To EDJ or not to EDJ?
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I know the difference between options trading and using puts and covered calls to hedge large stock positions. It’s still technically options trading. Call it what you want.
So, that's one thing that some EDJ guys would be able to use in their biz that they can't do now. I still don't think that's enough of a reason for us to tell this guy not to at least put Jones on his list of companies to explore.I can only judge from my interviews at SB and ML and by what I read from company litature and hear from other FAs, primarily from EDJers on this forum. Can anyone name a Regional Indy who takes in and trains new FAs?
There are several in my part of the country.
------------------------------------------------------------ EDJ4now-Great points. Once you lose one client over this issue, you lose all referrals from that client as well. Then (as happened here) you become known as the "nice guy that can't do everything that other brokers can do."Cut the kid a break. Wait until he gets halfway through training, think how great EDJ will seem then!!! I personally think that training sucked, and I went through one that was considered very good. What they do not do is prepare you for anything beyond being a vanilla broker with some basic product knowledge of some basic products and a process for selling. I knew how to sell going in, and have received far more REAL training in my branch office from experienced brokers. Do not depend on firm literature to set expectations for support, training, or patience. It is a different ballgame once you get licensed. It is eat or be eaten. As far as the options discussion, wouldn't you want the ability to fulfill as many client needs as possible (at least the availability)? The client that wants these "get rich quick, risky, gambling" (from EDJ website) types of investments are exactly the clients you will want the most... the HNW client. To be clear, options and futures, if used properly WILL reduce risk. You just need to know what you are doing.[quote=lambda]I’m halfway through the EJ interview process and IMO, they are one of the few firms that I’ve found to be the best place for a newbie to start. Why? Because of the training, support and patience they have with new FAs. The alternative, and possibly better training, are the larger wirehouses which have stricter and larger production hurdles. Indy might be better, but where is the recruiting, training and support of new FAs?[/quote]
Uff da. If you haven’t even been hired yet, how can you possibly judge the actual training and support EDJ provides, much less what others provide?
BrokER24–You are starting down a very slippery slope my friend…your attitude is starting to show in your posts. I suggest injecting more juice…Or call you local LPL recruiter…
No. I'm fine. I guess I am just finding it necessary to point out that I am AWARE of the tradeoffs I accept at Jones. I thought people had finally O.D.'d on anti-Jones talk for awhile, but for some reason it is back with a vengance. I'm starting to get a little turned off by all of it. I used to learn a lot on this site, but it seems the only things I am learning is how much former Jones people hate Jones, and all the reasons. I am not "pro-Jones" or "anti-Jones". It seems to me that it has far more to do with the person, and less to do with the firm. For my situation, Jones was (and still is), the only option. I would never go to a wirehouse (not that they're bad - just not for me), and being Indy is just not an option yet (and was less of one when I started). There are no indy firms in my immediate area (other than several solos), and I didn't know what the hell I was doing anyway.
The truth is, most experienced Jones FA's are aware that they are not going to compete for the ultra HNW individuals. They don't always know why - they just know. But I think we are well positioned for the mass-affluent, which is the vast majority of investors. To compete for the UHNW, and even the upper HNW, we need to change our business model. But that's not going to happen - by choice. I personally have to decide whether I am comfortable with that or not. I could be very comfortable doing what I do. I could also be very comfortable going indy (and make a little more $). I also have to decide if I want the headaches that go along with it. Time will tell. But it is at least 3-5 years away for me. I live in a very affluent area, but there is a lot of "old" money that is generally with the old wirehouse guys that have been in town for years. I won't have access to that money for some time, so I have developed a strategy to nurture relationships with those people, while building my book with some other "core" clients. At some point, I will have cemented enough relationships to go indy, but not yet. Maybe by then, Jones will have made me rich beyond belief ( ), but again, only time will tell.
[quote=Broker24] I’m starting to get a little turned off by all of it. I used to learn a lot on this site, but it seems the only things I am learning is how much former Jones people hate Jones, and all the reasons. [/quote]
My suggestion would be for you and spiff to not join in on these debates and let the anti-jones crowd do their circle jerk till they run out of steam and then the thread dies sooner. I mean your arguing with people who can’t tell the difference between an employee bonus program(profit bonus that includes a $1300 tech hurdle) and out of pocket expenses.
Pair that with the fact this is a forum and they will ignore any reasonable point to the argument to attack the easy target and it makes for pretty pointless exercise.
I was at Jones for almost 14 years–I left > a year ago and went LPL. I had to get deprogramed some what. I DO NOT HATE JONES! I hate the way they reacted after I left but I understand most firms do that. Even if you like the commission based route like selling A share mutual funds–you do end up much better at the Indy firm after the transistion. I am in a office with another LPL Branch Manager–we are two seperate branches sharing space together and sharing expenses. We also fill-in for each other during vacations–illness–ect… We have a buy sell agreement should someone cross the center line! We share an assistant so our cost stays low. It is nice to be able to hedge a portfolio with some commodities funds–ETF’s–structured products–real reits, not reit funds! Another example, recently a client needed a better HSA than the bank. I was able as a IAR to do an hourly fee to find and set up for all his clients one with Vanguard. My fee was $250 hour and it took me several to do the job. He was happy and so was his employees. Those are the kind of things we could not do at Jones.
I think Jones for the most part is a good place to start and stay if you are happy. What Jones isn't is an illusion of ethics and fairness! Jones bugs the hell out of everyone to due recruiting--I did it and recruited over 17 people in my career. I did a Goodknight Plan and keep my numbers up. But when they ask me to do another Goodknight Plan and I said no, then when LP came up again my amount of LP was a little more than a third of what I expected. I sat down with my regional leader and said I understand I will never be a regional leader or a GP--but why so little in LP...the young regional leader said you should have not taken the Goodknight Plan request as a request! I knew it was time to move on. So all you hard working Edward Jones FA's who are busting your A__ to recruit, mentor, grow, ect who hope to one day move up to the next level as a regional leader--understand your chances are small! Indy isn't for everyone either--some people need a sturctured enviroment to grow. But being a Indy--I am my own bonus--my own LP/GP--my own trips! I control costs and services with a higher payout!BSpears - "Good for you Broker24…explain to me the headaches with going Indy?? "
Sorry, can't use Reply command for some reason.... - MY biggest concerns/headaches are the unknown - how many will come with me, how difficult and costly will it be to set up new business, upfront costs, real estate, should I hire an assistant and if so how can I pay her benefits, getting my own benefits, arranging the accounts (I don't like the idea of setting up accounts at the fund companies - I prefer holding everything in one account), etc. Fortunately, I am not even considering it right now. It is at least 3-5 years away.Roadhard-----what do you mean by, “the young regional leader said you should have not taken the Goodknight Plan request as a request”. What does this have to do with becoming a LP or GP?
The RL gave him less LP because he did not do another Goodkinght Plan when “asked”.
Since I refused to do a second GoodKnight Plan–I was blackballed! The regional leader has a lot to say about how much LP you receive and when a regional leader retires, goes to HQ, ect… they have a lot to say who is going to replace them! Lambda, if you don’t recruit, mentor, or do a GoodKnight Plan – you are not going to receive much in LP! You also will never be a team player so you will never be GP. I had done a GoodKnight 5 years before, a successful one, even my own former GoodKnight was offered twice as much LP as I was on the last go around! The amount you will receive is based on a lot of factors but believe me, the regional leader (and mine was a GP) has a very large input!
Well, I am now a daddy! I have read over every post, and again the information is great. I do not think that working under an indy is an option right now, and I am not sure about some of the other firms. Can anyone tell me about training salary for other firms while studying for the 7 and 66, graduation bonus’, first year salary, working as a team or individual? It seems to me that you will get rewarded for your efforts no matter where you go, some pay a higher %, but what are the trade-offs? I think that knowing that I’d have my own office and assistant would be a plus, are there anyother firms that offer this other than indy and doing it yourself. If I go with Jones and work hard for 3 years and finish my training, how much more experiance would I need to go Indy? What all is required, needed, a plus, to go that route. Thank you all for the help!
Congrats–I have kids and grandkids–that gives me the right to say they are like puppies! They are sweet and neat to watch grow “Until about age 13 to 17” then they become like teenagers who know more about life and everything else Dad! About 16 years from now they are going to wonder how you made it so far! Why aren’t you in a nursing home or something! But really congrats–may your child have a wonderful, long and healthy life!
As an Indy I would tell you--go to Jones! Just don't tell Spiffy I said that!Congrats Dad!
My advice still stands. If I had to do it again I would hit the streets, find a local firm(something like Smith, Smitty and Smithers, you know what I mean) in my local town. Tell them what you want to do and see what you get. I would exhaust this before going to EDJ.
An office and an assistant(even if partial assistant) will be there already. Your pay, benefits and traing will be different from firm to firm. The support I got from EDJ those first yrs was not worth the cost of the following years. And, as you have read, when you leave EDJ they can turn into the nastiest company. Bottom line-You have to go out in the community and gain peoples confidence. The firm you are with has little to do with this. Keep us informed of your decision.Congrats on the Baby!! And to your question regarding training pay…I could be wrong but I think EDJ is the only firm that pays you a salary during the series 7 & 66 studying. They also pay you for 12 months past your can sell date, it just tiers down every four months. In some bank programs you can get paid while your being licensed but you have to deal with other factors like being a PB opening checking accounts, HELOCS, etc…
Hi people, been reading the forum post on EJ for a bit. I’m 42, senior purchasing director for an automotive parts wholesaler, have a mortgage, teenager, etc. I have been trading stocks and have developed a great love for the market. Most people in our company come to me for investment advice. So recently our company was purchased by an investment capital company. Management is terrified. I’m looking for a change, contacted EJ…did the profile…had the first phone call, got another scheduled for Wednesday. Why am I posting? Well not because I’m terrified of the 7 or 66 but because after reading all the input about EJ…I have started to think I’m making a mistake. We haven’t discussed money yet, but based upon what I see on here, I may need to consider day trading. Do you think that I am too income dependent to make it with EJ? My annual is 60k and bonus. I have many business and personal contacts. Maybe since I’m not in the industry and have nothing to bring to EJ I had better consider another route. Anyone share an opinion?
Thank you very much, Todd