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Edward Jones Behavioral Interview

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Feb 19, 2010 3:39 am
donte_drink&drive:

“And the model isn’t flawed. I haven’t seen Jones merging or going out of business or even laying anyone off in these tuff times.”

Also, that is false, they just had to sell all of their European Branch/Offices at an extreme loss

  This is true but you're spinning a bit here - Jones did sell its UK branches (we didn't have any in Europe, just the UK. If I remember correctly it was less than 300 brokers in total, out of 12,000+ firm-wide.   The UK operations were never profitable and increasing the branch count was making the matter worse, not better. It has a lot to do with real estate and labor costs in the UK that make the EdJ model impractical. We didn't have to sell the UK operation; we chose to sell rather than compromise the single-broker office model. And even then, no one was laid off - the home office staff who supported the UK were re-absorbed back into the US / Canadian operations.   The biggest gripes you will hear around Jones as a result of the recession is that there was a year-long wage freeze (but no layoffs), some of the Goodknight and Legacy offices were put on hold for longer than normal, and partner bonuses were gone for most of last year. There is talk of cutting underperforming rookies earlier than week 17 and having underperforming FA's in higher Segments revert back to lower Segments if their production is below standards, but I don't know how true that is.    I know this will curl the toes of all the Jones haters here, but the company really is doing just fine.
Feb 19, 2010 3:09 pm

Bitter?  I have nothing to be bitter about with Jones, I’m just telling him how it really goes.  On average, 1 person in the class of 15 will make it but all 15 will do something to benefit Jones (for the most part) which is why they continue to do it.  As for the girl, she is not in my region so I have no idea about the detail surrounding her situation, but you cannot deny the fact EDJ is quick to cut/fire new FA’s.  Not that I completely blame them, I’m simply telling the guy how it works.  Even my RL will tell you that about 1 out of ten New FA’s will make it for more than 5 years

Feb 19, 2010 3:24 pm

Actually, when I was still at Jones (haha Still@jones), there was a guy who got cut two weeks before PDP, after he had deposited a $600k check and was going to make the trades.  He got the call on the way back from the bank, after the deposit was made (and entered into the Jones system).

I actually know this for a fact, because he used my office to do it.  Would have qualified right off the bat.

The joke was on Jones though.  He immediately walked into an RJ office and was hired and the 600k was pulled from Jones (and yes, I’m sure Jones didn’t care all that much).

The UK was going to fail from the beginning.  Where did the brokers go?

Of course Jones is doing just fine.  The business model is actually pretty good.  And they are getting more ruthless (which is a good thing sometimes).

Feb 19, 2010 3:56 pm
donte_drink&drive:

… but you cannot deny the fact EDJ is quick to cut/fire new FA’s …

  Yes, yes I can. I know of several people that were kept at really, really low production levels for months, if not years. Right now in my region we have a couple of people that I don't think have ever been above expectations and consistently been significantly below. But I know that they work hard, "do the right things" (FAST adopters, attend meetings, follow the recipe), run a good business.   Overall, the company has a great heart and does the right thing.
Feb 19, 2010 4:10 pm
inlandTX:

HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all.



I am always amazed that the Jones model works.

As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I'm in my office and I see other people in the struggle.

I would agree with InlandTX that most Jones reps have either a social aversion...or, my opinion, they like to drink at work. Not that there's anything wrong with either - it's just not my style.
Feb 19, 2010 4:45 pm
donte_drink&drive:

congrats on moving on dlc but let me help with something…when you said EJ has not been laying people off, you were severely mistaken.  You always here sales is a Numbers game, well that is what EJ is playing, a numbers game.  You’ll get hired and fly up to St. Louis and spend a week learning how to knock on doors.  Hundreds of people will be there and you’ll have about 15-20 people in your class.  On average, about 2-3 people in your class will make it to PDP and on average, EJ will fire all but 1 person per class after 3-5 years.  They essentially send out a small army to knock on doors, market the firm, and bring in some business, but get rid of them and give the business to tenured FA’s.  A girl in Charlotte needed to make one more sale to get to PDP.  She managed to get a $500,000 sale (in mutual funds) and should have gone to PDP.  However, EJ fired her the day before the check came in.  Now a senior FA has that $500,000

  I hear you, but your numbers are flawed.  I am out almost 5 years, and about 45% of my entire class (out of maybe 85-100?) is still with Jones.  I can check it in the system.  More than half my own class (like 12 people) are still here.    2-3 people out of 15-20 go back to PDP?  That is just way off.  They fire everyone but 1 after 3-5 years?  So that would mean that out of 100 or so people, about 7 will make it.  Not even close.  That would mean for them to keep hitting their growth goals (such as last year, to keep like 900 net new FA's), they would need to actually hire like 12,000 new FA's per year.  You are just way off.
Feb 19, 2010 5:15 pm

5% make it 5 years - his numbers seem right on; although the early attrition seems a little steep.



Feb 19, 2010 8:31 pm
B24:

[quote=donte_drink&drive] congrats on moving on dlc but let me help with something…when you said EJ has not been laying people off, you were severely mistaken.  You always here sales is a Numbers game, well that is what EJ is playing, a numbers game.  You’ll get hired and fly up to St. Louis and spend a week learning how to knock on doors.  Hundreds of people will be there and you’ll have about 15-20 people in your class.  On average, about 2-3 people in your class will make it to PDP and on average, EJ will fire all but 1 person per class after 3-5 years.  They essentially send out a small army to knock on doors, market the firm, and bring in some business, but get rid of them and give the business to tenured FA’s.  A girl in Charlotte needed to make one more sale to get to PDP.  She managed to get a $500,000 sale (in mutual funds) and should have gone to PDP.  However, EJ fired her the day before the check came in.  Now a senior FA has that $500,000

  I hear you, but your numbers are flawed.  I am out almost 5 years, and about 45% of my entire class (out of maybe 85-100?) is still with Jones.  I can check it in the system.  More than half my own class (like 12 people) are still here.    2-3 people out of 15-20 go back to PDP?  That is just way off.  They fire everyone but 1 after 3-5 years?  So that would mean that out of 100 or so people, about 7 will make it.  Not even close.  That would mean for them to keep hitting their growth goals (such as last year, to keep like 900 net new FA's), they would need to actually hire like 12,000 new FA's per year.  You are just way off.[/quote]   2-3 going back to PDP isn't quite right but not that off out five years. I had 20 in my class, 6 are still in the industry, 3 still with Jones, 2 of those inherited small books and hit seg 3 but aren't doing anywhere close to seg 3 numbersand are thinking of leaving. The one other started from scratch and is still there, no idea how he is doing though.
Feb 21, 2010 1:38 pm
Moraen:

Actually, when I was still at Jones (haha Still@jones), there was a guy who got cut two weeks before PDP, after he had deposited a $600k check and was going to make the trades.  He got the call on the way back from the bank, after the deposit was made (and entered into the Jones system).

I actually know this for a fact, because he used my office to do it.  Would have qualified right off the bat.

  Again, my guess would be that he was lagging in all of the other areas. It's not just gross commission that keeps a person around - being active in the region and having a plausible pipeline is much more important than scoring one big fish. I bet the guy had 8-9 accounts out of the required 26 and that's why he was dropped.   Another case in point - we recently had a guy (who was a banker for years) come in and score a big sale right out of Eval/Grad - his commission was high enough he literally qualified for PDP in week 1, but by week 17 he had only 6 accounts. It was obvious he wasn't doing the work.  So they cut him after giving him an extra 4 weeks to open another 8 accounts. Turns out later that the big sale was also an in-law.   Jones can't rely just on one metric to decide whether or not to keep a guy.
Feb 21, 2010 1:42 pm
Lawrence:

[quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote]

I am always amazed that the Jones model works.

As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle.

I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style.

   Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed.  And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash.   It does get lonely at times, so it's really important to keep in contact with others in the region and get together often. I think that's one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.
Feb 21, 2010 4:58 pm

It’s amazing to me how post after post Jones gets hated on…I must say though, when you’re at the top, people tend to hate you when they don’t even know you (or your company).

Feb 21, 2010 5:18 pm
inlandTX:

[quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote]

I am always amazed that the Jones model works.

As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle.

I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style.

   Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed.  And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash.   It does get lonely at times, so it's really important to keep in contact with others in the region and get together often. I think that's one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.[/quote]

Sorry inLand.  You are not your own boss.  At least not until you get to Segment 4.  And how many people are languishing in Segment 3? 
Feb 21, 2010 5:59 pm
Sensemaker:

It’s amazing to me how post after post Jones gets hated on…I must say though, when you’re at the top, people tend to hate you when they don’t even know you (or your company).

Nobody gives a damn what you think, let me guess, going through the hiring process?
Feb 21, 2010 6:28 pm
inlandTX:

[quote=Lawrence] [quote=inlandTX] HINT: Jones wants people who admit they don’t always want to play nice with others. We’re a one-guy-in-an-office kind of place, after all. [/quote] I am always amazed that the Jones model works. As a career changer, I could never work for Jones because I am certain I would fail. For me to get through each day, I need to be able to draw on the experience, comradery and synergy I get when I’m in my office and I see other people in the struggle. I would agree with InlandTX that most Jones reps have either a social aversion…or, my opinion, they like to drink at work. Not that there’s anything wrong with either - it’s just not my style. [/quote] Not social aversion, just really wanting to be our own boss and not wanting to be micro-managed. And I must admit that there has been booze in the office, but that was for a Chamber ribbon-cutting and mixer. During the work day I sip only on mouthwash. It does get lonely at times, so it’s really important to keep in contact with others in the region and get together often. I think that’s one more reason Jones wants to see you participate in regional activities so much - someone who engages the team every so often is more likely to survive long-term than someone who goes at it completely alone.


I always thought the mouthwash was for the guy who sits near the boss. At Jones, you are free to hit the wine-box!



Feb 22, 2010 2:29 am

Very good information

Feb 24, 2010 6:11 pm

Just thought I’d update what’s going on, don’t really know if anyone cares but maybe there’s someone who reads this for information on the interview process…



Finished my behavioral interview a week ago, they ran my background check and that has taken a week. Everything checked out good ( I do have collections on my credit report, but I sent a letter to compliance so I guess it’s alright). Just have to take a drug test and schedule my f2f interview.



Everything is moving along quicker than I thought it would. If they have taken me this far and done the background check do you guys think I am in a good position to get an offer. Thanks for any of the helpful comments.



Feb 24, 2010 6:31 pm

Do NOT forget to bring a toaster to your f2f interview. I cannot stress this enough.

Feb 25, 2010 12:47 am

[quote=dlc008]… do you guys think I am in a good position to get an offer…



[/quote]



Yeah, I think you’re in perfect position to get the offer.



Your offer: We’ll happily pay you minimum wage for the next three years, and expect you to work promoting our brand name on every street in your home town by going door to door no matter what the weather. As an added bonus, we’d like you to volunteer in service organizations so that if you fail, you won’t feel like showing your face in your own hometown ever again.



If you decide to quit, before the 1000 days of this treatment is over, to leave we reserve the right to charge you up to $75000 for this privilege. Finally, we consider all the clients you ever bring to our company ours, not yours.




Of course, I’m assuming you mean, by being in perfect position you’ve dropped your drawers and have your a$$ perfectly pitched upward. Good luck.



Feb 25, 2010 4:57 am

Jealous



Feb 25, 2010 5:03 am

I really do wonder what is with all the d-bags here. I mean I will keep on reading because most of it is funny, but I really can’t take much of anything too seriously. You may not have liked EJ but I know people in the firm and think it’ll be alright. I’m not much for being an independent, I like having the backing and name on my office. I know I know it’s not “my” office, but it is where I will do my business so you don’t have to point that out.



I’ve done my research and picked what I believe the best choice for me. Im happy, my wife’s happy and thats all I need