Edward Jones - IR Position

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Nov 16, 2006 5:02 pm

I know EDJ started and new compensation for new hires...Does anyone know the base salary range that they pay for the first year... considering applying for a position with the firm


Nov 16, 2006 11:24 pm

"applying for a position with the firm" just gives the whole process far more dignity than it deserves....

Try "I'm going to fill out an application to get a JOB with EdJones."

Nov 17, 2006 8:31 am

joe...why don't you trying being positive for once. every post or comment you make you be-little someone. sounds like you're a piker who's mad at the world.

Nov 17, 2006 9:24 am
NHrep:

joe...why don't you trying being positive for once. every post or comment you make you be-little someone. sounds like you're a piker who's mad at the world.


hey newbie, please read all the other posts related to the firm in question and you'll see there alot of other us "pikers" out there.... I agree with joe

Nov 17, 2006 11:49 am

How about if someone answers his question instead of launching an attack at the company who this board loves to hate. 


cuw44 - base salary varies by your geographic location and your job history, according to the Jones internal info.  Best guess, somewhere in the low 20's.  There are bonuses and other things you should do some research on before you make a decision.  You should also go find a local broker and have lunch with him/her before you make a decision too. 

Nov 17, 2006 11:56 am
NHrep:

joe...why don't you trying being positive for once. every post or comment you make you be-little someone. sounds like you're a piker who's mad at the world.



OK here let's try this on for size:

It is in fact a good place to start in the industry, especially if you have no other sales experience.  They will teach you how to sell, and it is easier to stay focussed because their simplified range of product offering is like a bike with training wheels.  It's more than enough for someone who wants a good basic toolset to learn about the basics of prospecting and salesmanship, and I've heard some of the training is good.  They will also give you your own office and sales assistant if you do enough business.

However, they are about 10 years behind the rest of the business in their technology and their product offerings, and frankly they're pretty self-righteous(and hypocritical) when it comes to their opinion of their ethics, as recent events have proven.  If you work hard, are a diligent student of the markets, and truly want to be able to do your best for your clients, you'll probably outgrow the firm in about 3-4 years.  You will also likely get tired of the Jonestown cult atmosphere if you enjoy being able to think for yourself.

How's that?

Nov 17, 2006 1:13 pm

 Good answer

Nov 17, 2006 7:53 pm

Joe D':


I wouldn't say your remarks are entirely true.  Although the tech may have been at one time inferior, they have improved it 10-fold in the past year or two (better late than never...).  At this point, they have delivered most of what we need.


As far as product offerings, their standard offerings are very, very good.  You are right, it is made very easy to use their offerings, but you can use virtually any fund family you want (if you choose to), and I am not sure I would ever do enough life or annuity business to extend out beyond their preferred vendors.  I am sure there are some that would like to, though.


Finally, yes, their culture can be a bit corny and cultish sometimes, but I don't see anything wrong with having some pride in your company.  It primarily extends from the fact that it is still a partnership.  Do I like the culture?  Yes.  Is it a bit over the top sometimes?  Possibly.  But I ignore the stuff I'm not into and keep the rest.  It's like any other company.  Last time I checked, none of the wirehouses had the ideal culture either.  Should they keep their righteous feelings to themselves?  Probably.  But, hey, nobody is perfect.  And the only reason people try to bash the GP's is that they are identifiable owners you can complain about.  Last I checked, there weren't too many Merrill shareholders worried about ANYTHING except their stock price.


So let's just get off it once and for all and take it for what it is.  A good firm with certain weaknesses just like the others.

Nov 18, 2006 12:01 am
Broker24:

Joe D':


I wouldn't say your remarks are entirely true.  Although the tech may have been at one time inferior, they have improved it 10-fold in the past year or two (better late than never...).  At this point, they have delivered most of what we need.



I wasn't aware of that.  Tell us about your financial planning software, your asset allocation tools, and your new fee-based mutual fund program......

Nov 18, 2006 11:46 am
joedabrkr:
Broker24:

Joe D':


I wouldn't say your remarks are entirely true.  Although the tech may have been at one time inferior, they have improved it 10-fold in the past year or two (better late than never...).  At this point, they have delivered most of what we need.



I wasn't aware of that.  Tell us about your financial planning software, your asset allocation tools, and your new fee-based mutual fund program......



You haven't heard about all of that yet?  To be a true Jones basher you really should try and keep up.

Nov 18, 2006 1:34 pm
Maxstud:
joedabrkr:
Broker24:

Joe D':


I wouldn't say your remarks are entirely true.  Although the tech may have been at one time inferior, they have improved it 10-fold in the past year or two (better late than never...).  At this point, they have delivered most of what we need.



I wasn't aware of that.  Tell us about your financial planning software, your asset allocation tools, and your new fee-based mutual fund program......



You haven't heard about all of that yet?  To be a true Jones basher you really should try and keep up.



Honestly not trying to be a basher, although at times I'll admit I can be pretty cynical.

I have heard that you have new asset allocation software, but that it's pretty primitive.

Nov 18, 2006 6:31 pm

Ok folks I'm new to this forum and, in fact, i'm new to this industry. I just

passed my series 7 and 66 and i'm getting geared up for the book

building process.



I've read many posts bashing Ameriprise, W&R, and EDJ.



Apparently everybody has an opinion on the list of different firms.



Let's hear some of the vets rate the firms from 1 through, lets say, 10?

In terms of being the best and prestige. I'm looking for personal opinions,

so let it fly.



Also, I've read EDJ has been in Fortune magazine top 100 places for years

and years running. Does that count for anything?



Finally, would a potential firm look more favorably on someone already

registered and with CFP marks more so than a wet behind the ears MBA

straight out of grad school?



Just some questions out of curiosity

Nov 19, 2006 9:34 am

boring

Nov 20, 2006 11:08 am

Joe - How can you even begin to talk about technology at Jones unless you have actually SEEN our system within the past 18 months?  You can't.  You're making a claim based on your oudated info and what the Jones bashers on this site keep bringing up.  I still want someone to tell me what they can do with their computers that makes one ounce of difference to their clients.  At the end of the year as long as my clients financial goals are being met who cares if I have the "best" computer programs out there.  10% is still 10% whether my computer is fancy or not.  


Our financial planning software is a tremendous leap forward from the Portfolio system.  And Jones isn't done releasing all of the tools yet.  I think it blends very well with the upcoming fee based platform in whatever form it takes.  I haven't seen anyone else's software, so maybe someone out there can tell me what I'm missing. 

Nov 20, 2006 12:20 pm
Spaceman Spiff:

  I still want someone to tell me what they can do with their computers that makes one ounce of difference to their clients. 


I left Jones about 4 months ago, and they were just rolling out the new planning software.  I use quite a few things on my computer that I didn't have at Jones. They don't all benefit the client directly. But, I think that most clients would agree that having a rep who is better organized, better prepared, and has more time is a good thing for them.


As for what I can do now that I could not do at Jones:


 * I can access the LPL system at home (I know, I know, Jones has this.  Well, I tried for 6 months to get it to work and finally gave up. It was a nightmare at Jones)


 * I can print to PDF, so that fund hypos, X-Rays, etc. can be saved in a client folder on my machine.  I had to print these out at Jones and keep them in "client files." The Jones auditors did NOT like me having client files.


 * I can export my book into Excel, so I can do some serious data mining (top clients, cash positions, etc.)


 * I can email attachments to clients (forms to sign, X-Rays, fund hypos, prospectuses, etc.)


 * I can create a web profile for my clients when they open an account, and email them their username and password for online account access before they even get home.


 * View my AUM numbers every DAY, not every week.


 * And my favorite, use EXCEL!  I use this to plan marketing budgets, track DCA programs (I used a yellow legal pad at Jones), track my monthly commissions, trails, AUM, contacts, and so much more.


I'm not trying to bash Jones. I liked Jones, I just got to the point that I felt that Jones wasn't providing me enough value to take 60% of my gross (plus another $1250/month in health insurance, phone and postage costs, yellow page advertising, etc.)


Just my $.02

Nov 20, 2006 3:32 pm

Thanks for the info.  And you didn't throw in any sarcasm either.  OK, you got me on using Excel.  I've never understood why IRs don't have Excel but home office employees do.  It's a great tool I wish I had.  Not enough to make me jump ship though. 


I have all of the X-rays saved on the GS website, all of my hypos saved in the Hypo system.  A couple of extra clicks for me, but no big deal.  I don't need to look at my AUM numbers everyday.  I haven't tried yet, but I'd bet I could walk my clients through Accountlink before they left my office too. 


The Jones bashers, and I'm not putting you in that camp, seem to think we still use slide rules around here.  I'll still argue that with some minor exceptions our technology isn't that far behind everyone else.  Just differenty in a Jones quirky way. 


Good luck at LPL.

Nov 20, 2006 5:52 pm
Spaceman Spiff:

Thanks for the info.  And you didn't throw in any sarcasm either.  OK, you got me on using Excel.  I've never understood why IRs don't have Excel but home office employees do.   Because the GPs would have pay for the extra MS licensing fees is why you don't have it.


I have all of the X-rays saved on the GS website, all of my hypos saved in the Hypo system.  A couple of extra clicks for me, but no big deal.  I don't need to look at my AUM numbers everyday.  I haven't tried yet, but I'd bet I could walk my clients through Accountlink before they left my office too.  What needs to be explained?


The Jones bashers, and I'm not putting you in that camp, seem to think we still use slide rules around here. That would mean that the IRs are smart enough to us a slide rule, that was NEVER implied. I'll still argue that with some minor exceptions our technology isn't that far behind everyone else. Yeah minor .... email, land lines, no access to MS   Just differenty in a Jones quirky way.  Jones "Quirky?"  that being redundant


Good luck at LPL.

Nov 21, 2006 12:08 pm
compliancejerk:
Spaceman Spiff:

Thanks for the info.  And you didn't throw in any sarcasm either.  OK, you got me on using Excel.  I've never understood why IRs don't have Excel but home office employees do.   Because the GPs would have pay for the extra MS licensing fees is why you don't have it. - You could be right.  I've never asked.  Your GUESS is as good as mine.


I have all of the X-rays saved on the GS website, all of my hypos saved in the Hypo system.  A couple of extra clicks for me, but no big deal.  I don't need to look at my AUM numbers everyday.  I haven't tried yet, but I'd bet I could walk my clients through Accountlink before they left my office too.  What needs to be explained? - I didn't say there was anything to explain.  The clients who would actually look at their portfolios online wouldn't need my help.  My point was that now_indy setting up online access for his clients wasn't a big deal to me. 


The Jones bashers, and I'm not putting you in that camp, seem to think we still use slide rules around here. That would mean that the IRs are smart enough to us a slide rule, that was NEVER implied. -After some of the things I've seen out there from other firms I'd argue that the average Jones IR is much more intelligent than the average broker out there.  If I use this forum as a barometer I'd say we are relative Einsteins.  Maybe you ought to stop playing with your slide rule now and try to figure out the pun in that last sentance. I'll still argue that with some minor exceptions our technology isn't that far behind everyone else. Yeah minor .... email - We have email, land lines - Why does it matter to anyone how we access the internet?   , no access to MS - I can get everything done with the system I have now.  Access to MS is something that would be a bonus, not something critical to doing business day to day.  Just different in a Jones quirky way.  Jones "Quirky?"  that being redundant - Yeah, you're right.  And we like it that way.  


Good luck at LPL.