Edward Jones PDP Program
I hope you can give me some feedback.
I am now being recruited by Edward Jones and UBS. I spoke with an EDJ rep today and we discussed the timeline of events to occur after hire. After two months of training, it seems you go into the PDP program where you are expected to sell. However, he said you don't actually have an office at this point. You work out of your home. Can any Jones or ex-Jones reps here shed any light on this?
PDP is the period where your wife gets pissed off with all of the paper that seems to have taken over every flat surface in your home. She will issue an ultimatum that Jones put you in an office in 30 days, or she’ll call and resign for you. Hope that helps.
Okay, I'll tell you. You are a little off with the accronym or the guy you visited doesn't know what he/she is talking about. PDP is reached 17 weeks after you get your "Can-Sell" date. Here's the time line: 8 weeks of study to pass the Series 7- then your first class is KYC Know Your Customer. The next 6 weeks you will spend literally knocking on a minimum of 25 doors a day -just introducing yourself. Then back to St. Louis for Eval Grad - This is when you get a Can Sell date. During this entire time you will be working from your home. You will be given a Laptop computer-sometimes they work. You will run your business out of your home until you should the geep's watching over you that you are going to survive your first year and if you hit all the numbers required they okay an office location. So, you could be working out of your home for 4-7 months after you pass the Series 7.
4-7 months from home sucks. How do you tell a prospect that you work from home? I can understand why they would want to see if you can sell, but why not put you up in another broker's office? They seem to have lots of space. How hard are the targets to hit?
I would stop asking questions about Jones and spend more time trying to get hired at UBS.
Prospects rarely ask where your office is because you cover that in your introduction and when they do you let them know that you are office sharing out of a nearby branch. The assistant at that branch is usually happy to take the random phone message for you and the IR will normally let your schedule an appointment at the office from time to time. Most people are happy that you will meet with them at their home. The goals are very achievable to hit to qualify for an office. From what I've seen the reality is you move into your office a year from when your hired, that includes the series 7 study time.
Thanks Max. I’m trying to gather as much info as possible before I jump ship and start a new career. I appreciate your time.
Read the forums. It's a fine place to start, but if you have the option of going somewhere that has all the tools, vs. a BD that does not...
That's just my call. As an investor, I love having the option to do all kinds of investing. Diversification for me is more than having mutual funds with Putnam AND American Funds, it's having some fee-based accounts (that don't require a $500k minimum), some funds, some annuities, etc.
If you have already found this forum you should probably not work for Jones. I could not imagine working off a 3yr contract while knowing all the crap I learned about Jones from this forum. I learned most in year 5 and was gone before year 6 started.