the hiring process has been pleasant and the people have been extremely professional.  Even with the negative posts there must be something going right there as they are at the top of many positive lists including best training, customer satisfaction, and great returns.  That being said, I would like to investigate both sides so that I can mae an informed decision.


It appears to me that the business model is very appropriate for middle America but may be much more difficult in urban areas. Has anyone had experience with Jones in a major city or what would be considered a major urban area and how did you find the door knocking experience?



I have also read some major complaints about their current ability to get new IR's into an office, field training and excessive drop-out rates.  The complaints that I have read are about them not getting new IR's into an office, something that is dangled in front of them and one of the key motivators to all new IR's is extremely troubling.  Many have said they have reached production goals and that the company drags its feet on the office and hiring what they call a Branch Administrator.


The complaint about the field training centers on the fact that now that they are expanding so quickly and hiring so many reps that the field trainers aren't really interested in training the new reps because they are just more competition so they are left out to dry.


In addition, I read some crazy message that says out of 1200 reps they trained last year, 1150 dropped out. Is that possible?


It appears to me that maybe their expansion is causing them to be less effective in their training. This is of serious concern to me as I am making a major career transition and want to go where the training is solid.


Another question:  How realistic is it that through the door knocking one can expect to make any real commissons the first year or two. It appears that their client base's average income is small and the money that they would invest would be minimal which translated to needing a huge number of accounts just to make a small living.



Thanks


Aug 6, 2006 1:48 pm

I got news for you, I am not "knocking on doors" like a dipsht encylopedia Brittanica salesman.


Aug 6, 2006 1:50 pm

AJ,


Do yourself a favor and pick another career. Today, this biz is virtually impossible to succeed.

Aug 6, 2006 1:58 pm
Aja1:

Folks:



I have spent the last couple of months researching and pursuing a possible career as an Investment Representative at Edward Jones I am looking for some honest and helpful feedback as an offer could come down in the next month or so. Any help from someone who has been through the program in the last year or two would be greatly appreciated.



I have read many good things about Edward Jones and I must say that the hiring process has been pleasant and the people have been extremely professional. Even with the negative posts there must be something going right there as they are at the top of many positive lists including best training, customer satisfaction, and great returns. That being said, I would like to investigate both sides so that I can mae an informed decision.



It appears to me that the business model is very appropriate for middle America but may be much more difficult in urban areas. Has anyone had experience with Jones in a major city or what would be considered a major urban area and how did you find the door knocking experience?





I have also read some major complaints about their current ability to get new IR's into an office, field training and excessive drop-out rates. The complaints that I have read are about them not getting new IR's into an office, something that is dangled in front of them and one of the key motivators to all new IR's is extremely troubling. Many have said they have reached production goals and that the company drags its feet on the office and hiring what they call a Branch Administrator.



The complaint about the field training centers on the fact that now that they are expanding so quickly and hiring so many reps that the field trainers aren't really interested in training the new reps because they are just more competition so they are left out to dry.



In addition, I read some crazy message that says out of 1200 reps they trained last year, 1150 dropped out. Is that possible?



It appears to me that maybe their expansion is causing them to be less effective in their training. This is of serious concern to me as I am making a major career transition and want to go where the training is solid.



Another question: How realistic is it that through the door knocking one can expect to make any real commissons the first year or two. It appears that their client base's average income is small and the money that they would invest would be minimal which translated to needing a huge number of accounts just to make a small living.





Thanks







You're not looking for the 100 dollars a month someone can save and invest, you're looking for their life savings. I read somewhere that the average 401K balance is 90K now.

Aug 6, 2006 2:03 pm
ezmoney:

AJ,



Do yourself a favor and pick another career. Today, this biz is virtually impossible to succeed.





EZ are you failing out? Your posts all have negative comments. I am doing quite well and don't think this is easy, but that is why there is the potential to make alot of money. Do you think med school or residency was easy for doctors? By the way I know several others who are succeeding as well in a lot of different environments bank, indy, insurance etc...

Aug 6, 2006 2:16 pm

No not at all. This is my best year yet. But I truely believe what I say about rookies trying to break into this biz. Candidates need to do some serious research before they choose this career.


I don't think we should be sugar coating the very slim odds of making it in this biz. They need to know the facts. What I say are the facts based on my experiences.


I would hate for someone with a family or no family to give up a decent career and savings to take a stab at this career. The chances of them suceeding are very slim today. They should avoid trying to make it in this biz. The odds are slim they will suceed.


Btw if a candidate is smart enough I do believe it is easier to make it in med school than this biz. At least a doctor after graduating med school is virtually guaranteed a 150 salary. We get no guarantees in this biz.

Aug 6, 2006 2:19 pm

Btw, Newbie I realized I misspelled success and typo'd 150k. So don't get on me or anyone else for that matter. This is a message board and members here type fast, use slang, and make typos.


Aug 6, 2006 2:27 pm

EZ,



If you educate yourself and obtain designations you can have a salaried job in this business if that is what you want. Get a master's degree and the CFP and any accounting firm or trust department will pay you 80-100K guaranteed if thats what you want.



They are not however going to pay some career changer who joins Ed Jones and gets his Series 7 a salary of 100K+

Aug 6, 2006 2:32 pm

Again we should not be sugar coating the fact the odds of success are very slim in this biz.

Aug 6, 2006 2:51 pm
ezmoney:

Btw, Newbie I realized I misspelled success and typo'd 150k. So don't get on me or anyone else for that matter. This is a message board and members here type fast, use slang, and make typos.




Does typing fast make one spell words wrong--such as truely which is actually truly?

Aug 6, 2006 2:53 pm

We're not perfect, nor do we pretend to remember how to spell certain words. Are you perfect?

Aug 6, 2006 2:55 pm
ezmoney:

We're not perfect, nor do we pretend to remember how to spell certain words. Are you perfect?


Yes.

Aug 6, 2006 2:57 pm

you're funny sometimes, but you're still an ass.

Aug 6, 2006 2:59 pm

Tell me, what do you truly do for a living? No BS.

Aug 6, 2006 3:01 pm
ezmoney:

Tell me, what do you truly do for a living? No BS.


Trade Google options and draw down on a retirement as a New York based Senior Vice President of a top tier wirehouse.

Aug 6, 2006 3:02 pm

which wirehouse? What was your job functionas a svp?

Aug 6, 2006 3:03 pm
ezmoney:

which wirehouse? What was your job functionas a svp?



I was born late one night, but it was not last night.

Aug 6, 2006 3:05 pm

thre's lots of middle mgrs with a title of svp at wirehouses. Do you really think anyone will recognize you ? Doubtful, especially since your retired. Companies forget retirees as soon as they go out the door.

Aug 6, 2006 3:08 pm
ezmoney:

thre's lots of middle mgrs with a title of svp at wirehouses. Do you really think anyone will recognize you ? Doubtful, especially since your retired. Companies forget retirees as soon as they go out the door.


Not the legends.

Aug 6, 2006 3:09 pm

In your own mind I'm sure. lol