EDJ, again. Yes, I searched
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. BTW, one doesn’t need experience to do this.[/IMG]
You should lead with that when calling prospects or doorknocking.
Some of the dialog on this board seems to indicate there is no filter for juvenile involvement.
It is a little dissappointing.[quote=darner]Some of the dialog on this board seems to indicate there is no filter for juvenile involvement.
It is a little dissappointing.[/quote]I've learned there are three camps that post about Edward Jones:
Camp A: Those who work at Jones, enjoy it, and like working for a larger company that gives you a fair amount of freedom.
Camp B: Those who worked for Jones, thought it was something else, and left a bit bitter - they now seek to rag on the company and anyone who is excited to work for them. Or those who work there and hate it.
Camp C: Hank Moody
You want to know about a company? Just call people at random and ask. Make a few dozen calls all over the US and within your area and you'll know if it's for you.
I didn’t realize they gave securities licenses to morons. Perhaps this explains the current debacle on Wall Street.
[quote=voltmoie] [quote=darner]Some of the dialog on this board seems to indicate there is no filter for juvenile involvement.
It is a little dissappointing.[/quote]I've learned there are three camps that post about Edward Jones:
Camp A: Those who work at Jones, enjoy it, and like working for a larger company that gives you a fair amount of freedom.
Camp B: Those who worked for Jones, thought it was something else, and left a bit bitter - they now seek to rag on the company and anyone who is excited to work for them. Or those who work there and hate it.
Camp C: Hank Moody
You want to know about a company? Just call people at random and ask. Make a few dozen calls all over the US and within your area and you'll know if it's for you.
[/quote] There is another camp.. Those who have worked there, enjoyed it, but wanted more freedom, more products to use and chose to leave. I don't hate EDJ, some of my good friends stil work there. However most people don't like to listen to comments about firms from people who have never been in the business(not licensed, no clients, no accounts) and hear about how great their firm is and how easy it will be for that person to work their. I got my start and Jones and enjoyed every minute (ok except new IR meetings) right up until I left. I think it is a very good firm to start at, and stay at if those are the products you want to offer. I wanted more.. But I recommended a friend to start their the other day, good training, not insane to get started.. By the way Hank is just funny...
I’ll second what Squash1 has to say. Not everyone who leaves Jones is a “Hater”.
I’ve been reading posts for several months now about EDJ. I am also a new hire, a 22 year old student who graduates in May w/ a Fin. degree and begins training in June. The main reason I accepted Jones’ offer as opposed to some of the other larger firms I was speaking with was because they seem to line up with all of my personal goals.
Though I may not know much about how Jones will be when I start, I am very optimistic about the opportunity I was given. I do not have my licenses yet, but I have worked at Merrill and AXA (intern positions, doing mostly asset allocations) and I do have substantial knowledge about the financial markets. I do not expect this to be an “easy” job at all, in fact, I completely understand that my next 3 years are going to be miserable.
The one thing I’d like to point out though, is even if I do endure an unsatisfying time of employment with Jones, I don’t think I’m going to be on message boards thrashing the firm all day long. There’s a good chance that some of you who hate Jones have found a much better company to work for, whether it be better for you, or better in general. Congratulations. I suggest posting on one of their forums of your positive experiences, or better yet, focusing on your current work.
For all of you whom have provided valuable information to myself and others, I give you my thanks.
Its so funny. Describing what it is like to go door to door to someone who has never done it, is impossible. Its like trying to explain marriage to a person who is not married. I am meeting expectations and a little proud of it. However, sometimes I struggle to get out of bed in the morning. This industry is tough. This market is tough. I know its better to start in a down market. I think I probably am catching a lot more flack because everyones 401ks have dropped off a cliff and there mad. Wahhh Wahhhh This is the best and worst thing I have ever done. I am meeting a ton of people. Very interesting.
Sigh. Maybe selling cars is a more dignified profession. [/quote] No more dignified than selling mutual funds door to door. I remember my first sales job when I was 14. I sold candy door to door. Some dude in a van would pick a bunch of us up and take us to a different neighborhood. Every two or three blocks he would drop one of us off. I sold all of my candy within an hour. When he picked me up he asked me if I had eaten any of it. No respect, I'll tell ya'![quote=UNDERMINDED]I didn’t realize car dealers doorknocked and had call sessions to unload a Taurus, my bad.
maddmatt,
I wish you the best but in the future leading with positive press is dangerous due to the fact that EDJ along with OTHERS have had much press about large lawsuit dollars being paid by the firms.Question for you Jonesers: I’ve seen it mentioned that they push a “buy and hold” strategy; in my face-to-face interview, the FA mentioned that someone had been let go for churning accounts.
Now, I would never churn an account for the sake of generating fees, but I am a "Buy Low - Sell High" kinda guy. Anyone that had a ton of money in the market when it was bouncing around between 13k and 14k was foolish imo. Would EDJ object to me recommending to clients that they move money to the sidelines (take profits) when things go up and conversely, take advantage of buying opportunities when things go down? Just seems like common sense to me.They (compliance) wouldn’t object to profit taking. They might have an issue with complete liquidation and then repurchase later. They’d certainly question your judgement and thoughts on market timing. Given that all studies that I’ve ever seen Jones put out seem to indicate market timing is such a small contributing factor to overall performance, I would guess that they might have issues with it.
Hindsight is always 20/20. You only know now that the market is at 9K that having money in the market at 13-14K was foolish. What knowledge do you have of the markets that lead you to believe in say Sept 07 to move all of your client's money into MMKT? If you're that good, you don't need to go to work for Jones. You need to go knock on Goldman's door and ask if you can run the company. I see you just joined our little group in Nov. Does that mean you weren't even managing money in 2007 and you're just working off of past results to determine what you'll do in the future?Yes, it does. Since the past is all we have, it's the only indicator of what might be in the future. So, unless one is adopting a strict buy and hold strategy, basing present decisions on what we've observed in the past is all we've got. I'm not saying I was prescient about the market drop in September or that I know what the future holds, if that is ruffling your feathers. Thanks for your answer regarding the profit taking.Does that mean you weren’t even managing money in 2007 and you’re just working off of past results to determine what you’ll do in the future?
It’s not ruffling my feathers, I was just curious about where the comment about the market at 13k was coming from and if it was personal experience or textbook knowledge. One is useful, one not so much.
Jones won't have any issues with your profit taking ideas. They'll want to you keep your clients well diversified. If you do move them all to cash, you'll probably have letters for your clients to sign off on coming out of your ears. Especially if you use funds instead of stocks. Stocks you can basically trade as often as you want. The guy who got fired probably tried to treat funds and stocks in the same manner. That's a big no-no.He is a mortgage broker, check out the other posts…
As always hindsight is 20/20[quote=Tincup]maddmatt,
I wish you the best but in the future leading with positive press is dangerous due to the fact that EDJ along with OTHERS have had much press about large lawsuit dollars being paid by the firms.[/quote] I hear ya'. The only intent of my post was to let the guy know what got me through the interview process because I really didn't know anything else to say. Sort of like a 3rd party story. As for me thinking I know anything about this opportunity yet I can assure you I know I don't. Anyway, I appreciate your advice.I am familiar with the clubbiness that every profession engenders. They always used to laugh and sneer at the appraisers and title insurance guys that would visit the mortgage forums. I suppose it gives people a sense of superiority when they encounter someone new on their "home turf". But you know absolutely nothing about me, so please refrain from the de rigeuer snideness. It is unnecessary. I merely said that my opinion was that the market was overpriced at 14,000. Is that okay with you? I am allowed to have an opinion without a series 7 license, yes?He is a mortgage broker, check out the other posts…
[quote=Potential] Question for you Jonesers: I’ve seen it mentioned that they push a “buy and hold” strategy; in my face-to-face interview, the FA mentioned that someone had been let go for churning accounts.
Now, I would never churn an account for the sake of generating fees, but I am a “Buy Low - Sell High” kinda guy. Anyone that had a ton of money in the market when it was bouncing around between 13k and 14k was foolish imo.
Would EDJ object to me recommending to clients that they move money to the sidelines (take profits) when things go up and conversely, take advantage of buying opportunities when things go down? Just seems like common sense to me.[/quote]
Compliance is going to question oddball trades, trades that put the client outside their investment objectives, etc. It’s standard B/D compliance protocol. If your answers to their standard questions don’t pass the smell test, you will have problems. And your Field Supoervision Director uses their discretion based on their expeirence with you. I have a few people in my region that are active traders. but they are successful, and very good at what they do, and that’s how they do business. If it becomes obvious you are actively trading without a really good strategy/track record of success/reasoning/purpose, then you will be in trouble. But it’s pretty easy to move out of, say Capital Income Builder and into American’s Money Market, by just doin an exchange with no commission. In other words, every little move does not have to generate commissions. It’s pretty common sense actually. I’ve done some things for tax purposes, or because the client has indicated that something has changed in their world (need the money soon, the money is now earmarked for something else, whatever), and I have received compliance inquiries (we call them FS Pends). I answer them with my rationale, and never hear from Compliance on the issue again. They simply want written documentation for anything that would raise regulators eyebrows. It helps everyone in the end.
[quote=Potential]Question for you Jonesers: I’ve seen it mentioned that they push a “buy and hold” strategy; in my face-to-face interview, the FA mentioned that someone had been let go for churning accounts.
Now, I would never churn an account for the sake of generating fees, but I am a "Buy Low - Sell High" kinda guy. Anyone that had a ton of money in the market when it was bouncing around between 13k and 14k was foolish imo. Would EDJ object to me recommending to clients that they move money to the sidelines (take profits) when things go up and conversely, take advantage of buying opportunities when things go down? Just seems like common sense to me.[/quote] You shouldn't make it sound so easy to do then... "Oh I buy low and sell high" "Anyone who had money in the market was foolish" Try making the comments before everything happens, and with other people's money... no from your cubicle at the mortgage house.