Never, if you're skating that close to the edge, please postpone your plans to be a Registered Rep.  The Jones system will bleed you dry in a couple of months.  I mean that with all sincerity.

This is the greatest business in the world when you're ten years out, but the first few years aren't easy, to say the very least, so I wouldn't try to discourage you from entering it...just don't do it 'til you're ready financially.

Have you tried to get on as a sales assistant with any of the big houses?  A branch manager might look very favorably upon a candidate with your credentials and a long term plan.

Just my $.02.  Best of luck!

I second Starka’s comments. Save up enough so that you have at least a 9-12 months of expenses socked away so that you can access them. Then and only then should you consider working in this industry…

[quote=NeverIffey3]

Hi,

I’m really interested in the IR position at EJ. I’ve been reading through a

lot of these posts and it’s been enlightening to say the least. Does

anybody have any advice on what to expect for the first phone interview?

(types of questions I’ll get asked, which ones I should ask, etc.) The

recruiter said it would be a 15-20 minute conversation. I’d like to know

the best way to prepare for this.

I recently earned my MBA (entrepreneurship & finance concentration),

but I have very little sales experience. I’m wondering if this is the right

profession for me.

Could someone tell me how much the bi-weekly checks are (if I’m

hired) while I would be studying for the Series 7? I’ve been looking for

work for 6 months now and my grace period is up on my loans. I just

want to get an idea of how hard the struggle is in the early-going.

Thank you for your reply along with any advice you might have for me.

I would agree that with the others that you need to have some cash saved prior to entering this field. But, Jones will not “bleed you dry” any more than any other firm in the beginning.

Jones has great training and will help you out alot.

It sounds like you don't have any other options.  Jones will pay you around $2000/month gross for a year, that is just salary.  Do you have anything that might pay better than that? 

Jones might be the best option to start out, from what you have said so far.  People here attack Jones non stop, but realistically, is there an alternative for you right now?  If not, then how else will you pay for your loans and other bills?

There aren't many better options at this point. I could sell cars (no sales experience necessary.)

The salary support for the first year sounds nice.

What's the difference between an IR and a FA? Is there one? If you're an IR at EJ, and 5 years down the line you're still a success, are you still considered an IR? How many people that gain success as an IR go after a CFP- is it necessary? Will a firm like EJ encourage you to receive such certification?

Why not take a shot at this career with EDJ, and then if it doesn’t work, go sell cars?  I guarantee you will be a better car salesman, and you might actually like Jones and be successful.  On the phone interview, I am sure they will probe you on your seriousness and commitment to a career as a Jones IR.  They don’t want to hear any doubts about the following questions, nor should there be: How do you handle rejection?  Can you arrange 25 real contacts per day?  Do you really want to work for Jones? 

First of all, I agree that the ideal is to have several months of income socked away.  There are a lot of expenses in the beginning of your practice and unless you really hit the ground running you will soon have no money left.  If your living expenses are low (sounds like you are young and unmarried) you will probably be able to squeek by on the $2000 a month salary.  For the first year (I think) Jones subsidizes your medical insurance premiums, but get ready for the second year.

The phone interview was about the wierdest experience I have ever had.  They ask you strange things and try to elicit your personal stress tolerances, your ability to think on your feet and I think try to determine if you are an honest person.  There are no right or wrong answers.

"What was your biggest challenge in life and how did you overcome it."  "What accomplishment are you most proud of?"  "Name something that you regret."  and my favorite that I remember. "What would you do if you saw a young child crying and wandering alone in a shopping mall?"

Good luck.

How do you feel about door knocking?

I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn’t seem to fit what I wanted to do, plus the fact that you don’t have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn’t have the experience that others in the industry have.

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[quote=RecordGuy]

It sounds like you don't have any other options.  Jones will pay you around $2000/month gross for a year, that is just salary.  Do you have anything that might pay better than that? 

Jones might be the best option to start out, from what you have said so far.  People here attack Jones non stop, but realistically, is there an alternative for you right now?  If not, then how else will you pay for your loans and other bills?

[/quote]

 "DO you have anything that might pay BETTER than that?- How about Food Stamps and a Welfare check?

It's a monthly check not bi-weekly.  So for your first month, no $.  I would also caution you against starting this biz with out a cash reserve.  I thought I had enough cash, but ended up selling my house and going through my IRAs and savings.

[quote=new_rep555]I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn't seem to fit what I wanted to do, plus the fact that you don't have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn't have the experience that others in the industry have.
[/quote]

So how do you get new clients at Ameriprise? 

[quote=babbling looney]

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[/quote]

What percentage of people, in your estimate, would show interest in possibly becoming a client?  And for the ones that didn't show immediate interest, how did you follow up?

[quote=RecordGuy]

[quote=new_rep555]I was in the same boat - MBA with finance and entrepreneurship concentrations and very little sales experience.  I went through the EJ process a few months ago before I decided against them.  The door-to-door aspect didn’t seem to fit what I wanted to do, plus the fact that you don’t have any face-to-face assistance in your office.
I decided on working at Ameriprise.  (this should get about 20 bad responses toward me)  But I felt they would provide some good training for someone like me who doesn’t have the experience that others in the industry have.
[/quote]

So how do you get new clients at Ameriprise? 

Gotta love the lunch & learns.

[quote=RecordGuy][quote=babbling looney]

There is nothing wrong with door knocking as an introductory tool.  I used the process to let people know I was opening an office and to introduce myself to them.   I never ever used door knocking to sell a product or offer investment advice, despite the suggestions from the Jones trainers that we should do that. If the  If the prospect began asking questions on financial matters I would suggest we set up a formal appointment.  

Door knocking is a great way to get in contact with business owners as long as you do it at times that won't interfere with their business operations. 

Possibly it is my area or the fact that I am a woman, but I also rarely had bad experiences at the door knocking level.  Of  course some people would be curt and cut me off before I could explain that I wasnt' selling anything, but that is to be expected.  Rejection is part of this job.  Get used to it.

[/quote]

What percentage of people, in your estimate, would show interest in possibly becoming a client?  And for the ones that didn't show immediate interest, how did you follow up?

[/quote]

Probably less than 10% of contacts showed any initial interest or asked any questions.  The trick is to try to get their mailing address so you can follow up with a "thank you for your time card".  Usually I had left them a brochure and business card at the first contact.  Sometimes if they were on the fence I would ask if they would be interested in receiving a listing of upcoming FREE educational seminars and if so what would they be interested in having me present.

After that it is just a drip drip, call call method.  I rarely went back to the house more than once.  Businesses about once a month with the same drip system.  After about 4 to 6 months I would usually get another 20% to 30% become customers. I would also about that time call and confirm their level of interest.  Yes, Mabye, Never.  I would also explain that I don't want to be wasting their time or mine if they really didn't want to receive the mailings.  Quite often they would say to go ahead and keep mailing even though they weren't ready to invest right now.  It is surprising how many people would hold onto a brochure or letter and 6 months later come in and say OK I'm ready.

The idea is to be pleasantly persistant without becoming an annoying pain in the butt.