Edward Jones worth it?
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Spiff,
I never once said I wasn't successful at EDJ. I was very successful. I left not because of partnership or money. I left becuase of integrity. I told my wife a few years back when changes started to show up that the day the firm made me choose between them and my clients I was out. If someone tells me basically I'm not producing enough from my assets (aka CHURNING which is illegal) should say something about the firm. I don't know how long you have been out but maybe you don't know how things work. I have one responsiblity that is to my clients! I will never do anything that crosses that line. It wasn't about the money it about principals. When, the firm cares so much about $$$ it will eventually catch up with them. Pushing people to give clients to new broker is the design for disaster. If you ever read your partnership paperwork, one of the risks with EDJ is that within 5 years 7 out of ten brokers will have less than 5 years experience. Spiff your comments have implied that you think I want to still be there and that is completely false. I left on my terms and never looked back. I now have a my own practice which I have no corporate bullsh*t. I don't have to go to any meeting which were nothing but a cheerleading session. I don't need to have someone tell me how to sell mutual funds with the ICA Guide. Now for your comment about family. I love my wife and she called EDJ the "Firm" ever since I started there. Watch the movie and you'll see some very interesting similarities. You have people telling what to sell, how to do your job and who you can go on vacation with!!!!! Hummmmmmmm. She was behind my move 110% and the only thing she said she would miss was the div trips. I told her we would take our own. I just got back from a med cruise jan1-15 (barcelona, rome, athens, turkey, egypt, malta). It was great and I'm going to take another trip this fall but not sure where. Spiff, I told my story to let everyone know why I left (Not to slam EDJ and not to Promote them). I also wrote it, to let people know the mud you sling about people not making because they aren't doing the right work is garbage. Keep drinking the "Cool Aid"! PS: Partnership is something you are given usually for free. Not something you have to buy which you pay a little down and it pays itself off over a couple of years. Oh, Yeah you get to pay phantom income tax on it......... run a hypo after tax on CWGIX and Partnership you might be suprised with the outcome? Just an ideaFool - You must have a reading comprehension problem. Nowhere have I said that you left Jones because you failed. Nowhere did I imply that you still wanted to be with Jones. In fact I’m pretty sure that by the time the vet that got under your skin said anything to you, you were already headed out the door.
Who pushes people to give assets to new FAs? Are you talking about the Goodknight program? Because if you are there are hundreds of FAs out there that will tell you it was a good thing for them. Both on the vet and the new FA side of the table. I'll argue that point with you all day long. And you'll lose. I understand your point with the div trips. But, you used the wrong term. You used the term vacation. It's not a vacation. Nobody tells me who I can take with me on vacation. The firm can, however, tell me who I can or can't take on a company sponsored trip. I know it's a semantics game, but when the firm writes the check they call the shots. There are lots of people who come on this forum and complain about Jones being too tough, not giving them any assets, etc. and so they failed. I will continue to tell folks like those that I believe that it had very little to do with what the firm didn't give them, but instead what they chose to do with what they had to work with. This whining and moaning is stupid. I just went back and read my post to you. You do have a reading comprehension problem. That last paragraph went from being directed at you specifically to you in general sense. However, I can see where you (you here being used to indicate Fooled No More) got confused. PS - and they call us kool-aid drinkers. "I can take my own diversification trips" "Partnership isn't free" "I don't have to go to any meetings that are just cheerleading sessions." It's all the same from you ex Jones guys.[quote=Spaceman Spiff]Fool - You must have a reading comprehension problem. Nowhere have I said that you left Jones because you failed. Nowhere did I imply that you still wanted to be with Jones. In fact I’m pretty sure that by the time the vet that got under your skin said anything to you, you were already headed out the door.
Who pushes people to give assets to new FAs? Are you talking about the Goodknight program? Because if you are there are hundreds of FAs out there that will tell you it was a good thing for them. Both on the vet and the new FA side of the table. I'll argue that point with you all day long. And you'll lose. I understand your point with the div trips. But, you used the wrong term. You used the term vacation. It's not a vacation. Nobody tells me who I can take with me on vacation. The firm can, however, tell me who I can or can't take on a company sponsored trip. I know it's a semantics game, but when the firm writes the check they call the shots. There are lots of people who come on this forum and complain about Jones being too tough, not giving them any assets, etc. and so they failed. I will continue to tell folks like those that I believe that it had very little to do with what the firm didn't give them, but instead what they chose to do with what they had to work with. This whining and moaning is stupid. I just went back and read my post to you. You do have a reading comprehension problem. That last paragraph went from being directed at you specifically to you in general sense. However, I can see where you (you here being used to indicate Fooled No More) got confused. PS - and they call us kool-aid drinkers. "I can take my own diversification trips" "Partnership isn't free" "I don't have to go to any meetings that are just cheerleading sessions." It's all the same from you ex Jones guys. [/quote]Nice one Spiff! Although I don't think I've ever used the "partnership isn't free" one. Haha!
I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
SMU, I think what you see is the “newbies” or relative newbies at EDJ on here. Most of the happy FA’s have been with Jones over 10 years. Unless you take over a big book, it normally takes a LONG time to ramp up to a decent living (from what I have seen). Yes, there are exceptions. I find that some of the aggressive younger guys can do well (READ: no wife, no kids) ramping up quick, because they are willing to put in the time and effort.
The conundrum at Jones is that they actually want to hire guys with some life experience behind them. But starting from scratch is REALLY hard, even if you are experienced (and getting handed $5mm AUM is not really much of a headstart - about a 6 mo. to 1 year headstart). Most guys with much life experience are already making good money, and can't take the income hit for that long. So they end up working a few years, burning through cash, with nothing to show for it (except debt). They are then bitter at Jones. Now, it's not so much that you can't succeed at Jones, but the starting from scratch thing. Jones tries very hard to educate new recruits how hard it is, but some of them are just blind to it. Ideally, Jones should have a much different way of starting people out. Not for the FA's sake, but for the firm's sake. If they would spend more money on ramp-up time (ie. salary), and have ASSET hurdles along the way, and REQUIRE the FA to be in an office, they would need to hire about a 1/4 of the people they hire, and employe a fraction of the recruiting/training teams, and have much higher retention. That's how Merrill does it (or used to at least). Also, you have guys more focused on gathering assets, and less focused on how they are going to pay their mortgage and eek out a few more commission dollars from a $3mm book. I just think their new FA process is very, very flawed.Would you like a list of names? I could start with my RL/GP and work my way down. There are about 50 in my region alone who are very happy at EDJ. Then I could go to the region just south of me and give you another 50 more. There are probably 10 or so who aren't for one reason or another. Those folks won't be here this time next year. People don't stay at a company they don't like. There are lots of reasons to dislike EDJ, but most of it boils down to being told what to do. Some guys hate that. So they go indy to get the freedom they need and are very happy. I think most people who are indy would end up there wherever they started their careers. It's just their mentality. They're just not happy unless they are truly their own boss.I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t [know] any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
Would you like a list of names? I could start with my RL/GP and work my way down. There are about 50 in my region alone who are very happy at EDJ. Then I could go to the region just south of me and give you another 50 more. There are probably 10 or so who aren't for one reason or another. Those folks won't be here this time next year. People don't stay at a company they don't like. There are lots of reasons to dislike EDJ, but most of it boils down to being told what to do. Some guys hate that. So they go indy to get the freedom they need and are very happy. I think most people who are indy would end up there wherever they started their careers. It's just their mentality. They're just not happy unless they are truly their own boss. [/quote][quote=SMUSMU]I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t [know] any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
Bingo. I would say this is the case for most. Why I got out of the Army.
I don’t know these FA’s, but I can almost guarentee they were falling below expectations at there old firm and had no choice but to make a move. You can spin any story, I told Jones I was “Laid-off” during the BAI/Merrill merger, when in fact I was fired.
What are you talking about? Are you talking about transfer brokers who come to Jones after they’ve been let go from their other companies? Are they the ones who aren’t happy? I’ll give you a list transfer brokers who are happy at Jones too.
You are correct that quite a few of the rookie transfer brokers we hire were not cutting it at their previous firm. At least the majority of the ones I trained were that way. It may be different these days with the wirehouse shuffle going on.well it depends on how you fit. some do some dont. They hired me OMG 3 mo of interview. their training is good maybe great…I used to own a training and development company. If you can “drink the coolaid” and get 25 contacts a day, practice presentations. you will be all good. Make SURE you get 25 contacts. I was seriously busting my ass and getting 17 -20 on avg. My Field trainer understood I was walking in a high networth area that had see more than 1 EJ wantabe’s knock on their door. First rookie he had been a field trainer for. the reason they do it is they want to be a partner and you get points for offering to be one. 2 weeks from my “can sell” date August 08, i get a call from the home office…i dont work for EJ any more. it was like getting hit upside the head with a 2x4. Economy? Me? my stupidity/or integrity to get a name and not permission to call back. that does not count as a contact. I had reps tell me to get names and if no permission, look the # up in the phone book. if i would have known the 25 was a make or break…i might have. not an issue now. I only tell you this for perspective…everybody has a different point of view. absolutely no sour grapes…my bad for not being aware. My counsel…Eyes Open! only you can decide what fits. I work for ING Financial Partners as more of a financial advisor and love it. You have heard it before…it’s a marathon, endurance counts. Good Luck with your decision.
I must say in response to those who say the people at EJ are not happy - I’ve been pitching visiting EJ FA’s and BOAs recently; so far I have been to 16 offices, and, except for one sourpuss, all of them seemed very genuinely happy with their job. However, they all stressed that it was hard work, and you had to “earn your stay” so to speak. I’ve been very impressed with the people I’ve spoken with. It’s a rarity to find so many happy employees.
BINGO! Same experience I had when visiting branches prior to joining Jones. The one guy I found that was unhappy was spending all of his time in his office and not doing the work. Not sure if he ever straightened out and made it though. Good luck to you!I must say in response to those who say the people at EJ are not happy - I’ve been pitching visiting EJ FA’s and BOAs recently; so far I have been to 16 offices, and, except for one sourpuss, all of them seemed very genuinely happy with their job. However, they all stressed that it was hard work, and you had to “earn your stay” so to speak. I’ve been very impressed with the people I’ve spoken with. It’s a rarity to find so many happy employees.
2 Reasons... 1.LP is on the line(yeah EDJ can see in offices through secret cameras) 2. They are planning to leave next month and you seemed to be the guy they wanted to compete against when trying to move their book(you know, slow, new, dumb)... JK.I must say in response to those who say the people at EJ are not happy - I’ve been pitching visiting EJ FA’s and BOAs recently; so far I have been to 16 offices, and, except for one sourpuss, all of them seemed very genuinely happy with their job. However, they all stressed that it was hard work, and you had to “earn your stay” so to speak. I’ve been very impressed with the people I’ve spoken with. It’s a rarity to find so many happy employees.
does this strike anyone else as a bit extreme? Sixteen offices??? For real? Under the category, is Edward Jones worth it? No. I can't imagine a job worth 16 interviews (well, I can, but doing this isn't worth it.)… so far I have been to 16 offices…
I think you are wrong. It's difficult to get hired at Edward Jones, but some do get by that probably shouldn't have been hired. But hell, they get 10,000 applications a month! Our attrition rate is really just 10 - 15%, about the same as everyone else. Think it's hard to "cold walk"? Try making about 500 cold calls a day all over the country! That's pretty difficult too. I'm very happy, but then again I haven't worked for another brokerage. The two independent guys in my town don't seem any more happy than I am frankly. One of them even contacted our regional leader about an open office down the road. So, yeah he might be doing well but he did inquire about joining us. After what we've seen the past two years, and probably will see more of with some bank brokers, I can't believe the same old $hit is still being posted here as was six years ago when I was trying to decide on a career change. Seriously, it's like this thread is exactly like one I read in 2004! Merril, Wachovia, AG Edwards, Bear Sterns, etc., etc. and everyone is still criticising Edward Jones? The fact is we rarely have anyone tell us what to do when Seg. 4 level is reached. But, what's wrong with that anyway? It's really no different than the guy who owns a McDonald's restaurant. Think they don't occasionally tell everyone what to do for the good of the franchise?I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
If you haven’t worked anywhere else, it might seem like a fortune magazine top 10!!
For most, it is an agonizing short term carreer move.I think you are wrong. It's difficult to get hired at Edward Jones, but some do get by that probably shouldn't have been hired. But hell, they get 10,000 applications a month! Our attrition rate is really just 10 - 15%, about the same as everyone else. Think it's hard to "cold walk"? Try making about 500 cold calls a day all over the country! That's pretty difficult too. I'm very happy, but then again I haven't worked for another brokerage. The two independent guys in my town don't seem any more happy than I am frankly. One of them even contacted our regional leader about an open office down the road. So, yeah he might be doing well but he did inquire about joining us. After what we've seen the past two years, and probably will see more of with some bank brokers, I can't believe the same old $hit is still being posted here as was six years ago when I was trying to decide on a career change. Seriously, it's like this thread is exactly like one I read in 2004! Merril, Wachovia, AG Edwards, Bear Sterns, etc., etc. and everyone is still criticising Edward Jones? The fact is we rarely have anyone tell us what to do when Seg. 4 level is reached. But, what's wrong with that anyway? It's really no different than the guy who owns a McDonald's restaurant. Think they don't occasionally tell everyone what to do for the good of the franchise?[/quote][quote=SMUSMU]I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
It's not difficult to get hired by EJ. Please don't feed us the line about "Harvard elite". One of my clients' owns two McDonald's and he hates when corporate tells him what to do. Guess what? He can't. Unlike you, if he sets up a Burger joint like McD's, he's out of luck. Can't compete.
People go to McDonald's for McDonald's.
And an indy who inquired about joining you is NOT doing well. He needs money.
My old mentor was a Segment 5. We were told that there was a specific regional meeting that it was highly recommended we go to. This Segment 5, who left the firm to take a job in a different capacity at another firm, was called by the regional leader and told that he had better be at this meeting. This particular Seg 5 was in his last semester of grad school and had exams that day.
WTF?!
Does it happen everywhere? No. But it does happen.
I think you are wrong. It's difficult to get hired at Edward Jones, but some do get by that probably shouldn't have been hired. But hell, they get 10,000 applications a month! Our attrition rate is really just 10 - 15%, about the same as everyone else. Think it's hard to "cold walk"? Try making about 500 cold calls a day all over the country! That's pretty difficult too. I'm very happy, but then again I haven't worked for another brokerage. The two independent guys in my town don't seem any more happy than I am frankly. One of them even contacted our regional leader about an open office down the road. So, yeah he might be doing well but he did inquire about joining us. After what we've seen the past two years, and probably will see more of with some bank brokers, I can't believe the same old $hit is still being posted here as was six years ago when I was trying to decide on a career change. Seriously, it's like this thread is exactly like one I read in 2004! Merril, Wachovia, AG Edwards, Bear Sterns, etc., etc. and everyone is still criticising Edward Jones? The fact is we rarely have anyone tell us what to do when Seg. 4 level is reached. But, what's wrong with that anyway? It's really no different than the guy who owns a McDonald's restaurant. Think they don't occasionally tell everyone what to do for the good of the franchise?[/quote] You're an idiot! Once you hit seg 4, you're not concerned about being told what to do; You see all that money go to buy Weddell a new car and start looking at lining your own pockets. I remember in training we were sitting in the bar trying to recruit the bartender so we could get 5000 bonus points for a new hire towards a div trip! 10,000 applications a month, could wipe my ass with at least half![quote=SMUSMU]I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.
I think you are wrong. It's difficult to get hired at Edward Jones, but some do get by that probably shouldn't have been hired. But hell, they get 10,000 applications a month! Our attrition rate is really just 10 - 15%, about the same as everyone else. Think it's hard to "cold walk"? Try making about 500 cold calls a day all over the country! That's pretty difficult too. I'm very happy, but then again I haven't worked for another brokerage. The two independent guys in my town don't seem any more happy than I am frankly. One of them even contacted our regional leader about an open office down the road. So, yeah he might be doing well but he did inquire about joining us. After what we've seen the past two years, and probably will see more of with some bank brokers, I can't believe the same old $hit is still being posted here as was six years ago when I was trying to decide on a career change. Seriously, it's like this thread is exactly like one I read in 2004! Merril, Wachovia, AG Edwards, Bear Sterns, etc., etc. and everyone is still criticising Edward Jones? The fact is we rarely have anyone tell us what to do when Seg. 4 level is reached. But, what's wrong with that anyway? It's really no different than the guy who owns a McDonald's restaurant. Think they don't occasionally tell everyone what to do for the good of the franchise?[/quote] You're an idiot! Once you hit seg 4, you're not concerned about being told what to do; You see all that money go to buy Weddell a new car and start looking at lining your own pockets. I remember in training we were sitting in the bar trying to recruit the bartender so we could get 5000 bonus points for a new hire towards a div trip! 10,000 applications a month, could wipe my ass with at least half![/quote] Well, I see things are pretty much the same here; so I'll probably take another look at this forum in two or three years. Most of you on here who aren't new or looking to change careers are probably low achievers, or losers like Blondie above, so I'll just go back to what I think is a pretty decent life. Carry on.[quote=tidefan][quote=SMUSMU]I am new to this forum but it seems like most of the EDJ advisors lack perspective. It is the only firm they know. I could be wrong but you can find tons of FA very happy after they leave EDJ. But I don’t any who are happy, if there are any, once they join EDJ.
Some are loyal because this is the only firm that will hire you without a college degree. Not to say a college degree makes you smart, but if you cannot go to any other firm, you are going to be loyal to the one that gave you a chance.
EDJ has probably the lowest goals to meet as a New FA so to say the least, if you can’t make it at Edward Jones you probably need to find a new profession.