Edward Jones worth it?

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Jan 27, 2010 3:34 pm

I got contacted by Edward Jones today an i always swore Id never work for them by hearing some ridiculous stories.  But a VP i know from Morgan Stanley says there training program is the best you will find out there.  But I'm not sure what to think of "cold walking" but pretty much think I wont be a big fan of it.  And I heard if I do not like the concept of Cold Walking there is nothing I can do about it because they can fine you up to 75,000 for leaving??  I know there is a lot of people here that work for Edward Jones so I was wondering what you guys thought of it.< id="gwProxy" ="">< ="jsCall;" id="jsProxy" ="">

Jan 27, 2010 3:41 pm

No.

Jan 27, 2010 3:45 pm

F*cking ROOOOOOOOOOOGGGGGGGGGLLLLLLLLLLLLEEEEEEEEEEEEEEEEEEEEE!!!!

Jan 27, 2010 3:54 pm
Grinder:

I got contacted by Edward Jones today an i always swore Id never work for them by hearing some ridiculous stories.  But a VP i know from Morgan Stanley says there training program is the best you will find out there.  But I'm not sure what to think of "cold walking" but pretty much think I wont be a big fan of it.  And I heard if I do not like the concept of Cold Walking there is nothing I can do about it because they can fine you up to 75,000 for leaving??  I know there is a lot of people here that work for Edward Jones so I was wondering what you guys thought of it.< id="gwProxy" ="">< ="jsCall;" id="jsProxy" ="">

 
In general terms, yes, it's worth it.  For you, with your preconceived notions about not liking doorknocking, then no.  Why work for a company whose basic MO you don't agree with.  Why don't you ask the MSSB VP if you can work for him?  No doorknocking there. 
Jan 27, 2010 4:21 pm
Spaceman Spiff:
Grinder:

I got contacted by Edward Jones today an i always swore Id never work for them by hearing some ridiculous stories.  But a VP i know from Morgan Stanley says there training program is the best you will find out there.  But I'm not sure what to think of "cold walking" but pretty much think I wont be a big fan of it.  And I heard if I do not like the concept of Cold Walking there is nothing I can do about it because they can fine you up to 75,000 for leaving??  I know there is a lot of people here that work for Edward Jones so I was wondering what you guys thought of it.< id="gwProxy" ="">< ="jsCall;" id="jsProxy" ="">

 
In general terms, yes, it's worth it.  For you, with your preconceived notions about not liking doorknocking, then no.  Why work for a company whose basic MO you don't agree with.  Why don't you ask the MSSB VP if you can work for him?  No doorknocking there. 



The program at MSSB I want to get into requires 5 years of experience.
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Jan 27, 2010 4:49 pm

You should try Primerica.  They're actually a branch of Citigroup who used to own Smith Barney.  It's about the same as EDJ, but no doorknocking requirement.  And they won't fine you if you leave. 

Jan 27, 2010 5:05 pm
3rdyrp2:

You should try Primerica.  They're actually a branch of Citigroup who used to own Smith Barney.  It's about the same as EDJ, but no doorknocking requirement.  And they won't fine you if you leave. 

 
Jan 27, 2010 5:06 pm
3rdyrp2:

You should try Primerica.  They're actually a branch of Citigroup who used to own Smith Barney.  It's about the same as EDJ, but no doorknocking requirement.  And they won't fine you if you leave. 




hahhahahah Primerica is awful
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Jan 27, 2010 11:24 pm

Why not apply for mssb in whatever program and then move to the program you want later on? If you already disagree with EJ then don't do it. You will be miserable and fail.

Jan 27, 2010 11:45 pm

Edward Jones has a great model as long as you buy into there system. If you try to come in and do things your way, you are going to FAIL.



It is either the Jones way, or the highway. I know from personal experience.

Jan 28, 2010 12:55 am

SMUSMU, I disagree.  Just like Ice said:  as long as you produce, they don't care how you do it.  If you're not getting 25 contacts a day by doorknocking, but you're getting a $1 million dollar client every week through cold calling, they're going to love you.  EDJ has some of the lowest rookie production standards out there.  They only train you to doorknock because they believe that is the best chance for rookie survival.  If you can gather assets and surpass goals by doing something else, DO IT!  Go to EDJ and prospect the same way you would at another firm, but if you can't cut it with Big Green, you're not going to cut it anyplace else.

Jan 28, 2010 1:03 am

Jones isn't worth it.  You will go out an doorknock and try to drum up business but what will happen is that you will be hunting down people with 5K IRAs.  This isn't the way a new person should start in our business. I would advise you to take a look at a bank or credit Union. Get some experience and then move to another firm.  I would even advise people to work in a firms home office if you are located near one and keep your eyes out to see if there is anyone looking for a junior broker. 

 
Doorknocking is about as fun as running over your foot with a lawn mower.  The other things they don't tell you when going through "training" most people don't make it to a "Can Sell Date" and even fewer make it in the field.  I did build a business door to door but it will be a painful process.  If you go to Jones make sure you have some money saved up because you will need it to make ends meet. Year 1 is ok because of salary and low expectations, Year 2 little pay and lots of work, Year 3-7 runing on a treadmill and can't get off (always need new $$ to survive...............Year 8 ---Indpendent.  Live happy ever after!!!!
Jan 28, 2010 1:46 am

I would think if you door knocked a millionaire's home they would say a polite no thank you.

Jan 28, 2010 7:39 am

Look, we already know Grinder can't take rejection well. He is the one who whined about Merrill not giving him an interview after "failing" the personality test. I'm guessing the VP he knows as MSSB (which just means a FA producing $500,000+) is not willing to vouch for him to his BM. We all know MSSB is hiring like crazy, so if the VP thought he could do it, they would vouch for him and get him an interview if not a job.

I would say forget Jones. If you REALLY want to do this, find some small regional office with low benchmarks. Get in there, work your a$$ off and get used to rejection. Then if you are still in the business in 5 years maybe you can go work at MSSB.   

Jan 28, 2010 7:39 am
iceco1d:

In other words, you couldn't produce. 



Just what I was thinking. I, from personal experience, can attest to the fact that they couldn't care less how you prospect as long as you are exceeding expectations. I haven't knocked on a door since before Eval/Grad.

Jan 28, 2010 8:21 am

The program at MSSB requires a college degree AND/OR five years work experience.



Jan 28, 2010 9:30 am
SometimesNowhere:

Just what I was thinking. I, from personal experience, can attest to the fact that they couldn't care less how you prospect as long as you are exceeding expectations. I haven't knocked on a door since before Eval/Grad.



So in your calls, are you trying to sell a product or an appointment?
Jan 28, 2010 10:30 am
Fooled No More:

Jones isn't worth it.  You will go out an doorknock and try to drum up business but what will happen is that you will be hunting down people with 5K IRAs.  This isn't the way a new person should start in our business. I would advise you to take a look at a bank or credit Union. Get some experience and then move to another firm.  I would even advise people to work in a firms home office if you are located near one and keep your eyes out to see if there is anyone looking for a junior broker. 

 
Doorknocking is about as fun as running over your foot with a lawn mower.  The other things they don't tell you when going through "training" most people don't make it to a "Can Sell Date" and even fewer make it in the field.  I did build a business door to door but it will be a painful process.  If you go to Jones make sure you have some money saved up because you will need it to make ends meet. Year 1 is ok because of salary and low expectations, Year 2 little pay and lots of work, Year 3-7 runing on a treadmill and can't get off (always need new $$ to survive...............Year 8 ---Indpendent.  Live happy ever after!!!!
 
I agree with almost everything above. The only problem is most banks won't hire you without licensing and/or some kind of track record of increased production.
Jan 28, 2010 11:10 am
The Duke:

SMUSMU, I disagree.  Just like Ice said:  as long as you produce, they don't care how you do it.  If you're not getting 25 contacts a day by doorknocking, but you're getting a $1 million dollar client every week through cold calling, they're going to love you.  EDJ has some of the lowest rookie production standards out there.  They only train you to doorknock because they believe that is the best chance for rookie survival.  If you can gather assets and surpass goals by doing something else, DO IT!  Go to EDJ and prospect the same way you would at another firm, but if you can't cut it with Big Green, you're not going to cut it anyplace else.

 
Winner, Winner, Chicken Dinner!
 
Yes, the Jones trainers will harp on you in the beginning if you are struggling with your numbers and not doorknocking.  But if you are making or exceeding your (very modest) goals, IT WON'T MATTER HOW YOU ARE GETTING YOUR CLIENTS!  You could stand outside the local Taco Bell with a sandwich board that reads "FREE 401K REVIEWS".  If it gets you to your goals, you can basically thumb your nose at anyone that tells you to go doorknock.
Jones believes doorknocking is the most effective way to get started.  If you are NOT hitting your numbers, and you are NOT starting out the way Jones recommends (doorknocking), then what the hell do you expect them to do?
One thing that all firms have in common as far as "newbie" training, is that they preach that it's all about the numbers.  The mroe cotnacts, the better your odds of making it. 
I know many Jones FA's that never knocked on ONE door in the careers at Jones.  Not ONE.  And they are doing fine.  They probably lied to their trainers about doorknocking, but who cares?  They made their numbers.
Jan 28, 2010 1:43 pm

The best method is to find a legacy or goodnight with Jones. They will train better than anyone else. That's not necessarily a compliment, sine all training is piss poor, in my opinion. However, you will learn enough to get by. Then you find your own training resources. Sites like this have taught me quite a bit, between insults(I'm still trying to figure out if Qwiff face is an insult or wishful thinking). Jones doesn't pay much, so they don't really care if you make it or not. They are not your daddy, and that's fine. They will try to keep your book if you leave. But working in a neighborhood and getting to know the people in your community is wonderful. If you put your time and energy into being a good neighbor and making meaningful and rewarding relationships, you will do fine.