[quote=NASD Newbie]

[quote=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.[/quote]

Not the legends.

[/quote]

By the way, your is incorrect when you're meaning "you are."  I'm surprised you kids are as illiterate as you are.

[quote=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[/quote]

AJ, I find the 1150/1200 number unlikely.  It would be interesting to hear the correct number if anyone here is privy to that information.  Yes, I do believe that the Jones model probably works better in smaller markets, but I also believe that it's more the rep than the company.  That being said, Edward Jones seems to dictate your role and the products you use more so than some of it's competitors.  If you're new to the business, this isn't all bad.  Later when you understand the business better, this can sometimes frustrate your efforts to do what you think is best for your clients.

If you like the people you are working with, that's most of the battle in this business, and greatly improves your chances of success.  An office and some inherited assets are also a plus, but to get these things, you'll most likely have to show your worth (or be related to someone higher up the food chain).  Whatever you decide, I'd try to get important things promised in writing before you accept a position with anyone.  Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?

AJA, the EDJ rep that I had an interview with claimed to make over 120K in the third year of his business. I really have no reason not to believe him…not bad for a bunch of small accounts.

[quote=NASD Newbie]

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?[/quote]

How many examples do you want?  I'll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones...each successive version less generous than the previous one.  I was also promised paid vacation...the last change rubbed that out.

Promised a marketing budget - cut



Promised to pay for my asst. - cut



Promised to not have wasteful meetings about nothing - changed to weekly meeting about nothing



Promised to provide lead incentives to bank employees - cut



These were at my former firm, need I continue…

[quote=Indyone][quote=NASD Newbie]

[quote=Indyone]

 Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.

[/quote]

What would be an example of something management promised you, but did not deliver?[/quote]

How many examples do you want?  I'll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones...each successive version less generous than the previous one.  I was also promised paid vacation...the last change rubbed that out.

[/quote]

Do you think that LPL might change your compensation plan?

Was yours changed, but noboby elses?

Paid vacation?  What were they going to base the amount they paid you on?

How about my average monthly income or is that to hard for management to calculate

[quote=bankrep1]Promised a marketing budget - cut

Promised to pay for my asst. - cut

Promised to not have wasteful meetings about nothing - changed to weekly meeting about nothing

Promised to provide lead incentives to bank employees - cut

These were at my former firm, need I continue...[/quote]

Cut?  From what to what?

[quote=NASD Newbie][quote=Indyone][quote=NASD Newbie][quote=Indyone] Management is notorious for promising all sorts of nice things and then backing out of those verbal promises at the first opportunity.  Verbal promises are as good as no promises at all.[/quote]What would be an example of something management promised you, but did not deliver?[/quote]How many examples do you want?  I’ll start with compensation.  I was promised a compensation scale when I started, and I went through four different ones…each successive version less generous than the previous one.  I was also promised paid vacation…the last change rubbed that out.[/quote]Do you think that LPL might change your compensation plan?

Was yours changed, but noboby elses?

Paid vacation?  What were they going to base the amount they paid you on?[/quote]

1.  As a matter of fact, LPL did change my comp last week...they raised it.

2.  No, they stuck it to all of us...which is why more than a third of us left last year.

3.  As was referenced elsewhere, average production.  We used to be paid at least a reasonable percentage of our average gross until management decided we made too much.  What did they base yours on?

There's much more...these were just a few examples since you were curious.  I am grateful to them for one thing...screwing me to the point that I had the courage to do what I did.

I'm sure working under your management style would have been better, but that point is moot...once the lion is out of the cage, he never goes willingly back.

[quote=bankrep1]How about my average monthly income or is that to hard for management to calculate[/quote]

When using the word "to" to indicate an excess--such as "too hard" the word uses the letter "O" twice.

To be fair to the original poster, we really should let folks discuss experiences working for Edward Jones, and let the grammar lesson and bank rep compensation go for awhile…

i agree indyone. i would like to see this be an exchange of information. for the original poster, let me give you the straight scoop on edward jones as i work for them. first of all, your not going to make 120k your third year. you would have to take over a huge existing office. the smaller town brokers do tend to do better. jones will be more patient than the wires with a new broker. if your a budding superstar, go with the wires. if your something less than that, jones is a good place to start. there are plenty of examples of guys who struggled for their first few years, almost getting fired, but stuck it out for 15-20 years and because top producers. they never would have made it at the majors. but, jones doesn’t offer fee based platforms. so it takes the constant need to bring in new assets. these are the tradeoffs with jones. it is an extremely tough business. all lucrative businesses are. i hope this information was helpful, even with the grammatical errors.

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[quote=NASD Newbie]

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[/quote]

How did someone as mean-spirited as you get hired by any major firm? 

[quote=Philo Kvetch][quote=NASD Newbie]

How can somebody so stupid get hired by a firm--even Jones?

If you had a sum of money to invest would you allow that guy to "advise" you?

It's sad to see what has happened.

[/quote]

How did someone as mean-spirited as you get hired by any major firm? 

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[quote=joedabrkr]

Most like he became considerably more mean-spirited simply as a result of spending so many years buried in middle management!
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Joeboy--sit and look at that icon deal.  Does it make you appear to have an IQ higher than a canary?

[quote=NASD Newbie]

[quote=joedabrkr]

Most like he became considerably more mean-spirited simply as a result of spending so many years buried in middle management!
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Joeboy--sit and look at that icon deal.  Does it make you appear to have an IQ higher than a canary?

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I don't dislike them, I find them childish.  They are a variation on a sign in a TV studio to remind the audience to applaud--or a laugh track on a sitcom.

If you're really bright you would know when what you are saying is clever and not need to insert a silly icon.

Feel free to use them as much as you like--others will remember what I'm saying and will also think you're childish.

[quote=NASD Newbie]

I don’t dislike them, I find them childish.  They are a variation on a sign in a TV studio to remind the audience to applaud–or a laugh track on a sitcom.

If you're really bright you would know when what you are saying is clever and not need to insert a silly icon.

Feel free to use them as much as you like--others will remember what I'm saying and will also think you're childish.

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