New EDJ Hire Looking for Advice

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Feb 11, 2009 12:24 am

I was just recently offered a job with Edward Jones.  I have been researching the company and business a lot lately, but was looking for some more specific advice. 

I am currently a college student and won't start studying for the 7 until after graduation.  I was just looking for some advice from some of the veterans in the business (specifically the ones at EDJ). 

What were some of the biggest challenges you faced when starting out? How did you overcome those challenges?  What should I be doing to prepare?  Any recommended readings? Books? Websites?  What is the best way to prepare for this career? Any advice?  How much can I expect to earn my first year (I have heard really different numbers from different EDJ reps)?  How long did all of you door knock?  What were other ways that you prospected?

I have some experience in the business, I interned at Northwestern Mutual, but I know that is not the same as EDJ.  I also heard that EDJ teaches more of sales than the logistics of the business.  Where can I learn more so I can be knowledeable enough to help my clients? 
I know this is a lot of questions.  I am just trying to be as prepared as possible.

Any and all help is greatly appreciated.  Thank-you all.

Feb 11, 2009 6:25 am

witting9..........For every door that closes, there's a new one to knock on................good tag line you'll need it.................there are many door to knock on..good luck

Feb 11, 2009 7:36 am

Ice hit it on the head.  Just go through the different threads here and you will learn more than enough in regards to your questions.  Think it through very long.  When people say it's hard, you won't truly realize just how hard until you are doing it yourself.  I speak from experience.

Feb 11, 2009 9:57 am
wittking9:

I was just recently offered a job with Edward Jones.  I have been researching the company and business a lot lately, but was looking for some more specific advice. 

I am currently a college student and won't start studying for the 7 until after graduation.  I was just looking for some advice from some of the veterans in the business (specifically the ones at EDJ). 

What were some of the biggest challenges you faced when starting out? - Angry dogs and teenagers.

 
How did you overcome those challenges? - Dog bones and doorknocking during the day when they were in school.
 
What should I be doing to prepare? - Start rubbing sandpaper all over your skin.  You need a thick skin to survive this biz.
 
Any recommended readings? - Anything by Suze Orman or Jim Kramer.
 
Websites? - www.careerbuilder.com
 
What is the best way to prepare for this career? - develop a taste for beer. 
 
Any advice? - start drinking now to build up a tolerance
 
How much can I expect to earn my first year (I have heard really different numbers from different EDJ reps)? - Not as little as you do now, but not as much as you might under the new Obama spendulus package if you collect unemployment.
 
How long did all of you door knock? - From dusk until dawn, rain or shine.
 
What were other ways that you prospected? - Put a fishbowl in your local chinese restaurant and offer a free lunch once a week to the biz card you pull out.  Only pull ones from doctors or lawyers. 

I have some experience in the business, I interned at Northwestern Mutual, but I know that is not the same as EDJ.  I also heard that EDJ teaches more of sales than the logistics of the business.  Where can I learn more so I can be knowledeable enough to help my clients?  -  perhaps you should have thought about that before you graduated from college with a phys ed degree. 
 
I know this is a lot of questions.  I am just trying to be as prepared as possible. - being prepared on the logistics isn't nearly as important as being able to sell.  There's a reason Jones teaches basic sales techniques before they teach asset allocation.  You have to be able to get in front of people and get them to do business with you before you have to worry about whether or not they have the appropriate allocation in protected stock futures.

Any and all help is greatly appreciated.  Thank-you all.

 
Ice has the right idea.  That search bar up there can be your friend on this site.  We've beaten this dead horse over and over again.  The answers are here.  Just look for them.  Seriously, feel free to PM me with any specific questions you have. 
Feb 11, 2009 10:31 am

I am a relatively new guy (year and a half in). Best advice I can give you...live somewhere for free, and only do it if you have your heart in it. You will go throught the process of training, make friends, and half of them will leave in the first year. You will hear at least a 10/1 ratio of no's to yes's in your first year (especially because you are out of college and competing with some grizzled vets). Expect the low end of what people in your region tell you you will make, and consider the rest a bonus that you will put toward building your business (advertising, taking people out to lunch, drowning your sorrows with cheap domestic beer).

 
After you pass your exams start becoming a student of the markets, read WSJ, ask other vets questions when you don't understand, because you have to make up for your perceived inexperience with understanding of the markets. Understand the only thing you have going for you is your youthful exuberance.
 
Oh, and when searching for threads on this forum, realize that life at EDJ is not as bad as people here say it is, and not as good as the people that recruited you say it is (at least in the first year). And, same as Spiff, if you have questions, feel free to PM me.
Feb 11, 2009 11:27 am

SometimesNowhere really draws on some great points.  You REALLY have to understand that rejection is not personal.  It has taken me some time to come to terms with that.  Try to live for free because it will lower your expenses and give you more time to build the business.  Time in the business is your biggest advantage when starting out.  Start networking with local vets.  Vets were my biggest advantage when trying to figure things out during my first couple weeks out.

Feb 11, 2009 11:33 am

Go for it...Edwards and Jones is the best.....that is if you want to claim bankruptcy fast...idiots....

Feb 11, 2009 11:36 am

DO NOT start with Edward Jones right out of school.  Get a sales job (selling anything) and get some real world experience for a few years.  The failure rate for the kids starting out of school is way too high.  This is a difficult enough industry, don't make it more difficult on yourself. 

Feb 11, 2009 11:43 am
outofjail:

Go for it...Edwards and Jones is the best.....that is if you want to claim bankruptcy fast...idiots....

 
Do you ever say anything really intelligent? 
 
Care to share why you believe that he would claim bankruptcy fast?  Is that personal experience talking?  If so, then you are the idiot.
Feb 11, 2009 11:44 am
Gone Indy:

DO NOT start with Edward Jones right out of school. Get a sales job (selling anything) and get some real world experience for a few years. The failure rate for the kids starting out of school is way too high. This is a difficult enough industry, don't make it more difficult on yourself.





This kid made it.



(That's a star sticker for my blue blazer.)

Feb 11, 2009 6:41 pm

Edward Jones is a great place to get some experience and learn how tough it is.



And Space and ice are correct. Search button is your friend on this one.



One thing I will say though. Avoid spending even the smallest amount of your own money on making it at Edward Jones. You might need it in three years if have weaned off of the kool-aid.

Feb 11, 2009 8:22 pm

Yes, you need to talk to people who are off the salary about 1 year, (at month 12 it goes away).  I wish I had never applied for Jones. Of course you may be the 1 in 10 who makes it. We all started with great enthusiam...after door knocking, calling on bonds day after day...it gets very old after a while. I agree do not spend any of you own money...which is impossible when you have to buy postage, toilet paper..office supplies etc. Any club association dues, any charter involvement...best of luck to you  gotta love Jones

Feb 11, 2009 9:53 pm

I'm guessing that, whether you know it or not, you have already made you decision and are looking for reinforcement here. 





 
If not...  It is harder than you can ever imagine. 
 
If you have a multi-year financial safety net, resilience, and fortitude, you can make money.
 
Good luck.
Feb 11, 2009 9:55 pm

I will reiterate. DON'T. SPEND. YOUR. MONEY. If you can't make it not spending money on the useless things they tell you to do, then go to a bank, go indy, or something.

Feb 12, 2009 5:54 am
schlemoc:

Ice hit it on the head.  Just go through the different threads here and you will learn more than enough in regards to your questions.  Think it through very long.  When people say it's hard, you won't truly realize just how hard until you are doing it yourself.  I speak from experience.

 
Yeah, it is f*ckin hard to sell any type of investment product right now! 
 
To the original poster, why don't you want to try to go on with NW Mutual?  From what I understand of Jones you won't get paid as much on an insurance sale at Jones as you would at NW Mutual.  On the investment side NW Mutual will be able to do everything Jones can do.
 
You had better think long and hard before becoming a three year indentured servant for Jones and signing their training contract.
 
I know it feels good to get a salary but just remember that nothing is given to a producer for free!  They all have a way to protect themselves so make sure you protect yourself!
 
 
Feb 12, 2009 6:16 am

The truest statement on the post to think long and hard before you sign up for a three year death sentence from jones. the second and third year can be bruttal.  Unless you have 0 expenses, and have no life!! too many have a stay home mom and 3 little kids at home, One fa I know started with 2 kids in college and one more in high shcool> When I met him I thought he was crazy. those are some expensive years to start a business.

Feb 12, 2009 9:42 am
monopolybet:

The truest statement on the post to think long and hard before you sign up for a three year death sentence from jones. the second and third year can be bruttal.  Unless you have 0 expenses, and have no life!! too many have a stay home mom and 3 little kids at home, One fa I know started with 2 kids in college and one more in high shcool> When I met him I thought he was crazy. those are some expensive years to start a business.

 
They hired a female single mom with 5 kids in the local region here so that another FA could get the point for the demotivation trip. He got the trip, went to Hawaii, and she was fired for not making goals (and she was pregnant again). Dontcha love it?? I'll never know how that one worked.
Feb 12, 2009 10:40 am

Hello to all ( Spiff , Bond Guy and Ice ) ,

 
In to a new year and despite the doom and gloom just moving along. For our new friend , I think the best advise is be prepared to work very long and very hard. No short cuts and be able to reinvent yourself and your business as things change.
It's called " hard work", nothing new just the same old way of succeeding.
Feb 12, 2009 11:09 am
CreditOnion:
monopolybet:

The truest statement on the post to think long and hard before you sign up for a three year death sentence from jones. the second and third year can be bruttal. Unless you have 0 expenses, and have no life!! too many have a stay home mom and 3 little kids at home, One fa I know started with 2 kids in college and one more in high shcool> When I met him I thought he was crazy. those are some expensive years to start a business.



They hired a female single mom with 5 kids in the local region here so that another FA could get the point for the demotivation trip. He got the trip, went to Hawaii, and she was fired for not making goals (and she was pregnant again). Dontcha love it?? I'll never know how that one worked.





Sweet! Was that part of the "hire more women" initiative? Or the "hire more minorities" initiative?

Feb 12, 2009 11:15 am

Our firm has a Business Model that rewards the surviors and very quickly removes the ones that are failing. It is neither good or bad but it is the sytem. PM me to discuss. NO I AM NOT RECRUITING for any newer members that are asking.