Edward Jones or Raymond James

Not to offend, but how old are you? 

Where do you want to work...Is it in a city or in a small town?

What kind of people do you want to work with?  Regular schmoes or sophisticated investors?

Have you ever been in outside sales before?

Give us a little more info and we can make a more informed statement of advice.  Thanks

What’s the relationship that you have with the potential RJ advisor?

I would seriously consider setting up with the experienced RJ guy…you can learn a lot from him.  Just make sure the deal you strike is fair to you in the long term, in terms of whether or not you get to keep some of the clients you help him bring in, or a share of his revenues above a certain goal…

I am 26 years old, just finishing up my degree. The town that I would be working for Raymond James has a population of about 125,000. The city I would have an office with Edward Jones in has about 55,000 people.  I want to work with sophisticated investors. I have experience in sales, which I was extremely successful in. I was introduced to the RJ advisors through a friend who also works for RJ.

Go with Raymond James. Sophisticated investors or do you mean high net worth investors? Rarely do I ever run accross sophisticated investors. Either way, you wont find many of either at Jones. You will have a better career at RJ in my opinion.

I have some questions about these two companies as well. The previous replies that were given don’t answer too much. And I don’t really want to hear I had a friend who hated “?”. EVERY Firm EVERY job has its positives and negatives and people who’ve had a bad experience. I’m Just looking for some information. Thanks! If anyone has extra time as detailed as possible would be greatly appreciated! Just trying to make the best informed decision considering I can’t just sign on and jump ship if I don’t like it.



I’ve tried to find somewhere online that compares different firms but did not find anything.

Also how do they compare to a wirehouse.



Partial Background: I have a degree in finance but no experience as an advisor. I do have sales experience of 4 years and run my own athletic training business. I do not have my series 7.



I am currently interviewing with Edward Jones but am going to apply with Raymond James this week. I am looking for the best place to start in regards to training, potential long term, and potentially going independent after a few years. I do not already have a “book of business” But I do have a lot of potential clients and a couple who are already looking to invest with me. Some with smaller incomes/portfolios and some with larger incomes/portfolios.



I know its long but I assume this will help out myself and a lot of potential newcomers without having to search for small bits and pieces throughout the msg boards. THX Again!



Compensation:

Paid training (if so how much)?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Salary, and when does it end?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



commission?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



bonuses?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



typical take home(lets assume doing avg. work)?

EDWARD JONES:

yr one,

5,

10

RAYMOND JAMES:

yr one,

5,

10

WIREHOUSE:

yr one,

5,

10



do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Can you take your book of business with you?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



After how long can you go independent and choose to switch firms(any contracts)?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Are you in your own office, cubicle, workspace…where do you start out?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



When can you get your own office and what if anything does the company pay for?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Does someone dictate the hours you work? or can you set your own hours (short term n long)?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



If you’re under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



How do you get your clients your first year?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Are there certain things you cant sell or do as a new FA or as an Experienced FA?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Health Insurance/benefits: (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed.

Whats covered and any additional info is helpful?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:





Any additional info to help make an informed decision is appreciated. THANKS in advance for your time!

Are you freakin for real?  No offense, but this is not a full-time job for us posters.  I suggest you go through some archives and fill in some of the blanks, then come back for clarifications on what you don’t know.  You’ll get a lot of insight from the “Waht’s going on at firms” section, among others.  And understand, you are not the only person to come on here with a laundry list of questions to answer.

MNMaze10, I agree with B24, you can answer most of those questions yourself by searching most of the older threads.  Also, you listed “Wirehouses.”  While wirehouses have many similarities, each is also very different in some areas.  For example, the training at ML or SB is very different from the training at MS.  So with a lot of your questions, “Wirehouses” is to vague.

[quote=B24] Are you freakin for real? No offense, but this is not a full-time job for us posters. I suggest you go through some archives and fill in some of the blanks, then come back for clarifications on what you don’t know. You’ll get a lot of insight from the “Waht’s going on at firms” section, among others. And understand, you are not the only person to come on here with a laundry list of questions to answer.

Maze, I hope your feelings weren’t hurt. 

Also, you listed “Wirehouses.” While wirehouses have many similarities, each is also very different in some areas. For example, the training at ML or SB is very different from the training at MS. So with a lot of your questions, “Wirehouses” is to vague.

[quote]To which you respond with, "no, if nobody will answer me as-is, then I don’t really give a shit."



Not being a dick, but the answers to ALL of your questions are on this forum - do yourself a favor, and do some reading. I’m in production now for a little over a year. I believe I’ve read nearly every word, of every thread, on this site - whether it was a b.s. topic, or something of real value.[/quote]



I never said I didn’t give a shit. I just meant that if someone didn’t want to reply it was understandable considering it IS lengthy. I have read through a lot of the posts.



Thanks



OS, no I wasn’t offended and my feelings were not hurt. I KNEW it was lengthy . just hoping to get a couple of the questions answered that someone didn’t mind spending a min with. I probably would’ve been shocked if someone answered all of them. Just thought I’d write it all at once instead of keep asking question after question. (guess that would’ve been better for everyone it seems). My apologies, didn’t mean to offend anyone.   

LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1. Also, after that first post and your second. You might want to consider changing your username. If you gather all of the information you were looking for please post it. Tough crowd!

Speaking from my own experience, EJ is a good place to work. From some of your questons, it sounds like independance is important; you will get that here. As long as you are making your numbers, you have a lot of flexibility as far as your marketing or how you build your business.
A town of 55,000 is the EJ sweet spot, imo. You can DK the whole town in two years and make yourself known more easily than you could in a larger town or city.
Is there another EJ FA in town?
If you think you could work well with the RJ advisor, I might lean that way. It is a good firm, too, and you will get a good education.

mnmaze, based on your posts and responses to your answers I would suggest taking the apprenticeship.  You may understand the industry and have a firm grasp on the theory but you can learn priceless communication skills and business etiquette that will help you until you retire.  It will be better for your clients, the company that brings you on and yourself. 

I think you would be better off in the long term.

[quote=buyandhold] Speaking from my own experience, EJ is a good place to work. From some of your questons, it sounds like independance is important; you will get that here. As long as you are making your numbers, you have a lot of flexibility as far as your marketing or how you build your business.A town of 55,000 is the EJ sweet spot, imo. You can DK the whole town in two years and make yourself known more easily than you could in a larger town or city.Is there another EJ FA in town?If you think you could work well with the RJ advisor, I might lean that way. It is a good firm, too, and you will get a good education.

[/quote]



There’s a lot of EDJ in my area. I live in california. Think the 55,000 was from the first poster.



[quote]LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1. Also, after that first post and your second. You might want to consider changing your username. If you gather all of the information you were looking for please post it. Tough crowd![/quote]



Thanks for the info!

I’m not going to hit them all because most are way too complicated/involved to address in a forum.



Payout: Typically about 45% of production at wire when in top “tranch.” Similar for anything other than indie, including Jones and RayJay.



Initial Comp: Bases between 30-80k at a wire (high end unusual) which lasts one or two years depending on firm. Base offered at Jones is usually 24k + bonuses. Not sure on RJ.



Comp on Initial vs Subsequent Deposits: Doesn’t matter; it’s whatever product you put it in.



Office Environment: Jones initially from home, Wires will start you at a cube unless UBS which gives everyone an office by default in most branches. RJ will depend on the branch.



Bonus: Jones has new account bonuses and other “milestone” bonuses which are described in the new hire brochure/dvd. The wires depend during training. Search “POA” for Merrill, for example. Most comp is a straight percentage after out of training, with some exceptions.



Typical take home: At any environment you would “like” to generate 100k in gross commission dollars per year of experience. Payout net to you will depend on the environment, 45% being common at the wires. (A big caveat is that most people DON’T do this level of production, if they even remain in the biz.)



Can you take your book: All wires will have you sign a non-compete although there is “protocol” among the main 5 (down to 3…) that they will not enforce this among each other. No non-compete at Jones although 3-year contract. Ask at RJ. For the most part it’s difficult to enforce a non-compete anyway.



Do you dictate your hours: Depends on the branch manager, less so at Jones since you start without an office environment in some instances.



Requirements to sell certain products or restrictions: You will not be able to transact options at most wires until licensed three years. Penny stocks only at discretion of manager at most, and usually only as unsolicited orders. Jones does not clear options. You will probably not even get licensed to sell commodity or futures based products, which in any case are not cleared at all at Jones. Those are pretty reasonable restrictions only effect products you don’t want to sell anyway. The relevant aspects are not restrictions but “recommendations” which the firm will make, usually to sell their own proprietary mutual funds, or fund platform. (Black Rock at ML, Fund Solution at MS, UBS prop funds, etc.) Jones is the most militant about their “encouragement” that you sell American Funds.

“Jones is the most militant about their “encouragement” that you sell American Funds”

Thanks banker n B24!

[quote=xbanker]

Can you take your book: No non-compete at Jones although 3-year contract. Ask at RJ. For the most part it’s difficult to enforce a non-compete anyway.



[/quote]



This is part of the reason I had posted those questions, Not because I didn’t want to do my own research or put in the effort . Just because Ive read various posts that say something different then another post about the same topic.

I read in earlier posts, some recent and some a year or so old, that Jones Does keep your book of business and some say they dont. So I reposted to see if policies have changed or anyone had additional input.

Anyone get Hired within the last few months that had to sign a contract and knows for sure if you’re able to keep your book?

This for me is very important because If I spend the next 3 years with a firm working my ass off to build the best book I can and build relationships with my clients and decide I want to go elsewhere or indy I wouldn’t want to lose my clients. But at the same time if this is typical I guess I don’t really have a choice since I’m just starting out.



THX!

I want to jump in here and make a statement.  I believe if you go into this career field thinking, planning on jumping anyplace else before you even start is very dangerous.  This career is as hard as any out there, day in and day out and to go in without 100% committment to the firm you start with is setting yourself up for failure.  When I started with Jones, I planned to be there until I retired. I drank the koolaid with a firehose and was very successful while there.  I don’t think I could have been anything other than a failure if I had a in the back of my mind I was going to jump ship in a few years.  Circumstances changed and I made a move to LPL and can now only see myself with LPL until I retire. Now if they do something stupid, then I may look at a change, but I have NO desire to move elsewhere. Pick a place and jump into it with both feet.  Eat drink and sleep the firm your with…you will be successful if you listen to others in your firm and follow the recipe. Its kinda like getting married and admiring the bridesmaids at the wedding.  My 2cents…

Spears is spot on!  wait…did I just say that?  He is right, all jokes aside…if you go in with the right attitude it is hard enough, never mind going into this career with a foot already out the door…then it’s almost impossible!

Thanks to the last few replys.

[quote]

I want to jump in here and make a statement. I believe if you go into this career field thinking, planning on jumping anyplace else before you even start is very dangerous. This career is as hard as any out there, day in and day out and to go in without 100% committment to the firm you start with is setting yourself up for failure. When I started with Jones, I planned to be there until I retired. I drank the koolaid with a firehose and was very successful while there. I don’t think I could have been anything other than a failure if I had a in the back of my mind I was going to jump ship in a few years. Circumstances changed and I made a move to LPL and can now only see myself with LPL until I retire. Now if they do something stupid, then I may look at a change, but I have NO desire to move elsewhere. Pick a place and jump into it with both feet. Eat drink and sleep the firm your with…you will be successful if you listen to others in your firm and follow the recipe. Its kinda like getting married and admiring the bridesmaids at the wedding. My 2cents…[/quote]

I completely agree with you as well. This is why I’m trying to make the most informed decision I can b/c whomever I do choose I want to be with for awhile. But at the same time I want to know all my options. I DON’T want to go into this and years down the line be like damn I should’ve started with someone else. I mean anythings possible and firms change, but I want to make the best informed decision I can before jumping in and getting “married.” It IS a big decision because I know it will be a very difficult and challenging job. Up till now I’ve kind of breezed through things/jobs and have done very well with minimal effort(don’t get me wrong Ive worked my ass off before). So at this point I want to go full throttle and see how far I can push myself and what goals I can accomplish.



Spears, having been with Jones and now LPL do you feel you gained a lot from Jones which is now helping you at LPL? LPL is an Indy spot and you couldn’t have started out with them correct?

Wish you had started somewhere else?



Thanks again for the info!

No I couldn’t have started at LPL in the beginning, unless I went in with a vet.  The main thing I learned at Jones is the prospecting.  I still make my calls religously, but the calls are different. They’re not product oriented, they’re focused on qualifying the prospect. 

[quote=bspears] No I couldn’t have started at LPL in the beginning, unless I went in with a vet. The main thing I learned at Jones is the prospecting. I still make my calls religously, but the calls are different. They’re not product oriented, they’re focused on qualifying the prospect.

I was 31 and my buddy was 25 when he started in 94. 

[quote=mnmaze10] What Ive Gathered So far…



Compensation:

Paid training (if so how much)?

EDWARD JONES: $10-$15 for first 4months I think until your Can Sell Date

RAYMOND JAMES:

WIREHOUSE:



Salary, and when does it end?

EDWARD JONES: 24K-25K depending on area - NON Negotiable (Guaranteed 1st Only)

RAYMOND JAMES: Varies, Declines as you progress

WIREHOUSE:



commission?

EDWARD JONES: CLICK 4 PAYOUT



RAYMOND JAMES: CLICK 4 PAYOUT



WIREHOUSE:CLICK 4 PAYOUT



CLICK 4 VARIOUS FIRM PAYOUT GRID



CLICK 4 VARIOUS FIRM PAYOUT GRID



bonuses?

EDWARD JONES:

New accts…

0-5 $500 on 5th acct

6-10 $100 Per

11+ $200 Per

Milestones…About 38K over first 3 years



RAYMOND JAMES:

WIREHOUSE:



typical take home(lets assume doing avg. work)?

EDWARD JONES:

yr one,

5,

10

RAYMOND JAMES:

yr one,

5,

10

WIREHOUSE:

yr one,

5,

10



do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



Can you take your book of business with you?

EDWARD JONES: ?

RAYMOND JAMES: YES

WIREHOUSE: Mostly NO



After how long can you go independent and choose to switch firms(any contracts)?

EDWARD JONES: 3 year contract

RAYMOND JAMES: 3 year contract

WIREHOUSE:



Are you in your own office, cubicle, workspace…where do you start out?

EDWARD JONES: Home then Own office or can work in someone elses office IF they agree

RAYMOND JAMES: In someone else’s office

WIREHOUSE:



When can you get your own office and what if anything does the company pay for?

EDWARD JONES: Own Office, Office asst, furniture etc… (if profitable?)

RAYMOND JAMES:

WIREHOUSE:



Does someone dictate the hours you work? or can you set your own hours (short term n long)?

EDWARD JONES: Set Own hours

RAYMOND JAMES: Varies, depends on your manager or who is above you

WIREHOUSE:



If you’re under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out?

EDWARD JONES: No your on your own

RAYMOND JAMES:

WIREHOUSE:



How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:



How do you get your clients your first year?

EDWARD JONES: Mainly Door knocking (25 Completed surveys Daily, Survey consists of 8 general questions and asking for a phone number), Networking

RAYMOND JAMES:

WIREHOUSE:



Are there certain things you cant sell or do as a new FA or as an Experienced FA?

EDWARD JONES: Doesn’t sell options or futures

RAYMOND JAMES:

WIREHOUSE:



Health Insurance/benefits: (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed.

Whats covered and any additional info is helpful?

EDWARD JONES:

RAYMOND JAMES:

WIREHOUSE:





Any additional info to help make an informed decision is appreciated. THANKS in advance for your time!





[/quote]



If I gather more info I will add to this

If anyone has worked for a firm and can add or elaborate Please do. Thanks!!

Also for Payout



CLICK 4 Payout Grid - Multiple Firms

[quote=mnmaze10] [quote=mnmaze10] What Ive Gathered So far…

Compensation:
Paid training (if so how much)?
EDWARD JONES: $10-$15 for first 4months I think until your Can Sell Date
RAYMOND JAMES:
WIREHOUSE:

Salary, and when does it end?
EDWARD JONES: 24K-25K depending on area - NON Negotiable (Guaranteed 1st Only)
RAYMOND JAMES: Varies, Declines as you progress
WIREHOUSE:

commission?
EDWARD JONES: CLICK 4 PAYOUT

RAYMOND JAMES: CLICK 4 PAYOUT

WIREHOUSE:CLICK 4 PAYOUT

CLICK 4 VARIOUS FIRM PAYOUT GRID

CLICK 4 VARIOUS FIRM PAYOUT GRID

bonuses?
EDWARD JONES:
New accts…   (DON’T COUNT ON THESE)
0-5 $500 on 5th acct
6-10 $100 Per
11+ $200 Per
Milestones…About 38K over first 3 years  (VERY ACHIEVABLE)

RAYMOND JAMES:
WIREHOUSE:

typical take home(lets assume doing avg. work)?
EDWARD JONES:
yr one, 55k (ASSUMING YOU STARTED FROM SCRATCH)
5, 85k - 200k (ASSUMING YOU STARTED FROM SCRATCH)
10 WHATEVER.  REALLY DEPENDS ON HOW HARD YOU KEEP WORKING.
RAYMOND JAMES:
yr one,
5,
10
WIREHOUSE:
yr one,
5,
10

do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?
EDWARD JONES: ALL OF THESE VARY DEPENDING ON PRODUCT.  BUT YOUR COMMISSION/FEE ALMOST ALWAYS GOES UP WHEN $$ IS ADDED.
RAYMOND JAMES:
WIREHOUSE:

Can you take your book of business with you?
EDWARD JONES: ? YES
RAYMOND JAMES: YES YES (ONLY ONE THAT WILL NOT TRY TO KEEP CLIENTS)
WIREHOUSE: Mostly NO YES

After how long can you go independent and choose to switch firms(any contracts)?
EDWARD JONES: 3 year contract
RAYMOND JAMES: 3 year contract
WIREHOUSE:

Are you in your own office, cubicle, workspace…where do you start out?
EDWARD JONES: Home then Own office or can work in someone elses office IF they agree
RAYMOND JAMES: In someone else’s office
WIREHOUSE:

When can you get your own office and what if anything does the company pay for?
EDWARD JONES: Own Office, Office asst, furniture etc… (if profitable?)

THX B24! Good info!



Couple ?'s if you have time.

Under new accts you said “don’t count on these.” why not?

Isn’t that how you build your client base and earn commissions by opening new accounts?



Under where I asked about can you keep your book of business. Is that the same thing as keeping clients? or did I word that wrong?

Curious If I start at EDJ and go Indy/ANother firm will I be able to keep my clients?



About the office. Are you able to choose your own office so long as its in their price range (or I want to pay extra for a better office) or do you automatically get put into an office of their choosing?



At EDJ do you suggest trying to goodknight, Buy retiree book, or start from scratch?



While you’re “doorknocking” before being able to sell and having your own office what is it that you’re actually doing (I had thought it was those surveys)? telling the potential client you get back to them in 3-6mo’s? a friend suggested to rent an office or something called “executive suites” where you can rent a small office space, not sure our conversation was brief. But that may not be needed if you’re not engaging with clients that much after initial doorknock until you get your office.

Im in Los Angeles, CA (South Bay/Torrance/beach areas), not a small town.



Thanks!!!

Doorknocking is just introducing yourself to people. 'Hi, I am Joe Billy Bob of Edward Jones Investments. My, but your day lillies look lovely. Here’s my card I will be opening an office on Main Street. Are you interested in (retirement planning, tax free investments, college savings accounts, CD rates, whatever.)? Great, I will get you information on those.

The new account bonus is based on 10k investible new accounts – tough to get enough to make that bonus. But like b24 said, the other bonuses are attainable.

If you start new-new you can often use a colleague’s office for appts or phone sessions. ‘Mr. Prospect, we can meet at your home or the Jones office on Elm.’ If you start new-new, do some marketing and find out exactly where you want to doorknock and built your business. What might happen is that you start well, and Bill over in Sioux Falls washes out and they offer you his office. Best to stick with your plan, unless Sioux Falls is a great town with a good book.
Goodknights can be a great way to start.
3-6 months? They will teach you to contact everybody every two weeks, but if you have a good lead, heck call them the next day.

[quote=mnmaze10]THX B24! Good info!

Couple ?'s if you have time.
Under new accts you said “don’t count on these.” why not?

I’VE HEARD OF IT. CRAZY LIBERALS.

LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1.

The most recent of those BD report cards is 2 years old. Still relevant, ya think, given recent market upheaval? Is there something more current that anyone knows of?

Not true, wait till Dec. the most recent one will be the same. Well at least Jones will at the top.

bet

What’s the minimum size account a client can open with EJ?