Left EDJ after training...What now?
I would like some insight from the others here. I left Jones after training simply because I decided I would rather be beaten than spend another day door knocking in 100 degree heat. I simply hated it and was miserable and my wife and kids could tell. What is the best route to stay in the business? Go to work for a bank? National bank (Wachovia) or a local community bank with a brokerage division? I enjoy the field and working with investments and hate to waste my license. I am in my mid 30's and bring several years of business to business sales to the arena but this was my first dance in the world of personal finance.
Thanks in Advance
door-to-door isn't bad, but it should only be a small % of what you do... I am sure in your B2B sales, you were doing some kind of door knocking.
I think the greatest difference in business to business sales revolves around the expectation of meeting with sales reps. I dealt with purchasing agents and people in buying positions. People see you on their front door step and they immediately get defensive, rude, scared, or just plain ugly. Just my experience.
I would encourage you to look at a bank program as it sounds like that might be a better fit for you. There you get some assistance with referrals and don't have all that door to door crap (which you can probably guess by now, I didn't care for either). I'm not knocking the door to door stuff as it does work for some and is a great way to overcome the fear of rejection.
There are some on these boards that will make snide, arrogant comments about bank brokers, but the reality is, you can be a successful broker in a bank and if you form relationships with you clients, rather than just take orders, you can also make a successful jump to independence later if you decide that is the route you want to go (my personal career path is a case study in making his transition).
As far as national vs. local bank, go with the bank with a dominant market position in your preferred locale, but if it's the local bank, check out the technology platform before you make the jump...you don't want to be handicapped with a limited product line and poor technology tools like you would have had at EDJ...
Good luck...and by the way, you may want to change your screen name...image starts from within...
Good point on the name...I tried to pick some others that were all
taken. I just picked this one because it rhymed...lol.
I have started with Edward Jones I have taken the Series 7 twice and got a 69 both times. I just took it the second time today. I haven't talked with anyone in the training dept. they are in a meeting until 5:00. Can anyone give me any help. I thinking that i won't get another chance to take it. Does anyone have any advice you can give to someone who is down and out.
I learned some good stuff during KYC. I think EDJ has a good
training program. I am friends with another EDJ broker here in
town, but I just couldn't stomach the doorknocking. Don't get
discouraged because of my plight. Just not my cup of tea. I
saw him run his office and thought that was how it worked. (He
has been out for 7 yrs with a very nice book). I was a little
naive, but still want to work in this business. I think I will
pursue the bank route, but I am not familiar with any of the bank
programs. We have Southtrust (Wachovia) Regions Bank (Morgan
Keegan) and 2-3 local community Banks. Any advice there??
Thanks in advance
MediocreBroker- Stay away from AmSouth. Sorry to hear that you quit. That may present problems if you go to another firm.....
I am sorry to hear that you are having trouble with the 7. The series 7 training that EDJ provides is very good and you should not have any trouble on the 7 if you were passing the practice exams. Especially the final practice exams...I thought they were harder than the series 7. Which parts are you especially weak in? You need to focus on those areas. I didn't find any other outside materials to be better than what EDJ provides though.
Anybody have any input on the best banks to work at??
How is EDJ handling your leaving mediocre? I remember signing
something that said I would have to pay $75000 back if I quit before 3
I assumed that leaving Jones would cripple me as far as being able to use my license, but I talked to a friend of mine who has been an IR with Jones for several years and asked him to check into the repercussions of my registering my license somewhere else and he told me because I left on "positive" terms, he didn't think it would be a problem at all, especially since I am not attempting to take a book with me.
Anybody else have any comments on paying back EDJ for training??
I agree with the person that says it sounds like you may want to look at being a bank broker. I think it's a great way to cut your teeth. I was with EJ for 5-6 yrs started an office from scratch. Replacing the shoe leather got real old. But, I did it. EJ has a great way of taking advantage of the ignorent. I'm glad that you figured things out early. The only brokers that I saw make it were the good knights or ones that took over an office. Seriously! My region and R/L sucked ass! They may come after you for training money. They came after one guy in my region. He is no longer in the biz. BTW, over the past 5-6 yrs EJ has gone thru over 60 brokers in my old region. Thank goodness for going Indy!! I wouldn't go back for nothing. Screw you EJ!
Since you are not going after any book, you may not have any trouble. Check things out. They are throwing so many against the wall, what is one more. But then again, they may be trying to recoup expenses since so many IRs fail. And from what I see, it isn't the IRs fault. It's EJ just stacking IRs on top of each other. Again, screw you EJ and the few vets in my old region!!