Transfering to EDJ. Negotiate salary?
so i have a face to face interview in the coming days. i was told that because i am a transferring advisor (not bringing assets, not enough) i may be able to negotiate a higher salary starting out because i am 7/66 licensed and life/health licensed. anyone have any thoughts? i think the starting salary is ~21-25k. would it be prudent to try for 30? or 35? how much does me having licenses save EDJ?
not bring assets? not enough? - bring over as many assets as you can.
second, salary is for losers. this is a commission business.
transferring because of the training program. i am coming from a wire/regional that does not have a training program. they dont have a program bc they typically only hire established advisors with a book. i worked my way up through the ranks (operations, assistant, etc) and earned a rep number. i was thrown an office and phone and told "go". no idea what to do, how to sell, etc. i know markets, know investments, know asset allocations, etc. etc. but what i didnt have was a solid training program to teach me the hardest thing and most important thing: prospecting. i have done fine: 50k yr 1 gross, 100k yr 2 gross but a lot came on a few good tickets. i know what i am doing now wont get me to the elite level i want 500k + in production. so i started looking at some other firms and reading these forums. i truely like the idea or "recipe" jones has. it makes sense to me. the face to face prospecting, building a book around the community. i also like the incentives they give young guys trying to make it, account bonuses, milestones, trips, etc. that is all filler as i know the true goal is AUM & production. i feel i am taking a step back on firm prestige but i am definitely getting over that. i think the EDJ in the area are killing it (based on a few conversations with people) and they all started from scratch with EDJ. so after all the bashing of EDJ on this site i still feel it is a great fit at least to build a base. maybe INDY is the next step but that is far off.
the reason i am not bringing over assets INTIALLY is bc if you cant bring 3m + immediatly EDJ makes you go through the training program from step one. that is not only fine with me but desirable. i have about 3.5 AUM but a good portion is under a joint number with a dou**e bag rep. so i will got through the 9 week training and go back and pick off my good loyal clients if possible. if not that is ok because the accounts wont make or break me.
the structure is good for me. the 25 contacts a day,a sk for order, knock on doors, etc. etc. is good for me. i know this business is the greatest business in the world and i couldnt see myself leaving it, ever! so i need to break from my current firm a go somewhere i think i can thrive and grow.
and i dont want to make it seem like EDJ is a step back with my prestige comment. dont want to offend anyone especially since i will join the jonesbots. but reality is, and i speak from spending 5 years at a wire, that wire houses like MER MSSB UBS etc, DO look down on EDJ. they sit in their ivory towers and stick their nose up at edj. they laugh at strip mall locations and 10k accounts and no commodities/options/leveraged etfs. In my area that is just a fact. but like i said, they edj guys in this area are cleaning up. there are at least 4-6 with 100m+ in assets (from reliable sources) and i know there is only 1-2 guys in my office at that level. so which model is better? that is what i asked myself
it took me a while to look at jones but from what i have read and heard, it isnt much different. just a different culture. For a young guy, edj pays better too. i believe i will make more at edj up too 275k in production and then the wires win.
Firstly, no salary at Jones. Just a draw (if needed) to legally keep you at minimum wage pay since you're a W-2 employee.
Secondly, good luck.
no salary? so they dont pay a small salary for the first year and then zero salary starting in yr2?
so all the rookies that go through the training program are taking a draw? not a salary? you are the first person i have heard say this. i have been told by many edj advisors, this forum, hiring specialists, other sources that there is a small salary for the first year + comm + other bonuses. even at the wirehouse i got a small salary......
I've forgotten those details. Maybe you should ask Jones themselves to detail your compensation so you'll know for sure.
get your facts straight mobile2. Yes, Jones pays a salary to rookies. They pay a salary, plus milestone bonuses, plus some other small kickers. In my first few years my total payout on gross production was like 85% because I got salary plus full commission plus hit all my milestone bonuses.
Mobile2: You have no clue what you're talking about. How about you go open a 529 or something?
Rock: I have been with Jones since 2/09. Yes, they pay you a salary your first year of selling. It's not much ($20k-25k range). They also pay milestone bonuses, but I have heard this has changed somewhat since I started. Bottom line: don't go to Jones for the paycheck. You'll starve. Another poster stated this is a commission based business and they are right. Your reasons for coming to Jones make sense. However, don't paint too rosy of a picture for yourself. It's hard work and you will be dealing with a lot of rejection. If you have thick skin and can keep smiling after someone hangs up on you or slams the door in your face, then you have a good chance of being successful. I have been in sales for over 24 years and the rejection still gets to me from time to time. My best advice for you is to make sure you get some assets up front as part of the deal. I'd say $10 to 15mil would be a good start. Also, don't let them tell you that the Goodknight program is better than taking over an office. The structure on Goodknights is a whipping. You start out at a higher level and that makes your expectations to hit your milestones harder to achieve. If you can, get into an existing office. If it's 10 mil or more, then you already are ahead of the game compared to a Goodknight with lower expectations which means easier targets on bonuses. If you go to Jones, good luck to you. It is a difficult time in this industry right now, but if you have 3 years worth of living expenses put back you should have an excellent chance of being successful. The key is being able to survive a down market as a new fa. Oh and btw, don't listen to the db's on this forum that trash Jones. Unless you have upwards of $20 - $30 mil to transfer, going indy won't be much easier and you will get less support, no bonuses, no boa, and no office paid for. Jones is a great place to start. If you need more freedom after 3 years (this is critical because during the first three years you are under contract for their training), then go check out other options. At that point you may have $20 mil to transfer and something to offer another firm. LPL offered me $45k cash up front (NOT a loan) back in March to go with them. I had $18 mil at the time. I said no. $45k is not enough money to start all over again with another firm. I also do not want the legal troubles since I am not 3 years out yet. Once my three years is up I plan on looking at my options. I may leave, I may stay. Hell, I may go back to financing cars, if Obama wins re-election. Whatever you do, good luck!
Financing cars, haha. I bet you made more doing that than you do now. I'm not trying to be a smart-ass or be negative. You hear a lot of stories in both this business and the car business, among others. Sometimes I wonder if our commissions are fair. A-shares. 5.75%. Damn! Then I think about how frequently I go out to eat, how I tip about 20% typically to a total stranger, and I don't feel so badly. Weird, huh?
I did make more money financing cars.Always six figures. My last year I made $150k. I came into this business because I wanted the opportunity to really make a lot of money and have more freedom. Well, I have more freedom. Maybe the money will come some day...
Go in there and tell them you want to take over a big office, nothing less than at least 40mil aum, and that you are 10 times better than some dickweed ATL (academic training leader) that is smooching hindend to get in there after teaching newbies to cold call (even though he never has)
If you can make like a fast starter, go in and crank some good numbers on the double, they'll eat that up. Then keep your specs out in case a good crib happens to break lose, say $25 million non-competitive, or $50 million competitive. If it does, try to cop the office.
If it don't, and you get jammed with an office with $3 million or so, take a powder.
You can always say what Jack Nicholson said in One Flew Over the Cuckoo's Nest: "at least I tried."
Put EJ on your resume and motor.
Wow, 10 PAGES OF SPAM on this pathetic website. Hats off to the administrator of this forum site! You are really earning your pay. Maybe you should go work at the SEC so you could idly sit around and surf porn websites while ponzi schemers like Bernie Madoff bilk clients for decades.
just remember jones will think the clients are theirs, so if it dont work out after a few years & you try to leave, they may want to keep them.........
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