Hello everyone. I just accepted an offer with edward jones.
I start training this month. I'm coming from a very technical
field with no sales experience so this is a huge change for me. I
was really excited about this until I started reading this forum and
now I am just completely freaked out.
I would like to hear from some people who have direct experience with
edward jones. I haven't been assigned a territory yet, are there
any ways to get a goodknight deal or do they just offer it too
you? Are there any specific tricks of the trade specific to
edward jones? What is the failure rate for new reps? Would
raymond james have been a better firm to join? Basically I am
looking for any advice whatsoever specific to EJ because I feel like
I'm just going to get slaughtered?
Thank you all.
Be not afraid. Don't let the rabid Jones haters get you down. I was at Jones for over 4 years and prior to that was a rep at a bank platform. I left Jones because it didn't fill my needs and I wanted to expand. I was disappointed and it probably did delay my career a bit, but that is just me, because I already had a good bit of experience before going there. There are a lot of people who work for Jones who are very happy. The unhappy ones leave.
Jones is a good place to get a foundation in the business. And they will give you some sales training and tips on how to approach prospects. However, you need to take everything they say with a grain of salt. They are training you to make money for THEM and want you to fit into their mould. In addition to what they teach you, you would be best advised to learn as much as you can from other sources. Read trade magazines, take additional training like the CFP and so on.
Financially Jones doesn't do it's newbies any favors. You should have at least 1 to 2 years of savings to use up if you don't get a goodnight office. Goodnights usually go to people who are "connected" or know the Goodnighting rep personally. You probably won't be getting that if you haven't been told by now.
Sales isn't any harder than other occupations as long as you have a pleasing personality and can be persistant without being offensive. Door knocking is something that Jones will have you do at first and it can be veeeery scary or it can be fun. Most Jones people after they have gotten themselves up and running cease door knocking but that usually doesn't happen for at least a year. If you come from a highly technical field your biggest challenge will be to simplify things when presenting to your clients while still getting all the relevant information to them. Less information is better than more sometimes in sales. The general analogy is "If I ask you for the time, I don't need to hear how to build a clock" (or something like that)
PM me if you have any direct questions.
Edward Jones is a great place to start your career, and to end it for that matter. They are a great firm for the niche market that they serve.
Chances are you won't be dealing with overly sophisticated investors, but thats not a bad thing. Once you learn the basics, then you can learn more advanced planning on your own.
Make sure you work, and work hard. The first 2-3 yrs of this biz is critical for your success. It is also a rollercoaster of emotions, hopefully you have a strong support system. (not many things bet the feeling you have after placing your first trade, then your first rollover, then your first million dollar acct, etc.)
Plan on door knocking hard for the first year, then if you have done your job, you should have enough prospects to stop. With the "do not call" lists, doorknocking can get you in front of people that alot of brokers can not get through to. (Ask yourself..., would you rather deal with a salesman face-to-face, or over the phone?) And yes, it is all about sales until you can build your book large enough to be able to stop prospecting, live on referrals, and help people with their entire portfolios.
Don't be discouraged by the negative feedback on this forum. Some are/were not happy with/at EDJ. But like everthing else in this biz, there is not a one-size-fits-all firm.
Good luck, let us know how its going.
Luciddiscord- The previous 2 posters gave very good advice. I am 3 yrs out with Jones and would be glad to talk of my experiences. PM me if you want to talk.
Good comments above....most of us bent out of shape about Jones are just frustrated by several limitations we feel the firm unnecessarily puts on us...a couple of changes and many would be very pleased.
Overall, it is a very good firm to begin a career with....also, many very successful vets have been there for decades and done very well for their clients and themselves. I apologize if any of my comments have dissuaded or discouraged you. Some of us use these forums to exchange ideas/frustrations with nameless/faceless people and forget that new reps read these threads (in other topic areas).
I honestly do not think there is a better firm to begin with, especially for those with no industry experience. Go after it! Good luck!