Where to go
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I'm far along in the EDJ hiring process and have a good feeling I'm in there if I want it. I'm a former business owner so I really like EDJ just because of the fact that I'll be in my own office without a manager right there face to face every day. It feels a little more relax and that fits my style a little more.
At the same time, I'm not looking for a place to relax, I'm looking for a place where I'll be happy but I'm planning on busting my ace prospecting for at least the first five years. I have interviews next week with SB and MS. I've already been in to take both of their assessment test.
I know the success depends on the advisor. But if you take the same very hard working advisor and put him at EDJ, SB, or MS where do you all think he'd be the most profitable?Also, I've heard great things about EDJ's training, does anyone know anything about SB and MS's training? Thanks!
I’ve heard good things about SB and MS training, but of what I’ve gathered SB spends more than the others getting you really going. My ex gf works in ops at MS, and she said the trainees go pure commission upon passing the 7 and 66 whereas with my interview at SB last year I was told they ween you off over 2 years.
SB GIVES You full salary from day one of employment thru month 24 of production, then reduces the salary in equal installments from months 25 thru 30, so its salary for a total of 35 months. with FULL salary being for 30 months. More important the training is structured and intensive.
From what I have heard MS training is less so. You spend a lot of time cold calling for a senior broker. This may have changed, I heard this about 6 months ago.I believe you’re better off as a trainee when someone is in your face. It’s like the military - tough first few months, but having someone provide you instruction and discipline will work in your favor. When you hide in a private office - it’s easy to get lazy.
At wirehouses, it will all depend on the branch and the BOM. Some of the branches are very small, with a BOM that is really just managing the office, but in full production (or you may be in a "satellite" office which is managed by another branch). Then there are the really large, "hierarchal" offices with tougher BOM's that chew up and spit out new trainees that don't produce. It will also depend if you are brought onto a team, and in what capacity (Jr., marketing, servicing, etc.), versus going "solo". That is the one problem with wirehouses, is you never know what you will get from one office to the next. At EDJ, you are more on your own. That is both good and bad, for obvious reasons. And regions can make a difference (just like branches), but to a lesser degree.
AND - keep in mind that if you do get chewed up and spat out (or spit out) - it’s really for your own good. Most people won’t make it in this business - and can’t recognize when it’s time to go. A good branch manager will council you (it’s in their interest to help you become successful), but a good manager will also end your misery with expediency.
Any idea what the salary range is with SB trainees?SB GIVES You full salary from day one of employment thru month 24 of production, then reduces the salary in equal installments from months 25 thru 30, so its salary for a total of 35 months. with FULL salary being for 30 months. More important the training is structured and intensive.
(In my best Arnold Schwartzenegger voice) "You've been euthanized."AND - keep in mind that if you do get chewed up and spat out (or spit out) - it’s really for your own good. Most people won’t make it in this business - and can’t recognize when it’s time to go. A good branch manager will council you (it’s in their interest to help you become successful), but a good manager will also end your misery with expediency.
I just spoke with a buddy of mine who left EDJ a month ago and went to MS. He received a check for 100% of his trailing 12 and is on a salary ($2000/mth) for two years. I can't imagine that MS puts their trainees on straight commission immediately after passing their exams.
He said he feels like a huge weight has been lifted off his shoulders and that's he's now in the "big leagues." He said I would not believe the crap we're all being fed by Jones about the evils of the wirehouses (and every other firm out there). He's in an office with 35 other FAs, and he said the environment is like working with 35 independents who are all doing their own thing. I asked him about his production quotas, and he said there are none. His BOM told him that if he's doing $120K after ten years, they may need to have a visit, but other than that, just relax and do his thing. It was a really strange feeling to hear all of this from a good friend of mine instead of just reading a bunch of anonymous posts from ex-Jonesers.[quote=Borker Boy]
I asked him about his production quotas, and he said there are none. His BOM told him that if he's doing $120K after ten years, they may need to have a visit, but other than that, just relax and do his thing. [/quote]
Relax? Ha, ha. Now, that is rich! No offense, but either your friend is "pulling your leg", his BOM is an idiot, or the BOM is feeding him/her a line just to get them to come over. Either way, your friend is right about one thing, he is in the big leagues. And he will be expected to perform like a big leaguer. The production quotas are much higher and more strictly enforced than at EJ. Relax? (S)He'll relax himself/herself right out of a job!I have no reason to believe he'd be "pulling my leg," and I don't see any reason why he'd stretch the truth.
I'm just repeating, verbatim, what he told me.
Do you have experience at a wirehouse as a transfer broker, doberman?
oldspice,
You have alot to learn, you are like a ship launched without her rudder. High Karate is what I use, sold many vacs in my day. If it wasn't for my good looks and my aftershave I never would have made it. Dad was a wholeseller and got cases of the stuff back in the 70's, it seems the older it is, the better it smells. Good luck in your near future, may Buddha let you rub his tummy!And you are like a man walking without his brain.oldspice, you are like a ship launched without her rudder.
And you are like a man walking without his brain.[quote=saul4paul]oldspice, you are like a ship launched without her rudder.
[/quote] Whimp