Edward Jones with no formal education

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Aug 17, 2009 7:17 pm

I recently applied for a job with EJ on the internet. I got past the initial application and i have my first phone screening coming up tommorow. Ive been doing as much research as i can and am growing concerned with my lack of formal education. I never finished high school but was in the mortgage business by the time i was 18. I made quite a bit of money and led a 20 person sales team by my 21st birthday. By 22 I left my company and started a hard money lending company with an associate. We raised a tremendous amount of money privately and lent it out for a healthy profit. What Im getting at is, Ive had doors closed in my face, been hung up on and understand the persistance  of sales. Ive wanted to get into this industry for sometime now and feel that with my sales background Id be good at it. Does anyone have any ideas if i have a snowballs chance in hell at getting hired or can suggest a firm or general direction to getting into this business. I really think I have what it takes. Ive been in real estate financing for almost 8 years now and can sell and not get discouraged. Thanks for all your help!

  PS - I will be moving forward in the hiring process no matter how discouraging things may seem. If i cant sell a recruiter on why to hire me, ive never sell anyone on why to invest with me.    
Aug 17, 2009 7:24 pm

Cant blame that one on me. Ive been doing high yield foreclosure bailouts for the past two years. Ive also moved to FL from NY and kinda hope my “up north” work ethic will give me a step up on the laid back locals. (I have nothing against Floridians. Just the lazy ones) As far as personal credit, I learned at a young age to pay cash and put as much through my companies as possible. How large of a factor do you think that is. I havent even seen my credit in 5 or 6 years!

Aug 17, 2009 8:06 pm

Education will not be a hurdle for you with most firms.  I would think that if your credit report could pose a problem you would most likely know about it.  Go to www.annualcreditreport.com you can get a free report.  Read and click very carefully, they will try to “trick” you into buying premium services.

Aug 17, 2009 8:13 pm

How much does personal credit weigh into hiring. Im sure its not good from when I was 18 and 19 but by the time I was making real money, I never utilized it anymore.

Aug 17, 2009 8:25 pm

I can tell you that in SOME cases they will look past it. However, if you were irresponsible and made no effort to rectify the situation than I think your chances would be substatially less. I know two past coworkers at EDJ that had bankruptcies on their record, I also have heard of people never making it in the door with a consistent record of “small mistakes” that were never taken care of. To summarize we dont know your situation therefore I’d say your chances are 50/50. Good luck,

as an aside I read your previous thread as well, and I would recommend you pursue other avenues than EDJ if you already cringe at the thought of doorknocking. Their style is neither good nor bad, but if you arent commited to the business model 100% from day one, your chances there are slim to none. My advice is find a frim that is more conducive to your desire to cold call.
Aug 17, 2009 8:37 pm

Ive gotten a similiar reply on my other thread, but between my lack of education, and where im located, is finding another firm a viable option. Any suggetions of major houses that fall into what im looking for? I would most definetly be commited to the business plan but I find myself doubting if thats the direction I want to go.

Aug 17, 2009 8:40 pm

Step one: Get on the internet (I think you got that)

Step two: Go to www.careerbuilder.com

Step three: Search "Financial Advisor"

Step four: Apply at those places

Your lack of education is not a big deal. If you started a company that succeeded, most firms will want you.

Personally, I think your screwed since you haven’t even LOOKED at your credit in the last few years.

Aug 17, 2009 8:47 pm

In all honesty, My d&b ratings for my companies are in the high 80s and allow me to borrow pretty much anything I need without a personal garuantee. fixing my past indescretions is on my list of things to do. I apprechiate the advice

Aug 17, 2009 10:52 pm

And as per your advice Moraen, all thats listed in my area is Northwest Mutual (needs a 4 year BA) and MSSB. Anyone know if MSSB pushes you towards the same "doorknocking" approch to sales?

Aug 18, 2009 8:47 am

My guess is NWM would still hire you. From what I understand (I’m not the person to ask here) MSSB and NWM do NOT require that you doorknock.

By the way, you can doorknock at Jones when your Field Trainer is looking and cold call the rest of the time. They really don’t care.

But if you aren’t getting any prospects, they will tell you that you should be out doorknocking.

Cold call to your heart’s content.

Aug 18, 2009 9:23 am

My suggestion is if you want to cold call - go to a firm that does it as its primary prospecting method.  Can you cold call at Jones?  Yes sir!  However, I think you’d be better served to be in an environment that embraces it.  Has pre-made scripts.  People to listen to your calls. Etc. Etc.

Jones guys (including myself) are always posting questions about what people are pitching, how the do it, what they say, how they build lists, etc. etc.  I think ML and MSSB guys are busy busting out calls - however from time to time they do ask for door knocking tips.  Like one or two threads a quarter.

If you don’t think you’ll need the scripts, etc. etc., go to Jones.  Why not learn both methods? Door knocking rocks, it’s the best ever, I love it…

Aug 18, 2009 10:15 am

You seem like a confident guy. I am young myself and have had no issues knocking on doors, although a phone may mask the age a bit. If you dress proffessionally and display the confidence in the track record with sales that you have had before you can easily be a rockstar. I may not make as many contacts door knocking than I would with calls but the people I meet I will have 10X the closing rate with. It is MUCH easier selling yourself and the trust factor when people have the ability to size you up in person. Approach people with confidence and courtesy and speak to them as if they were the new neighbors who just moved in and you were bringing them a welcome basket of cookies. With phone calls its a bigger number game in my opinion. But the choice is yours, it is always good to apply at many firms and YOU make the decision.

    That being said I think EJ has the best of both worlds in that you can prosspect however you like. I like the combination method personally. Business knock, Res. knock, Lunch, Bus. knock, Res. Knock, Phone calls in the evening/and if the weather isn't to my liking.
Aug 19, 2009 12:21 am

Well, you know it’s easier to get into Harvard than it is to get hired by EDJ.  WTF? I heard that BS from a GP again recently. That’s close to, if not THE dumbest thing I hear from that company. Anyway - in the real world your sales skills matter. One thing you might try to work on is your spelling. If someone spells really poorly, I think it’s noticed. Other than that, I didn’t see if you have a GED? I know some places won’t hire someone without a diploma or GED. Unfortunately I have a family member who could have gotten hired on at a school (with all the state benefits) but he’s 38 years old and doesn’t have a GED simply because he’s too lazy. You can do the work, just have to get past the hiring stage. Good luck to you. I say go for it.