Edward Jones training

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Jan 2, 2008 11:20 am

Happy New Years to everyone!

Well it is official and I have accepted the FA position with Edward Jones.  I am curious to know know if there is any training involved while I study for my series 7 and 66 or is it strictly studying to pass the exams?? 

Everyone also keeps telling me that you are going to struggle your first 2 years in terms of making ends meet.  I am curious to know what qualifies as "struggling".  I am coming from an entry level sales job where I made around 35k my first year.  I am going to bust my tail for the first few years to make six figures....if I make less then 35k my second year I would be pretty upset with myself for not busting my a$$.  On top of that my market is a pretty wealthy suburb of a metropolitan city with no FA in or around this region. 

I have to say I am very siked at the opportunity and cannot wait to get going!!




Jan 2, 2008 11:32 am

Studying for the next few months is all you will be doing. You will have no life you will be very frustrated and will want to quit.. Remember this feeling because you will experience this several more times in the next few years..

 
Struggling.. Some don't make sales in a full selling month. Hard to learn how to close an account if you don't have prior sales experience.
 
Miss J
Jan 2, 2008 11:38 am

What is the average someone studies per week with Jones??  

Jan 2, 2008 11:45 am

A couple years ago they told us to study 10 hours per day M-F and 6 hrs. on Saturday. I didn't study that much, but I did study a lot.


I remember being so excited that I was actually going to have my first Christmas off in many years...and I studied about 5 hours Christmas day.
Jan 2, 2008 2:17 pm

Good question-


I studied a lot.. I think it really depends on the last time you were a 'student'. I had long forgotten my study tactics so it took me more time than most.. more like 10-11 hours a day 6 days a week.. I did okay on the tests but when it came time for the 7 exam.. I was just hoping I had passed.. I actually got an 80.
I think the study time depends on you and your ability to remember the information.
 
Miss J
Jan 2, 2008 2:40 pm

I agree with you 100% Miss Jones.  I graduated from College 2 years ago and was very good at test taking.  I have a very photogenic (spelling?) which made test taking a breeze (especially when it came to multiple choice).

If you don't mind me asking Miss Jones, how did you become so successful during your first 2 years??  Was it persistence, luck, did you take over someones office, was it the area you were assigned....???  I have been in a sales position for the last 1 1/2 and I know I have learned enough to make me successful.  Am I aiming to high or should I say is it realistic when I say I would like to make close to 75k my second year?

Jan 2, 2008 2:51 pm

Different folks are successful in this business for different reasons.


A lot of folks do exactly what they're told and just can't get anything to happen for them. As I've said before, there are many other factors involved than just "working hard."
 
Being established in the community in which you're opening your business, having wealthy friends and relatives, and having pre-established relationships with good referral centers (local CPAs, attorneys, church members, etc.) are all huge benefits when going into this business.
 
The turnover rate is so high, that most folks are leery to trust a guy who's new to town since the odds are the last broker they worked with is no longer in the business.
 
Jan 2, 2008 3:06 pm

BK-I don't think you are aiming too high to expect to make 75K in your second year. The key is believing in yourself, having a positive attitude and DOING the work.  The one thing you have to remember is that LITTLE salary they give you goes away.. In our region we say you have a 'can sell date' and then you have the 'must sell date'.. Even though the salary is small it sure gives you a nice start every month. That is why most FA's at Jones don't make it to 18 months.. You should come in here (Jones) with at least 3 months of living expenses so when you have one too many low months you don't have to quit.

To be successful in this business you must have positive people in your life and you must do what you say your going to do- For both your family and your clients/prospects. Many good people fail and it normally has to do with not making enough money or having a tough time at home. I was in what i thought was a pretty successful relationship- come to find out my boyfriend of 4 years was jealous of all the time I was spending at work.. Men are a lot less needy than women so.. this HAS to be discussed if you are married or in a significant relationship.. If you aren't working a lot- you won't make it.. (or won't make it for long)
 
I did take over an office but believe me that was more of a pain in my ass than it was a blessing. The one good thing I got out of it was an office that gave me creditability.. I was new/new in the beginning and that was tough.. Try to either do a goodknight or take over an EMPTY office. (we call them shell offices) Building your business with the clients you want to work with not the ones you got stuck with (like me)..
 
The biggest advantage I had coming in to this business was having 5 years of commission only sales experience = I know how to live month to month and I also know how to close deals. You must be a closer and be good on the phone in order to have a fast start.
 
Miss J
 
** Best of luck- If you have other questions.. Just PM me.
Jan 2, 2008 3:17 pm

It's like anything else- it depends on you. If you know how you learn then you actually accomplished something in school and you won't have much trouble.  Jones passes 90% so trust in the system.

 
If you can pass the tests each day then it doesn't matter if it took you 2 hours or 10.  Each day is about 30-40 pages of reading with a quiz and test.
Jan 2, 2008 3:24 pm

$75k in your second year is very doable ($20k in possible bonuses)- you need about $140k so 12k a month.  That's about $55k to you with the rest coming from bonuses.  When year 4 hits though you are going to need to do an extra $50k in sales to make as much as you did in years 2 and 3 because the bonuses go away.

Jan 2, 2008 3:32 pm

Miss Jones is right about taking over an office.  The revolving door office in town is not where you want to be.  However, if there is a good sized office available, take it.  Everyone will tell you you suck and you were related to someone or something stupid like that, but blow them off and keep working. 

 
Your situation sounds great.  Only FA in a wealthy metro market.  Man, that must be nice.  I've got about half a dozen offices within a mile or two of me.  And I wouldn't call it a wealthy suburb.  Not poor, but definitely not wealthy.  Good luck. 
Jan 2, 2008 3:50 pm

Yes, good luck.  Study hard, and keep us updated!

Jan 2, 2008 3:52 pm

Thanks Spaceman.  Yeah I was actually doing market research into which suburb I would like to open an office in before an offer was extended to me.  Come to find out after looking at all the FA's in my region there wasn't one in that particular suburb....closest one is around 15 miles away.  So when I had that discussion with the hiring specialist I brought that particular area up and that is what she was thinking for my primary region. 

I also saw that others depend on friends and family.  I do not want to use this strategy as I want to build my book using my skills and my determination.  If friends and family want to invest with me fine...but I don't think I will be pursuing them (at least not until I prove myself). 


Jan 2, 2008 9:34 pm

I'm feeling particularly chatty today.  Don't really remember how I studied for the 7, but that's a joke compared to your first 3 years anyway.  Plan on 12 hour days, 6 days a week for at least 2 to 3 years.  I didn't have much in the way of bonuses when I started, only 2k/month salary.  Made around 55k year 1, 45k year 2, 75k year 3, 100k year 4, 110k year 5, 140k year 6, 200k year 7,  etc. etc.  Start by having people sample you out, get the rest of their accounts after they trust you.  Sell product your first few years, don't try for the whole picture unless you are sure you can get it.....until you become a veteran.  Assets are key, your income will be directly correlated.  I manage well over 100 million now, started new-new, so I would heed my advice.

Jan 3, 2008 8:55 am

rankstocks,

Thanks for support.  Do you mind me asking if you were in a sales position before going with Edward Jones? 

Jan 3, 2008 10:16 am

It used to be year two that was the most difficult.  When rankstock started he probably had a $2k per month draw, not salary.  That's the way they used to do it.  When that stopped at the end of year 1, you were straight commission.  No bonuses.  A lot of people quit mid way through that second year because the cash flow just wasn't there.  Now, there are bonuses that can add a substantial sum to your cash flow if you are on track to get them. 

 
Vets like to say things like, I've been with Jones for 15 years.  It's been the best 13 years of my life.  Today, with Goodknight programs, Legacy plans, open offices, asset sharing, etc  not that many people are starting New/New like they did. 
 
My advice, work hard like rankstocks obviously did.  When you get a bonus, put it in savings.  You'll need it later.  If you make more than you need to pay your bills, put it in savings.  You'll need it later.  Don't think about working hard for a number of years.  Instead think about working hard until you reach a certain asset under management goal.  The name of the game is gathering assets.  The hard work is the natural by product of that.  
Jan 3, 2008 9:47 pm
Spaceman Spiff:

It used to be year two that was the most difficult.  When rankstock started he probably had a $2k per month draw, not salary.  That's the way they used to do it.  When that stopped at the end of year 1, you were straight commission.  No bonuses.  A lot of people quit mid way through that second year because the cash flow just wasn't there.  Now, there are bonuses that can add a substantial sum to your cash flow if you are on track to get them. 

 
Vets like to say things like, I've been with Jones for 15 years.  It's been the best 13 years of my life.  Today, with Goodknight programs, Legacy plans, open offices, asset sharing, etc  not that many people are starting New/New like they did. 
 
My advice, work hard like rankstocks obviously did.  When you get a bonus, put it in savings.  You'll need it later.  If you make more than you need to pay your bills, put it in savings.  You'll need it later.  Don't think about working hard for a number of years.  Instead think about working hard until you reach a certain asset under management goal.  The name of the game is gathering assets.  The hard work is the natural by product of that.  
When I started, year 2 and 3 were more difficult like rankstocks. I am at standard and have always been since I started and I am by no means a rocket ship as far as production but it might be meaningful to give you some actual numbers to look at.
Year 1 48K
Year 2 52K
Year 3 65K
Year 4 68K
Year 5 93K
 
There are a lot of people that would laugh at those but they are my numbers and i started with no assets.... Today with the extra bonuses that one could get you should add 10-12K per year for the 1st 2-3 years.
I am in my 6th year now and should do a net of 110-125K....
 
Hope this helps, btw, Spaceman gave some real good advice.
Jan 4, 2008 1:13 am

I've been lurking on this board for months since starting my research on FA jobs. I am also starting with EJ this month and this has by far been the most useful post I've come across concerning what to expect and advice for future Jones rep. Thanks all...

Jan 4, 2008 8:04 am

Noggin,

I appreciate your honesty in terms of what to expect.  I agree with Peelo that this thread has been very helpful, very insightful and to be honest has really put me at ease when it comes to compensation. 

I look forward to starting on Feb. 4th and who knows...maybe someday I'll be running into one of you guys in St. Louis. 

Thanks again!

Jan 4, 2008 11:27 am
Spaceman Spiff:

It used to be year two that was the most difficult.  When rankstock started he probably had a $2k per month draw, not salary.  That's the way they used to do it.  When that stopped at the end of year 1, you were straight commission.  No bonuses.  A lot of people quit mid way through that second year because the cash flow just wasn't there.  Now, there are bonuses that can add a substantial sum to your cash flow if you are on track to get them. 

 
Vets like to say things like, I've been with Jones for 15 years.  It's been the best 13 years of my life.  Today, with Goodknight programs, Legacy plans, open offices, asset sharing, etc  not that many people are starting New/New like they did. 
 
My advice, work hard like rankstocks obviously did.  When you get a bonus, put it in savings.  You'll need it later.  If you make more than you need to pay your bills, put it in savings.  You'll need it later.  Don't think about working hard for a number of years.  Instead think about working hard until you reach a certain asset under management goal.  The name of the game is gathering assets.  The hard work is the natural by product of that.  
 
come on Space, 98% of the people who get the bonuses would have made it anyway.  This is a farce that it helps a lot of people through the second year.