Edward Jones - selection process

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btomba's picture
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At the moment I am in the interview process, application and personality test sent to recruiters to review. I thought their method of assessment is very good. I did the personality test first and they contacted me to complete the detailed application. I am assuming, (maybe incorrectly), that the personality profile showed I was suitable for the position. I am assuming they do not want to waste my time or theirs?
Also where is the F2F interviews held? and what is the elapsed time from the start to the end of this process?

Morphius's picture
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btomba wrote:I am assuming, (maybe incorrectly), that the personality profile showed I was suitable for the position. I am assuming they do not want to waste my time or theirs?

Yes, it showed you were suitable for the position in the sense that you are breathing and and willing to take the job.  Just kidding.  A little bit. Mostly.

newnew's picture
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F2F held at an FAs office. This interviewer was trained in the process, even though he/she is just another FA. For me, I got the offer a week or so later. Others had to endure more; one guy got a "no" after 2 months. Ameriprise took him in about a day, he said. He failed out of there in 9 months, so Jones got it right.

btomba's picture
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Thanks for the Info, I do not want to waste my time so my decision needs to be based on how well the company follows processes and somewhat the culture even though I am happy that I would be responsible, mostly if not all, for my own success. 
How frequently are GoodKnight startups offered?

newnew's picture
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Joined: 2007-02-23

they are really being emphasized now- Jones wants to end the "newnew" (start at zero) classification because the 3 year failuer rate is high.

lambda's picture
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Joined: 2005-07-20

What is EJ looking for in terms of work experience?  I know they want to see an upward trend in historical earnings.

Broker24's picture
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newnew wrote: they are really being emphasized now- Jones wants to end the "newnew" (start at zero) classification because the 3 year failuer rate is high.

True, but the challenge I see is that you need to have (a) existing offices in the area you are looking, (b) and advisor that WANTS to do a GK in your area, and (3) an advisor that wants to do a GK with YOU. It's going to be a challenge if you want to open an office where there currently aren't any.

newnew's picture
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Joined: 2007-02-23

right. but these areas are now few. I hear that newnews are done, but it might mean that you're a newnew in all but name; having someone slip you a few mill to get started is not that helpful.

Broker24's picture
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newnew wrote:right. but these areas are now few. I hear that newnews are done, but it might mean that you're a newnew in all but name; having someone slip you a few mill to get started is not that helpful.
 
You're right.  But it IS better than the alternative.  Jones can't manufacture accounts and guarantee success for someone wanting to to get into this business.  You also can't string someone along that obviously isn't going to make it anyway (iow, some people are going to fail out no matter how many assets they have - or should). 
 
But I think they are dramatically improving the odds of success.

cerpen's picture
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Joined: 2008-01-18

Just offered a position with EDJ today (Monday).  Final F2F was Friday. 
 

The whole process took about 6 weeks from the time I applied through my headhunter (non EDJ person).  I was not currently working so if you are, it may take another 2-3 weeks.  You will be given an online application to fill out with work history, salary, etc.  I waited about 2 weeks for them to contact me after I filled out the application.  You will then be contacted for a 20-30 minute phone interview.  Have a copy of your resume handy.  Basic questions: why did you leave your last job?, what did you like most/did not like about your last job, why are you applying for this position?  They will call back in 2-3 days to schedule you to meet with your town's EDJ office with an FA (not an interview, but do dress in a suite anyway).  He/she will tell you about the positives and negatives about being an FA.  EDJ will then contact you and ask you questions about the office visit.  Then comes the phone interview with a hiring specialist.  Tell me about a time when you went outside the box to network?  Questions can get a little aggressive, so be prepared for situational-type answers.  Also, they did ask me basic questions about what I knew about financials.  They told me at the end of this call that they would move me on in the process.  About 2-3 days later, they contacted me and e-mailed me a field exercise (interview folks in your community by doorknocking) and sent me the name of an FA to interview with.  His office about 40 minutes from home.  He had experience with interviewing and did a good job.  Questions were basic, some already asked.  Basically, about the field exercise. 
 
God, sorry if I went on an on here!  I hope to help out some people like others did for me.  Thanks to all of you that helped me with my postings and getting me through the process!

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

Welcome to the firm. Best of luck.

Spaceman Spiff's picture
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What no hug icon? 

getmethod's picture
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Joined: 2008-02-28

Congrats!
 
 

lambda's picture
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Joined: 2005-07-20

Cerpen...thanks for the info...I submitted my app online the other day....

lambda's picture
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Joined: 2005-07-20

If you don't mind me asking...what kind of wrok experience do you have?  I'm trying to guage if certain professional backgrounds are more advantageous than other.

cerpen's picture
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Joined: 2008-01-18

Thanks, Miss Jones!
 
Spaceman, here ya go baby..........

 
 
 
 
PS  I'm looking forward to training.  I'm sure this will be easier than the job itself...ha..ha
 

cerpen's picture
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Joined: 2008-01-18

lamba, I came from sales and sales training.  I have about 15 yrs total with selling in 2 different fields.  As far as I know though, EJ does hire folks without sales or financial backgrounds.  You may want to open this question to some of the EJers on the board.
 
You will be 2 weeks ahead of me, so keep me posted on the training.  I start 4/7.

cerpen's picture
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Sorry.  Getmethod, the last post was also for you.

richchick's picture
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Joined: 2008-02-06

I also just got hired with EJ - they put me through the ringer.
1. Personality Test
2. "Phone Screen" - Logistics.
3. Phone Interview Easy questions, like what do you understand about the position, likes and dislikes of current jobs.
4. Behavior - Based phone interview. HARD questions, like "Tell me about several times when you conquered the world with all odds against you, etc'." I would recommend googling "behavior-based" interviews and getting lots of sample questions and then PRACTICING your answers out loud! Sounds cheesy, but do it.
5. Rejection letter! I failed the behavior based interview. Probably because I didn't practice and was rambling and stumped at the hard questions. Then I talked to my RL, who managed to trump my rejection letter.
6. Face to face interview. This I actually thought was the easiest of all. More basic questions along the lines of why you want to work for EJ, what are your strengths, why are you choosing EJ, etc.
I would recommend SERIOUSLY studying the EJ "Responsibilities and Expectations" guide, they asked me many questions that I referred directly back to the guide.
 
Good Luck!
RC

lambda's picture
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Joined: 2005-07-20

How long was the process from start to offer?

Spaceman Spiff's picture
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cerpen wrote:Thanks, Miss Jones!
 
Spaceman, here ya go baby..........

 
 
 
 
PS  I'm looking forward to training.  I'm sure this will be easier than the job itself...ha..ha
 
 
Welcome to the cult.  We look forward to assimilating you. 
 
Actually, you are correct.  The training is the easiest part of the job.   Of course, it's the classic risk/reward scenario.  You're taking little risk for little pay right now.  After you pass those exams and get fully trained, you start taking bigger risks for bigger rewards.  Enjoy!

richchick's picture
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For me, the process start to finish was about two months.

Borker Boy's picture
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richchick wrote:
5. Rejection letter! I failed the behavior based interview. Probably because I didn't practice and was rambling and stumped at the hard questions. Then I talked to my RL, who managed to trump my rejection letter.
 
By no means am I speaking directly to you, RC, but I've never seen anything before like the "trumping" of rejection letters that goes on in this firm. Several of the guys in my region were initially declined a job offer until they called one of their buddies and got him to call the home office and get the decision reversed. (Naturally, we've lost several who were originally declined and then later hired.)
 
Is it common in other firms/companies to place so little emphasis on the decisions made by the "hiring specialists?" Aren't they the ones who are trained as to what to look for in a candidate? 
 
I guess if that's the only category I needed to fill to win the latest trip, I 'd be on the horn trying to get that no-hire decision overturned, too.

btomba's picture
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Thanks for all the interesting feedback
To update you on where I am.
 
I initially completed the online profile test and EJ got back to me by email and phone the same working day March 3rd.
I completed their application form, which was then checked by one of their administrators via phone.
I sent off the signed disclosure for them to do the "FBI" security checks
Another phone interview yesterday. (I did ask about the Good Knight Programme!)
Going tomorrow to see local FA (who will tell me the pros & cons). I have talked to him he seems nice ... hope he can be a GOODKNIGHT, maybe ...... well maybe not
 
So things are progressing well
 
 
 

MISS JONES's picture
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Borker Boy wrote:richchick wrote:
5. Rejection letter! I failed the behavior based interview. Probably because I didn't practice and was rambling and stumped at the hard questions. Then I talked to my RL, who managed to trump my rejection letter.
 
By no means am I speaking directly to you, RC, but I've never seen anything before like the "trumping" of rejection letters that goes on in this firm. Several of the guys in my region were initially declined a job offer until they called one of their buddies and got him to call the home office and get the decision reversed. (Naturally, we've lost several who were originally declined and then later hired.)
 
Is it common in other firms/companies to place so little emphasis on the decisions made by the "hiring specialists?" Aren't they the ones who are trained as to what to look for in a candidate? 
 
I guess if that's the only category I needed to fill to win the latest trip, I 'd be on the horn trying to get that no-hire decision overturned, too.
 
I know several people that were rejected than hired after a trump from the RL that are VERY successful in my region.. Myself being one.. I was rejected and I know why.. When I went through the interview process it was processed differently than it is now.. The F2F final interview was the most important part and it lasted 3 1/2 hours.. After the interview the guy interviewing me told me I was too pretty to do this job that no one would take me seriously and that I should look elsewhere.. So the point is.. You never know if a candidate will be good or not you just have to go with your gut.. I see more people in my region flake out and they were hired via internet leads.. So go fiqure.. I made 85,000 my first year.. Most would say that is pretty successful expecially since I still don't have one family member and not many friend accounts. (I refuse to ask them to do business with me.. If they ask me questions then and only then do I ask them to schedule an appointment)
 
Miss J

cerpen's picture
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Glad you proved them wrong Miss Jones!!  You are one dynamic lady and a hugh help to all here.

newnew's picture
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too pretty? unbelievable. it's bad enough to be sexist--even worse to be wrong!

Lady Sisyphus's picture
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I was just extended an offer from EJ two days ago, and I got my offer paperwork yesterday. I also got the rejection letter during the hiring process due to credit issues. All I had to do was call my recruiter to work out an arrangement. Strange though, why send a rejection letter instead of just calling to say there's an issue. These rejection letters don't seem to be worth the postage they waste on them.Regardless, I'm accepting the offer and I start training on April 7th (and yes I am excited, just trying to keep away from the koolaid).

MISS JONES's picture
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Lady Sisyphus wrote:I was just extended an offer from EJ two days ago, and I got my offer paperwork yesterday. I also got the rejection letter during the hiring process due to credit issues. All I had to do was call my recruiter to work out an arrangement. Strange though, why send a rejection letter instead of just calling to say there's an issue. These rejection letters don't seem to be worth the postage they waste on them.Regardless, I'm accepting the offer and I start training on April 7th (and yes I am excited, just trying to keep away from the koolaid).
 
I have to disagree. I have worked with a recruit before trying to get him hired and those rejection letters are normally the end all. Most that get rejected don't get hired. You are only hearing from those of us that have had them over turned.. there are likely people on this forum that were declined that would not speak up and say so..
 
Miss J

btomba's picture
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MISS JONES wrote:Lady Sisyphus wrote:I was just extended an offer from EJ two days ago, and I got my offer paperwork yesterday. I also got the rejection letter during the hiring process due to credit issues. All I had to do was call my recruiter to work out an arrangement. Strange though, why send a rejection letter instead of just calling to say there's an issue. These rejection letters don't seem to be worth the postage they waste on them.Regardless, I'm accepting the offer and I start training on April 7th (and yes I am excited, just trying to keep away from the koolaid).
 LadyS,
 
Have EJ defined the 17 week program you are about to embark on? If they have please send it to me.
 
thanks

cerpen's picture
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Lady Sisyphus, congratulations!  I also begin training on 4/7.

kirkyboy's picture
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I am contemplating where to land as a rookie (mid-life career changer). I like aspects of EDJ's culture/business model versus some others. I picked up the phone and called on a few of the reps in the area to obtain more info. Set-up a one-on-one with the RL to pick his brain and also have the opportunity for him to get to know me. Can't hurt if  EDJ is the direction I ultimately decide to go. Curious if this is what a lot of you folks at EDJ did prior to beginning the formal hiring process or not.
 

Lady Sisyphus's picture
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Joined: 2008-02-21

Hi cerpen, thank you and congratulations to you as well! Maybe we'll run into each other at KYC. I'm looking forward to starting the study process (seriously).

OICUR12's picture
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OK all you newnews. Don't wait too long to start polishing your resume. 50% of you will need one before cansell date.  The 1/2 left  half of you will need one in the next 24 months.  50% of the sales force about 10,000 are out less than 5 years.  If you want to make it  make sure the strings to the Ivory Tower are taunt and your logic is disengaged so it will be easire to follow the directives from above and field services and your mentor and your regional leader and your area partner, often each pulling a different string at any given time often for no logical reason.
And old vet seg 5 with a new regrep login name and a new firm.

Broker24's picture
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Lovely.

Lady Sisyphus's picture
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Well aren't you just the sweetest thing! Jumping into this thread in an attempt to educate the poor pathetic newnews.
 
You know, I had never thought to research the failure rates of this profession before, how terribly silly of me. I wonder if the subject has been brought up in other threads on this forum, hmm...
 
In all seriousness, nothing in your post is new or informative. I am very well aware of the failure rates, and I would hope any new fa is as well. But by all means, feel free to complain about EDJ some more. I always welcome people's opinions and Lord knows this forum is lacking EDJ bashers.

DRAPALA's picture
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Lady Syphulus,
 
 Good luck.

OICUR12's picture
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Sorry for interrupting.   Next time I'll duck faster.  You will do good at Eddie.  Your smooth loving disposition will fit right in with the STL attitude. I too would wish you good luck, but you dont need it as you already know everything!

OICUR12's picture
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Oh yes edjbasher is EDWARD D JONES BOB ASHER. Sorry to rain on your parade

newnew's picture
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Joined: 2007-02-23

great- that's what we need- another exJoneser here bashing them. BORING

Spaceman Spiff's picture
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I think we are might be overlooking his contribution abilities.  If he was in fact a GP/RL, he has a lot of insight into the inner workings of EDJ.  Maybe a former GP can finally confirm or deny all of the jabs that are thrown by a lot of ex-EDJ guys who have no real insight into the inner workings of EDJ. 
I have questions that never seem to get answered around here.  Some "need to know" type questions.   For instance:
 
What's the minimum buy in on GP?  What's the return?  Do you have to have all the cash up front or is it a loan like the LP?  Do they continually offer you more like the LPs?  Is Jim Weddle's hair real?  Is there a secret handshake?  Do you get separate newsletters in addition to Uptick that let you in on the secrets of the evil EDJ empire? 
 
I think if he can answer those type of questions, he may add some credibility to our otherwise, mostly, useless debates about EDJ.  I say welcome. 
 
 

donatello's picture
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Joined: 2007-12-22

Spaceman-I can answer a few of your questions above.
1. minimum GP $125K
2. Return: 50-60%
3. Loans like LP
4. Firm keeps offering GP similar to LP
5. YES, but not his nose.
6. There's a secret "pinch"-don't ask me where.
7. Separate info-not necessarily mailings, but some.
 
Hope this helps. Senior GP's are some of the highest paid advisors in ANY firm. Kinda surprises me that you didn't hear some of this after being in home office. Guess there was no need, but hope you get GP someday---you'd be good.  Have a wonderful day!

Broker24's picture
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donatello wrote:Spaceman-I can answer a few of your questions above.
1. minimum GP $125K
2. Return: 50-60%
3. Loans like LP
4. Firm keeps offering GP similar to LP
5. YES, but not his nose.
6. There's a secret "pinch"-don't ask me where.
7. Separate info-not necessarily mailings, but some.
 
Hope this helps. Senior GP's are some of the highest paid advisors in ANY firm. Kinda surprises me that you didn't hear some of this after being in home office. Guess there was no need, but hope you get GP someday---you'd be good.  Have a wonderful day!
 
Spiff, most of this is common knowledge (OK, I didn't know about the secret Pinch or the nose job).  I'm surprised you weren't aware of it.  I've seen GP returns published on JonesLink.  And actually, the GP's are NOT among the highest paid in the industry.  When you compare to Merrill, Morgan, etc, they are not even close (and I am referring to the GP returns, not the 150K salary or whatever it is).  Also keep in mind, the GP's have to BUY all of their shares (even if it includes a loan), and also have a higher degree of liability to the firm than do public CEO's and Directors, etc., who are GIVEN stock options and grants, and have liability only to the extent of the shares owned.  In other words, they hand you millions, and if you F'up and run the company into the ground, you are just fired (and typically walk away with millions in severance).  At Jones (or any LLLP), you could be on the hook for a whole lot more.

Spaceman Spiff's picture
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I have heard rumors about a lot of the GP info.  I have always heard that the minimum is $500K.  I know that they make loans like LP, because one of the local RL's just became a GP and he had to borrow everything he could to make the downpayment.  50-60% returns are lower than what I've heard before. 
 
My point was, if this guy was in fact a GP, then he would have all of that info first hand.  He could shed some factual light on things rather than us continuing to put info out there based on what we've heard, second hand. 

Borker Boy's picture
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I was talking to my BOA the other day about the irony of the fact that I can produce well below the minimum production requirements, bring home enough to live comfortably (remember, I'm a former police officer) but still get canned.
 
If I went independent, it would only be to work with a couple other advisors in a team-oriented environment and to not have to worry about keeping my dot above that damned red line.
 
Besides, then I'd be able to sell those equity-indexed annuites and make 15% on every sale like the other guys in town!

Morphius's picture
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Borker Boy wrote:I was talking to my BOA the other day about the irony of the fact that I can produce well below the minimum production requirements, bring home enough to live comfortably (remember, I'm a former police officer) but still get canned.
 
If I went independent, it would only be to work with a couple other advisors in a team-oriented environment and to not have to worry about keeping my dot above that damned red line. If you recognize the irony of allowing others to determine whether or not you can continue to earn a living doing what you do, and realize that there are viable alternatives, perhaps the real question you should be asking yourself is: isn't it ironic that you allow yourself to remain in such a situation?

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

Excellent point, Morph.
However, I have one more year until I'm out from under my little "training contract."
 

Morphius's picture
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Joined: 2007-07-21

Ah so.  Pesky training contracts!Just keep in mind - if push looks like it might come to shove - that generally speaking (I said "generally" not always) those payback amounts reduce on a pro-rata basis as the defined period expires and, even if you need to leave sooner, you can typically expect to pay some negotiated portion of that amount.  Info to tuck away, just in case.

OICUR12's picture
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Joined: 2007-04-04

The buy in for STL partners was like you said but they were on you hard to pay the full amount up front if you were a RL. And Novick was after you to pay it off quick.  Weddle's hair is real and is nose after being detached from JB is clean at least  He has on hell of a car collection. You were offered more GP in the field if your region was growing and you k..... a lot of a.. of the Area leaders. The latter had more weight than the former. Usually you got .02% of 1% of the firm but it usually equalled from 110k to 120k.   Sometimes they would park GP in your account. Say someone left the firm you would get the earning and growth but the principle was subject to being moved to the next fair hair without reason. You still paid for it but was subject to buyback at their desire.  While the loans, like lps, were very low rates, that is the only resemblance. You must pay it off quick. They would look at your account and tell you to sell your other investments and pay off GP if they
thought you had too much in your account. They do joke about a secrete hand shake but that is all urban ledgend.  It is really a wink!! Point 7 is correct.

OICUR12's picture
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Couiple other things.  Sorry about the spelling in previous posting. I will try to do better. There really is two classes of GP's  The Field and STL. The STL partners did get a meger salary because they had no other income and no savings usually a middle level producer that had a specialized talent other than the ability to sell. Most of the field RL's were producers.  My last couple of years with gp, lp (that we got to keep) earnings, bonus and other benefits were near a million a year. That may not measure to mother merrill but where most Jones guys and gals lived we were the big dog in town.  While I don't dislike Jones, I left because of the pressure to sell the big 7 or 8  and the lack of full disclosure to clients and the B S politics has turned them into an also ran organization that has lost the culture and kept the cult. It was a great firm with Ted and John .....no more...... Now a flunked out broker turned Field Services Rep (compliance) is not my boss. While I never had a FS problem I sure resented their incompetence.

donatello's picture
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Joined: 2007-12-22

O-12: Geez. I thought I knew a bunch. You are the real deal. Glad you decided to post.
I was close in my numbers. My info was good. I was only talking about GP that was producer. I was told by GP in home office that there are more multi-millionaires in EDJ that any other firm in St Louis..possibly many large companies in many large cities. They would come out on top of every other firm in St Louis as far as top exec pay. There is not disclosure, and they don't have to.
Question...I'm right about the "pinch", huh? You pinched some, didn't you??? wink wink. (kidding)...but the B__tt Kssng was real....I saw it. Ugly! Not exclusive to EDJ, but really bad just the same.
 
Glad you are free. Again, Really love those who go to the light. They are truly saved! Praise the Lord!
 
Great info!

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