EDJ Salary - Year 1

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entrylevelFA's picture
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Joined: 2006-06-05

I am considering a few different firms right now, just curious how much Edward Jones is willing to move on starting salary (I think they quote 21M Base).  They seem to be at the back of the pack for everything except maybe job security.
Also, are there any good books on prospecting methods?  I am going to put together a business plan to guide me through the first two years.

BrokerRecruit's picture
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Joined: 2005-04-19

I would take a job with EDJ for a base of $21M.
Well, on second thought...
Job security is great, but look at what you get vs. what you don't.  Compare the success rates (not failure rates).  Hurdles will be higher at ML, for example, but if I had to pick first in kickball, I would take ML's top producer over Jones' any day.  More tools, more resources, more prospecting avenues...
My $.02.  I think Jones is a fine place to start, but if you're considering other major contenders...

maybeeeeeeee's picture
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Joined: 2005-02-24

Well, here is your major problem at EDJ.  You will not be licensed to do fee based business, which the industry is moving to.
Hard to explain because you are starting out.  You need to read up on the subject a bit.  You will only do A shares of mutual funds and get a transaction commission.  The disadvantage is that other firms will license you to do A share and fee based.  So you can pick what is best for the client at other firms, not EDJ.
That problem and ownership of your book will become a large issue in your later years.  From what I hear, their training program is OK.
That is about 20k lower than what I received as a trainee.  What part of your revenue will you receive in your first year?

jonesescapee's picture
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Joined: 2006-05-23

maybeeeeeeee wrote:
Well, here is your major problem at EDJ.  You will not be licensed to do fee based business, which the industry is moving to.
Hard to explain because you are starting out.  You need to read up on the subject a bit.  You will only do A shares of mutual funds and get a transaction commission.  The disadvantage is that other firms will license you to do A share and fee based.  So you can pick what is best for the client at other firms, not EDJ.
That problem and ownership of your book will become a large issue in your later years.  From what I hear, their training program is OK.
That is about 20k lower than what I received as a trainee.  What part of your revenue will you receive in your first year?

Also there is no email and very very poor equity research. No options no fee base and no future for a firm that is trying to compete with major wirehouses.

NASD Newbie's picture
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Joined: 2005-08-01

maybeeeeeeee wrote:
Well, here is your major problem at EDJ.  You will not be licensed to do fee based business, which the industry is moving to.
Hard to explain because you are starting out.  You need to read up on the subject a bit. 

How would you know that the industry is moving towards "fee based business?"
Do you draw your conclusion based on the several thousand minutes you've been around one firm--or is there something else?
Why would something be difficult to explain because somebody is starting out?
Why not explain it to him anyway?  Who are you to judge what he can and cannot understand?
Oh wait, I've got it.  You can't explain it, but you're trying to sound like you can.

entrylevelFA's picture
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Joined: 2006-06-05

Well, I appreciate the feeback very much.  First up, I completely understand Fee Based vs. Transaction Based asset management, that's no problem.  Actually, this was not explained to me, when I had my informational face to face the guy kind of hinted at Jones using Fee Based, I guess that was my mistake for not asking.  That alone pretty much made up my mind.
Maybeeeeee, you got 40M guaranteed your first year?  They quote something like 52M, but 21 is base, another 19 comes in commission, and 12 in bonuses. 
Thanks for all your help guys, I appreciate it!
 

blarmston's picture
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Joined: 2005-02-26

Its $40K brosef..... not 40 mil...

munytalks's picture
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Joined: 2006-04-17

NASD Newbie wrote:maybeeeeeeee wrote:
Well, here is your major problem at EDJ.  You will not be licensed to do fee based business, which the industry is moving to.
Hard to explain because you are starting out.  You need to read up on the subject a bit. 

How would you know that the industry is moving towards "fee based business?"
Do you draw your conclusion based on the several thousand minutes you've been around one firm--or is there something else?
Why would something be difficult to explain because somebody is starting out?
Why not explain it to him anyway?  Who are you to judge what he can and cannot understand?
Oh wait, I've got it.  You can't explain it, but you're trying to sound like you can.

Nasty Newbie-
You seem to have a problem with EVERYTHING Maybeeeee says. I think Maybeeee you have a problem with women. Do you have mother issues? Been dumped too many times?
Anyway, since you aren't licensed to do ANYTHING , I think Maybeeee knows a little more than you.... now get back to your real job as night janitor in the Merrill Lynch building downtown San Francisco.

munytalks's picture
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Joined: 2006-04-17

P.S. Entrylevel
Starting at Jones you will get a salary but also are expected to earn commission so I think the "average" New IR there brings in around $35-40K a year- now that is what they say.  I'm not sure they count the ones who don't make it because it would be less if you factor them in.
I found AG Edwards to pay a better starting salary but they cut it back in sections as you are supposed to start earning more commission.
I had actually applied at both places- presented an offer by both but chose EDJ. I liked the idea of being in my own office.

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Joined: 2005-08-01

munytalks wrote:
Nasty Newbie-
You seem to have a problem with EVERYTHING Maybeeeee says. I think Maybeeee you have a problem with women. Do you have mother issues? Been dumped too many times?
Anyway, since you aren't licensed to do ANYTHING , I think Maybeeee knows a little more than you.... now get back to your real job as night janitor in the Merrill Lynch building downtown San Francisco.

Not licensed to do anything?  Where in the world did you get that idea?
As for Maybeeee--she's been in the business for about a year yet she pontificates as if she's an expert on anything and everything.
I'm just challenging that image because it's such a joke.  Do you think somebody who has been around for about a year has answers?  I think she doesn't even know the questions yet.
Apparently you disagree--which means you think that somebody who has been around for a few months is a font of good information and knowledge.  Why do you think that?
 

azdawn's picture
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Joined: 2005-04-16

Hey Blarmston,
M is for thousand, not million
MM is for million

opie's picture
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Joined: 2006-06-15

You're both right:http://mathforum.org/library/drmath/view/60697.html
Hopefully this gets standardized at some point to eliminate confusion.

munytalks's picture
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Joined: 2006-04-17

NASD Newbie wrote:
munytalks wrote:
Nasty Newbie-
You seem to have a problem with EVERYTHING Maybeeeee says. I think Maybeeee you have a problem with women. Do you have mother issues? Been dumped too many times?
Anyway, since you aren't licensed to do ANYTHING , I think Maybeeee knows a little more than you.... now get back to your real job as night janitor in the Merrill Lynch building downtown San Francisco.

Not licensed to do anything?  Where in the world did you get that idea?
As for Maybeeee--she's been in the business for about a year yet she pontificates as if she's an expert on anything and everything.
I'm just challenging that image because it's such a joke.  Do you think somebody who has been around for about a year has answers?  I think she doesn't even know the questions yet.
Apparently you disagree--which means you think that somebody who has been around for a few months is a font of good information and knowledge.  Why do you think that?
 

 
Nasty Newbie:
What you have just described above is exactly YOURSELF.
YOU are the one who picked the name  N*E*W*B*I*E.  Yet you feel qualified to blast someone else- targeting Maybeeeeee.
AND you are NOT licensed- period. So go away- again Nasty Put Newbie Trader.

NASD Newbie's picture
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Joined: 2005-08-01

I hold a Series 7, 63, 66 as well as a 3, 4 and an 8.
What else do I need to be licensed?
Oh wait, I also hold an insurance licenese in seven states.
That should be enough, shouldn't it?

NASD Newbie's picture
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Joined: 2005-08-01

azdawn wrote:
Hey Blarmston,
M is for thousand, not million
MM is for million

There is a difference between measuring things in the financial world, such as dollars, and in the technical world such as bytes.
With money the letter "M" is the Roman numeral 1,000 so "MM" would be One-Thousand Thousands, or one million.
 

munytalks's picture
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Joined: 2006-04-17

NASD Newbie wrote:
I hold a Series 7, 63, 66 as well as a 3, 4 and an 8.
What else do I need to be licensed?
Oh wait, I also hold an insurance licenese in seven states.
That should be enough, shouldn't it?

 
Liar.

entrylevelFA's picture
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Joined: 2006-06-05

blarmston wrote:Its $40K brosef..... not 40 mil...
40M is $40,000, brosef. 

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