My Edward Jones story
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If you can’t see any reasons, then you don’t have your eyes open. That being said, you should keep your eyes shut for now. You work at Jones and the last thing that you should be doing is looking for reasons why you should be leaving.
If you are happy there, that’s all that counts. It would be the wrong firm for me, but that doesn’t mean squat.
To address the “all the Best Places awards are rigged” argument:
To be honest, they are not rigged, but each company on the list submits applications for them. So it's not "impartial". You basically make your best case for the award (for both the Fortune national award and the state awards). So whoever makes the best case is going to win. Companies that want to win badly enough (like Jones and others) commit internal human resources and PR firms to the application process to put themselves in the best light. In fact, each year we get a wire from a PR firm (via our Regional Leader) asking us to submit stories and anecdotes about why Jones is a great place to work (for the state award). I am sure the only response come from the "happy" people. It becomes part of the company culture. The employee interview process is not "rigged". There are no "payoffs". But if you don't apply you don't win. It's as simple as that. So I think think an argument can be made from both sides on these awards. You have to basically lobby hard to win (both through the application process and among your employees to give a good review if called on). And trust me, Jones puts forth quite the effort to win the awards. No argument about that. But let's remember, if everyone hated working here, the award wouldn't happen, regardless of how hard Jones tried.I'm with you on a lot of things Windy, but this is straight kool-aid talk. Jones doesn't offer things because it costs them too much to offer it. My company doesn't promote American Funds as one of our "Core" offerings to advisors, not because they suck, but because American Funds charges us $75 per ticket charge, as opposed to I think $15 for most other fund families. To think that Jones doesn't offer things because Jones is looking out for the client by limiting options is absurd. This goes for other products too like REIT's, etc.I know alot of people are hard pressed against Jones, but I really have to say that I don’t see any reason that anyone would want to leave Jones other than personal monetary gain. I understand we can probably make more at other firms, but you also have more responsibility. I have the opportunity to be a business owner, without alot of the responsibilities. Now I’ve heard other reasons like “Jones doesn’t allow us to sell certain things, they tie our hands”, but are those things really something your client should hold? I don’t think Jones says “No” just because. I mean if they could make money selling those products they would, but they just don’t feel they are ethical to sell and rightfully so. That really plays into the monetary gain scenario. Why would you sell something that probably isn’t that great to your customer, unless it was for monetary gain.
Actually, I think Jones limits certain investments because of the regulatory nightmare it could create. We require a lot more oversight than other firms because of the no-OSJ on-site structure. Jones doesn’t want to be responsible for regulating things like futures, options and private equity. I don’t blame them, it’s just too hard to train and regulate that many offices. The home-office field supervisors have too many FA’s to cover, so it’s easier for them to minimize the risks (likely one of the reasons we don’t offer EIA’s - they traditionally receive a lot of compliance/regulatory scrutiny).
Wind, honestly, financial products in themselves are not "unethical". There are products sold "unethically", but you can't claim the product itself to be unethical. Jones MAY feel certain products are not appropriate for most clients, but in most cases, I think they use that as a disguise for why they really don't allow them. I am not complaining, I accept that we don't have access to certain investments. But it's hard to accept the "options are a zero-sum game" argument I hear sometimes. There are some very valid, non-speculative purposes for using options (such as income generation, risk mitigation, etc.). But I think Jones just wants to avoid the big "blowup" because they can control it. On the other hand, the majority of traditional advisors around the country don't use most of the things Jones prohibits, so it's not like we are missing THAT much. But like advisory services (which we never had until last year because they were "unethical" or whatever they said), it is nice to have the ability to offer them under the right circumstances. Really no sense arguing about this.[quote=Spaceman Spiff]
So, because you’ve never met anyone who was interviewed, that means it’s rigged? I’ve never actually met anyone who won a World Series. That must mean those are rigged too. And the one person you know who has been interviewed was coached? At a different company? That OBVIOUSLY means that the exact same thing happens at EDJ and all of the other companies that make that list.
You know what that info means to me? Nothing. You have a single instance of coaching and are projecting that instance to all of the other companies. EDJ specifically because you have a thing against them.
There are (according to Fortune) 34,000 people who work for EDJ. In your travels you’ve mabye met 1/100th of them. I can’t say that I know anyone who was interviewed, but that doesn’t mean they don’t exist. For all I know they only interview GPs, RLs, department leaders, and team leaders. They might not interview just the lowly associates.
However, I find it a stretch to assume that it’s staged or rigged based on your very limited sample group. Come back and talk to us when you’ve found a person at each of the top 10 companies who says they were coached by their PR department. [/quote]
Spiff - exactly. If they are not interviewing the associates, how is it an accurate population?
I gave you an example of another company that rigs it, which had nothing to do with Jones. I also have quite a few clients at NetApp who say it’s an ok place to work, but they’ve worked at better places. I find it hard to believe looking at their salaries, the fact that they have Beer Bash Friday’s, bagels are given to all employees once a week and security monitors their travel to ensure their safety.
What I am saying is, I think the Fortune mag. survey is a joke. I don’t think it’s an accurate representation of the employees. For ALL companies… not just Jones.
[quote=jkl1v1n6] Have you ever been in the military? Ever gone through boot camp? It’s the same psychology at Jones. Typically they take people who have never been in the business. They train you in their model and preach “all for one and one for all”. They do a very good job at it. So does the military. The pyschology comes from everyone having a shared experience. Those bonds you build in boot camp are strong, same with Jones training. You go to St. Louis knowing nothing, are in unfamiliar territory and are in a vulnerable emotional state. Everyone is feeling the same way.
They build their model on success, meaning those that make it through the first few years will probably make it and have a very good view of the firm. Maybe not in the current economic times but previously. If not they will have already left or will be leaving. Most of these people do not have anything in the industry to compare it to. So if you do get interviewed you have nothing but glowing reports for the survey.
I think the first couple of years you still believe in the “Jones way”, the next few are crucial times, these are the years decisions are made. Stay in the industry or stay with Jones. After 5 or more years if you are still with Jones then you are content and will give glowing reports.
My couple of pennies. [/quote]
Excellent point. But I still think the Fortune survey is a joke.
So I get the craziest job interview offer over the phone today. His pitch was the funniest thing I’ve heard in a long time.
"Are you still in the market for a new career?" (Yes) "I see that you have background in banking and financial services. How did that work out for you?" (Great, blah blah blah...) "Listen, insurance and retirement planning is something that everyone needs, and that's why it's such a money maker." (Of course) "Well, I have an oppotunity here for you to sell something everyone will ultimately need. And with the baby boomer population in retirement or coming into retirement, there's a lot of potential." (OK...? - I'm thinking that is's another insurance co. or agency) "We here at **** cemetery is looking for talented salespeople to expand out business." (Uhhh....what?????....?....?...???!??!!) "We're the largest single cemetery in the US and we offer very good pricing on spaces and properties for people that are planning early." (Wow...I'm sorry, but I don't think I'll be interested.) "Alright. Well, write my name and number down." (Ok) "Give me a call if you'd like to start planning for your future." (..................I'm only in my twenties.....) "We have excellent financing. And like an insurance or retirement planning, it's good to start planning early." (No thanks.)[quote=norcalstoppy]So I get the craziest job interview offer over the phone today. His pitch was the funniest thing I’ve heard in a long time.
"Are you still in the market for a new career?" (Yes) "I see that you have background in banking and financial services. How did that work out for you?" (Great, blah blah blah...) "Listen, insurance and retirement planning is something that everyone needs, and that's why it's such a money maker." (Of course) "Well, I have an oppotunity here for you to sell something everyone will ultimately need. And with the baby boomer population in retirement or coming into retirement, there's a lot of potential." (OK...? - I'm thinking that is's another insurance co. or agency) "We here at **** cemetery is looking for talented salespeople to expand out business." (Uhhh....what?????....?....?...???!??!!) "We're the largest single cemetery in the US and we offer very good pricing on spaces and properties for people that are planning early." (Wow...I'm sorry, but I don't think I'll be interested.) "Alright. Well, write my name and number down." (Ok) "Give me a call if you'd like to start planning for your future." (..................I'm only in my twenties.....) "We have excellent financing. And like an insurance or retirement planning, it's good to start planning early." (No thanks.) [/quote] Better than selling Kirby vacuum cleaners I suppose.At least you’d be certain Jones won’t ask you to reimburse them for training…
"if you are going to die someday, you need this hole in the ground today!"
I feel bad for you man…it’s rough out there…
Norcal – Thanks for your informative post. I am actually in your shoes right now. I’m in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December. However, everyday that goes by I know that this is not for me.
So, are you saying that the non-compete agreement is actually after your “can-sell” date? If I quit in the next few weeks will there not be an issue?
BTW - I agree with you on the training completely and with the quality of the company. But for me,…I look at my field trainer and everyday and decide that I do not want to be him (meaning I don’t want to do what he’s doing) Thanks so much.
You should change your username. I hope your field trainer does not post here...Norcal – Thanks for your informative post. I am actually in your shoes right now. I’m in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December. However, everyday that goes by I know that this is not for me.
So, are you saying that the non-compete agreement is actually after your “can-sell” date? If I quit in the next few weeks will there not be an issue?
BTW - I agree with you on the training completely and with the quality of the company. But for me,…I look at my field trainer and everyday decide that I do not want to be him. Thanks so much.
Here are three good options for you: 1. Fire your field trainer and get another. 2. Quit and go find something you like doing better. No shame in that. 3. Figure out how to make it work for you. Do something about your situation .. don't complain about it. Good luck!Norcal – Thanks for your informative post. I am actually in your shoes right now. I’m in my 3rd week prospecting, I have already been to KYC and my eval/grad is in December. However, everyday that goes by I know that this is not for me.
So, are you saying that the non-compete agreement is actually after your “can-sell” date? If I quit in the next few weeks will there not be an issue?
BTW - I agree with you on the training completely and with the quality of the company. But for me,…I look at my field trainer and everyday decide that I do not want to be him. Thanks so much.
If you’re not licensed and have no clients, I don’t know what they could come after you for.
When I read about cases like this or others, I just think Jones is lost. How do these people get hired?
I think potential hirees underestimate the difficulty of doorknocking or any prospecting method. I think Jones needs to take a potential hire as a late stage interview out doorknocking. Let them see first hand what it’s like. Anyone excited for a job is going to think they’ll do whatever it takes until you actually have to do something outside their comfort zone. Not sure it’d make a big difference but I agree BigCheese, how does this person get hired? What the picture painted to him that far off?
I was just wondering if that was the case. I thought I had already signed my life away for 3 years when I signed the contract. Apparently I was mistaken. The only thing that bothers me about the situation is that they can let you go 5-6 months in and then your done. No more working in the financial sector for 3 years. Jones model is different compared to other broker/dealers and is tailored to a certain type of person. Job market is pretty bad right now so quitting just before contract takes effect might not be the best idea.