AMEX (vs Edward Jones)
My cousin just graduated college a few months ago and cannot find a job. The only decent lead he has is AMEX has approaching him to be a financial advisor.
Any opinions of AMEX from some expericnced reps??
I work w/EDJ…& have seen to many young guys out of college fail there…(alot of that has to do with their platform & some just aren’t cut out for it)
Jjones107- Cmon man, you work at Jones and you can’t figure this one out… Amazing…
AmEx will chew him up and spit him out as much as anyone. I would say more so than Jones from my own experience
Ameriprise (sub-par name) has decent training, but they are so entreprenuerial in style that 92% of their new FAs are gone in 12 months of their start date.
Ray Jay is hiring. Why not pursue them. For you and your cousin. Go to the corporate website. If you have great potential, they will contact you. If you are average, look somewhere else.
The reason 90% of new businesses fail, is because 80% of the 90% did'nt have any potential to start with. Even more true with brokers. It's not the platform at Jones,....For christ sake, they tell you EXACTLY what to do, They drag you back to St. Louis 3 times, to try and get it right. People fail because, this business in the 1st 5 years or so, is practically impossible!!
Amex is a joke!!!! talk about proprietary pushing. I heard it costs an Amex advisor 50 BPS to sell off the menu. Zero credability in the industry. The only way a guy would go to an Amex office is for opportunistic purposes, not because they are by any means a competitor in our business.
Ameriprise is starting to become like Jones with the Kool-Aid, too.
I have talked to 100's of P2 FAs and they are happy as clams to be paying compliance costs, franchise fees (even though they are no longer paying for the blue box, the company still thinks they need to pay) and outrageous technology costs.
Additionally, you are right on the money, Moneyadvisor - their platform is not expansive and they are/were captive to thrid or fourth quintile proprietary products that they were pushed to sell.
My finding exactly. One of the worst money management companies out there. After seeing statements, performance and internal structure I don't even view them as a viable competitor. But , like anything in our nonsense world of investing for clients, Amex has areas where they manage a ton of money. This goes to my theory that our business is just so intangible, and confusing to the average consumer that companies like AMEX can still grab market share.
[quote=BrokerRecruit]Ameriprise (sub-par name) has decent training, but
they are so entreprenuerial in style that 92% of their new FAs are gone
in 12 months of their start date. [/quote]
92%??? That has to be the record high. Yow!
[quote=moneyadvisor]This goes to my theory that our business is just so
intangible, and confusing to the average consumer that companies like
AMEX can still grab market share.[/quote]
Marketing and salesmanship. How else do you explain a company
that every few months has to pay out millions in some sort of fraud
settlement posting record profits?
It is my opinion that the average person is pretty stupid.
If Raymond James is so selective, why does everybody go to Raymond James? With all the referrals on here to Raymond James it would seem that they “accept everyone” too.