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

What’s the relationship that you have with the potential RJ advisor?

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…

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.

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.

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!

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.

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.

[quote=B24] 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.

Maze, I hope your feelings weren’t hurt. 

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.

[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.[/quote]



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.   

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!

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.

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.

[quote=buyandhold] 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.

[/quote]



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![/quote]



Thanks for the info!

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.

“Jones is the most militant about their “encouragement” that you sell American Funds”

Thanks banker n B24!