New EDJ Hire Looking for Advice
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.
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
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.
[quote=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.
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.
[/quote] 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.
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.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.
Go for it…Edwards and Jones is the best…that is if you want to claim bankruptcy fast…idiots…
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.
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.Go for it…Edwards and Jones is the best…that is if you want to claim bankruptcy fast…idiots…
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.)
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.
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
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.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.
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!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.
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.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.
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.[quote=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.[/quote]
Sweet! Was that part of the “hire more women” initiative? Or the “hire more minorities” initiative?
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.
For every person with nothing but horrible things to say about Jones, there’s a person that says nothing but good things about Jones. Don’t listen to either one of them exclusively. Listen to all of the good and the bad and filter out all the crap. The Koolaid drinkers (the ones who buy into everything…he’s a young’un), the cheerleaders, the whiners, the disgruntled former employees, the ones who couldn’t hack it, the Type A-opinionated A-holes…they are all very easy to spot. Some of them work at Jones, some work at other firms, and some work for themselves. Opinions are like a$$holes, they ALL have one…and it’s basically verbal diarrhea.
Bottom line, ask a lot of questions, but in the end...it's a judgement call. Look, everybody on here and everybody you've talked to in person about this job has probably already made it perfectly clear that this is a very tough job in a very tough industry. Bottome line, if you want to do it...just do it...if you're not sure....don't even think about it. Be very clear why you want this kind of job, and be very clear about what your expectations are (especially for the first few years). And just for full disclosure...I'm in my 2nd week of Series 7 training with Edward Jones. OK, I'm done.Jones is selling out fast… I was with Jones and before today I thought it was a great place to start…
Scenario.. I got a call from a my former RL, preceeded by a FA, who wants to know if I want to come back, they have these great compensation plans for xfering FAs(no problem so far).. Then they tell me what office it is.. a guy who is still there(not a friend of mine but an aquaintance) so i called him up and told him they were offering up his office, he is in his first month of goals, Seg 3 producer.... He was pissed, called LPL this morning, hopefully he will be gone by friday... Screw Jones... I would start targeting the clients who use them but I don't need $50K accounts...but i would take some just to stick it the the FA and RL who called me...[quote=Squash1]Jones is selling out fast… I was with Jones and before today I thought it was a great place to start…
Scenario.. I got a call from a my former RL, preceeded by a FA, who wants to know if I want to come back, they have these great compensation plans for xfering FAs(no problem so far).. Then they tell me what office it is.. a guy who is still there(not a friend of mine but an aquaintance) so i called him up and told him they were offering up his office, he is in his first month of goals, Seg 3 producer.... He was pissed, called LPL this morning, hopefully he will be gone by friday... Screw Jones... I would start targeting the clients who use them but I don't need $50K accounts...but i would take some just to stick it the the FA and RL who called me... [/quote] See what I mean?[quote=Fud Box]
And just for full disclosure...I'm in my 2nd week of Series 7 training with Edward Jones. OK, I'm done. [/quote] Oh good...someone with an experienced opinion. Got any more gems for us??It amuses me to read the posts by the ex jonesers who got conned into a rewarding career at Jones. I think Finra and the SEC needs to review the Jones Partnership...you know the above average returns..not consistent with current market conditions.
[quote=CreditOnion][quote=Fud Box]
And just for full disclosure...I'm in my 2nd week of Series 7 training with Edward Jones. OK, I'm done. [/quote] Oh good...someone with an experienced opinion. Got any more gems for us??[/quote] You mean like the useful and pragmatic piece of wisdom you just shared with the world?Hey newbee… try passing the 7 before come on here and post about how great jones is and how the rest of us don’t know what we are talking about (Of course those of us who do, spent my time at Jones, longer than 2 weeks, but under 5 years)…
[quote=Squash1]Hey newbee… try passing the 7 before come on here and post about how great jones is and how the rest of us don’t know what we are talking about (Of course those of us who do, spent my time at Jones, longer than 2 weeks, but under 5 years)…
[/quote] Never said Jones was great....never said you didn't know what you were talking about. What I said was: "For every person with nothing but horrible things to say about Jones, there's a person that says nothing but good things about Jones. Don't listen to either one of them exclusively. Listen to all of the good and the bad and filter out all the crap. The Koolaid drinkers (the ones who buy into everything....he's a young'un), the cheerleaders, the whiners, the disgruntled former employees, the ones who couldn't hack it, the Type A-opinionated A-holes...they are all very easy to spot. Some of them work at Jones, some work at other firms, and some work for themselves. Opinions are like a$$holes, they ALL have one.....and it's basically verbal diarrhea. Bottom line, ask a lot of questions, but in the end...it's a judgement call. Look, everybody on here and everybody you've talked to in person about this job has probably already made it perfectly clear that this is a very tough job in a very tough industry. Bottome line, if you want to do it...just do it...if you're not sure....don't even think about it. Be very clear why you want this kind of job, and be very clear about what your expectations are (especially for the first few years)." Try learning the English language before attempting to refute somebody's comments. You just keep proving the point I made in my post. The problem is...you don't even realize it!Thanks I will try Rosetta Stone. Now you said “English”, I am not familiar with that, is it known under a different name… $25 says you don’t make it to PDP…
I take it all back...clearly I'm mistaken. You're the man.
Sad.....I’m a new Jones FA (out 3 months) and perhaps you don’t want to spend your money on Jones, but unless you can live for free and like ramen noodles, you’ll need money in the bank to live on. I am super lucky to be handed an existing office, because it is REALLY TOUGH to be a newnew in general, and in this market, it’s brutal. Read the posts about new brokers from 2001 and 2002. The other FA in my area just got fired a week before PDP because he didn’t make the numbers. Snowy awful weather for doorknocking. I concur that unless your heart is really committed to it, there are a lot of jobs out of college that are easier and more lucrative than being a newnew. Best of luck to you!
Thanks to everyone for all of the advice. I have searched and read through the forums, which have been really helpful so far, but was hoping get get some newer views than what were in those.
I am not going to be staying with NWM because they do not have an office in the town where I want to live (the closes is an hour away), and Jones is willing to hire me where I want to live.
I am not concerned about having to live cheap that will be easy for me. I will only have my basic expenses and another income coming in from my future wife. We will be getting married in August.
I have already accepted the job, and I know it is going to be extremely difficult beyond the point that I could possibly imagine.
Right now I am just trying to soak up as much knowledge as possible about the business from as many experienced reps as possible.
I only asked about the income because when talking to a few FA’s the numbers were really different. One I talked to told me that he made 86k his first year, and said that anyone doing what they are suppose to will easily make 75-100. Another FA told me that I would be lucky to make 25K, which seemed really low to me since that is about my salary plus the milestone businesses. From what I have seen in other posts it looks like 55k is more around what reps make in their first year.
Thanks again to everyone that has responded.
I just started this month, so I've been doing the same research and asking the same questions as you for a few months now. Ultimately, the answer is "it depends on you". Jones says the average should be around 50-55K the first year. Some of the FA's I spoke with that were in their first year said they were tracking to make 40-45K. Some of the veteran FA's I spoke with said they made more their first years. On this forum you are bound to hear several opinions. During my initial research on this forum I received estimates ranging from about 25K to 65K. Most people seemed to agree that first year new/news would make about 35K. I wouldn't worry about it...you'll find out soon enough how much you'll make as an FA. It's considered a highly competitive, high paying job, so if you stick with it you'll probably end up making decent money. The trick is you have to stick with it because, invariably, you'll be living a little leaner than normal for the first few years. Good luck to you in whatever you do!Thanks to everyone for all of the advice. I have searched and read through the forums, which have been really helpful so far, but was hoping get get some newer views than what were in those.
I am not going to be staying with NWM because they do not have an office in the town where I want to live (the closes is an hour away), and Jones is willing to hire me where I want to live.
I am not concerned about having to live cheap that will be easy for me. I will only have my basic expenses and another income coming in from my future wife. We will be getting married in August.
I have already accepted the job, and I know it is going to be extremely difficult beyond the point that I could possibly imagine.
Right now I am just trying to soak up as much knowledge as possible about the business from as many experienced reps as possible.
I only asked about the income because when talking to a few FA’s the numbers were really different. One I talked to told me that he made 86k his first year, and said that anyone doing what they are suppose to will easily make 75-100. Another FA told me that I would be lucky to make 25K, which seemed really low to me since that is about my salary plus the milestone businesses. From what I have seen in other posts it looks like 55k is more around what reps make in their first year.
Thanks again to everyone that has responded.
I have been out a couple months. I feel that to be successful with EJ, you will need to excel at one of the following four items:
1) sales- ask yourself can you and will you sell ice to an eskimo. 2) product and services knowledge- are you well informed about these items? 3) know enough people that will do business with you i.e. 100 a year. 4) time- have enough hours a day to compensate for the lack of having the previous two. I thought I had enough of #4(time) to get me through until the other three came, but I have a new son and a wife that had to go back to work and she could only find a second shift job. She will get to go to days soon, but I don't know if I will make it until then. I can say that EJ is good because they do give people an opportunity to enter the business. But remember Jones is a business not a non-profit. You will have to hit the numbers. By PDP you need to meet and have good contacts with 1000 people (I heard they cut the requirements down because of the economy). You can make it with less, but it will increase the difficulty of success. Every month you need to make 25 contacts a day and open 10 accounts a month. If you do this you will be very successful. The odds are just that much in your favor.[quote=JAXSON]
I have been out a couple months. I feel that to be successful with EJ, you will need to excel at one of the following four items:
1) sales- ask yourself can you and will you sell ice to an eskimo. 2) product and services knowledge- are you well informed about these items? 3) know enough people that will do business with you i.e. 100 a year. 4) time- have enough hours a day to compensate for the lack of having the previous two. I thought I had enough of #4(time) to get me through until the other three came, but I have a new son and a wife that had to go back to work and she could only find a second shift job. She will get to go to days soon, but I don't know if I will make it until then. I can say that EJ is good because they do give people an opportunity to enter the business. But remember Jones is a business not a non-profit. You will have to hit the numbers. By PDP you need to meet and have good contacts with 1000 people (I heard they cut the requirements down because of the economy). You can make it with less, but it will increase the difficulty of success. Every month you need to make 25 contacts a day and open 10 accounts a month. If you do this you will be very successful. The odds are just that much in your favor. [/quote] Great sales people are made not born. Learn how to sell if you need to. Read books, attend sales training seminars...just do anything other than doing nothing. Product/service knowledge is also an easily obtainable commodity. Again, just do what you gotta do, and don't do nothing. Knowing enough people to get you off to a good start is probably the least likely commodity that one will have jumping in new/new. That's why Jones trains extensively on prospecting. There are also a TON of other prospecting resources available. Call lists, books/videos/courses on cold calling, various networking groups, etc., etc., etc. With your limited schedule and family obligations, you should focus on strategies that can provide flexibility (read cold call instead of doorknock). Networking groups may work also if you can find some that have meeting times copacetic to your family needs. I've just begun looking into them, but from what I gather most meeting times are either early in the morning or after business hours. Go meet some more CPA's and attorneys who can refer business to you. Time...this is usually what it boils down to for any sales oriented career or business owner. Again, there are myriad resources at your disposal on effective time management skills. Use the time you have to do the most effective activities. I obviously can't speak for your specific circumstance, but I feel that, in all likelyhood, you'll need to really focus on this aspect. For example, 2nd shift usually means working from like noon to 9pm or 4pm to midnight (and everything in btw). Either way, you have at least a few hours every morning to go doorknock small business owners or meet Key Referral Centers or attend morning networking events (like Chamber of Commerce breakfast meetings). Then you go home to baby while the wife heads to work and you cold call every single minute you can....you'll need to have the list ready and be able to handle interruptions (poopie diapers and feeding, etc.). Arrange for baby sitters in advance to accomodate appointments. I'm not saying it's as simple as that because, looking back at what I just wrote....I feel for you buddy. We all knew the sacrifices that would be made going into this. Think of every single, possible, thing that you CAN do to succeed and write them down. Then do them. Above all...keep your chin up and look for ways that you CAN succeed instead of ways that you can't. It's a cliche, but you are 100% responsible for your attitude. Choose a positive attitude and it'll be much easier to find the motivation to keep going. On the other hand, if you don't choose a positive attitude, then the default is automatically a negative attitude. This will drain your enthusiasm and motivation faster than a (insert colorful metaphor here...my mind drew a blank!). Take my advice for what it's worth. I'm brand new to Jones and still in training, but I've been in various sales/management roles for most of my adult life. Congrats on your new baby! Best of luck to you.Oh…for what it’s worth. As far as all the reading and learning I referenced: I spend an hour in bed every single night reading SOMETHING. Currently, I’m reading a book on marketing. I’ve also got a lot of sales literature for some products EJ offers that I’ve been thumbing through. By the way, whether it’s 9pm or 2am…I still read before bed. I’ve got a pile of books on my night stand. It’s better than TV. I friggin hate TV these days. I just bought this nice big screen a year ago (compliments of the money the US borrowed from China) and I barely watch it anymore. Nothing but sh!tty reality shows and bad news. VERY little of value is actually on TV anymore. When I absolutely have nothing to do…I watch fishing! I know…how weird.
Moral: Don't watch TV. It wastes what little time you have. And especially don't watch any financial news channels...unless you actually WANT your mood to go down the toilet.Thx Fud. Thats some good insight. I'm not trying to make excuses for myself. I was simply adding my two cents worth. My business will be a direct reflection of the effort I put in. I feel that those four things are real important and it is important to excel in at least one before starting out. The more the better. There are exceptions to every case. For instance, I met one FA that makes his new contacts by prosecting different bars and clubs. I never thought of it but he said he mixes business with pleasure. He goes to different ones everyday. Counting resturants too, he has a routine of 45 places. He said while he is there he makes his way around and talks to everyone he can. He said the important thing is not to find people to do business with, but to make sure everyone knows what he is in the business of. The rest will come. There is so many ways to skin a cat. But, I feel the four items I pointed out are good starting points. Your business will find its own way later as it grows.
Bars and clubs, huh? See....even an alky can make it in this biz! He cannot possibly be giving all these places his patronage, so I wonder how long before these places ban him for harassing their clientele? If he is eating/drinking at all these places....wow that's one expensive marketing campaign.
Does he just troll around the bar saying, "Hi. How ya doin'? I'm SoAndSo, and I'm a Financial Advisor specializing in blah blah blah. Here's my card if you ever need anything. Nice to meet you." I can't picture a bar or club owner approving of that. Interesting though. He must be one of those "social butterfly" types, otherwise I could see him getting a lot of strange looks at da club. Anyway, just goes to show you there are a million different things you can do to succeed. Find one that fits your personality and lifestyle.I asked the same thing. He said he’s not agressive with it and he has been going to these places so long that the regulars know him and what he does. So as soon as he comes in he almost always has a couple “hey William, come here a minute. I need to introduce you to…”. He said you gotta go where the people are. He only visits the same place every other month.
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I love the “take it from me I am a veteran”… “oh by the way I have been out almost a year”… Seriously come back in 4 more and then I will listen to what you have to say…
Wind3574... good post, I agree Jones is a decent place to start, as long as you don't drink too much...Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/new-edj-hire-looking-advice