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My EDJ Experience

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Sep 16, 2009 5:50 pm

[quote=NumbersGeek] [quote=LockEDJ]

Here to tell you, another piece of paper isn't going to get you hired at Jones. They don't care if you have a friggin' Ph.d.

If I were you, I'd badger them until they gave you a specific, actionable reason why you weren't hired. Tell them again how bad you want it, and that you'll reverse that issue if you are aware.   Or just go to grad school. But they aren't going to hire you in two years because you've got an MBA. It isn't valued at Jones.[/quote]

If I were to go to grad school, i'd just end up in operations at some broker dealer or investment bank. PhDs are scarce and they'll take anyone with a PhD in math or whatever. Living on a 20k/year budget doesn't necessarily entice me. That's why I want to get into advisory. I figure if I work my butt off and pull down some nice commissions going into year 2-3, that i'll be ok. I have the 500 day war printed and on my wall. All I need is a B/D.

Opportunity costs, you know. 4 years for a PhD and the added debt. Yeah i'll make 100k+ on exit but that's 4 years of making nothing.

This is the business of making money. I don't care about the degrees, the title, etc. At the end of the day, all I want is the green and a lot of it. There's a saying in NYC, "It aint about the title that you have, its about how much money you make."

[/quote]   I think we just found the reason this kid wasn't hired. He's an ass.   MBA? Phd? What school? What did you get on your GMATS? Whats your GPA? If you don't have real world experince no MBA program worth a damn will accept you. ESPECALLY this year and next.   Your last statement is why Eddie Jones didn't hire you. You have your head in the clouds when it comes to this career. Earlier is the week you said you can sell 5 policies in two days. Are you nuts? No wonder he didn't get hired. He's clueless and has watched Boiler room and Wallstreet WAY too many times. Good luck bud. You need a reality check quick.
Sep 16, 2009 6:40 pm

[quote=franklin21][quote=NumbersGeek] [quote=LockEDJ]

Here to tell you, another piece of paper isn't going to get you hired at Jones. They don't care if you have a friggin' Ph.d.

If I were you, I'd badger them until they gave you a specific, actionable reason why you weren't hired. Tell them again how bad you want it, and that you'll reverse that issue if you are aware.   Or just go to grad school. But they aren't going to hire you in two years because you've got an MBA. It isn't valued at Jones.[/quote]

If I were to go to grad school, i'd just end up in operations at some broker dealer or investment bank. PhDs are scarce and they'll take anyone with a PhD in math or whatever. Living on a 20k/year budget doesn't necessarily entice me. That's why I want to get into advisory. I figure if I work my butt off and pull down some nice commissions going into year 2-3, that i'll be ok. I have the 500 day war printed and on my wall. All I need is a B/D.

Opportunity costs, you know. 4 years for a PhD and the added debt. Yeah i'll make 100k+ on exit but that's 4 years of making nothing.

This is the business of making money. I don't care about the degrees, the title, etc. At the end of the day, all I want is the green and a lot of it. There's a saying in NYC, "It aint about the title that you have, its about how much money you make."

[/quote]   I think we just found the reason this kid wasn't hired. He's an ass.   MBA? Phd? What school? What did you get on your GMATS? Whats your GPA? If you don't have real world experince no MBA program worth a damn will accept you. ESPECALLY this year and next.   Your last statement is why Eddie Jones didn't hire you. You have your head in the clouds when it comes to this career. Earlier is the week you said you can sell 5 policies in two days. Are you nuts? No wonder he didn't get hired. He's clueless and has watched Boiler room and Wallstreet WAY too many times. Good luck bud. You need a reality check quick. [/quote]

I never said I was going to get an MBA. I think you're misunderstanding the posts. I'm leaving the option of an MBA open until I reach a point in my career where I need a shift, ie after some operational experience.

No offense, but there's no reason for you to get all hot and bothered. I think you misread something along the way.

I know FA work is difficult to get the inertia rolling. With annuitizing a business and all. Starting from $0/year in commissions to $100-200-300k. I had a plan for all that. Work from home using EDJ's model. My parents let me live rent free. I have two extra rooms, one for an office. Etc etc. I wouldn't be pushing index tied annuities to make big "Rips" but selling lower cost solutions that allow for better management, advisory solutions. My debt is fairly low, $20k and that's my only expense. I think i'm a great candidate for the job. Because I want to build a solid book. I'm not going to push one stock and possibly blow up my book and i'm not gonna solely push Ashares until the market is so saturated that I blow out after a few bad months of commissions. Annuitize my business, save my clients money(taxes/fees), and build a solid book.

I've got personality!~~!
Sep 16, 2009 7:26 pm

[quote=franklin21]

I think we just found the reason this kid wasn’t hired. He’s an ass.

[/quote]



I don’t think that would have disqualified him.



I think the fact that he is talking about his parents letting him live there rent free is the reason he wasn’t hired.



Sep 16, 2009 7:33 pm

[quote=Moraen] [quote=franklin21]

I think we just found the reason this kid wasn’t hired. He’s an ass.

[/quote]



I don’t think that would have disqualified him.



I think the fact that he is talking about his parents letting him live there rent free is the reason he wasn’t hired.



[/quote]

I never mentioned that. Heck they didn’t even ask about my finances. One of the things that I found out to be a bit odd. Most other companies did.
Sep 16, 2009 7:34 pm

I remember KYC class at Jones. There was a guy who got a 98 on his Series 7. Major geek with no personality...could barely do the roleplay. No surprise when he flamed out before Eval Grad. Reminds me of numbersgeek.....

You think you are a great candidate because you want to build a solid book?

This is a sales job plain and simple every day. You live at home for goodness, do you think that retirees are going to trust you with their money if they knew that?

Here's a question for you....Why would I trust you to manage my money?

Sep 16, 2009 7:39 pm

[quote=noggin]

I remember KYC class at Jones. There was a guy who got a 98 on his Series 7. Major geek with no personality…could barely do the roleplay. No surprise when he flamed out before Eval Grad. Reminds me of numbersgeek…

You think you are a great candidate because you want to build a solid book?

This is a sales job plain and simple every day. You live at home for goodness, do you think that retirees are going to trust you with their money if they knew that?

Here's a question for you....Why would I trust you to manage my money?

[/quote]

"Because I have the right resources to provide you with the utmost care and management. EDJ has been ranked #1 multiple times by JD Power and Associates for the last decade. By employing our strategic portfolio model, you will reduce your tax liability, increase your savings, and minimize your risks. Now all I need is your John Hanc***."

Client: "I don't know."

"Look at what i'm doing, i'm writing down my home address and personal phone number. How many advisors have given you their home address and number? I'm here to take care of you and your family. Let's make some money." Slides contract across the table**

I sense a bit of prejudice here. Just because someone is smart doesn't void them out of social skills. Starting college, my initial mindset was on sales/marketing. I have a marketing certificate and my first internship was in sales. So there's no doubt that sales was in my mind. Somewhere along the way, I was swayed by the opportunity to make a 6 figure salary straight out of college. All that stood in the way was getting an internship and working my butt off for an offer.

I live by the 3Ps
1. Passion
2. Patience
3. Persistence

I don't let anything stand in my way. Whether its complex mathematical formulas or meeting sales goals, I want to be the best at whatever I do. And I work, I aint no lazy.
Sep 16, 2009 7:48 pm

[quote=NumbersGeek]







[quote=noggin]

I remember KYC class at Jones. There was a guy who got a 98 on his Series 7. Major geek with no personality…could barely do the roleplay. No surprise when he flamed out before Eval Grad. Reminds me of numbersgeek…



You think you are a great candidate because you want to build a solid book?



This is a sales job plain and simple every day. You live at home for goodness, do you think that retirees are going to trust you with their money if they knew that?



Here’s a question for you…Why would I trust you to manage my money?



[/quote]"Because I have the right resources to provide you with the utmost care and management. EDJ has been ranked #1 multiple times by JD Power and Associates for the last decade. By employing our strategic portfolio model, you will reduce your tax liability, increase your savings, and minimize your risks. Now all I need is your John Hanc***."I sense a bit of prejudice here. Just because someone is smart doesn’t void them out of social skills. Starting college, my initial mindset was on sales/marketing. I have a marketing certificate and my first internship was in sales. So there’s no doubt that sales was in my mind. Somewhere along the way, I was swayed by the opportunity to make a 6 figure salary straight out of college. All that stood in the way was getting an internship and working my butt off for an offer. I live by the 3Ps1. Passion2. Patience3. PersistenceI don’t let anything stand in my way. Whether its complex mathematical formulas or meeting sales goals, I want to be the best at whatever I do. And I work, I aint no lazy.[/quote]



Damn Geek. I wouldn’t buy a damn thing from you. And if you sold me that garbage at the beginning, I’d sue the sh!t out of you.



Look, there is absolutely no reason they wouldn’t hire you other than the fact that you answered some questions wrong in your interview.



You talk about making money, when most people go to Jones for the lifestyle it CAN provide, but not necessarily about the “money train” or “killing it in the market”.



You are young, and fresh out of school.



Here’s the other thing - if you want to work at Jones that bad, you can. Just keep calling them. They’ll hire you eventually. Five to seven times ought to do it.



I also don’t think you understand exactly how difficult and depressing doorknocking can be (some guys thrive on it, but most just do it because they have to). You also will not make six figures “right out of college”, unless you are Wind.



Not to be a d!ck, which everybody on here knows I can be, but you really need a reality check. This business is tough.   Tough. And tough.
Sep 16, 2009 7:55 pm

[quote=NumbersGeek] [quote=noggin]

I remember KYC class at Jones. There was a guy who got a 98 on his Series 7. Major geek with no personality...could barely do the roleplay. No surprise when he flamed out before Eval Grad. Reminds me of numbersgeek.....

You think you are a great candidate because you want to build a solid book?

This is a sales job plain and simple every day. You live at home for goodness, do you think that retirees are going to trust you with their money if they knew that?

Here's a question for you....Why would I trust you to manage my money?

[/quote]

"Because I have the right resources to provide you with the utmost care and management. EDJ has been ranked #1 multiple times by JD Power and Associates for the last decade. By employing our strategic portfolio model, you will reduce your tax liability, increase your savings, and minimize your risks. Now all I need is your John Hanc***."

I sense a bit of prejudice here. Just because someone is smart doesn't void them out of social skills. Starting college, my initial mindset was on sales/marketing. I have a marketing certificate and my first internship was in sales. So there's no doubt that sales was in my mind. Somewhere along the way, I was swayed by the opportunity to make a 6 figure salary straight out of college. All that stood in the way was getting an internship and working my butt off for an offer.

I live by the 3Ps
1. Passion
2. Patience
3. Persistence

I don't let anything stand in my way. Whether its complex mathematical formulas or meeting sales goals, I want to be the best at whatever I do. And I work, I aint no lazy.
[/quote]   I will ask the question for a second time since you didn't get it the first time.... Why would I trust YOU to manage my money? You told me why I should trust good ole EJ....... This is very basic...understand the question before you answer it.
Sep 16, 2009 7:56 pm

Moraen: As an FA, it’ll be tough to make 6 figures straight out of college. But as a quant, all that stands in the way is an offer. That’s why I went that route and now i’m headed towards an FA role because I want to build a sustainable practice. Something more long term. I know its a lot of hard work in the beginning and i’m ready for it.

All of this is making me want this job even more. I’m gonna get an offer from EDJ and i’m gonna make Seg5 numbers. You all watch. And then i’m gonna come back here and post my numbers.

Sep 16, 2009 8:21 pm

[quote=NumbersGeek]



Moraen: As an FA, it’ll be tough to make 6 figures straight out of college. But as a quant, all that stands in the way is an offer. That’s why I went that route and now i’m headed towards an FA role because I want to build a sustainable practice. Something more long term. I know its a lot of hard work in the beginning and i’m ready for it.All of this is making me want this job even more. I’m gonna get an offer from EDJ and i’m gonna make Seg5 numbers. You all watch. And then i’m gonna come back here and post my numbers.[/quote]



Seriously? You won’t be utilizing any quant skills at EDJ. I hope you get the job though, but please don’t post your numbers.



Sep 18, 2009 2:17 pm

[quote=NumbersGeek]

As an FA, it’ll be tough to make 6 figures straight out of college. But as a quant, all that stands in the way is an offer…
[/quote]

Numbers: There you go again, jumping between FA and Quantitative Finance…I seriously recommend you read, “what color is your parachute” and get a little more focused on your career choice before your next interview.

These two careers require entirely different personality types…you really need to decide which is right for you. 

If what you’ve written here represents what you think and say during an interview, you won’t get hired for any job…especially as a new grad in this economy. Good luck!

Sep 18, 2009 2:41 pm
NumbersGeek:

Moraen: As an FA, it’ll be tough to make 6 figures straight out of college. But as a quant, all that stands in the way is an offer. That’s why I went that route and now i’m headed towards an FA role because I want to build a sustainable practice. Something more long term. I know its a lot of hard work in the beginning and i’m ready for it.

All of this is making me want this job even more. I’m gonna get an offer from EDJ and i’m gonna make Seg5 numbers. You all watch. And then i’m gonna come back here and post my numbers.

  I wanted to play left field for the Red Sox.  All that stood in my way was being picked in the draft.
Sep 18, 2009 6:43 pm

God… not all quants are introverts. So stereotypical. Its like saying a harvard grad can’t survive as an FA. Well… what if his parents have $50mm and they’re willing to hand over their account to him? And what if his family lives in a neighborhood with only 50 houses and $5b in assets. And he knows all his neighbors by name.

Yes this is sales. But there are a lot of smart people who can make it in sales. You don’t have to be an outgoing stupid POS to make it in sales.

Sep 18, 2009 7:01 pm

Don’t fight who you are.  It is difficult to be successful in this business if you are not a natural sales person.  Often analytical minds aren’t.  They can be successful, but it usually isn’t a natural fit, and, as a result, they don’t find satisfaction in their work and often struggle. 

  I'm a law school grad that practiced law for 5 years, then worked a financial advisor for about 4 years.  Now, I'm a compliance director, and it's a much better fit.  While I was able to be reasonably successful as an advisor, I'm much happier now because my work fits my skills.  Also, it's not just a question of introvert/extrovert.  I love talking to people and have no problem starting conversations.  I just got tired of twisting people's arms to try to convince them to help themselves by making good financial decisions.  I needed more mental stimulation and less repetive activity.    Now, I have no doubt that you can make it if you put your mind to it.  That's the nature of sales.  Anyone willing to do the work can succeed, however, if you have a natural inclination for the type of work required, you will enjoy it and prosper.  If the required activities don't come naturally or easily, it will be a miserable and huge effort.
Sep 19, 2009 12:05 am

Are we really using the word “quant?” Is that how we’re rollin’? Just asking.

Sep 19, 2009 12:42 am

ManOnTheCouch: Exactly! I like the entrepreneurial aspect. I like talking to people. Providing sound financial advice. And most of all, sales. Getting a 5 of 5 on a performance rating at a corporate position is relatively easy. Being the number 1 sales guy in my class, not so easy. But if I end up at number 2, what’s there to complain about. Unless I didn’t get a trip to hawaii.

BariSax: That’s how we roll. Top down, bottles and models, all night long. I’m a wallstreet gangsta!

Sep 19, 2009 12:44 am

[quote=ManOnTheCouch]…It is difficult to be successful in this business if you are not a natural sales person…[/quote]

Man on the couch said it perfectly…and as a recent college grad, it might be difficult for you to even be sure if you are a natural sales person. From what I read, I don’t even think you have any experience in a customer-facing role.

Sep 19, 2009 12:48 am

still@jones: I think its just easier for me to net interviews with larger firms. most of the ibanks will call me back. But its usually for PWM. More of an investment analyst/client services role for 2 years. Then I can build a book. Most don’t survive those jobs because the requirements are $5mm+ accounts. I don’t know anyone with that kind of money and most people with that kind of money won’t hand it over to kids. And I think that’s why these smaller firms don’t extend me an offer. Because they think i’ll take the offer and use it to shop around. I wanted EDJ because it is a true FA role where I can build a book and a life. Not just a place to get a s7/63 and run off to ML or MSSB.

Fall recruiting is coming around and PWM groups have already started calling me back. I guess its EDJ’s lost, not mine.

Sep 19, 2009 1:02 am

OK! Carry on, then…