Received an Offer!
Hello. I am very new to the site. I have just received the offer phone call and expect to have my offer packet delivered to my doorstep tomorrow morning. Good news!
I am making this post looking for newbie advice. I know I have the exams and graduation to deal with. I have seen alot of sound advice as well as negative comments. I am looking for feedback on best steps to get started and bypass the known pitfalls. Thanks in advance.Just to be certain we are all on the same page, the offer is from EDJ.
No comments? Is the training that good for EDJ that all will be taught in the first 19 weeks?
Also, my package did not include the compensation documentation. Is that normal? Is this where the game begins? Obviously I am not returning any documentation until I have this resolved.Congratulations! Welcome to EJ!
Most important, talk to FAs in your region who are successful. They will give you the best ideas; especially for the culture in your town.
Don’t listen to anything written here, this site is full of posers.
This site is also full of people who have had a bad experience at Jones. And people who have learned that all is not rosy at the big green machine.
Are you going to work for EDJ because they offered you a job or because you did your homework and EDJ is the best place for you?
I did my research and really like the training that EDJ provides. In addition, they appear to make a serious effort to ensure you understand what you are getting into.
I have tried to utilize the interview and survey process to understand what the job would be like as much as I could. I spoke with two senior people that seem pretty successful. One is a limited partner. The LP did say during my office visit that he received no benefit for me coming on board but, from other posts it sounds as if he may in trips. Thanks for the feedback!The LP? Are you sure you don’t already work for the home office? Using the lingo and haven’t signed the contract?
[quote=MSMJGM22]I did my research and really like the training that EDJ provides. In addition, they appear to make a serious effort to ensure you understand what you are getting into.
I have tried to utilize the interview and survey process to understand what the job would be like as much as I could. I spoke with two senior people that seem pretty successful. One is a limited partner. The LP did say during my office visit that he received no benefit for me coming on board but, from other posts it sounds as if he may in trips. Thanks for the feedback! [/quote] What about the training do you like ? Or is it just that EJ is always talking about their stellar training and you are buying it? What exactly are they doing to make a serious effort to ensure you understand what you are getting into ? The LP lied right to your face because they fill 1 of 4 buckets to get a diversification trip by recommending someone that gets hired. Im not trying to be a di**head I just want you to think long and hard whether you think it is a fit or whether they are selling you their "opportunity."Although I agree with Ron14, I also believe EVERY company will try to sell you on their “opportunity”. EVERY company over-promises and under-delivers. Welcome to America!
So, unless starting from scratch out on your own is an option for you, I still believe the training at Jones is very good. However, I would also recommend reading a little outside of Jones, so you can have a better understanding about the job and the sales process.
[quote=Ron 14][quote=MSMJGM22]I did my research and really like the training that EDJ provides. In addition, they appear to make a serious effort to ensure you understand what you are getting into.
I have tried to utilize the interview and survey process to understand what the job would be like as much as I could. I spoke with two senior people that seem pretty successful. One is a limited partner. The LP did say during my office visit that he received no benefit for me coming on board but, from other posts it sounds as if he may in trips. Thanks for the feedback! [/quote] What about the training do you like ? Or is it just that EJ is always talking about their stellar training and you are buying it? What exactly are they doing to make a serious effort to ensure you understand what you are getting into ? The LP lied right to your face because they fill 1 of 4 buckets to get a diversification trip by recommending someone that gets hired. Im not trying to be a di**head I just want you to think long and hard whether you think it is a fit or whether they are selling you their "opportunity." [/quote] Just for the sake of accuracy (not that accuracy matters on this site), just because some LP talked to you does not mean they get a "trip bucket" filled. Only those people who actually recruit the new hire get credit. I am sure Ron14 enjoys the "opportunity" to say this person lied to your face but it is just as likely that they don't get credit. Ask the vet point blank if they got recruiting credit. I have talked to many recruits through the years and only been credited with a few hires. Although I got trip credit, not once did I need it to qualify for a trip. We do get LP consideration for the number of hires we recruit. The potential extra LP would not likely compensate an advisor for the hours he/she spent talking to recruits. It is possible someone would "lie to your face" but it hardly seems worth the effort in the grand scheme of building an investment practice. They would probably be much better off spending the time prospecting.What qwerty says is correct I believe. I just don't think this guy is real. Of course, I have been wrong before.
Who says, "I talked to an LP" before they are even hired? I would be interested to know why he would say he gets a trip in the first place. The recruiting credit is usually not needed, especially if someone has LP. As I recall, it doesn't help your overall points much and you only need four categories. If you are allocating your tickets correctly (according to Jones), you shouldn't need it.Ok, first. I am very real. Received my packet yesterday as I stated. I started the process of reviewing such a position a year and a half ago after I had reached the point of no interest in my corporate position. I did not get a warm fuzzy from independents since I do not have an extensive sales background. EDJ’s training process or the process as it is advertised seems a good route for me. I am not expecting it to be perfect but, I believe it will be the best door for me to get started.
As far as LP, its just a sign of the times. We speak in acronyms often now as a part of our culture. I am excited about this role. I do appreciate the positive feedback.To answer the other question about why I said anything about the trip, I have read in other discussions on this forum which alluded to this possibility. I do not know for certain. I can only tell you what the Limited Partner stated and what I have seen posted here.
[quote=Moraen]
What qwerty says is correct I believe. I just don't think this guy is real. Of course, I have been wrong before.
Who says, "I talked to an LP" before they are even hired? I would be interested to know why he would say he gets a trip in the first place. The recruiting credit is usually not needed, especially if someone has LP. As I recall, it doesn't help your overall points much and you only need four categories. If you are allocating your tickets correctly (according to Jones), you shouldn't need it.[/quote] Moraen, First, who is this "qwerty"? I am ytrewq. Second, you are spot on as far as it not being much help. It gives you no gross revenue (as I remember) and you now have to be Meeting Expectations at the time you qualify for the trip. It is highly unlikely you could qualify and be Meeting Expectations and need the hire category to get the trip. Having said that, I do think it should be disclosed as an incentive. As to the issue of the "LP". Don't you kind of wonder why the recruiting FA brought it up? Might be a legitimate reason or might be a reason for the FA to stroke him/her self?The recruiting FA did not bring it up. When I spent my time with the LP, I asked if he received any incentive for talking to me. He was actually pretty open about things, I thought.
All very trueAlthough I agree with Ron14, I also believe EVERY company will try to sell you on their “opportunity”. EVERY company over-promises and under-delivers. Welcome to America!
So, unless starting from scratch out on your own is an option for you, I still believe the training at Jones is very good. However, I would also recommend reading a little outside of Jones, so you can have a better understanding about the job and the sales process.
ytrewq - So the LP told him he doesn’t benefit from meeting with him, but that isn’t a lie ? I have seen guys wrestle with the RL about who gave the credit for a hire. Even if only one of them gets it officially, it plants a seed to the RL that you are working for the cause.
Congrats MSM!!! My only advice, hit the ground running fast, the 12 month salary will be gone before you know it.
I think everyone gets hired, just look on monster or careerbuilder.
Wow, that's stretching it, don't you think? The FA is lying because you've seen guys wrestle with the RL about hiring credits? Weak. I'm going to guess the reason that this guy knows the lingo is that he's done some reading here and he's spoken with a few FAs. In the interview process they cover (or at least they used to) the five ways EDJ advisors get compensated. One of those is LP. It's entirely plausible that if they were covering that line item, the interviewer could have said that he was an LP. It doesn't take very long to get to know some of the basic Jones lingo. LP is a pretty common one and important to the Jones culture. It makes sense that he should learn about that first. MSM - welcome to Jones. The training is very good. You'll still have a lot to learn after the training, so just be aware of that. The focus is going to be on how to build and run your branch, not on modern portfolio theory (which according to the guy on the radio last night is dead anyway). If you want to learn about MPT or any of the other million investment management theories, go get a book at the library or on Amazon. Jones will teach you how to prospect first so that you have people to use those theories on.ytrewq - So the LP told him he doesn’t benefit from meeting with him, but that isn’t a lie ? I have seen guys wrestle with the RL about who gave the credit for a hire. Even if only one of them gets it officially, it plants a seed to the RL that you are working for the cause.
That's B.S. Kim Webb told my training class that Jones's hiring rate is lower than HARVARD'S acceptance rate. So there.I think everyone gets hired, just look on monster or careerbuilder.
Wow, that's stretching it, don't you think? The FA is lying because you've seen guys wrestle with the RL about hiring credits? Weak. I'm going to guess the reason that this guy knows the lingo is that he's done some reading here and he's spoken with a few FAs. In the interview process they cover (or at least they used to) the five ways EDJ advisors get compensated. One of those is LP. It's entirely plausible that if they were covering that line item, the interviewer could have said that he was an LP. It doesn't take very long to get to know some of the basic Jones lingo. LP is a pretty common one and important to the Jones culture. It makes sense that he should learn about that first. MSM - welcome to Jones. The training is very good. You'll still have a lot to learn after the training, so just be aware of that. The focus is going to be on how to build and run your branch, not on modern portfolio theory (which according to the guy on the radio last night is dead anyway). If you want to learn about MPT or any of the other million investment management theories, go get a book at the library or on Amazon. Jones will teach you how to prospect first so that you have people to use those theories on. [/quote] If you think guys don't lick the a** of RL's to plant seeds for more LP you have blindfolds on. Why do you think guys do all of the "volunteer" work in the regions ? Because they like to spend time away from their family and their own business or for LP credit ? So yes, that is a reason he may be lying. The most obvious reason he is lying is because he told the prospective EJ employee THAT HE WONT RECEIVE CREDIT FOR THIS ![quote=Ron 14]ytrewq - So the LP told him he doesn’t benefit from meeting with him, but that isn’t a lie ? I have seen guys wrestle with the RL about who gave the credit for a hire. Even if only one of them gets it officially, it plants a seed to the RL that you are working for the cause.
I believe that you are, as usual, reading way too much into that short statement made by the vet. Again, I would guess that he may have been referring to the fact that he gets no override or any sharing of commissions of the interviewee.
There are a lot of guys who do the volunteer work ONLY because of the LP consideration. However, there are some who are already LPs, run successful businesses, and just want to contribute to the betterment of the region. I would imagine that in a region of small town FAs (unlike mine which is a metro market) the existing FAs might have a bigger stake in who comes into their area. One guy can ruin the Jones reputation for other Jones FAs in other nearby towns. So, if I have some sort of say over that, I'd want to take advantage of it. Borker - Kim Webb was right. But yet you still got in. Curious.Acceptance rate = Number admitted/Number of applicants
Harvard gets 29,277 applicants. They have a 7.1 percent acceptance rate.
That means they accept 2078 people per year.
The following was taken from the Edward Jones website:
Once we receive your completed application, it will be reviewed and determined whether you will proceed to the next stage. Our hiring process is extremely selective. On average, 10% of those who apply are hired as Financial Advisors. If you are selected to move forward, you will be contacted in order to set up a phone screen with our Recruiting department. This conversation will last on average 20 to 30 minutes.
So, either Kim Webb is lying (whoever that is) or the Edward Jones site is lying.
Last stat I heard was 8.9%. Still higher than Harvard though! Maybe we should incorporate a basic math course at KYC.
Also, more people apply for jobby-jobs than apply for Harvard. Most think they won’t get in. I, however did apply to Harvard. Was rejected. Not even wait-listed (you think I have some hate towards Jones - you ain’t seen nothin’). Jones, on the other hand snatched me up pretty quickly.
Also, I’m not so sure that unemployed alcholics that used to work at their brother-in-laws used car lot apply to Harvard on a daily basis. The caliber of the applicants is a bit different as well. I’m not trying to bash the company, just the statistic. You can make anything sound good with the right wording.
for example: Jones excepted fewer people than NASA last year. But what I didn't mention was NASA unrolled a new Internship program for office assistants, hired 35 people to man the new starbucks in the cafeteria, 130 new janitors, and over 1000 Tang mixers. Just don't forget that stats can be disuading.*accepted… not excepted, duh
When a company spends more time selling a job than the product you need to think long and hard.
The way I figure it, I’ve got nothing to lose.
People on here say that if i’m dismissed from the program, i’m not entitled to pay anything back. Although, I have every intent to do well, pass my exams on one try. Produce the quotas and build a sustainable business that I can later on transfer to say, ML/SM/MS/Citi.
If I don’t make it, i’ll atleast have a series 7/66 and L&H licenses.
Where’s the downside here?
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And for the people wondering where I learned the lingo… I interned for a Merrill FA (750mm AUM) and Ameriprise FA (100mm AUM). I’ve considered this business for quite sometime and have done the best I could to prepare for it. Although, i’m still behind on my business plan, and developing a contact database. Those things will certainly come while in training. Why wait? i’ll be cold calling and door knocking the day i’m accepted.
There is no downside … it’s a tough job but what isn’t. You’ll either make it or not. If you make it BRAVO, if not it’s not the end of the world.
Go for it!
I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
Does it matter? I’m sure Wal-Mart might also be able to claim that too. Jone’s say’s it for some reason which might be true depending on how they cut the numbers but we know they are not Harvard and it’s a silly thing to say.
Then it shouldn’t be said. Really?
Volt - you seem like a pretty smart guy. If they fudge things as simple as admission rates, then they'll fudge other things. Not that Jones isn't a good place to start - just trying to make sure people take whatever is said at the mothership with a grain of salt.I don’t think they fudge it, in fact the numbers probably do add up. It’s just silly to say. Any idiot will submit their application on Monster or CareerBuilder. Most people won’t apply to Harvard because they know the won’t get it, it requires some work, and costs money.
I also wish they would not say it but the sub-30s eat it up. Such is life.
[quote=Moraen]I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
[/quote] ummmmmmmmmmmmmmmmmm, I'm a Jonesy. Check page 3.[quote=UNDERMINDED] [quote=Moraen]I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
[/quote]
ummmmmmmmmmmmmmmmmm, I’m a Jonesy. Check page 3.[/quote]
Sorry Under, didn’t take you for a Jonesy.
It is absolutely a dumb thing to say…I think Kim said it on my first day of KYC and I never heard it again. However, they should stop it! I can’t think right now…but i’m sure there are a few more things from training that should be taken out as well! If that is the big complaint, as opposed to who am I working for today…how much are they cutting my payout…will I have a job???..then i’m happy to be working for them!
Other things to take out of training: Stop bashing Jim Cramer and Suzie Orman, it makes you look petty.
Every GP that spoke bashed them … do they really matter? I have more issues with Dame Ramsey people, they are a pain in the arse.
sorry...gotta disagree there...Cramer & Orman are morons and everyone should know it!Other things to take out of training: Stop bashing Jim Cramer and Suzie Orman, it makes you look petty.
Every GP that spoke bashed them … do they really matter? I have more issues with Dame Ramsey people, they are a pain in the arse.
I would hardly call someone (Orman) who has made millions being a financial advisor (which she is - she gives financial advice on her show and in her books) a moron.
Jim Cramer - may be a crook. But not a moron. That moron is still laughing all the way to the bank.
I actually like Dave Ramsey. You get on his good side, and he’ll send referrals your way
Anyway - I find it difficult to tear successful people down. If anybody on this forum makes more than Suze or Jim (and maybe there are some people), please feel free to call them a moron. I will reserve judgement until I have more in muni bonds than Suze.
[quote=Moraen]I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
[/quote] The last time I payed any attention to that figure was back in 2000-2001. At that time Harvard's acceptance rate was running about 11%, which at the time was higher than the EDJ average. This whole thing conversation got started with a reference to Kim Webb, so let me back up. Kim came into the home office in 2000 when she took over responsibility for New IR Training. Like I said before, the acceptance rate at Harvard was higher than the Jones acceptance rate back then. So, if you heard that stat from Kim Webb, she was stating it based on a true fact at the time. Today, Harvard may have a lower acceptance rate than Jones because their acceptance rate has falled dramatically. I've never really cared much about that little stat, but they do like to talk about it in KYC. It might be good for a quick ego boost, but it doesn't mean squat when you're knocking on doors..
Hold on, hold on, hold on a sec…I was hired by a company (Ameriprise) back in '05 and they claimed basically the same thing. Yet by my 2nd-3rd month in I knew they “hired” at least three out of every five people that walked into the office and were willing to pay the licensing fee. THAT is one thing. Making it through the training, licensing time and the pre-appointment (10 clients in 1st 10 weeks) is COMPLETELY different. I would agree that these “hiring” numbers are based not off of who is offered the opportunity to go through training and licensing, but its based off of who makes it through the obstacle course and into their own office. Am I stating something that everyone already thinks is obvious, or do you guys think its based off of a percentage of who gets offered during the interview process?
Hold on, hold on, hold on a sec…I was hired by a company (Ameriprise) back in '05 and they claimed basically the same thing. Yet by my 2nd-3rd month in I knew they “hired” at least three out of every five people that walked into the office and were willing to pay the licensing fee. THAT is one thing. Making it through the training, licensing time and the pre-appointment (10 clients in 1st 10 weeks) is COMPLETELY different. I would agree that these “hiring” numbers are based not off of who is offered the opportunity to go through training and licensing, but its based off of who makes it through the obstacle course and into their own office. Am I stating something that everyone already thinks is obvious, or do you guys think its based off of a percentage of who gets offered during the interview process?
3rd. - it is who was offered a contract.
[quote=wind3574] [quote=Moraen] I would hardly call someone (Orman) who has made millions being a financial advisor (which she is - she gives financial advice on her show and in her books) a moron.
[/quote]
She also sued the firm she worked for[/quote]
Your point? Wind - I know you are making some good money. But Suze used to be a HUGE annuity saleswoman (although she’s anti-annuity now), number one at some firm (Merril?).
Anyway, I would be happy to have everyone on this forum call me a moron (and some of you do) if I had Suze’s money and influence (in that order).
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The “EDJ accepts fewer people than Harvard” thing is lame. IMHO they are two totally different statistics that shouldn’t be compared.
Technically, if you wanted to make these comparisons you could probably argue that you statistically have a better chance of being elected the President of the United States than being hired at EDJ if you compared "applications" (or the equivalent of for the presidency) to "hires".Not to mention, I believe she has a Bankruptcy in her past. They may not be morons (Suzy & Cramer) as entertainers...but they are not to sharp as financial analysts/Advisors..jmho[quote=Moraen] I would hardly call someone (Orman) who has made millions being a financial advisor (which she is - she gives financial advice on her show and in her books) a moron.
[/quote]
She also sued the firm she worked for
[quote=Moraen]
Anyway - I find it difficult to tear successful people down. If anybody on this forum makes more than Suze or Jim (and maybe there are some people), please feel free to call them a moron. I will reserve judgement until I have more in muni bonds than Suze.[/quote]
Actually, I judge somebody by the quality of their ideas and the good they do for family and others, not for how much in muni bonds they have.
One thing I’d add in the Harvard-Jones debate is that it’s easier to make it at Harvard than it is at Jones. Another thing: get admitted to Harvard and you can coast through life with the degree and the associations you make. Get a job at Jones and you start from scratch.
Eff Harvard. Guys from Harvard and Yale are not doing such a good job running this country.
he....for all of you sticklers....I meant not "too" sharp ;)
[quote=buyandhold]
[quote=Moraen]
Anyway - I find it difficult to tear successful people down. If anybody on this forum makes more than Suze or Jim (and maybe there are some people), please feel free to call them a moron. I will reserve judgement until I have more in muni bonds than Suze.[/quote]Actually, I judge somebody by the quality of their ideas and the good they do for family and others, not for how much in muni bonds they have.One thing I’d add in the Harvard-Jones debate is that it’s easier to make it at Harvard than it is at Jones. Another thing: get admitted to Harvard and you can coast through life with the degree and the associations you make. Get a job at Jones and you start from scratch.Eff Harvard. Guys from Harvard and Yale are not doing such a good job running this country.[/quote]
On the Harvard thing - I agree. Much more difficult.
Suze does a lot of people good. Jim - not so much. You can knock her methods, but some very successful women listen to Suze. Three quarters of all my business owner clients are women - all very successful or on their way. All listen to Suze in one form or another.
And from what I understand, Suze takes GOOD care of her lover
Also, there is the notion of morons. Morons simply do not make money. I think if you said “hack” or “charlatan” or “shiny white teeth lady who is kind of a hypocrite who sued her old firm” or “bald guy with rolled up sleeves who really should just ditch the tie and buy a polo former hedge fund guy who now makes stock calls on how his foundation will make money dude” then I would be more inclined to agree with you.
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[quote=Moraen]
Anyway - I find it difficult to tear successful people down. If anybody on this forum makes more than Suze or Jim (and maybe there are some people), please feel free to call them a moron. I will reserve judgement until I have more in muni bonds than Suze.[/quote]
Actually, I judge somebody by the quality of their ideas and the good they do for family and others, not for how much in muni bonds they have.
One thing I’d add in the Harvard-Jones debate is that it’s easier to make it at Harvard than it is at Jones. Another thing: get admitted to Harvard and you can coast through life with the degree and the associations you make. Get a job at Jones and you start from scratch.
Eff Harvard. Guys from Harvard and Yale are not doing such a good job running this country.
Yes. And that is why there is the comparison between Edward Jones and Jim Jones....yet you work for the big green machine. A lot of successful people work there These women became successful AFTER listening to Suze. Because of some the IDEAS she had.[quote=Moraen]
Suze does a lot of people good. Jim - not so much. You can knock her methods, but some very successful women listen to Suze. Three quarters of all my business owner clients are women - all very successful or on their way. All listen to Suze in one form or another.
[/quote]
Alot of successful people listened to Jim Jones…and Adolf Hitler (Both might I add…VERY Intelligent) …Got them far…
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Exactly. Your comparison equates the finance dyke with jim jones and Hitler. That may be the case, but you would have to lump EJ in there. Which I’m sure that there are some guys on here that would protest that. You defeat your own argument.
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Why does someone insert “…” in the middle of a sentence? I know our schools aren’t the greatest, but are they really that bad?
Are you saying that the Jews and others were killed because they were followers of Hitler? That sure sounds like what you are writing. Your lack of command of the English language makes it tough to figure out what you are saying.Yes. And that is why there is the comparison between Edward Jones and Jim Jones....yet you work for the big green machine. A lot of successful people work there These women became successful AFTER listening to Suze. Because of some the IDEAS she had. [/quote] Morean, I think at the very least you owe Miss Windy a thank you for teeing this one up so nicely for you. [quote=wind3574] [quote=Moraen]
Suze does a lot of people good. Jim - not so much. You can knock her methods, but some very successful women listen to Suze. Three quarters of all my business owner clients are women - all very successful or on their way. All listen to Suze in one form or another.
[/quote]
Alot of successful people listened to Jim Jones…and Adolf Hitler (Both might I add…VERY Intelligent) …Got them far…
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[quote=wind3574][quote=anonymous]Why does someone insert “…” in the middle of a sentence? I know our schools aren’t the greatest, but are they really that bad?
Are you saying that the Jews and others were killed because they were followers of Hitler? That sure sounds like what you are writing. Your lack of command of the English language makes it tough to figure out what you are saying.[/quote] LOL Holy crap....you guys will find anything to argue about...Have fun[/quote] When you add ellipses (....) randomly when writing, you sound like a retard. There's nobody on these boards with half a brain who will argue with me.Source URL:https://www.wealthmanagement.com/forums/rookies-trainees/received-offer