Joining Edward Jones

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Jul 3, 2016 8:11 am

First time poster here. I wanted to see if I could get some feedback regarding joining Edward Jones. Before I continue, I know there is distain for the firm here and across the web in other forums, so if all you are going to do is bash EJ in your response save your time, I've read it all already. 

After their extensive application process, I was offered a position with EJ as a FA and I am trying to decide if it is the right move for me. I understand the tough road ahead of me if I choose to accept, years of long hours and door knocking trying to build up a book, which I am fine with if it will lead me to the earning potential all the current Jonesers I have been speaking with relay to me. Prior to completion of my bachelors degree this May I spent roughly 4 years in sales so I have a taste for it and I am not really concerned about that aspect of it. I've been offered a somewhat decent deal from EJ (as far as I can tell) in terms of training pay, as well as a "goodknight" upon reaching my can sell date ($5mill) which appears to be a big help in getting started. My concern is with the new DOL fiduciary rules that will be coming into play. Every time I bring this up with the countless people I have been interacting with at EJ (who have all be very helpful on a whole I will admit) no one is really able to give me a great answer regarding how it will affect EJ and their FA's in particular, specifically a potential newbie like me. I'm wondering if anyone here can offer any insight to this.

For reference, I will be receiving an offer for a commercial lines insurance producer shortly as well, and thus I am trying to decide the right path for me out of school. Pros of the insurance job is that it will allow me the time needed to pursue my MBA and won't consume 60-70 hours a week the way EJ will. It will be commission based plus salary, but I don't think it has the long term earning potential that EJ has, if I can survive the first few years at Jones. Long story short, I am concerned that the new DOL rules will be negatively impacting EJ and the earning potential of FA's more than I am being led to believe.

Thanks in advance to anyone who offers a helpful/constructive response or insights, your time is very much appreciated.