Jones hiring

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Nov 1, 2008 11:49 am

     Does anyone know what Edward Jones hiring policy is on someone who has had a recent dui, otherwise clean record,excellent credit history, currently liscensed insurance agent, probably meets all other hiring criteria. If it automatically disqualifies me , no sense in going through the process and wasting both parties time not to mention my embarassment. I checked the search feature, nothing solid on this question. Thank you, and best of luck to everyone in these trying times!  

Nov 1, 2008 11:51 am

Considering i was told at our regional meeting on Thursday that it is easier to get into Harvard than Jones, i think you are screwed. I know i wouldn't want the person handling my money to have a DUI....

Nov 1, 2008 11:58 am

I think you can probably get past it, just be sure to mention it to them up front, and explain that it's your only blemish and it'll never happen again.

 
And by the way, EDJ is not harder to get into than Harvard. 
Nov 1, 2008 12:32 pm

     I don't see what having a dui has to do with handling money. Does not having a dui make you a better money manager ?  You would be surprised to see some of the "big shots" who have one ,or worse, it just gets "covered up" because of who they are. My fico score is 800, that is more indictative of ones's ability to manage finances IMO.

Nov 1, 2008 1:48 pm

No having a DUI is more indicative of ones ability to manage finances than an 800 fico score. Having a DUI has everything to do with handling money.

Nov 1, 2008 2:12 pm

unless given special consideration, i am pretty sure you are sol.  spiff might have a bit more info though.

Nov 1, 2008 3:34 pm

  Fico score is made up of many components over a period of time. 800 score shows consistent good handling of one's finances, so I can see why a firm would not hire if someone had a bad credit history...Dui shows a onetime error in judgement, no accident or injury involved, basicly a technicality was involved. It will be exponged ,supposedly in 2 months. Believe me I paid the price..fines, loss of DL,community service, My insurance carriers are ok with it . I was told by one Insurance   HR man that it is very common "offense" in all fields  of work today,sadly.  

Nov 1, 2008 3:46 pm

I can understand your point. Often times though for many it is several  errors in judgement but the only time they were caught. How long ago was this error in judgement?

Nov 1, 2008 4:10 pm

      Aproximately  1 year ago. I do not have a habit of drinking and driving. One offense in 30 years of driving, I am 47 years old, yes old enough to know better, I lecture my son on the evils of these things, and drugs ect......and he is a good kid, in college...At least I am successful in my insurance business eventhough my dreams of being an F.A  have been sidelined. One of the reasons I liked the Jones opportunity was because I understand they write a lot of insurance which could maintain me in making my numbers in tough times. I went through the entire hiring process 3 years ago and was offered the job but had to decline due to a sudden life threatening illness to one of my children. Thanks to God and great medical care he is in remission going on 2 years. So I have a lot to be thankful for anyway. . Thanks for your input.Like 'they' say today "it is what it is "

Nov 1, 2008 4:26 pm

Getting a DUI at 47 is admit, as you know, but I wouldn't hold it against you if it was an accident of a fluke thing.
With your history selling insurance, Edward Jones should hire you on the spot.
It doesn't sound to me like you have a drinking problem. In the event that you do, if you get help for it you will be a better man and a better advisor. Many succesful people are alcoholics.
Good luck.

Nov 1, 2008 4:40 pm

LOL it's amazing all the condoning of a DUI in this room. If i knew someone handling my money had a DUI, i'd automatically think "unprofessional". A ticket, maybe an arrest in college for streaking, or maybe even a DUI when they were 21 is one thing.....But a DUI at 40 is more than bad judgement, its idiocy. Buying the wrong size shirt is bad judgement. And as for the Harvard comment, it was in black and white. It's not a thrown out comment, it was a study that compared the number applied to the number hired and the percent hired was less than the percent accepted to Harvard. So yes, by those numbers its quite a smaller chance to be hired at Jones, than getting into Harvard.

Nov 1, 2008 5:17 pm

   Wind3574, it is people like you that makes people on this forum dislike edward Jones. You are a self-rightous ass. It makes me wonder how low their standards are since they hire people like you. And from my life's experience I would venture a guess that you have a lot more in your "closet of skeltons" than your clients or Jones knows about. I would be surprised if someone with your judgemental and self-rightous attitude "makes it" over the long haul. The one excuse you may have is that you are young (under 30), and was raised to have a condendscending attitude ,  and you    haven't suffered enough in life yet to have empathy for others.

Nov 1, 2008 5:33 pm

   "Buyandhold" and others thanks for your comments and insight . I enjoy reading this forum. It runs from technical to comical, the whole gamut. I noticed some time ago how there are the Koolaid Jonesers, self -rightous types and then the commonsense Jones people ie Spiff types.  I also notice many start out at jones for 3-5 years then go independent.  At my age and my level of experience , I don't sweat it to much business wise but I know I would enjoy the investment side of the business. I have been investing for myself for many years and have met with some success now after  incurring some        losses in 1987 and 2001 periods.  

Nov 1, 2008 6:07 pm

Wind, let's not forget that bascially anyone can apply to Jones. If a million people appiled, they would still accept the same number, since they cap their hiring annually. And they are also in control of how many people apply. It's easy. Just ask them how they do it. They can turn it up or turn it down (the firehose of applicants) as they see fit. So please don't be too impressed with this statistic, since the number is manufactured (but yes, they are technically telling you the truth). It is one of those Jones things that I tend to ignore as silly internal brainwashing, and just go about my business.

Nov 1, 2008 6:11 pm
covered calls:

No having a DUI is more indicative of ones ability to manage finances than an 800 fico score. Having a DUI has everything to do with handling money.

 
This is true but it's tricky.  It makes you think:

Was he smart with his money by pre-gaming it at home before hitting the bars, but just misjudged his level of intoxicatoin?

OR
 
Did he simply blow all his money at the bar and then drive home?
 
Either way, if I were you I'd have a few drinks to get confident and loosened up, then call the hiring number at EDJ and explain the whole thing to them.
Nov 1, 2008 7:20 pm
wind3574:

LOL it's amazing all the condoning of a DUI in this room. If i knew someone handling my money had a DUI, i'd automatically think "unprofessional". A ticket, maybe an arrest in college for streaking, or maybe even a DUI when they were 21 is one thing.....But a DUI at 40 is more than bad judgement, its idiocy. Buying the wrong size shirt is bad judgement. And as for the Harvard comment, it was in black and white. It's not a thrown out comment, it was a study that compared the number applied to the number hired and the percent hired was less than the percent accepted to Harvard. So yes, by those numbers its quite a smaller chance to be hired at Jones, than getting into Harvard.

 
If you're working at Jones, you won't be handling anyone's money. You're simply an asset gatherer.
 
Jones wants you to go out and get clients and then hand the money to real professionals to manage. In our case, American Funds.
Nov 2, 2008 6:18 am

To answer your question, many firms will not care about a DUI since it will not result in a "yes" answer on your industry record ("U4") or appear on your publicly available industry profile ("CRD"). Only felonies and certain other offenses related to finance, including bankruptcy must be disclosed. I know someone at Morgan Stanley who was just hired with a DUI and several other brokers who have one. A fairly large producer at a local UBS office rides his bike to work because of a DUI he got WHILE EMPLOYED. For better or worse, the only things that many firms will get touchy about are those that effect your compliance record since these items will almost certainly be brought up if you are ever hauled into an industry arbitration.

Nov 2, 2008 8:59 am
Borker Boy:
wind3574:

LOL it's amazing all the condoning of a DUI in this room. If i knew someone handling my money had a DUI, i'd automatically think "unprofessional". A ticket, maybe an arrest in college for streaking, or maybe even a DUI when they were 21 is one thing.....But a DUI at 40 is more than bad judgement, its idiocy. Buying the wrong size shirt is bad judgement. And as for the Harvard comment, it was in black and white. It's not a thrown out comment, it was a study that compared the number applied to the number hired and the percent hired was less than the percent accepted to Harvard. So yes, by those numbers its quite a smaller chance to be hired at Jones, than getting into Harvard.



If you're working at Jones, you won't be handling anyone's money. You're simply an asset gatherer.



Jones wants you to go out and get clients and then hand the money to real professionals to manage. In our case, American Funds.





Then why do you do that? And......every other firm does what? Manages their own portfolio of individual securities? I can count on maybe one hand the number of portfolios from wirehouses I've brought over that do this. Before someone from the local Merrill office even shows me their statement, I can tell you what they own....Blackrock Global Allocation, PIMCO Total Return, Davis NY Venture, Blackrock Natural Resources, a gold fund (IVY maybe?), and a couple individual bankrupt stocks.

Other than the bad stock picks from years ago (that they never removed from the portfolio), the portfolios are OK. Not great. Decent funds, but the allocations are all wacky. But this is what I almost always see (with some variation of course). And YES, I keep most of those funds, or do an exchange in the fund family.

And the other firms are NOT asset gatherers?

My point is, you DON'T need to use AMF. I use a handful of them (I used to use a lot of them before I really knew what I was doing), but I also use 4 or 5 other fund familes (Franklin really being the only preferred family). I use a lot of C shares to get to the other familes as well.

You can manage money however you want. Buy stocks, buy bonds, buy closed ends, buy funds, use SMA's, use advisory, use ETF's, use alternative strategy funds, do whatever you feel like. But stop blaming Jones for your own insecurities or failings.

Nov 2, 2008 12:08 pm
prospect 1:

Wind3574, it is people like you that makes people on this forum dislike edward Jones. You are a self-rightous ass. It makes me wonder how low their standards are since they hire people like you. And from my life's experience I would venture a guess that you have a lot more in your "closet of skeltons" than your clients or Jones knows about. I would be surprised if someone with your judgemental and self-rightous attitude "makes it" over the long haul. The one excuse you may have is that you are young (under 30), and was raised to have a condendscending attitude , and you haven't suffered enough in life yet to have empathy for others.





So i am a self-righteous ass because i think its unprofessional to have a DUI? Talk about lowering standards. Sure, everyone has screwed up in their lifetime and thats noble, but i can damn sure tell you that i have never had a DUI, been arrested, or done anything to put myself in a situation to ruin my life. Thats not self-righteous, thats making good decisions when it comes to my life. I don't gamble with my life or others by getting behind a wheel drunk. And to me anyone who can make a gamble with drinking and driving, shouldn't be giving me advice on what to do with my money. And as to your below 30 comment, I have met children in foster care that have suffered more at age 7, than any 47 year old man. That comment was redundant. Someone's age is not indicative to what they have been through. You screwed up and its respectful for you to come in here and admit it, but that doesn't mean i have to agree with anyone getting their investment advice from you after a DUI. You asked, and i gave you my opinion. If you didn't want it, then don't ask.

Nov 2, 2008 2:28 pm

   It is your attittude wind. Not your "advice", of which you gave none. You just gave judgemental opinion.Which is not what I asked. See the original post. I asked a question of fact "How does the company hiring policies handle dui?.Other posters were direct, one said "I think you're screwed" I respect that. I did not ask for your opinion or for you to pass judgement. Today is Sunday, I hope you went to church.."do not pass judgement on others or you yourself will be so judged .."  It shows me  your immature nature. I am right about you being young  (under 30)right ? And I will not pass judement on you . You have a lot to learn. Also , I know that Jones hires a lot of kids out of college,one of the reasons for the high attrition rate. Most  "news" don't make it, the ones that do are usually out in 3-5 years(like many of the people on this forum ). I stand by my prediction that you are one of those that will not make it because of your immature "view" of the world.But you are young you have time to change. Yes. Much comes with , not just age but experience , both good and bad experiences. No a "dui does not ruins one's life", as you say, a murder or large crime or prison sentence yes. Mend your ways wind...check the koolaid you are drinking...learn empathy (not sympathy) for others. Didn't you say It is harder to get a job with Jones than get into Harvard ? Did you read the reply of a fellow experienced Jones FA..he disregards such nonsense you gobble it up. My advice to you is ;start to think for yourself and respect people,all people. And good luck ! Ps. logic question when that 7 year old foster child turns 47 years old some day does it means he has now suffered less in his life than he did when he was 7? You are not logical.