What do you mean by, “you don’t know what you’re doing?”

You cannot possibly know what you are doing with having studied for the 7 and no practical knowledge. After you are licensed there is so much that you need to know. Even after 3 years there is so much to learn. You will meet with wholesalers, and you have a  “required” monthly meeting but there is a lot to this business. Your monthly new fa meetings biggest concern is your 25 contact, not if you REALLY know what to do to help the people you meet.  When people look to you for knowledge and advice and you are new, your boa is there and Joneslink. I still feel that I am  in way over my head, bigger accounts are coming my way and I call for help but you can get 5 different opions of what to do.  Ultimately, you are making those decisions all by yourself. I feel I am still way out of my league and have doubts that Jones’ buy and hold no matter what happens may not be the best in all situations? They will tell you that you will have a “just in time” knowledge and not to worry about what you do not know…that’s a really big excuse to cover up for what you should know. The vets love to have you learn the HARD way like they did…anyway best of luck to you.

MB,

Hate to break it to you, but your experience is pretty much how it is around the rest of the industry. Unless you join a team as a newbie, you are pretty much on your own no matter where you start. Yeah, you might have BOM’s and co-workers, but you’re still going to get “5 different opinions of what to do.” Example - there are two Merrill offices in my area (one is a small “satellite” office) - in one of the offices, they do all managed mutual fund accounts. At the other office, 65% of their business is annuities. So, depending on which office you start at will dictate your entire approach to investing, maybe for your career.

Many Vets are scratching there heads in this market…Client contact has been and continues to be #1 on the list.  Monopoly best of luck in your search, I found my current home after 5 years with EDJ and haven’t looked back.  However, you have to find whats right for you and your clients, by the way make sure you have them understand the relationship is with you not your firm.

I’m not too concerned about isolation, I’ve learned it’s best to know what I don’t know and do the hard work to find the answer to something I don’t know <long winded, I apologize>.

What’s concerning me the most is all the talk about how great the company is and “running your own business.” To me, that screams of those pyramid scheme type companies you see all over the internet, or something like Primerica. I don’t mean to equate EDJ to that, because I don’t believe that’s how they operate. But, I’m just puzzled by the odd rhetoric.

Thanks for all the help.

You just have to look at the facts and ignore the “hype”.  Most of what people at Jones tell you is the truth, it’s just not a reality for most people (it’s only a reality for those that make it - like at any firm).  And you actually do RUN your own business, you just don’t OWN it.  Point is, your income is theoretically uncapped - it’s a matter of what you make of it.  But you are usually (always) going to do your “office visit” with a veteran that has “made it”.  And many of them are bringing home 200K without working very hard.  If you were making 200K working 30 hours a week, you might have good things to say.  Just look at it that way.  As someone said on this board before - it’s the easiest 200K job, but the hardest 50K job.

Interesting thread.  I’m a guy who recently accepted a position with EDJ, and while I certainly received the happiness and sunshine, I was also given a very good dose of the work and hardship. 

Two Tour,

TwoTour,

What is this talk about “3 years” and Edward Jones? Is there a period of time in which you are an indentured servant in return for their training? Or is it something else you are referring to.

Nope it’s the indentured servant thing

3 years indentured. I have not yet seen any references to such in their presentation. Can you refer me to someplace where this is written, or expand a little about this please? Or is it simply a no-compete clause? Which is unenforeceable in Pennsylvania, although they can drag you through the courts in an attempt to enforce one.

OK, I got it. 3 years or pay for the training.

Keep in mind, they will only come after you if you take your license and clients to another firm.

<<<What’s concerning me the most is all the talk about how great the company is and “running your own business.” To me, that screams of those pyramid scheme type companies you see all over the internet, or something like Primerica. I don’t mean to equate EDJ to that, because I don’t believe that’s how they operate. But, I’m just puzzled by the odd rhetoric.>>>

So you haven’t passed a test, have done no prospecting or opening of accounts, might not make it, but want to recite magazine articles (“Top 100 Places to work” “Best model portfolio” “Higest Advisor and Customer Satisfactions”)



You hope this helps what?

ok, I hate being a jerk so take this at face.

Well, I suppose I could expand on my 20 years of experience as a life insurance agent and finance director at a car dealership. Two very tough fields with the same attrition rate as the finance industry. However, that is irrelevant. The point of my post was to point out the upside. What else does a newcomer have other than positive news about the company they are working for? If it gets your rocks off to shoot someone down, have at it. I would rather point out the positive. BTW, one doesn’t need experience to do this. 

I didn’t realize car dealers doorknocked and had call sessions to unload a Taurus, my bad.

I didn’t realize car dealers doorknocked and had call sessions to unload a Taurus, my bad.