Edward Jones training
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[quote=gad12][quote=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. [/quote] 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. [/quote]How is it a farce if it helps people get through the second year?
Don't underestimate the bonuses. They can be a huge help but can also set up up for disaster if you rely on them in your first year as a gauge in how you are doing. Everyone should be able to hit the first bonus ($4k) and the second one takes a little luck but is very doable ($5k). Thats $9k of about 45-60k total salary. If you relied just on friends and family, though, to hit your numbers, then you will find it real hard to hit the bonuses in year 2 ($14k total).
You can produce around $35k and make about $48k in your first year if you hit your numbers. Year 2, you can produce $75k and make about the same amount ($49k) or proudce $60k and make $24k (double your income with 25% more production because of bonuses). Year 3, you can produce $130k and make $70k (or produce $100k and make $38k). This is why a little more work now and during your second year can pay HUGE dividends in year 3- you won't see them now but you will feel them later (again, almost doubled income with about 30% more production). Year 4, you can produce $130k and make about $50k. (no bonuses anymore, what you produce is what you get. The bonuses make it realistic to be getting around a 65-70% payout for your first three years with office, assistant, etc. Point is, the bonuses are pretty important. If you would like detailed basis on my claims above, let me know.The point is, that with the new bonus system, there is an even better cash flow than before. Sure, if you hit the milestone bonus figures, you are probably going to make it. If you bank those bonuses and don’t spend them, it just makes those inevitable months that you don’t make what you need a little more palatable. You’re not buying groceries on credit cards or taking withdrawals from your Roth IRA that you started when you were making good money just to pay the bills. Having that little bit of a nest egg, with the promise of more to come, can be a great stress releiver.
Best post I’ve read yet, I’ve just started with Jones aswell, and currently in study. Thanks for real figures to work with. I have 8 years sales experience, 5 years straight commission with very successful track record, getting into a new field can be challenging.
Thanks allHello all i am new to the forum and have spent all day reading every post in every thread. I am 24 years old and jumped into the mortgage industry right out of college and build my book of brokers from scratch with sweat and long hours. just when i was seeing the work pay off after 2 years my company closed. i have been researching and interviewing at different firms for the past 2 months and i believe that edward jones is the best fit for me other than met life, northwestern mutual, first investors, smith and barney and others.
All this said i am scarredto death and excited out of my mind at this opportunity to begin such a great career. having said this does anyone know what the best start is becoming a new new, or goodknight. also there are 4 jones offices thhat surround my area. i am willing to go a bit farther to get a different set of clients. any advice would help greatly. any advice for someone starting out in the industry? ps i have a few more interviews with jones but after seeing what everyone else has to offer i really want to work with jones.
[quote=Ryeman]Hello all i am new to the forum and have spent all day reading every post in every thread. I am 24 years old and jumped into the mortgage industry right out of college and build my book of brokers from scratch with sweat and long hours. just when i was seeing the work pay off after 2 years my company closed. i have been researching and interviewing at different firms for the past 2 months and i believe that edward jones is the best fit for me other than met life, northwestern mutual, first investors, smith and barney and others.
All this said i am scarredto death and excited out of my mind at this opportunity to begin such a great career. having said this does anyone know what the best start is becoming a new new, or goodknight. also there are 4 jones offices thhat surround my area. i am willing to go a bit farther to get a different set of clients. any advice would help greatly. any advice for someone starting out in the industry? ps i have a few more interviews with jones but after seeing what everyone else has to offer i really want to work with jones.
[/quote] First, I'm sorry you spend your entire day reading every post and every thread. There's a lot of garbage on here. Some good stuff, but it's hard to find. EJ is the best fit "other" than those firms you listed? Or "OVER" those other firms you listed? Gotta learn how to communicate. The problem I have with EJ is that there's this "perception" of saturation with multiple offices. There's only ONE broker per office, but it looks like they have a "corner" on the market there. Find any other brokerage firm and you'll find up to 50 people on ONE FLOOR IN THE SAME TOWN! So... what saturation? EJ is NOT Starbucks! So, start "new new" or "goodknight"? Does it really matter? The clients under the "goodkight" just might end up saying "goodbye" to you anyway. In fact, trying to "woo" past clients of another broker might take MORE time and headache than building your own book from scratch. Just my thoughts.80k avg first 2 years very doable IF you have a lot of cold-calling sales experience and know that b/t 9am-5pm is selling, not paperwork or "analysis". I did it as a newnew.
As stated above, I'm new to this biz, I was wondering what type of volume should a new rep set as a floor when signing new accts. I see the term millions under management, but on a monthly level what would be considered "acceptable" and what would "successful" per month realistically
Thanks all, Back to study! Series 7/66 are coming soon[quote=DCnew] I was wondering what type of volume should a new rep set as a floor when signing new accts. I see the term millions under management, but on a monthly level what would be considered “acceptable” and what would “successful” per month realistically
[/quote] I've been licensed with Jones for just shy of two years, and I have to find approximately $500K to invest each month to have a $3000 net paycheck. With the Jones business model, you bring in assets, invest them, and then strike out looking for more new money. I've transferred in accounts as large as $750K without making a penny off of them, because if folks are in good investments, I refuse to liquidate their account and reinvest the money just to make a commission--unlike many in this business choose to do. One of the most difficult aspects of this business is climbing the enormous psychological mountain month after month after month. I'm hoping that building up my trailing income will alleviate the constant pressure to sell. Time will tell...Thanks BB, I really appreciate the info. I have about 20 aquaintences interested in investing when I get licensed, but I also know that that is just thwe tip of the iceberg, I'm not counting on friends/family to build my book. Hard work, perserverence, and a successful history in sales landed me the position, I dont plan on success IN the position to demand anything less!
I have a passion for success, and the determination to see it come to fruition!I also see in the paperwork that we get new acct bonuses for “qualifying accts” what is deemed qualifying? Thanks in advance
DCqualifying is either 10k in assets or 100.00 in gross commission. BUT is only one per household.
So a 10k cd or mmkt acct does count, even if no commission. But just PROSPECT constantly and it all works out. DO AS THEY SAY--do not reinvent.how much planning do you do your second year? i know that mutual fund sales are heavy the first year. what percentage of your business is insurance sales and what is the commission split on that as well as renewals? any help would be great
How much planning would you expect to do with a company that just got email 18 months ago? Your insurance revenue will go through your grid, so don't expect to be well compensated on insurance - unless you get a big case somehow. Edward Jones is an INVESTMENT firm, so expect to deal with INVESTMENT ASSETS. The most you'll do with insurance will probably be variable annuities.how much planning do you do your second year? i know that mutual fund sales are heavy the first year. what percentage of your business is insurance sales and what is the commission split on that as well as renewals? any help would be great
Your question about sales experience? None....came to Jones immediately after getting my masters. Find someone in your region that can teach you sales, and the first several years ARE sales, and ask them to teach you.
As far as assets, here's my list of assets by year as best as I can remember them: 1: 3 million 2: 8 million 3: 15 million 4: 26 million 5: 38 million 6: 50 million 7: 67 million 8: 80 million 9: 93 million 10: 107 million Hope this helps, keep in mind I am very good at what I do, and I am in the top quartile at Jones. I average well over a million a month now in new assets, but when I started I was happy at 300k/month. Now I go after the whole picture, but when I started I was having people sample me out. I woul be recommending some mid-term muni's and corporates right now to open account, some 25$ par bonds would open accounts also. Have people sample you out with some good managers like the Franklin Founding Funds strategy, or go after specific managers like Hartford Capital Appreciation. Selling stocks to open accounts can get you into trouble, but if you pick up some insured muni's at 5%, it's tough to get a client too upset. Always error on the side of caution with clients money. I'm rambling, but last comment: Transfered over a Merrill account last week for 350k in a 2.5% wrap. 95% international. couldn't believe it. When I start seeing this kind of crap, it makes me nervous.[quote=Ryeman]how much planning do you do your second year? i know that mutual fund sales are heavy the first year. what percentage of your business is insurance sales and what is the commission split on that as well as renewals? any help would be great
How much planning would you expect to do with a company that just got email 18 months ago?
Your insurance revenue will go through your grid, so don’t expect to be well compensated on insurance - unless you get a big case somehow.
Edward Jones is an INVESTMENT firm, so expect to deal with INVESTMENT ASSETS.
The most you’ll do with insurance will probably be variable annuities.[/quote]
Huh? Do you know that EDJ is the largest insurance producer of all major brokerage firms? That does not come from Jones - that came from a Met wholesaler. Not sure where you get your info. Most Jones advisors do quite a bit of life and LTC.
Did you know that if you go to an INVESTMENT firm to do INSURANCE, that you’re an idiot?
You should compare the compensation of your insurance production from Edward Jones to the compensation of a large mutual (NYL, MM, NML) and see which would make more sense to do where. And just because "a" Met wholesaler said something... doesn't make it true. My info comes from common sense. I'd put a career life insurance agent who's been around over 5 years against the TOP producing EJ insurance producer anyday and see who would come out on top in terms of production and total personal earnings. I've never heard of an EJ FA reaching MDRT TOT, COT or just standard membership status. There's probably a reason why that is. Perhaps you should ask your Met wholesaler?[quote=Broker24]
Huh? Do you know that EDJ is the largest insurance producer of all major brokerage firms? That does not come from Jones - that came from a Met wholesaler. Not sure where you get your info. Most Jones advisors do quite a bit of life and LTC.[/quote]
I bet he also told you the MetLife products are the best available for you.
Really, broker24 - I’m sure you are astute enough to take what a wholesaler might say with an appropriate grain of salt. Have you ever heard a wholesaler tell you your firm (generically speaking, not EDJ specifically) wasn’t the best in whatever way? I haven’t.