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Nov 5, 2008 7:58 am

I’m in the interview process with Edward Jones and wanted to get some
feedback from some current employees on if they leverage insurance
products with EJ.  If so, what is the commission rate?  Does EJ do a
decent job at teaching the risk aspect of financial planning?

Nov 5, 2008 3:54 pm

In the begining, they don’t bring it up.  Usually when you have been in business for a while do they start teaching insurance in St. Louis.  Insurance vendors are willing to come to a new brokers office to teach starting day one.

Nov 5, 2008 4:24 pm

expect no insurance training in the first 12 months.  in all honesty, there is little investment teaching overall.  the entire focus is on activity, which, at the end of the day in year 1, is the single most important factor in your success.

you will be given roughly 5 insurance companies you can write, including Met, Protective, Lincoln, Hartford and I am sure a few others.  those were the ones  i remember.  if you write a term policy with a monthly premium of say $100, you will first take the payout from the insurance company and THEN it will run through your grid of 40%.  so if the commission is 75% on the $100, $75 will run through the grid, and you will be paid $30.  you get paid as the client pays, nothing is annualized.
Nov 5, 2008 4:43 pm

Well, like msot firms, much of the training will come from veterans and wholesalers.  But from my perspective, I have learned a lot from two of the wholesalers, both of which are really only focused on the estate planning aspects of life ins.

  However, I HAVE received a lot of training from Jones.  I am less than 3 full years in, and we have had training on a lot of advanced planning concepts with life insurance.  I can't tell you if that was always the case, but it cerainly is now.  No, as a new guy, they aren't going to teach you how to leverage or equalize your estate with life insurance, or build dynasty ILIT's, or protect a family business.   But I find most advisors at most firms learn this stuff from wholesalers, veterans, estate/tax planning councils, estate planning attorneys, etc.   A few other things: like mututal funds, you can choose from many other vendors.  However, unlike funds, if you do not want to use one of the 5 vendors (Met, Hartford, Lincoln, Protective, Genworth - and there are some additional ones for LTC and annuities) you can make a request to Jones.  You just need to have a valid business reason why you can't use one of them (not sure what another insurance company could do that they could not).  
Nov 5, 2008 4:49 pm

Good stuff, thanks for the feedback.

Nov 5, 2008 5:00 pm

B24 is correct.  Jones is not going to teach you insurance.  You will need to leverage your wholesalers and pick their brains and THEY will teach you as much as you are willing to learn.  In the end, you only truly learn by doing anyway.  The insurance wholesalers are very active with Jones reps and will basically sell for you in client meetings, while you learn along the way.