Edward Jones Summation

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Aug 13, 2006 3:30 pm

So this is what I've surmised about Jones as I try and make my final decision.


It'll take you about three years minimum to make about 60K if all goes well and about five years to hit six figures.



Training is considered some of the best in the business and great place to start for those who know little about the business.



Jones is very focused on selling products and not so much about financially advising their clients.



Door knocking is abyssmal but crucial to their business model.  It appears to be successful as long as the IR is tencious.  Works in both cities and rural areas but rural areas are better.



Field training opinions are somewhat scattered but overall people feel the extra competiton doesn't truly hurt their business.



Compensation during training is what it is and there's no negotiating that.



About 70% of all IR's wash out by their second year due to either not being able to absorb the financial aspect or the business model wears them out.



Overall, the first three years sound like a struggle but if you get through to the other side you'll have a good business.



I would greatly appreciate it if anyone can give me a real comparison of JOnes to AG Edwards.



I have heard that AG Edwards gives you a much better salary for two years and has great benefits.  Anyone have experience with them and know how good their training is. 



I have to say that I contacted them once.  Their hiring specialist in St. Louis was helpful.  He told me to send my resume to my local branch and take it from there.  The local branch never contacted me and when I tried to follow up, they were pretty nasty to say the least.  That's why I originally gave up on them.



Thanks


Aja1

Aug 13, 2006 4:06 pm

That sounds about right for Jones. I dont know what your concern is

about field trainers though. People only volunteer to field train, so most

people who do it are pretty darned friendly. A couple other things:

1) Door knocking works just fine in urban areas. (Chicago at least)

2) After the first couple months, you're only door knocking for about 10

-15 hours per week, so it's not the ONLY thing you're doing.

3) Regarding the selling vs. advising question: Jones does definitely focus

on teaching you to sell when you're new. Once you've been out a while

they start to lead your training more toward advising, and you have

access to more advising tools.

Aug 13, 2006 4:24 pm

Very good summation and excellent follow up Jones06.

Aug 13, 2006 6:35 pm
Jones06:

That sounds about right for Jones. I dont know what your concern is
about field trainers though. People only volunteer to field train, so most
people who do it are pretty darned friendly. A couple other things:
1) Door knocking works just fine in urban areas. (Chicago at least)
2) After the first couple months, you're only door knocking for about 10
-15 hours per week, so it's not the ONLY thing you're doing.
3) Regarding the selling vs. advising question: Jones does definitely focus
on teaching you to sell when you're new. Once you've been out a while
they start to lead your training more toward advising, and you have
access to more advising tools.


What other than door knocking were you doing in the months after "can sell"?

Aug 13, 2006 9:59 pm

In months after "can-sell" for me it has been about 2 hours door

knocking per day. A couple hours on phone, and a couple hours in

appointments.

Aug 13, 2006 10:26 pm

Jones06, how are things going?  Any luck?

Aug 14, 2006 11:24 am

Couple of things you might want to consider.  First, doorknocking is not abyssmal for everyone.  Some hate it, some thrive with it.  Just like some thrive on dialing for dollars, others can't do it to save their life.  Success is very dependant on your view of what it takes to succeed.


Second, don't let the 70% washout rate scare  you.  I'd guess it's about the same everywhere.  The pass rate on the Series 7 for the industry is only about 60%.  BTW we run a 90% pass rate at Jones.


You are going to have to sell something wherever you are.  AG, Wachovia, Merrill, etc.  Either you have to sell a product or a service.  In the end it's still selling. 


Wherever you end up, trust their system and work with it.  Once you have your biz on the road to success you can figure out how you want your office to run.