Edward Jones or Raymond James

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kskufca's picture
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I am going through interviews with Edward Jones and Raymond James. With Edward Jones I would be starting off as a Financial Advisor right away, however with Raymond James I would be working under a FA and learning the business first before becoming a FA. I don't have any experience in the financial industry, just some college courses on finances.  Any input on pros and cons are greatly appreciated (unbiased).
Thank You

Not1ofthem's picture
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Joined: 2004-12-27

Not to offend, but how old are you? 
Where do you want to work...Is it in a city or in a small town?
What kind of people do you want to work with?  Regular schmoes or sophisticated investors?
Have you ever been in outside sales before?
 
Give us a little more info and we can make a more informed statement of advice.  Thanks

noggin's picture
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What's the relationship that you have with the potential RJ advisor?

troll's picture
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I would seriously consider setting up with the experienced RJ guy....you can learn a lot from him.  Just make sure the deal you strike is fair to you in the long term, in terms of whether or not you get to keep some of the clients you help him bring in, or a share of his revenues above a certain goal.....

kskufca's picture
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I am 26 years old, just finishing up my degree. The town that I would be working for Raymond James has a population of about 125,000. The city I would have an office with Edward Jones in has about 55,000 people.  I want to work with sophisticated investors. I have experience in sales, which I was extremely successful in. I was introduced to the RJ advisors through a friend who also works for RJ.

Silverton's picture
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Go with Raymond James. Sophisticated investors or do you mean high net worth investors? Rarely do I ever run accross sophisticated investors. Either way, you wont find many of either at Jones. You will have a better career at RJ in my opinion.

mnmaze10's picture
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I have some questions about these two companies as well. The previous replies that were given don't answer too much. And I don't really want to hear I had a friend who hated "?". EVERY Firm EVERY job has its positives and negatives and people who've had a bad experience. I'm Just looking for some information. Thanks! If anyone has extra time as detailed as possible would be greatly appreciated! Just trying to make the best informed decision considering I can't just sign on and jump ship if I don't like it.

I've tried to find somewhere online that compares different firms but did not find anything.
Also how do they compare to a wirehouse.

Partial Background: I have a degree in finance but no experience as an advisor. I do have sales experience of 4 years and run my own athletic training business. I do not have my series 7.

I am currently interviewing with Edward Jones but am going to apply with Raymond James this week. I am looking for the best place to start in regards to training, potential long term, and potentially going independent after a few years. I do not already have a "book of business" But I do have a lot of potential clients and a couple who are already looking to invest with me. Some with smaller incomes/portfolios and some with larger incomes/portfolios.

I know its long but I assume this will help out myself and a lot of potential newcomers without having to search for small bits and pieces throughout the msg boards. THX Again!

Compensation:
Paid training (if so how much)?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Salary, and when does it end?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

commission?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

bonuses?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

typical take home(lets assume doing avg. work)?
EDWARD JONES:
yr one,
5,
10
RAYMOND JAMES:
yr one,
5,
10
WIREHOUSE:
yr one,
5,
10

do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Can you take your book of business with you?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

After how long can you go independent and choose to switch firms(any contracts)?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Are you in your own office, cubicle, workspace...where do you start out?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

When can you get your own office and what if anything does the company pay for?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Does someone dictate the hours you work? or can you set your own hours (short term n long)?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

If you're under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

How do you get your clients your first year?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Are there certain things you cant sell or do as a new FA or as an Experienced FA?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Health Insurance/benefits: (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed.
Whats covered and any additional info is helpful?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Any additional info to help make an informed decision is appreciated. THANKS in advance for your time!

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B24
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Are you freakin for real?  No offense, but this is not a full-time job for us posters.  I suggest you go through some archives and fill in some of the blanks, then come back for clarifications on what you don't know.  You'll get a lot of insight from the "Waht's going on at firms" section, among others.  And understand, you are not the only person to come on here with a laundry list of questions to answer.
 
Also, and please don't be offended, but some of your questions indicate that you don't even understand the industry at all.  You really need to do some reading/research and then ask for some clarifications.

IsOldSpiceRightForMe's picture
Joined: 2008-04-14

MNMaze10, I agree with B24, you can answer most of those questions yourself by searching most of the older threads.  Also, you listed "Wirehouses."  While wirehouses have many similarities, each is also very different in some areas.  For example, the training at ML or SB is very different from the training at MS.  So with a lot of your questions, "Wirehouses" is to vague.

mnmaze10's picture
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B24 wrote: Are you freakin for real?  No offense, but this is not a full-time job for us posters.  I suggest you go through some archives and fill in some of the blanks, then come back for clarifications on what you don't know.  You'll get a lot of insight from the "Waht's going on at firms" section, among others.  And understand, you are not the only person to come on here with a laundry list of questions to answer.
 
Also, and please don't be offended, but some of your questions indicate that you don't even understand the industry at all.  You really need to do some reading/research and then ask for some clarifications.

If you don't want to answer or its going to waste your time why bother replying at all. I know its long. I never expected anyone to sit here and answer ALL the questions. but maybe a few people might be able to answer a couple of the questions that seem most relevant and a couple other people may be able to answer some different questions. And if NO ONE wants to answer by all means that is okay. Some of the questions I do have an idea of but just wanted some more insight. a lot of the stuff I read in other posts were about peoples bad experiences which happens with any company. and WAY too much BS in between each reply about how they dislike a certain company(EDJ). Just b/c one person didn't like it doesn't mean the next person won't like it. If someone can help by answering a couple awesome if not its okay.

And if I COMPLETELY understood the industry I probably wouldn't bother being in this "rookies and trainee" forum unless it was to help out someone else. Yes I am new as previously stated. Some things I understand, some I don't.

Thanks

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OS
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Maze, I hope your feelings weren't hurt. 

mnmaze10's picture
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IsOldSpiceRightForMe wrote: Also, you listed "Wirehouses."  While wirehouses have many similarities, each is also very different in some areas.  For example, the training at ML or SB is very different from the training at MS.  So with a lot of your questions, "Wirehouses" is to vague.

True....guess I was just curious about the majority. Some of the questions I figure may be easier to answer then others.

Thanks

mnmaze10's picture
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Quote:To which you respond with, "no, if nobody will answer me as-is, then I don't really give a shit."

Not being a dick, but the answers to ALL of your questions are on this forum - do yourself a favor, and do some reading. I'm in production now for a little over a year. I believe I've read nearly every word, of every thread, on this site - whether it was a b.s. topic, or something of real value.

I never said I didn't give a shit. I just meant that if someone didn't want to reply it was understandable considering it IS lengthy. I have read through a lot of the posts.

Thanks

OS, no I wasn't offended and my feelings were not hurt. I KNEW it was lengthy . just hoping to get a couple of the questions answered that someone didn't mind spending a min with. I probably would've been shocked if someone answered all of them. Just thought I'd write it all at once instead of keep asking question after question. (guess that would've been better for everyone it seems). My apologies, didn't mean to offend anyone.   

Fighting Chance's picture
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LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1. Also, after that first post and your second. You might want to consider changing your username. If you gather all of the information you were looking for please post it. Tough crowd!

buyandhold's picture
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Speaking from my own experience, EJ is a good place to work. From some of your questons, it sounds like independance is important; you will get that here. As long as you are making your numbers, you have a lot of flexibility as far as your marketing or how you build your business.A town of 55,000 is the EJ sweet spot, imo. You can DK the whole town in two years and make yourself known more easily than you could in a larger town or city.Is there another EJ FA in town?If you think you could work well with the RJ advisor, I might lean that way. It is a good firm, too, and you will get a good education.

Coolaid's picture
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mnmaze, based on your posts and responses to your answers I would suggest taking the apprenticeship.  You may understand the industry and have a firm grasp on the theory but you can learn priceless communication skills and business etiquette that will help you until you retire.  It will be better for your clients, the company that brings you on and yourself.  I think you would be better off in the long term.

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buyandhold wrote: Speaking from my own experience, EJ is a good place to work. From some of your questons, it sounds like independance is important; you will get that here. As long as you are making your numbers, you have a lot of flexibility as far as your marketing or how you build your business.A town of 55,000 is the EJ sweet spot, imo. You can DK the whole town in two years and make yourself known more easily than you could in a larger town or city.Is there another EJ FA in town?If you think you could work well with the RJ advisor, I might lean that way. It is a good firm, too, and you will get a good education.

There's a lot of EDJ in my area. I live in california. Think the 55,000 was from the first poster.

Quote:LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1. Also, after that first post and your second. You might want to consider changing your username. If you gather all of the information you were looking for please post it. Tough crowd!

Thanks for the info!

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I'm not going to hit them all because most are way too complicated/involved to address in a forum.

Payout: Typically about 45% of production at wire when in top "tranch." Similar for anything other than indie, including Jones and RayJay.

Initial Comp: Bases between 30-80k at a wire (high end unusual) which lasts one or two years depending on firm. Base offered at Jones is usually 24k + bonuses. Not sure on RJ.

Comp on Initial vs Subsequent Deposits: Doesn't matter; it's whatever product you put it in.

Office Environment: Jones initially from home, Wires will start you at a cube unless UBS which gives everyone an office by default in most branches. RJ will depend on the branch.

Bonus: Jones has new account bonuses and other "milestone" bonuses which are described in the new hire brochure/dvd. The wires depend during training. Search "POA" for Merrill, for example. Most comp is a straight percentage after out of training, with some exceptions.

Typical take home: At any environment you would "like" to generate 100k in gross commission dollars per year of experience. Payout net to you will depend on the environment, 45% being common at the wires. (A big caveat is that most people DON'T do this level of production, if they even remain in the biz.)

Can you take your book: All wires will have you sign a non-compete although there is "protocol" among the main 5 (down to 3...) that they will not enforce this among each other. No non-compete at Jones although 3-year contract. Ask at RJ. For the most part it's difficult to enforce a non-compete anyway.

Do you dictate your hours: Depends on the branch manager, less so at Jones since you start without an office environment in some instances.

Requirements to sell certain products or restrictions: You will not be able to transact options at most wires until licensed three years. Penny stocks only at discretion of manager at most, and usually only as unsolicited orders. Jones does not clear options. You will probably not even get licensed to sell commodity or futures based products, which in any case are not cleared at all at Jones. Those are pretty reasonable restrictions only effect products you don't want to sell anyway. The relevant aspects are not restrictions but "recommendations" which the firm will make, usually to sell their own proprietary mutual funds, or fund platform. (Black Rock at ML, Fund Solution at MS, UBS prop funds, etc.) Jones is the most militant about their "encouragement" that you sell American Funds.

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B24
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"Jones is the most militant about their "encouragement" that you sell American Funds"
 
No they're not.  It's more because that's what all the veterans use, so the newbies just take their advice and run with it.  And actually, most people (at any firm) don't know WTF they're doing when they start, so starting with AMF is probably the "least painful" way to invest for your clients when you are clueless.  It's better than just running amock.  But I have never, ever had anyone, even compliance, question one of my funds (unless I was making a switch - and I have had compliance question why I switched out of a non-preferred fund into a preferred fund family)  So believe me when I say St. Louis is much less concerned these days about which fund families you use than they used to be - as long as you are developing sound portfolios within the client's investment objectives, age, etc.
 
But X, I think at one time you were very right.  AND, I am sure there are some regions where the veterans or Regional Leaders are more adament about what investments you use.  And I think our Advisory platform has, maybe, 5% of the funds from preferred families.  There are close to 30 different fund families in the program list, but only 4 are preferred families.  And each family only has a couple funds in the program.

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Thanks banker n B24!

mnmaze10's picture
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xbanker wrote:
Can you take your book: No non-compete at Jones although 3-year contract. Ask at RJ. For the most part it's difficult to enforce a non-compete anyway.

This is part of the reason I had posted those questions, Not because I didn't want to do my own research or put in the effort . Just because Ive read various posts that say something different then another post about the same topic.
I read in earlier posts, some recent and some a year or so old, that Jones Does keep your book of business and some say they dont. So I reposted to see if policies have changed or anyone had additional input.
Anyone get Hired within the last few months that had to sign a contract and knows for sure if you're able to keep your book?
This for me is very important because If I spend the next 3 years with a firm working my ass off to build the best book I can and build relationships with my clients and decide I want to go elsewhere or indy I wouldn't want to lose my clients. But at the same time if this is typical I guess I don't really have a choice since I'm just starting out.

THX!

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I want to jump in here and make a statement.  I believe if you go into this career field thinking, planning on jumping anyplace else before you even start is very dangerous.  This career is as hard as any out there, day in and day out and to go in without 100% committment to the firm you start with is setting yourself up for failure.  When I started with Jones, I planned to be there until I retired. I drank the koolaid with a firehose and was very successful while there.  I don't think I could have been anything other than a failure if I had a in the back of my mind I was going to jump ship in a few years.  Circumstances changed and I made a move to LPL and can now only see myself with LPL until I retire. Now if they do something stupid, then I may look at a change, but I have NO desire to move elsewhere. Pick a place and jump into it with both feet.  Eat drink and sleep the firm your with...you will be successful if you listen to others in your firm and follow the recipe. Its kinda like getting married and admiring the bridesmaids at the wedding.  My 2cents...

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Spears is spot on!  wait...did I just say that?  He is right, all jokes aside...if you go in with the right attitude it is hard enough, never mind going into this career with a foot already out the door...then it's almost impossible!

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Thanks to the last few replys.
Quote:
I want to jump in here and make a statement. I believe if you go into this career field thinking, planning on jumping anyplace else before you even start is very dangerous. This career is as hard as any out there, day in and day out and to go in without 100% committment to the firm you start with is setting yourself up for failure. When I started with Jones, I planned to be there until I retired. I drank the koolaid with a firehose and was very successful while there. I don't think I could have been anything other than a failure if I had a in the back of my mind I was going to jump ship in a few years. Circumstances changed and I made a move to LPL and can now only see myself with LPL until I retire. Now if they do something stupid, then I may look at a change, but I have NO desire to move elsewhere. Pick a place and jump into it with both feet. Eat drink and sleep the firm your with...you will be successful if you listen to others in your firm and follow the recipe. Its kinda like getting married and admiring the bridesmaids at the wedding. My 2cents...
I completely agree with you as well. This is why I'm trying to make the most informed decision I can b/c whomever I do choose I want to be with for awhile. But at the same time I want to know all my options. I DON'T want to go into this and years down the line be like damn I should've started with someone else. I mean anythings possible and firms change, but I want to make the best informed decision I can before jumping in and getting "married." It IS a big decision because I know it will be a very difficult and challenging job. Up till now I've kind of breezed through things/jobs and have done very well with minimal effort(don't get me wrong Ive worked my ass off before). So at this point I want to go full throttle and see how far I can push myself and what goals I can accomplish.

Spears, having been with Jones and now LPL do you feel you gained a lot from Jones which is now helping you at LPL? LPL is an Indy spot and you couldn't have started out with them correct?
Wish you had started somewhere else?

Thanks again for the info!

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No I couldn't have started at LPL in the beginning, unless I went in with a vet.  The main thing I learned at Jones is the prospecting.  I still make my calls religously, but the calls are different. They're not product oriented, they're focused on qualifying the prospect. 
If I were to go back 8 years and start over, I would first look at Merril, Morgan and SBarney.  I would look for an opportunity to buy a book of a retiring advisor to help build assets, because lets face it..you get to 50-60-70 mil in Assets, you can have great life anywhere.  I have a buddy who works at Morgan Stanley and he's done just that and is part of a team with 500mil in assets.  He likes to call me every quarter when his month starts out at 60k gross...

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bspears wrote: No I couldn't have started at LPL in the beginning, unless I went in with a vet.  The main thing I learned at Jones is the prospecting.  I still make my calls religously, but the calls are different. They're not product oriented, they're focused on qualifying the prospect. 
If I were to go back 8 years and start over, I would first look at Merril, Morgan and SBarney.  I would look for an opportunity to buy a book of a retiring advisor to help build assets, because lets face it..you get to 50-60-70 mil in Assets, you can have great life anywhere.  I have a buddy who works at Morgan Stanley and he's done just that and is part of a team with 500mil in assets.  He likes to call me every quarter when his month starts out at 60k gross... Must be nice!!...

If you don't mind me asking how old were U when you started? and how old is your friend?

I would imagine to buy a book like that to start you would probably have to know someone...am I correct in that assumption? as well I'm not sure If I want to be handling that type of responsibility right off the bat without any previous experience. I'm Sure the money would be awesome tho!

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I was 31 and my buddy was 25 when he started in 94. 

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mnmaze10 wrote: What Ive Gathered So far.........

Compensation:
Paid training (if so how much)?
EDWARD JONES: $10-$15 for first 4months I think until your Can Sell Date
RAYMOND JAMES:
WIREHOUSE:

Salary, and when does it end?
EDWARD JONES: 24K-25K depending on area - NON Negotiable (Guaranteed 1st Only)
RAYMOND JAMES: Varies, Declines as you progress
WIREHOUSE:

commission?
EDWARD JONES: CLICK 4 PAYOUT

RAYMOND JAMES: CLICK 4 PAYOUT

WIREHOUSE:CLICK 4 PAYOUT

CLICK 4 VARIOUS FIRM PAYOUT GRID

CLICK 4 VARIOUS FIRM PAYOUT GRID

bonuses?
EDWARD JONES:
New accts........
0-5 $500 on 5th acct
6-10 $100 Per
11+ $200 Per
Milestones.......About 38K over first 3 years

RAYMOND JAMES:
WIREHOUSE:

typical take home(lets assume doing avg. work)?
EDWARD JONES:
yr one,
5,
10
RAYMOND JAMES:
yr one,
5,
10
WIREHOUSE:
yr one,
5,
10

do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Can you take your book of business with you?
EDWARD JONES: ?
RAYMOND JAMES: YES
WIREHOUSE:
Mostly NO

After how long can you go independent and choose to switch firms(any contracts)?
EDWARD JONES: 3 year contract
RAYMOND JAMES: 3 year contract
WIREHOUSE:

Are you in your own office, cubicle, workspace...where do you start out?
EDWARD JONES: Home then Own office or can work in someone elses office IF they agree
RAYMOND JAMES: In someone else's office
WIREHOUSE:

When can you get your own office and what if anything does the company pay for?
EDWARD JONES: Own Office, Office asst, furniture etc... (if profitable?)
RAYMOND JAMES:
WIREHOUSE:

Does someone dictate the hours you work? or can you set your own hours (short term n long)?
EDWARD JONES: Set Own hours
RAYMOND JAMES: Varies, depends on your manager or who is above you
WIREHOUSE:

If you're under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out?
EDWARD JONES: No your on your own
RAYMOND JAMES:
WIREHOUSE:

How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

How do you get your clients your first year?
EDWARD JONES: Mainly Door knocking (25 Completed surveys Daily, Survey consists of 8 general questions and asking for a phone number), Networking
RAYMOND JAMES:
WIREHOUSE:

Are there certain things you cant sell or do as a new FA or as an Experienced FA?
EDWARD JONES: Doesn't sell options or futures
RAYMOND JAMES:
WIREHOUSE:

Health Insurance/benefits: (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed.
Whats covered and any additional info is helpful?
EDWARD JONES:
RAYMOND JAMES:
WIREHOUSE:

Any additional info to help make an informed decision is appreciated. THANKS in advance for your time!

If I gather more info I will add to this
If anyone has worked for a firm and can add or elaborate Please do. Thanks!!

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mnmaze10 wrote: mnmaze10 wrote: What Ive Gathered So far......... Compensation: Paid training (if so how much)? EDWARD JONES: $10-$15 for first 4months I think until your Can Sell Date RAYMOND JAMES: WIREHOUSE: Salary, and when does it end? EDWARD JONES: 24K-25K depending on area - NON Negotiable (Guaranteed 1st Only) RAYMOND JAMES: Varies, Declines as you progress WIREHOUSE: commission? EDWARD JONES: CLICK 4 PAYOUT RAYMOND JAMES: CLICK 4 PAYOUT WIREHOUSE:CLICK 4 PAYOUT CLICK 4 VARIOUS FIRM PAYOUT GRID CLICK 4 VARIOUS FIRM PAYOUT GRID bonuses? EDWARD JONES: New accts........   (DON'T COUNT ON THESE)0-5 $500 on 5th acct 6-10 $100 Per 11+ $200 Per Milestones.......About 38K over first 3 years  (VERY ACHIEVABLE)RAYMOND JAMES: WIREHOUSE: typical take home(lets assume doing avg. work)? EDWARD JONES: yr one, 55k (ASSUMING YOU STARTED FROM SCRATCH)5, 85k - 200k (ASSUMING YOU STARTED FROM SCRATCH)10 WHATEVER.  REALLY DEPENDS ON HOW HARD YOU KEEP WORKING.RAYMOND JAMES: yr one, 5, 10 WIREHOUSE: yr one, 5, 10 do you get paid every time a client deposits money or just the initial deposit, if so whats the percentage? EDWARD JONES: ALL OF THESE VARY DEPENDING ON PRODUCT.  BUT YOUR COMMISSION/FEE ALMOST ALWAYS GOES UP WHEN $$ IS ADDED.RAYMOND JAMES: WIREHOUSE: Can you take your book of business with you? EDWARD JONES: ? YESRAYMOND JAMES: YES YES (ONLY ONE THAT WILL NOT TRY TO KEEP CLIENTS)WIREHOUSE: Mostly NO YESAfter how long can you go independent and choose to switch firms(any contracts)? EDWARD JONES: 3 year contract RAYMOND JAMES: 3 year contract WIREHOUSE: Are you in your own office, cubicle, workspace...where do you start out? EDWARD JONES: Home then Own office or can work in someone elses office IF they agree RAYMOND JAMES: In someone else's office WIREHOUSE: When can you get your own office and what if anything does the company pay for? EDWARD JONES: Own Office, Office asst, furniture etc... (if profitable?)
ONCE YOU HIT SOME MILESTONES (WHICH ARE PERTTY LOW).  USUALLY ABOUT 3-6 MONTHS AFTER YOU START SELLING, THEY WILL BEGIN LOOKING FOR OFFICE SPACE.  THEY PAY FOR EVERYTHING (BUILDOUT, FURNITURE, EQUIPMENT, PAPER, TONER, ETC.)  OFFICE SUPPLIES OTHER THAN FAX/COPY STUFF IS ON YOU (PENS, PADS, COFFEE, WATER, ETC.).RAYMOND JAMES: WIREHOUSE:
Does someone dictate the hours you work? or can you set your own hours (short term n long)? EDWARD JONES: Set Own hours RAYMOND JAMES: Varies, depends on your manager or who is above you WIREHOUSE: If you're under someone (know EDJ is by yourself it seems) Do you have to give them some of your clients and or part of your commissions when starting out? EDWARD JONES: No your on your own WILL SHARE SOME COMMISSION IF YUO ARE GOODKNIGHTING OR BUYING RETIREE BOOK.RAYMOND JAMES: MAY SHARE IN ORDER TO PURCHASE BOOK, OR GIVE OVERRIDESWIREHOUSE: MAY SHARE IF ON TEAM, AND WILL SHARE IF BUYING RETIREE BOOK.How independent are you? do you have someone breathing down your neck every second? what are the quotas like? Required to sell certain products or whats in clients best interest? EDWARD JONES: EARLY ON, YOUR PROGRESS IS CLSOELY WATCHED SO YOU "MAKE IT".  NOBODY IS BREATHING DOWN YOUR NECK, BUT THEY ARE WATCHING YOUR PROGRESS CLOSELY IN STL.  HURDLES ARE RATHER LOW, SO IF YOU ARE BEATING THEM, THERE IS LITTLE OR NO PRESSURE.  NO REQUIREMENT TO SELL CERTAIN PRODUCTS, AS LONG AS THEY ARE WITHIN COMPLIANCE GUIDELINES FOR CLIENT OBJECTIVES, AND JONES HAS SELLING AGREEMENT (FOR FUNDS/ANNUITIES).RAYMOND JAMES: WIREHOUSE: How do you get your clients your first year? WE ALL CAN GET CLIENTS HOWEVER WE WANT...EDWARD JONES: Mainly Door knocking (25 Completed surveys Daily, Survey consists of 8 general questions and asking for a phone number), Networking
THE DOORKNOCKING PART IS CORRECT, BUT THE "SURVEY" THING IS JUST A ONE-DAY PROCESS YOU GO THROUGH TO SEE IF YOU CAN HANDLE DOORKNOCKING DURING INTERVIEWING.  AFTER THAT, DOORKNOCK HOWEVER YOU WANT.  IN ADDITION, IF YUO CAN GET CLIENTS/PROSPECTS BY STANDING ON YOUR HEAD IN THE PARK, THEY DON'T CARE (THOUGH THEY WILL TELL YOU THEY DO).RAYMOND JAMES: WIREHOUSE: Are there certain things you cant sell or do as a new FA or as an Experienced FA? EDWARD JONES: Doesn't sell options or futures.  CAN SELL LONG AND SHORT ETF'S.  CAN USE MARGIN AND SHORTING.  C SHARES AND B SHARES ARE LIMITED TO 250,000 AND 100,000 RESPECTIVELY (PER ACCOUNT).RAYMOND JAMES: WIREHOUSE: Health Insurance/benefits: (this is important because I currently payout about $365/mo b/c I have a Pre-existing condition and am self employed. Whats covered and any additional info is helpful? EDWARD JONES: HIGH DEDUCTIBLE PLAN (3k/6k FAMILY).  VERY COMPREHENSIVE.  LOW PREMIUMS.  PAYS 100% OF EVERYTHING AFTER DEDUCTIBLE (INCLUDING DRUGS).  CAN ALSO CHOOSE BASIC HSP, WHICH COVERS ABOUT 85% AFTER DEDUCTIBLE, BUT DEDUCTIBLE IS ONLY 1500/3000.  PAYS 100% OF ALL ROUTINE CARE (WELLBABY/WOMAN,COLON SCREEN, MAMMOGRAMS, IMMUNIZATIONS, ETC.) WITHOUT DEDUCTIBLE.  CAN CHOOSE FROM ANTHEM BC/BS OR UNITED HEALTHCARE.  PREMIUMS VARY, BUT WOULD BE $189/MO. FOR FIRST 42 MONTHS, $395/MO. AFTER 42 MONTHS ("NEWBIES ARE SUBSIDIZED).  THIS IS FOR FULL FAMILY COVERAGE.  SINGLE WOULD BE MUCH LESS ($62.50/$152.00).  IT'S A GREAT DEAL IF YUO ARE HEALTHY, OR IF YOU HAVE TONS OF MEDICAL PROBLEMS (SINCE YOUR COSTS ARE CAPPED, AND THERE IS NO LIFETIME MAXIMUM).  ALSO HAS HSA FROM BANK OF AMERICA ATTACHED YOU CAN FUND.RAYMOND JAMES: WIREHOUSE: Any additional info to help make an informed decision is appreciated. THANKS in advance for your time! If I gather more info I will add to this If anyone has worked for a firm and can add or elaborate Please do. Thanks!! 6

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THX B24! Good info!

Couple ?'s if you have time.
Under new accts you said "don't count on these." why not?
Isn't that how you build your client base and earn commissions by opening new accounts?

Under where I asked about can you keep your book of business. Is that the same thing as keeping clients? or did I word that wrong?
Curious If I start at EDJ and go Indy/ANother firm will I be able to keep my clients?

About the office. Are you able to choose your own office so long as its in their price range (or I want to pay extra for a better office) or do you automatically get put into an office of their choosing?

At EDJ do you suggest trying to goodknight, Buy retiree book, or start from scratch?

While you're "doorknocking" before being able to sell and having your own office what is it that you're actually doing (I had thought it was those surveys)? telling the potential client you get back to them in 3-6mo's? a friend suggested to rent an office or something called "executive suites" where you can rent a small office space, not sure our conversation was brief. But that may not be needed if you're not engaging with clients that much after initial doorknock until you get your office.
Im in Los Angeles, CA (South Bay/Torrance/beach areas), not a small town.

Thanks!!!!!!!

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Doorknocking is just introducing yourself to people. 'Hi, I am Joe Billy Bob of Edward Jones Investments. My, but your day lillies look lovely. Here's my card I will be opening an office on Main Street. Are you interested in (retirement planning, tax free investments, college savings accounts, CD rates, whatever.)? Great, I will get you information on those.The new account bonus is based on 10k investible new accounts -- tough to get enough to make that bonus. But like b24 said, the other bonuses are attainable.If you start new-new you can often use a colleague's office for appts or phone sessions. 'Mr. Prospect, we can meet at your home or the Jones office on Elm.' If you start new-new, do some marketing and find out exactly where you want to doorknock and built your business. What might happen is that you start well, and Bill over in Sioux Falls washes out and they offer you his office. Best to stick with your plan, unless Sioux Falls is a great town with a good book.Goodknights can be a great way to start.3-6 months? They will teach you to contact everybody every two weeks, but if you have a good lead, heck call them the next day.

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mnmaze10 wrote:THX B24! Good info! Couple ?'s if you have time. Under new accts you said "don't count on these." why not?
5 NEW FUNDED HOUSEHOLDS WITH COMMISSIONS EVERY MONTH SOUNDS REASONABLE (AND YOU WILL HIT IT SOMETIMES), BUT TO DO IT ON A CONSISTENT BASIS IS TOUGHER THAN IT SOUNDS.
Isn't that how you build your client base and earn commissions by opening new accounts?
YES, BUT IF I OPENED A 500,000 ACCOUNT AND A 10,000 ACCOUNT, THEY BOTH COUNT THE SAME TOWARDS THAT GOAL.  POINT IS, WOULD YOU RATHER OPEN FIVE 10,000 ACCOUNTS OR ONE 500,000 ACCOUNT?  AND WHICH IS EASIER TO ACCOMPLISH? (ACTUALLY, ONE 500,000 ACCOUNT). Under where I asked about can you keep your book of business. Is that the same thing as keeping clients? or did I word that wrong?
SAME THING.  AT ANY CAPTIVE B/D (JONES, WIRES, ETC.), THE BRANCH OR FIRM WILL TRY TO GO AFTER YOUR CLIENTS.  THEY CONSIDER THEM "THEIR" CLIENTS.  BUT THEY ARE FREE TO MOVE WITH YOU.  IF YOU AFFILIATE WITH AN INDY B/D, NOBODY IS TAKING OVER YOUR BOOK.
Curious If I start at EDJ and go Indy/ANother firm will I be able to keep my clients?
YES. SEE ABOVE.About the office. Are you able to choose your own office so long as its in their price range (or I want to pay extra for a better office) or do you automatically get put into an office of their choosing?
YOU CAN PRETTY MUCH FIND YOUR OWN OFFICE, AS LONG AS THE BUILDOUT (AMORTIZED OVER 5 YEARS) + RENT IS WITHIN THEIR GUIDELINES (IT'S FAIRLY HIGH ACTUALLY).  YOU CANNOT PAY EXTRA FOR A MORE EXPENSIVE PLACE.  BUT THAT WOULD BE STUPID ANYWAY.  MY BUILDOUT WAS ABOUT $35k (ABOUT $550/MO. OVER 5 YEARS), PLUS RENT OF LIKE $1,900/MO.  SO THEY CONSIDER MY SPACE TO BE $2450/MO.  I'M IN NEW ENGLAND, SO SIMILAR COST STRUCTURE AS WHERE YOU LIVE.At EDJ do you suggest trying to goodknight, Buy retiree book, or start from scratch? WHAT DO YOU THINK? (NOT TRYING TO BE FLIP).  ACTUALLY, IT'S TOUGH TO FIND SOMEONE RETIRING, IN YOUR AREA, WHEN YOU WANT IT (AND YOU MUST BE WITH JONES 3 YEARS SELLING BEFORE YOU CAN DO  A SUCCESSION PLAN WITH SOMEONE RETIRING - THEY DON'T WANT NEWBIES).  GOODKNIGHT IS THEN YOUR BEST BET, FOLLOWED BY TAKING OVER AN OPEN OFFICE (SOMEONE LEAVES), FOLLOWED BY A LEGACY PLAN (SHARE AN OFFICE, BUT NO ASSETS), AND THEN SCRATCH START.
While you're "doorknocking" before being able to sell and having your own office what is it that you're actually doing (I had thought it was those surveys)? telling the potential client you get back to them in 3-6mo's? a friend suggested to rent an office or something called "executive suites" where you can rent a small office space, not sure our conversation was brief. But that may not be needed if you're not engaging with clients that much after initial doorknock until you get your office.
WELL, IT'S A BASIC INTRO.  "HI I'M EMINEM.  I'M OPENING A NEW BRANCH OFFICE FOR EDJ.  I'D LOVE TO TALK AT SOME POINT, BLAH, BLAH...".  BASICALLY, AT WIREHOUSES, THEY HAVE YOU DOING GRUNT WORK UNTIL YOU ARE LICENSED.  THIS GETS YOU IN FRONT OF PEOPLE AT LEAST.
Im in Los Angeles, CA (South Bay/Torrance/beach areas), not a small town. I'VE HEARD OF IT.  CRAZY LIBERALS.
 
Thanks!!!!!!!

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Quote:I'VE HEARD OF IT. CRAZY LIBERALS.

LOL....
THX again, very good info!

jmatt's picture
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Fighting Chance wrote:LOL go to the registered rep home page that have a break down of some of the major firms. Its under taking care of number 1.
 
The most recent of those BD report cards is 2 years old.  Still relevant, ya think, given recent market upheaval?  Is there something more current that anyone knows of?

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The most recent of those BD report cards is 2 years old. Still relevant, ya think, given recent market upheaval? Is there something more current that anyone knows of?
Not true, wait till Dec. the most recent one will be the same. Well at least Jones will at the top.
bet

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What's the minimum size account a client can open with EJ?

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