Edward Jones

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bankroll's picture
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Joined: 2007-12-19

I am in the process of landing a job at Edward Jones.  I am curious to find out what type of money a newbie can expect in my first and second year.  I am currently looking to open an office in an area that does not have a FA in this particular suburb of a medium size metropolitan area.  Another question I have is, if you make it to your final face to face interview, is it safe to assume that the job is yours (assuming that you're not a jacka$$)??  It seems like a lot of time has been invested to make it this far and then to decide not to hire someone.  I have been following threads on this board and I am looking for quality answers, not some of the garbage that I've seen on other posts. 

MISS JONES's picture
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Joined: 2007-08-28

Those are good questions.. First question.. What type of money should you expect.. I would tell you to expect 35-45K it is possible to make more I sure did my first year..You should try and live off the worst month you have and save the rest for those slower months. If you are "new new" sometimes it is hard to get things rolling.. Do you have prior sales experience.. I was commission only sales for 5 years before I came to Jones. That helped me close deals faster than most in my class. I think it just depends on how much work you put into it.. That doesn't mean that it is all hard work.. I tried to work smarter not harder.
Last point- Just because you have a final interview does not mean you have the job. I know more than an handful that I referred that didn't make it past that stage.. Every region is different and some are easier to get into than a region like mine.. They sure are tough on the new people here..  Then the next cut is passing the exams.. Best of luck..
 
Miss J

Borker Boy's picture
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Joined: 2006-12-09

bankroll wrote:Another question I have is, if you make it to your final face to face interview, is it safe to assume that the job is yours (assuming that you're not a jacka$$)??  It seems like a lot of time has been invested to make it this far and then to decide not to hire someone. 
 
Jones says it costs them $75,000 to train a new FA. They've spent, what, $200 on you at this point? Yes, you can easily talk yourself out of the job in the face-to-face interview.Quote:I have been following threads on this board and I am looking for quality answers, not some of the garbage that I've seen on other posts. 
 
If you'll look up to your right, you'll see a little magnifying glass that has the word "Search" beside it. Click on it, and you'll find the answer to any question you have--or ever will have-- about Edward D. Jones & Co.

new_indy's picture
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Joined: 2007-03-28

The only advice I would offer if you want to go this route, is to refuse to sign the non-compete agreement.  Things change in this industry and 3 years can be a long time if you are not happy.

MISS JONES's picture
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Joined: 2007-08-28

new_indy wrote:The only advice I would offer if you want to go this route, is to refuse to sign the non-compete agreement.  Things change in this industry and 3 years can be a long time if you are not happy.
 
Good point.. 3 years is VERY long in this industry..

compliancejerk's picture
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Joined: 2004-12-03

new_indy wrote:The only advice I would offer if you want to go this route, is to refuse to sign the non-compete agreement.  Things change in this industry and 3 years can be a long time if you are not happy.
 
Almost every firm has some sort of non-compete clause.  If you refuse to sign the firm will most likely refuse to hire you.  Try it you hiring manager might think you have some cajones.  At EJ they could care if you had 4 cajones the size of basketballs, no sign the non-compete clause....they show you and basketballs the door.
 
Another catch is the repayment for training services. Leave before three years at EJ and they will demand repayment if you are going to another firm .....talk about a profit center???

bankroll's picture
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Joined: 2007-12-19

Thanks Miss Jones.  I do have some previous sales experience but not in the financial industry. I have met with a couple of FA's and from the sounds of it the whole door knocking thing isn't that bad. I am willing to bust a$$ for the first couple of years in order to make a nice living in the near future.  I'm not the type to sit around and hope that I am going to strike it rich.  However, I would love to be assured that all my time and effort does pay off in the future.  As for the exams...how brutal is it??  How many hours a day can one expect to put in studying for the exams?  Are you allowed to prospect when you are studying or is the 2 months strictly for studying?  I have to say I am very excited to have an opportunity like this but at the same time nervous that I could go with no paycheck for a month or two in my second year...I would like to know if you went through the same anxiety before you took the job or if others did. 

Spaceman Spiff's picture
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Joined: 2006-08-08

How brutal the exams are directly correlate to your test taking and study skills.  People right out of college who are used to studying and testing will typically breeze through them.  If you are not used to it, they can be difficult.  Jones has a process that will get you through the exams.  90% pass rate.  One of the newer EDJ folks will have to answer the question about prospecting during study.  It used to be just studying for those two months.
 

While it is theoretically possible to not get a paycheck at some point, rarely do you hear of anyone who actually had it happen to them.  Some of the HR laws have changed so I believe they are required to pay you at least minimum wage.  Just think that any month that has no paycheck could be followed by the biggest paycheck of your life. 
 
Time and effort do pay off in the long run.  That goes for every financial services company, not just Jones.  You'll hear that it's time in the business that will make someone successful.  That and a rich uncle. 

advisorman's picture
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Joined: 2007-12-14

bankroll wrote:Thanks Miss Jones.  I do have some previous sales experience but not in the financial industry. I have met with a couple of FA's and from the sounds of it the whole door knocking thing isn't that bad. I am willing to bust a$$ for the first couple of years in order to make a nice living in the near future.  I'm not the type to sit around and hope that I am going to strike it rich.  However, I would love to be assured that all my time and effort does pay off in the future.  As for the exams...how brutal is it??  How many hours a day can one expect to put in studying for the exams?  Are you allowed to prospect when you are studying or is the 2 months strictly for studying?  I have to say I am very excited to have an opportunity like this but at the same time nervous that I could go with no paycheck for a month or two in my second year...I would like to know if you went through the same anxiety before you took the job or if others did. 
 
The exams are not easy and the Series 66 gets harder each year. Many of the older FAs have been told that they have to take it and many did not pass it the first time. You are only suppose to study for the first 10 weeks and no they do not expect you to prospect until you have at least passed the Series 7 and gone to KYC. It is also a good idea to hook up with some of your fellow classmates and compare notes. You will also need the support when you have a bad day and you will have bad days.
 
You still have a ways to go through this process but I would recommend you call some of the local FAs in your area and ask them these same questions. You will find that most will be very helpful.
 
Good Luck

bspears's picture
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Joined: 2006-11-08

Advice no.  22...Do not have sex with your prospects, male or female.

Broker7's picture
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Joined: 2007-02-23

MISS JONES wrote:new_indy wrote:The only advice I would offer if you want to go this route, is to refuse to sign the non-compete agreement.  Things change in this industry and 3 years can be a long time if you are not happy.
 
Good point.. 3 years is VERY long in this industry..
 
LOL.....LOL..LOL
 
I would love to see the reaction of EJ when you tell them you will accept the job but will not sign the non-soliciate!!!

ednomore's picture
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Joined: 2007-08-29

Bankroll.
Iwould agree with most of the adcvce that you have been given, As far as the exams go, if you will follow Jones program you will pass them. Do not take them lightly.  They know what it takes even for people like me who had not studied for tests in many years. I do not think they will hire anyone who will not sign their standard agreements, which may be Ok if you are serious about the business because you will need at least that amount of time before going INDY or elsewhere. Just remember to sell your self not Jones and put all the business you can direct.

Broker24's picture
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Joined: 2006-10-12

bspears wrote: Advice no.  22...Do not have sex with your prospects, male or female.

new_indy's picture
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Joined: 2007-03-28

Ednomore...where were you when I started.  I did everything the hard way!  Don't forget to warn the kid away from the Kool aide!

ednomore's picture
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Joined: 2007-08-29

NEWINDY
I was busy drinking Koolaid! You don't know what you don't know until you leave.

Veer's picture
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Joined: 2008-10-30

Hey there ..I'm in the same situation at the moment where you were in Dec..I needed some advice ..  Did you actually join EJ ?  if you did, how is it going .. what is the toughest challange you have faced .. There brouchure says you make 70k first year .. Do you find yourself anywhere closer to that in your very first year .. ?I have also been offered another job as a retail manager where i'll be getting 36k at a slow growth rate of 10% pa ..  Do you think i'm better off opting for that ?I'm seeking a genuine advise from all who took EJ opportunity & how realistic was it ?Regards,Veer

Veer's picture
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Joined: 2008-10-30

Hi Icecold .. Yeah i did get your response .. thanks for taking out time ..Yeah when i moved to Canada .. I was particularly interested in a job where i can progress with my efforts n skills .. I did well with Staples in UK .. but feel that working in the store, your growth is stagnant to a store manager level ..My concern about EJ started as i read few posts where people were struggling to have there own office even after a year ?????& EJ opens multiple office in the same region .. How fair is that ?  I dont mind doing a door knocking initially.. I'm new to this country & dont want to get shattered ..I want to know Do there model works the way it is shown in there brouchure ??Thanks & Regards,Veer

B24's picture
B24
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Joined: 2008-07-08

Troll. Nobody writes like that. It's BSpears.

Spaceman Spiff's picture
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Joined: 2006-08-08

Give him a break.  He did say he's not from this country.  Maybe they don't speak English so good in the UK. 

Borker Boy's picture
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Joined: 2006-12-09

Not nearly enough.........to........be.........spears.........

Coolaid's picture
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Joined: 2008-10-31

ednomore wrote:Bankroll.
Iwould agree with most of the adcvce that you have been given, As far as the exams go, if you will follow Jones program you will pass them. Do not take them lightly.  They know what it takes even for people like me who had not studied for tests in many years. I do not think they will hire anyone who will not sign their standard agreements, which may be Ok if you are serious about the business because you will need at least that amount of time before going INDY or elsewhere. Just remember to sell your self not Jones and put all the business you can direct.
 

Thanks Ednomore.  I'm new to EDJ and I'm one of the few that don't think three years is really that long at all when you look at the big picture.  Your "sell yourself" advice is the best piece if advice I have read on this forum so far.  <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

bspears's picture
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Joined: 2006-11-08

I have one login...bspears....some think it is in reference to Brittany...but it is in reference to barack.....

B24's picture
B24
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Joined: 2008-07-08

Yeah, Borker.  You were my second choice.

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