Kerho's questions about EDj

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Mar 9, 2007 5:26 pm

Kerho, this thread is dedicated to you and your questions about EDJ.

Mar 9, 2007 5:33 pm

I don't know what you say......thank you.



14% turnover for company in 2006 according to Fortune Magazine,  4200 employees.

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How many were IR’s  and How many IR’s were hired in 2006. 



If the majority are IR’s, what is a breakdown of years with company that they worked.
Mar 9, 2007 5:37 pm

3.      What control will I have over my BOA?  As far as hiring/firing/etc.


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4.      What options would you offer me as far as the Goodknight program.



a.  If no Goodknight program offered to me indicates many things including:  Existing IR’s are starving(market saturation),  no support from existing IR’s,  IR’s should be at a point where they routinely do “spring cleaning” to move their low profit/no profit accounts out to make room for more profitable ones.




7.  I would like to take over an existing office in (city), what locations do you have available?    What criteria do you use to fill those slots?



8.  Over the last 3 years, how many new IR’s  that completed training have gone to (city, state) and are no longer employed by EJ or left the company?



I have pages more but I'm getting the feeling you're not completely serious about helping me.   Maybe somebody here knows so I can compare the answers here to what they give me.  Any help is appreciated, thank you in advance for your time.

Mar 9, 2007 6:27 pm

I want to highlight a few keywords in your questions...


1. STARVING


2. Market Saturation


3. No support

Mar 9, 2007 9:07 pm

3.      What control will I have over my BOA?  As far as hiring/firing/etc.


You  have control over who you hire by soliciting and interviewing the BOA position.  I don't know about firing. I got along very well with my BOA.  But from what I heard if you wanted to fire you would have to document the deficenies and go through a lengthy process.


4.      What options would you offer me as far as the Goodknight program.


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a.  If no Goodknight program offered to me indicates many things including:  Existing IR’s are starving(market saturation),  no support from existing IR’s,  IR’s should be at a point where they routinely do “spring cleaning” to move their low profit/no profit accounts out to make room for more profitable ones.



Goodnight programs are traditionally offered to people who are related to or connected to the muckity mucks or to a friend of the IR doing the Goodnight plan.  The bottom 20% or so of accounts are peeled off to the incoming IR.  Of course if you are the son in law or brother of the Regional Leader or Goodnighting IR, then there will be some plums in pudding.



7.  I would like to take over an existing office in (city), what locations do you have available?    What criteria do you use to fill those slots?


 


None. If there is a failed IR in an office or one who moved on to greener pastures, they are desperate to fill the office before al the assets trickle away. Any warm body to fill the gap as soon as possible.



Sometimes taking over an established office can be a curse when you find out that 3 or 4 other IRs were there before you.  You need to wonder just why they ALL either couldn't make it in that location or why they are no longer there.  When you are new guy number 4 the clients who still remain are pretty jaded and frankly not much worth having as clients.


Mar 9, 2007 9:54 pm

kerho, and my opinion is somewhat biased I suppose but everything they are telling you prior to getting you to sign that contract are all lies, when you get to st louis to meet with vets from around the country they will tell you str8 up that you were over promised. they'll follow it though with if you keep knocking you will make it. The only ppl who make it big at jones are :


1. related to someone with a huge book who is going to goodnight a huge portion of it to them


2. came to jones at the age of 50 + from an industry where they got to know everyone in their town on a personal and trustworthy level...teacher, business owner, accountant etc....and they could basically create their clients using ppl who they were friends or acquaintances with, because while you make get lucky occassionally with doorknocking you'll never build a successful business doing it.


3. transferred from another firm because they wanted their own office and didn't want to have to deal with the branch manager everyday, they too brought a substantial book of business with them.


Early on everyone you talk to from jones says how great it is and how wealthy and happy you will be going on your trips but what you need to realize is how they got to where they are, they didn't build their business doorknocking strangers as they will make you do, they either taught them in school, inherited them from daddy, or brought them from their old firm.


I'm telling you learn from my mistakes, don't sign that contract!!! doorknocking 101 isn't worth 75k


Mar 9, 2007 9:59 pm

oh kerho, by the way....chew on this one...my training class prepping for the 7 consisted of 26 ppl, of those 4 quit and 4 failed during study time so we were down to 18. Then they fly you to st louis to prep you for doorknocking  and duping those stupid customers who have never invested before and will buy random stocks on their doorsteps. So 18 go to st louis the first time, by the time you go back 1 month later for you can sell date we had 12 ppl. The average class size at the end of year one is 3-6 ppl left. And that's just one year. Chew on that and wonder what the hell is going on.



oh and btw if you're not related to someone at jones or friends with someone giving you the goodknight or existing office you won't get anything anyway...some numbers ppl in my class found out they inherited at eval/grad:


2 mil


3mil


5 mil


and one girl got 30 mil from daddy

Mar 9, 2007 11:18 pm

Thanks New, I appreciate your input and time answering my questions.

Mar 9, 2007 11:44 pm

Kerho,


I'm glad some of your questions got answered.  NOW, don't you have some questions about the phone interview? That is your next hurdle.  When is it scheduled for?  I hope a few GP's have been reading your posts to access your qualifications and business savviness for your future career with edward jones. Please, ask away.

Mar 10, 2007 9:05 am

Not meaning to interupt "Kerho's thread" here with my own questions, but I'm curious about the door to door surveys that are part of the EJ hiring process.  What do the surveys ask?  How are they presented to the surveyee?


Thanks.


Mar 10, 2007 9:49 am

the questions are like "how long have you lived here, what do you like best about this town, what do you like least about living here, where do you think would be a good place to place an office" The sole purpose of the survey is to see if you are comfortable knocking on doors because that's what you'll be doing 10 hours a day. and just to get the real effect try to do the survey at like 8 am because that's when they want you to start knocking residential, watch how mad ppl are to be woken up

Mar 10, 2007 10:20 am

Thanks, new.  Starting at 8 and waking people up - whew!  I guess you'd want to avoid any possible future prospects doing that - in case they might remember you!


Are you with EJ?  If so, for how long?  I've read comments about Seg 1, Seg 2, etc with EJ.  I guess that concerns production expectations?  Can you provide some insight on this, such as what those expectations are, how easy/difficult is it to meet them, etc?


Anyone else with some insight of the process?


Thanks in advance.

Mar 10, 2007 11:01 am

Mandoman- I have been with EJ for 4 years. I didn't inherit a big book of business but I have a fairly nice start on a good book of business. I have built a referral network because I never enjoyed doorknocking and I have never gotten grief as a result. If you want to talk further, please PM me and i will be glad to discuss further.

Mar 10, 2007 11:15 am

Don't take as gospel what you read here.  Most of these people
have nothing but negativity towards Jones because they feel they were
unfairly treated, which may or may not be true.



I am in my 15th month with Jones.  I have NEVER doorknocked before
9:00 AM, and never will.  I have NEVER sold a stock on someone's
doorstep, and never will.  I have NEVER called on a bond all day
(as people here seem to reference all day long), and never will.



You can hate everything about Jones, I can understand it is not for
everyone, but they do things a certain way for a reason. 
Everything is done to make sure you understand that activity is far and
away the most important thing in this business, whether you are with
Jones, ML, etc etc.  At the end of the day nobody cares HOW you
get to "meeting expectations."  And I get 1 phone call per month
from a new FA person in St. Louis to see how I am doing.  I have
never been told to do this or else.  I am meeting their
expectations, and they stay away.  I am new/new and was not handed
any assets, nor do I have any friends/relatives in the business
planning on giving me a book.



You are never going to find a perfect spot when you are just starting
out, it is too dificult.  If you plan on running your own shop
eventually, go where the best training is, and sell yourself from day
1, not your company.  Quit listening to all the whiners on this
site and get out there and work hard.

Mar 10, 2007 11:42 am

ironhorse said: "Quit listening to all the whiners on this site and get out there and work hard."


kerho and mandoman do not have a BD to work hard for yet.  They are asking questions about the hiring process and what they should expect once hired, if they choose to go through the process.  Once they choose to commit to a BD..then your quote applies.

Mar 10, 2007 1:45 pm
Broker7:

Kerho,


I'm glad some of your questions got answered.  NOW, don't you have some questions about the phone interview? That is your next hurdle.  When is it scheduled for?  I hope a few GP's have been reading your posts to access your qualifications and business savviness for your future career with edward jones. Please, ask away.



Ah good idea.  Next week is the 1st phone interview. 


Is it about 30-45 minutes?


What questions do they normally ask?  normal interview stuff?  Work history, what you did, why EJ, why FA, things like that?


What are they looking for in this interview?  Sales ability?  the ability to talk on the phone? verification of resume information?  To see if you're a complete idiot?.


Does anyone have any questions they remember that really stand out or they just wished they knew in advance of the interview?


Mar 10, 2007 2:41 pm

If you saw a small child alone and crying in the Mall, what would you do?


Actual question

Mar 10, 2007 5:04 pm
babbling looney:

If you saw a small child alone and crying in the Mall, what would you do?

Actual question


...with an easy answer in my opinion...

Mar 10, 2007 5:47 pm

Kerho,


you hit it right on the head...we expect a full report of the phone iterview next week.  Good luck!

Mar 10, 2007 11:36 pm

ironhorse said: "Quit listening to all the whiners on this site and get out there and work hard."



I am glad you are so working hard. So does my washing machine.