How would you compare Edward Jones to other firms?
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EDJ is ranked very highly in every publication I see, but they just dont seem as “elite” as other big name firms. Their FA’s don’t seem quite as educated as FA’s from other firms
If you were starting a career, would you choose EDJ over a MSSB, UBS, merrill lynch or even Chase? When I was in school, I never heard professors/students/career fairs mention Jones.I think you are fairly accurate in your observations. However, when starting from scratch, it really comes down to who gives you the highest likelihood of “making it” the first few years. And I think that much of it depends on you, your area, the branch offices of the other firms in your area, and your potential opportunity to either join a team or get a “Goodknight” from a Jones office. Sorry to not be more specific.
Thanks, I've met two FA's from Jones, and both of them told me that some of the bigger firms tried to recruit them a few months after passing their exams. Is this common?I think you are fairly accurate in your observations. However, when starting from scratch, it really comes down to who gives you the highest likelihood of “making it” the first few years. And I think that much of it depends on you, your area, the branch offices of the other firms in your area, and your potential opportunity to either join a team or get a “Goodknight” from a Jones office. Sorry to not be more specific.
I wouldnt pick a firm based on “name” recognition, nor would I pick a firm based on publications. That only goes so far and a lot of the names have been damaged anyways. There are so many different entry jobs and so many different opportunities. I think you need to find which one YOU feel good about. When you meet with 3 or 4 groups/firms you will know where you feel comfortable. Yes Jones guys get recruited from other firms and Jones recruits themselves.
Thanks, I've met two FA's from Jones, and both of them told me that some of the bigger firms tried to recruit them a few months after passing their exams. Is this common?[/quote] I had a few firms recruit me after passing the exams, though I am under the impression that it had a lot more to do with the fact that they didn't have to pay to license me than it did the fact that I went through some magical Edward Jones training.[quote=B24]I think you are fairly accurate in your observations. However, when starting from scratch, it really comes down to who gives you the highest likelihood of “making it” the first few years. And I think that much of it depends on you, your area, the branch offices of the other firms in your area, and your potential opportunity to either join a team or get a “Goodknight” from a Jones office. Sorry to not be more specific.
[quote=utcheachea]EDJ is ranked very highly in every publication I see, but they just dont seem as “elite” as other big name firms. Their FA’s don’t seem quite as educated as FA’s from other firms
If you were starting a career, would you choose EDJ over a MSSB, UBS, merrill lynch or even Chase? When I was in school, I never heard professors/students/career fairs mention Jones. [/quote] I think that you are really asking the wrong question. The question should be would you rather have a mentor type relationship and learn the business from a seasoned ethical professional or would you rather have a cold start to the business and take your chances. I would rather find someone that is knowledgeable and who I can learn the business from and I would not be as concerned with firm ( within reason) if I were starting in the business today. There is so much to this business and so very little of it is in textbooks or training manuals......You don't seem quite as educated as other newbies that make stupid posts. You know the average level of education of an FA at Edward Jones? Any other firm? Why don't you and some of your "educated students" or "career fair attenders" go start a hedge fund. Hell, after you are successful we will "guess" your education level.
[quote=utcheachea]When I was in school, I never heard professors/students/career fairs mention Jones.[/quote]
The bulletin board at the unemployment office doesn’t have any index cards for Edward Jones…ok, maybe just one.
[quote=utcheachea] …Their FA’s don’t seem quite as educated as FA’s from other firms
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As edumacated? I dunno, I tink Im purdy smart.
The very best Edward Jones FA I met had been to so many trips he needed two passports. All of his clients loved him, and he spoke in plain language - using analogies that anyone could understand. He never spoke above anyone he met. But Steve Jones was smart as the day is long.
Because we don’t use sophisticated methodology, don’t be so foolish as to underestimate the capacity we have to create lasting and indomitable relationships. Clients win when they buy in to the process, remain committed and understand what it is we do. It’s a facet lost on many Ivy League brainiacs at Chase.
I’m curious … at UBS, MSSB, ML and even Chase … do those organizations have veteran FAs volunteer weeks to sit at phone bank … answering the questions of newbies? Do those organizations offer to pay back as much as 75% of all seminars for the first two years? Will they repay the newbie up to 75% for sophisticated marketing materials like booth materials? Do they in any way level the playing field for the newbies so they might be able to attend an all expenses paid trip to exotic locations? When it comes to meetings - regional meetings - are all the expenses (even travel) paid for?
So … tell me again how edumacated those UBS/ML/Chase guys are.
Does Jones hire dummies? You bet. But I would say they hire some pretty smart guys. Qwerty, B24, Spiff, Bspears, me (you like that?!). You are screwed before you even start making dumbass comments.
If you are opening a single advisor office in a town where only 10% of the residents have a college degree, it probably works best to have an advisor who didn’t go to college.
I think you were trying to insult Jones FAs. The problems is that you ended up insulting people (all of our clients) instead. Do all of the Jones bashing you want. Don’t insult people who give Financial Advisor’s money. Thanks to the crap of the last 18 months, all of our jobs are hard enough. Don’t make it worse by mocking the very people that trust and count on all of us. It is sh*tbags like you that make the general public hate and distrust FAs and “Wall Street Fat Cats”. Respect the people that trust us with their money.
[quote=iceco1d] The wires (i.e. the former Smith Barney, Morgan Stanley, Merrill Lynch, UBS, Goldman, etc.) have the reputation for being “Premier” firms with “top tier” (as you say, “highly educated”) advisors is because of their investment banking, hedge funds, and UHNW-only brokerage divisions. Those divisions DO only take top-of-your-class MBAs, Ph.Ds, and CFAs from Ivy League colleges. The retail brokerage arms of those firms take ex-car salesmen and retired military over the highly-educated bookworms, just like Edward Jones and rest of the industry.The only reason EDJ “seems” like they have “less educated” people than them is because they are for the most part “just a retail brokerage.”
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what he said.
[quote=utcheachea]EDJ is ranked very highly in every publication I see, but they just dont seem as “elite” as other big name firms. Their FA’s don’t seem quite as educated as FA’s from other firms
If you were starting a career, would you choose EDJ over a MSSB, UBS, merrill lynch or even Chase? When I was in school, I never heard professors/students/career fairs mention Jones. [/quote] D-Bag or would you prefer the more sophisticated French version? D-BaguetteWell put, ICE. It is sort of funny, we are really the only firm that is still just a retail brokerage firm. And a private partnership. I know many wirehouse FA's in my area, and none of them are the "elite" educated people that were referenced in the first post. By far, the two biggest former occupations of FA's in my area are pharma salesmen and miltary veterans (navy). A few started right out of college. And we have ALL of the wires represented in my area. I probably have more financial and relevant education background than any of them (and look how much good that's done me!).The wires (i.e. the former Smith Barney, Morgan Stanley, Merrill Lynch, UBS, Goldman, etc.) have the reputation for being “Premier” firms with “top tier” (as you say, “highly educated”) advisors is because of their investment banking, hedge funds, and UHNW-only brokerage divisions.
Those divisions DO only take top-of-your-class MBAs, Ph.Ds, and CFAs from Ivy League colleges. The retail brokerage arms of those firms take ex-car salesmen and retired military over the highly-educated bookworms, just like Edward Jones and rest of the industry.
The only reason EDJ “seems” like they have “less educated” people than them is because they are for the most part “just a retail brokerage.”
And FYI, that was not intended at all to be a knock against pharma salesmen or military veterans - it is just an observation.
The other thing I will say, is that about 90% of the FA's in my region came from banking, insurance, or brokerage prior to joining Jones. I know this because we get a roster at the summer regional meeting, and it lists everyone's former ocupation.[quote=B24] And FYI, that was not intended at all to be a knock against pharma salesmen or military veterans - it is just an observation.
The other thing I will say, is that about 90% of the FA’s in my region came from banking, insurance, or brokerage prior to joining Jones. I know this because we get a roster at the summer regional meeting, and it lists everyone’s former ocupation.[/quote]
I was always amazed at the former occupations people had. Some of them in my region were quite strange. The guys with a finance background usually seemed to be either stuck in Segment 3, or below standard. The guys who were pharma reps (with the exception of one) and trailer park salesmen usually killed it.
SpikedKoolaid, a former contributor to this website, sold books door to door for 16 years. He did very well at EDJ and has since gone independent last I heard.
[quote=B24] And FYI, that was not intended at all to be a knock against pharma salesmen or military veterans - it is just an observation.
The other thing I will say, is that about 90% of the FA’s in my region came from banking, insurance, or brokerage prior to joining Jones. I know this because we get a roster at the summer regional meeting, and it lists everyone’s former ocupation.[/quote]
thank you for answering my question without attacking me. these other people are crying like little kids…
i wasnt trying to disrespect jones, some of you people are waaaay to sensitive. i said that jones fa’s dont seem as educated as fa’s from other firms (i have no clue why you got mad, everyone agrees that it’s true.) I’ve never met an FA from a firm that didnt have a degree, neither one of the people I met from Jones went to college. Obviously that hasnt stopped them from doing well, so what are you people getting so upset about?
To the whiny bitches, point out something i said that looked like I was trying to “make Jones look bad”
[quote=iceco1d] The wires (i.e. the former Smith Barney, Morgan Stanley, Merrill Lynch, UBS, Goldman, etc.) have the reputation for being “Premier” firms with “top tier” (as you say, “highly educated”) advisors is because of their investment banking, hedge funds, and UHNW-only brokerage divisions. Those divisions DO only take top-of-your-class MBAs, Ph.Ds, and CFAs from Ivy League colleges. The retail brokerage arms of those firms take ex-car salesmen and retired military over the highly-educated bookworms, just like Edward Jones and rest of the industry.The only reason EDJ “seems” like they have “less educated” people than them is because they are for the most part “just a retail brokerage.”
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great post, never thought about this.