EDJ is not for me, been there 9 months and i’m done. Their model does not work here, if you live in an area with nice welcoming people it may be a different story. The DC metro area is not kind to people knocking on their door after they just sat in traffic for 2 hours

EDJ … Forget em.

EDJ you are a door to door American Funds salesman. You are not an advisor. Your toolbox is small. MSSB you have a much larger toolbox and you can always transition to another firm after/if you do or do not make it.

bailmeout, are you on the VA side of the DC metro or the MD side? we may know each other and we should talk.

I’m an EJ guy so obvisiously I’m biased. I’ve been 5 years and started out new with no assets. Qualified for my own office after a year and now have 30 million in assets. Door to Door absolutely does work (i’ve tried all types of prospecting with some success at all routes but by far my best clients and relationships were found door to door) and no you don’t push american funds. The training does not focus at all on one fund family. I know that hasn’t always been the case but it is now. Either way it is really tough at the beginning and the b/d you work for isn’t going to be the difference between you making it or not, YOU will decide if you make it or not. Go with which firm makes you the best offer and you feel the best about. I never looked at MSSB but did consider lynch. Very happy I chose Jones.

SDR: You will get the training you need to succeed with Edward Jones. If you don’t fear rejection or glad-handing prospects, then you can build a respectable book of business. Work your tail off for 3+ years, then get out. If you’re truly a scratch starter you’ll grow tired of the “success stories” of college grads who walked into $40 million branches or new FAs who received generous Goodknights. You’ll get sick of the monthly breakfasts, segment meetings, regional meetings, phone workshops and other Jones indoctrination events. Above all, you’ll wonder why you’re forking out 62% of your paycheck to partners in St. Louis, your BOA’s paycheck and benefits and your office expenses. Get your experience, then leave. Bulldog says it’s tough in the beginning and that’s absolutely true. And I’m relatively certain it’s still tough for bulldog. A $30 million book at Edward Jones means he’s still working long hours to feed the top dogs in St. Louis. Good luck with your path!

a 30 million dollar bookat ed jone and you’re still working like a dog? If you’re charging 1.5% that is $450,000 a year, if you get paid out at 38% you should be doing OK.

SDR949- how long did MSSB give you on salary both pre and post production?

Ulairi, I don’t know of anyone at Jones who has a 1.5% trail. Annuities trail 0.25%-0.5%, Advisory is 1.25. A lot of the book is comprised of front-loaded A-shares that pay a trail of 0.25. That’s because Jones advisors are always looking for the upfront pay to satisfy the partners in St. Louis and survive another month.

Ulairi, I don’t know of anyone at Jones who has a 1.5% trail. Annuities trail 0.25%-0.5%, Advisory is 1.25. A lot of the book is comprised of front-loaded A-shares that pay a trail of 0.25. That’s because Jones advisors are always looking for the upfront pay to satisfy the partners in St. Louis and survive another month.

That’s horrible. The only non-fee based business I do is with individual bonds. Everything else and they get charged 1.5% (less for higher assets). I would hate that grind of having to constantly sell. I’ll be selling my butt off for 5 years but I know if I got up to 30MM in assets I’d be able to slow down becaues of the fee based program.

[quote=ScratchFinisher]Ulairi, I don’t know of anyone at Jones who has a 1.5% trail. Annuities trail 0.25%-0.5%, Advisory is 1.25. A lot of the book is comprised of front-loaded A-shares that pay a trail of 0.25. That’s because Jones advisors are always looking for the upfront pay to satisfy the partners in St. Louis and survive another month.

That’s horrible. The only non-fee based business I do is with individual bonds. Everything else and they get charged 1.5% (less for higher assets). I would hate that grind of having to constantly sell. I’ll be selling my butt off for 5 years but I know if I got up to 30MM in assets I’d be able to slow down becaues of the fee based program.[/quote]

Don’t listen to ScratchFinisher, he just has a preconceived notion of Jones that he got from sitting around here too long. You make your business at Jones just like every other firm, your success or failure as a new FA is up to you. If you want to build a Fee based business at jones, go for it. I personally have about 1/2 of my book at jones as fee based. With the new FA program that came out earlier this year… I honestly don’t know how you can fail at Jones now unless you simply aren’t doing anything. 2 years of salary (Nothing to pay back, actual salary) and a new asset Bonus monthly that you can live off of if you are bringing in the assets. You can build a fee based business from the start now if you so choose.

No one will fuss at you for low Gross numbers at jones if you can show them you are opening decent accounts and bringing in assets, they just happen to be going into Advisory.

There is a base number that if you hit you get $200. That base is between 100-150k per month depending on how you start ( ie scratch starter, get assets, etc). Anything above that it is tiered. I’m not certain the exact numbers but something like 50-100k above the base is $1 per thousand, 100-150k is $1.25 per thousand, 150-200, is 1.50 per thousand, etc. Example would be, bring in $400k get around $400. Bring in a million, get close to $2,000. It is a big improvement from the new account bonuses they used to offer.

Also in response to scratchfinisher above. I work 8-5 monday-thurs and usually finish up after market close most fridays. I work less at this job than I have at any job before. I’m pretty sure that’s not considered “long hours”. It’s not the 9-3 mon-thurs that some vets in my area work, but that day will come.

When do you go door to door?

For future candidates considering EDJ

I don’t work for EDJ, and never have. So i apologize up front if i’ve any part of this wrong.

EDJ isn’t the horrible place some make it out to be. There you will learn to sell or you are gone. That they actually have stuck with a transaction model for trainees is a smart move on their part. While the wires are scratching their heads trying to figure out why the fail rate with trainess is so high as they feed them the Fee Model Cool Aid, EDJ gets trainess out of the starting blocks with transactional biz and then leads them to the fee path if they want to take it. In that sense they are a bit of a throw back to the way it was 10 or more years ago in the industry.

The negative on EDJ is their rep. For seasoned advisor, if EDJ is not the only choice then it’s usually not the right choice. But starting out, build it big!!!

What’s the difference between the wealth advisory position at Morgan Stanley and its financial advisor trainee program

What’s the difference between the wealth advisory position at Morgan Stanley and its financial advisor trainee program

Big difference in that you have 18 months before you’re “on the clock” as an FAA. During that time you’re working with advisors in your coverage doing financial plans. Great experience.

How’s the income potential as a wealth advisory associate? So ur saying that the wealth associate isn’t on the clock for 18months? That sounds a lot more stable than an faa

[quote=airisthere]What’s the difference between the wealth advisory position at Morgan Stanley and its financial advisor trainee program

Big difference in that you have 18 months before you’re “on the clock” as an FAA. During that time you’re working with advisors in your coverage doing financial plans. Great experience.[/quote]

Not correct. After you obtain your licenses and get back from PS1, you have 18 months until your salary starts to decline and then drops off at month 24. When you come back from PS1 and get your FA#, you are by all accounts “on the clock” and your first hurdle is 3 months away…

That’s what I thought. I was just trying to find out the difference between the two different positions and the income potential for both