Edward Jones v Chase Investment Services
So this is my first time posting on these forums, I'll apologize in advance if I break some forums rules that I am unaware of. The TL;DR version of my post is at the bottom.
Currently I'm trying to decide on where to begin my career as an FA, Edward Jones or Chase Investment Services. To give you a little bit of background, I am currently a Personal Banker (I have my series 6/63) with Chase Investment Services. Since I'm a banker with Chase the firm primarily wants us to refer business off to our FA. I usually like to close the deal myself and then bring the FA in to do the paper work (unless it's something that Chase or my Series 6 won't let me sell). I usually refer/generate anywhere from 300-500k a month. I am in the midst of the Jones hiring process but I have also been told that if I want to I can begin the process of becoming a Chase FA as well.
I'm just trying to get a little bit of guidance from people who have been there before and how the two stack up compared to the rest of the industry. With Chase they give you a payout grid ranging from 25-32% (they just altered it last month) and a flat $1250 a month salary (not a draw), however there are no bonuses at all. Of course it's the usual two saturdays a month and one call night a week. Chase FAs are also a bit more limited on what they can and cannot sell, I know the firm pushes really heavy on going for mutual funds/annuities and has a fairly low pay out when it comes to selling individual bonds/stocks. The upside is of course I would not have to actively try to hunt down dinner since I would have a team of bankers referring to me once I got them up to speed on how to do it.
I am also fairly familiar with Jones and how they operate from talking with different people and doing research. Payout grid at 36-40% with bonuses that one can earn. I figure the trade off for the higher pay out grid is that you have to go hunt down your dinner instead of waiting for it to come to you. Then of course the salary with Jones declines every year until it is completely gone. On the flip side however I get a lot more freedom in terms of running my business than I would with Chase.
So like I said I'm just trying to get some ideas from people who have been there on which firm would be the best to start my career with. Outside of these two firms I really don't know anything about how the rest of the firms in the industry operate.
Thanks in advance for the help!
TL;DR Version: How do Chase Investment Services and Edward Jones stack up when compared to other firms in the industry as a place to START my career as an FA? (In terms of payout, freedom, and benefits)
If there are any successful Chase Financial Advisors out there, let's hear your stories!
UMMMM You do know that if your booking that much that MSSB will also offer you a position?
Hi, as a 20yr trading veteran looking at going retail at age 45, my thougth is this... if you are REALLY doing 300 - 500 Thousand a MONTH gross in referrals... and you believe you would recieve roughly the same.... thats $3.6 MILLION in gross.... that's a million a year to you.... so, if I misunderstood, I aplogize.... if i am correct, you need to GRAB THAT GIG now... you develope your book... you work it 2-3 years... and someone will actually write you a check to move to their shop.... industry norm is they pay you one years Net to jump..... to pass up $100,000 grand fross a month in referrals would be crazy..... that's $25,000 grand a month to you...
I can't comment on Chase, but I found EJ to be a great place to start, get trained, do your time....and LEAVE. PM me if you want more info. Good luck on your decision.
Where did everyone go in this conversation- it is very interesting and intriguing me, but there is definitely more for people to share- please do! (ie Xayde- what did you decide in terms of chase vs edward?- Are you really bringing in as much as michaelsky was "assuming"? Xayde- come back and share more!
Chase investment services corp is rebranding to JP Morgan Securities, clearing through JP Morgan Clearing Corp. The advisors will be working under the Chase Private Client umbrella.
CISC was under retail banking division, but now JPM Securities will be in the Asset Mgmt and PWM division.