I just got back from Jones new FA Training. If anyone has any questions or needs any myths busted let me know!!
How long was it? Where did you go? What did they have you do?
Same to you (needing myths busted) considering you received your first week of 'programming.'
People that usually talk bad about Jones had one of two things happen to them....
1. You washed out because you were lazy.
2. You were terminated for not meeting your goals.
Ill leave it at that.
The training is loosely based guideline on what has been successful for others. No two people are the same so some tweaking is necessary. ME personally I found some info really useful and other parts not so much. The part that really excited me are the tools and technology made available to you during training. If you need more specifics just PM me and I will gladly tell. Too many trolls on this board and I'd rather not waste my time with them.
AHHH..you are learning the 'recipe' well my young jedi. The force may be strong in you...until about 3-5 years in and you understand what EJ is all about. I won't rain on your parade anymore. I was where you are and spouting all of the same nonsense that you are about 6 years ago...and now truely own my own business as an indy. I wish you well...
I started drinking that KoolAid but enjoyed the taste of ML's better. Although, I have to say, I am somewhat impressed with the amount of television commercials I see from EJ lately... they're quite good. I wish ML would get on the TV more often. Here's a few things that I did NOT like about EJ, let me know your thoughts:
(1) LOW base salary to start. I have rent payments, car payments, loans and other such expenses that suck up a nice portion of my discretionary spending, so there was no way I was going to get by on their weak starting salary. I have no problem transitioning from salary to commission, but my empire isn't going to sprout overnight, and I need support in the meantime.
(2) "Door - to - Door" selling. I TRIED it, man. I felt like one of those religious fanatics. Didn't really enjoy it that much. Not only that, any neighborhood or development that seemed to house people with $$$ was plastered with "no soliciting" signs. Now, I realize that the EJ prospecting activity might slightly evade the textbook definition of "soliciting," but the people whose door I'm knocking on probably don't know that and will still want to kick me in the nuts for inviting myself up to their doorstep. I'll get on the phones instead, thank you.
Going door-to-door would be my major problem with Ed Jones. I don't know anyone who would pick a financial advisor from someone who showed up at their door.
There is a third reason...
People see the writing on the wall. I will be honest, I like EJ. They make me look like a knight in shining armor that comes in and saves people from all the American Funds A-share smokescreen. Seriously, its like fishing with dynamite when someone tells you they are with EJ.
I'm not trolling so I hope my questions will get answered. First of all, congrats on passing your exams and getting through training. Regardless of what firm you are with, it takes a certain level commitment to obtain your licenses.
My questions are to get you to think, not to get you upset or defensive.
Twootton ~ I have a few questions for you...
1. Why EJ? Do you honestly believe that all the "selling" is ethically good for your future clients?
2. What percentage of your book will be fee-based vs. transactional?
3. Do you understand that it will take roughly 30 million to break the 6-figure income mark?
4. Do you understand that once your clients take a meeting with someone like myself, not only will you have attrition and roll-over issues with your book, you will have to deal with irrate former clients who will tell anyone who will listen how EJ and more importantly YOU ripped them off?
5. You think that cold-calling is hard? Wait until you have to call a client and explain why they need to make another transaction that will cost them thousands of dollars? Clients will start avoiding your call since everytime you call, it will cost them money.
I'm not attacking you. Just don't drink the kool-aide so much. All the cheerleading is carefully calculated to keep you bringing in assets and keep EJ, NOT YOU, in the money. And its not just EJ, it is all wires and some regionals.
aahhh, EJ bashing...very typical...EJ is actually shifting much more of their training, incentive, and business to fee based. They have a new "new FA" compensation model that is much better than it was. I laugh when FA's talk about "ripping off" clients when you sell them A shares (I actually only do c shares for under 100k and then discuss in detail both options at 100k). I've seen C share accounts "wrapped" with another 1%. That is a rip off. Jones has it's issues like all big firms, but generally gets the highest rating from their FA's and from the investors themselves when it comes to satisfaction. Say what you will but that does say something about how they do business.
I am the author of the "casual reading" mentioned above. If anyone can read 25,000 words of rather hard-hitting, dramatic, sad and shocking material about how a company treats its employees and customers, you must be perfect EDJ material! Like, totally superficial! An update: yesterday FINRA finally responded to the investigation of EDJ that several FAs told me I should request. After months of diligent analysis, it concluded: "Based on our assessment of the information (you provided), FINRA has closed its investigation of this matter." No explanation or elaboration whatsoever was provided. There was no dispute with our serious allegations.
Yeah but come on, paying some bills and getting some experience, and getting a licence is a win-win for getting ones feet wet in the industry, right?
Is the base salary negotiable?maybe I'll apply there too.
I'm a currently a futures broker ( mf global refugee) about to get into the FA biz. I have been going through the interview process for merrill and Wells Fargo me in to the face to face I terrier at the branch offices..Im not really sure which one to go with, but thinking Wells Fargo seems to be the best choice I have so far due to realistic asset gathering goals, what seems to be top notch training and a 60k base.... Anyone care to advise?
Are you still with Jones? Interested to see if you "Washed out" or "Terminated"
Are you with a RIA or wirehouse, what company? Just curious. Thanks
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