Starting at Edward Jones

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May 10, 2005 6:16 pm

How does starting your career with Edward Jones work?


When and how do they provide the office and asssistant? Cost to agent?


I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?


Thank you kindly.

May 10, 2005 11:11 pm

"How does starting your career with Edward Jones work?"


Two months - Study for the Series 7 and Series 63.  They provide all the materials and laptop for exams, but its self-study. 


One week - Know Your Customer class in St. Louis.  Role play door-knocking, mostly.  To qualify for KYC, you must pass the 7.  If you fail the first time, unless there are extenuating circumstances (near passiong score, mom died, Regional Leader is your Uncle), you will be fired.


Two months - Market Research.  Door-knocking in your community.  You will also do Branch Training (visit a vet's office and learn how the computer system works, how to enter orders, etc.) and Field Training (role playing contacts with a mentor).  During this time, you are not yet licensed to sell, but you are supposed to be making 25 contacts per day.


One week - Evaluation/Graduation.  You are finally licensed and will be calling 25 people a day trying to make a sell.  You will also get some basic training on investments.  To qualify for Eval/Grad, you need phone numbers of 125 people in your system that you have permission to call on an investment.


Four Months - First 120 Days in the Field.  More of the same - 25 contacts per day.  But now you are licensed, so you can do repeat contacts and actually talk about investments and (hopefully) make some money. 


One week - Profitability Development Program.  Similar to Eval/Grad, except now you have to 50 calls per day.  To qualify for PDP, you will have to meet a certain net commission.  Your net number will depend on whether you are a new broker, transfer, goodknight, or taking over an existing branch.


"When and how do they provide the office and asssistant? Cost to agent?"


To qualify for an office and Branch Office Administrator (call them a secretary or assistant and you will be castrated), you have to make it through PDP.  There is no cost to the agent, rent and BOA salary are covered by Jones.


"I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?"


Interview process is two rounds.  First is a phone interview - very typical and only requires a basic command of the english language to get past.  Second is an in person interview - more questions, a role play sales call, and possibly even some door knocking.  Pass both and you are hired.


Good luck.  And remember this - Fortunately, Jones isn't as bad as the 5 or so obsessive Jones haters on here suggest, but unfortunately, it's also not as good as the 5 or so kool-aid drinkers insist.

May 10, 2005 11:35 pm

Logan--


I know of a better Jones program.  Impregnate the daughter of a top producer.  Tell her you won't marry her unless her daddy "Goodknights" you......With bonus, trips, LP, production, etc. you'll be at 400K net in no less than 5 years.  Good luck!

May 11, 2005 2:15 am

Jonesnewbie...thanks for the info.  I asked this same question in the other forum and was giving nothing but harrasing remarks.  Your post is by far the most informative I have read yet.  Thanks for the info.

May 11, 2005 7:42 am

Better yet impregnate the daughter of a GP, and you have it made with a $60 mill office.

May 11, 2005 7:52 am

jonesnewbie, Thank you very much for the detailed reply reply.


 


May 12, 2005 10:40 am
ezmoney:

Better yet impregnate the daughter of a GP, and you have it made with a $60 mill office.



Eeeks...The wife wont go for that


Was interested in who the process worked more then any thing.


Presently taking my Life and Health class and gaining insight on if this is even the for me.  Thus, thanks all for the replies. 

May 12, 2005 1:43 pm

Join the PASS program at the home office and then take over a $20 million dollar office...people in your region will be jealous you were "handed your business" but screw em.

May 12, 2005 10:37 pm

Agreed, joseph but that person has to live with fact that they are a leech and don't deserve any of their success.....

May 14, 2005 8:55 am

PASS program will only work for you if you have some political connections.  Most of those chumps get nothing.  My best advise is don't join the firm because the cards are stacked against you.  This firm I equate to is like working for the US Government.  The best of the best or never the highest paid.

May 16, 2005 10:55 pm

Truth,



So "pick the firm where you make the most". Is that what you are saying? Wow, that's some great advice! I know several very successful brokers who have come out of the PASS program. Not all took over big books, but several did. The PASS program is a VERY good program for those younger college grads. Truth is clueless and just Jones Bashing as usual.



BPD



_________________________________________

The grass is GREENER where you water it!

May 17, 2005 2:45 pm

That's not what he said, you pimple.

May 17, 2005 9:45 pm
The Truth:

PASS program will only work for you if you have some political connections. Most of those chumps get nothing. My best advise is don't join the firm because the cards are stacked against you. This firm I equate to is like working for the US Government. The best of the best or never the highest paid.





Philo,



What do you think Truth means by the statement: "...The best of the best or never the highest paid..."



BPD

May 17, 2005 9:50 pm

If I had to guess, I'd say he meant what he said.  But that's just me.  I don't try to twist the words of others.

May 17, 2005 11:01 pm

Philo,



Sounds like you have a lot to say in the three posts you have made so far. You're off to a great start!



May 18, 2005 6:49 am

If you ever post anything worthy of debate, I'll have more to say.  Given the level of ignorance and the base demeanor that you've displayed so far, I'm not too worried about that ever happening.

May 18, 2005 10:32 pm

Did you say debate.....



.....OK I'll play along.



Let's say you've got a 45 year old couple making $250,000/yr in income, plans to retire at 60 years old, doesn't like paying taxes and fully max their 401k plan each year. They have an existing portfolio of stocks and bonds that is high quality and well diversified. They have done their estate planning and already have enough life insurance to cover if one spouse should die and to cover any future estate taxes. What tax advantaged investment strategy for long term growth would you recommend for someone like this?

May 19, 2005 12:36 am
BigPayDay:

Did you say debate.....

.....OK I'll play along.

Let's say you've got a 45 year old couple making $250,000/yr in income, plans to retire at 60 years old, doesn't like paying taxes and fully max their 401k plan each year. They have an existing portfolio of stocks and bonds that is high quality and well diversified. They have done their estate planning and already have enough life insurance to cover if one spouse should die and to cover any future estate taxes. What tax advantaged investment strategy for long term growth would you recommend for someone like this?



ROFLMAO, yeah, that's the typical couple Jones brokers sell annuities to. Nah, it's not two people making $60k between them, not maxing their 401k and no other investments. Of course not....

May 19, 2005 12:37 am
logan:

How does starting your career with Edward Jones work?


When and how do they provide the office and asssistant? Cost to agent?


I take it after you bring in a certain amount of business that this offer is extended and wondering how  much that is?


Thank you kindly.



Why not consider a real, full service firm first?

May 19, 2005 12:49 am

Logan,



Try this site, Should answer most of your questions:



http://www.jonesopportunity.com/ir/en_GB/broker/



BPD