Honestly, at least in my region, it is rare that you would actually open a new-new office.  So many vets are leaving, you would probably end up in an exsisting office with 30% retained assets.  The salary should be great for someone fresh out of school.  I say GO FOR IT!

Door knocking sucks .  And EJ will push you.  But remember this is your business, so build it how you want... and start preparing for indy now.  I found buying a qualified list to work great, but it is frowned upon.  I also got into a networking group.

That said, I found the training at EJ to be excellent for a newbie like I was.  And, BTW, the "studying" they track DAILY results, not biweekly or whatever you heard.  Fall behind a day and they will call.  I don't remember the interviews, but they are looking for commitment.  Hope this helps.

[quote=Ready2Jump]

Honestly, at least in my region, it is rare that you would actually open a new-new office.  So many vets are leaving, you would probably end up in an exsisting office with 30% retained assets.  The salary should be great for someone fresh out of school.  I say GO FOR IT!

Door knocking sucks .  And EJ will push you.  But remember this is your business, so build it how you want... and start preparing for indy now.  I found buying a qualified list to work great, but it is frowned upon.  I also got into a networking group.

That said, I found the training at EJ to be excellent for a newbie like I was.  And, BTW, the "studying" they track DAILY results, not biweekly or whatever you heard.  Fall behind a day and they will call.  I don't remember the interviews, but they are looking for commitment.  Hope this helps.

[/quote]

They track daily results for the studying for the Series 7?  That's kind of weird.

RecordGuy...I think it's because they are paying you a salary to study - and they don't like it when someone takes the pay, but doesn't study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[quote=Devoted SA]

RecordGuy…I think it’s because they are paying
you a salary to study - and they don’t like it when someone takes the
pay, but doesn’t study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[quote=Devoted SA]

RecordGuy...I think it's because they are paying you a salary to study - and they don't like it when someone takes the pay, but doesn't study to pass 7.

There are even weekly conference calls with a "class" who are all studying at the same time, and will go to KYC/Eval Grad together. You have to check in all the time...it's pretty stringent.

[/quote]

Its not stringent at all.  You study the chapter, take the test and submit the results.  If they tell you a chapter will take 4 hours to complete with tests included, it will take you 2 hours.  Then you can get in 9 holes before dinner.  There are weekly conference calls to review the past week and prepare for the upcoming week.  You dont always go to KYC/Evalgrad with the people in your study group.

Contract is 3 years from your can-sell date.  But you can always creatively get canned 



It’s probably the best company for newbies though.  Just for fun,
“forget” to put your test answers in one day and watch what happens.



Max is right though.  They tell you to read the chapter
twice.  I had a tee time to get to.  And don’t feel guilty
about it, 'cause you gonna work like a dog for a few years without much
to show for it.

"Just for fun, "forget" to put your test answers in one day and watch what happens."

Nothing happens.

"Max is right though.  They tell you to read the chapter twice.  I had a tee time to get to.  And don't feel guilty about it, 'cause you gonna work like a dog for a few years without much to show for it."

Why would you feel guilty?  Your an adult, you've completeled the "project" correctly and ahead of schedule. 

I started this thread and since reading this board (like Record Guy) I've decided to cancel that first phone interview with EDJ. I still find myself in search of a new career (MBA in back pocket isn't helping).

I had no idea the contract was for 3 years- that's a long time. What happens if you break contract? You have to pay them back for all the training- how much is that? I've also read a little bit about how EDJ doesn't like you dabbling in other endeavors- is this true? I'd like to start work, save, and invest in certain ventures.

Who chooses the town/city in which you door-knock?

Everybody talks about how you "work like a dog" and struggle financially the first few years. On the EDJ website, it says you make around 54k your first year out with salary support. Is 54k struggling or is there something I miss.

Everybody talks about how you "work like a dog" and struggle financially the first few years. On the EDJ website, it says you make around 54k your first year out with salary support. Is 54k struggling or is there something I miss.

The difference is gross vs net.  I made almost 100K gross  commissions my first year out and was making less net than I had at a bank position. They had a different system of compensation in place then.  All I got was $2000 gross a month and a bonus for the commissions I made over the $24000 gross after one year.  Woo Hoo. Try living on a salary of $24,000 without dipping strongly into your savings.

Everyplace you work in this industry takes a rake off of your commissions. That is standard. At Jones you have a relatively low payout (35% approx) and were still responsible for other office and business costs out of your own pocket.  Advertising, postage 1/2, phone, membership dues, brochure/newsletter costs and the ever popular toilet paper and paperclips.   As an independent you have a much higher payout 70 to 90% depending on your production level and all costs of running the office are deductible on a schedule C instead of being subjet to the 2% of AGI floor.

Nevertheless, Jones is not a bad place for some one brand new to the business to start as they will get you to pass the Series 7 and teach you a few rudimentary skills.  Just pay attention to the rest of the industry and don't take the Jones line as gospel. 

Yes, it is hard work because you will be going out every day and getting a pie in the face from many prospects. It takes time to build a relationship with strangers so that they will trust you with their life savings. You will struggle financially because the money you net will barely be enough to cover expenses and the cost of keeping up the front of a successful professional.  After a few years and you have built up a book of clients who give you repeat business and referrals, things DO get better. 

I guess we all present the worst side of the business so that we don't encourage people to think it is a piece of cake an set you up for a big dissapointment.

Jones implies that you will make around $50,000 first year, and rising every year after that.  Is that just a load of crap?

The $50,000+ could be true. However, a more telling question to ask EDJ or any BD is what their failure rate is for the first 2 years of newbies who pass the 7.  If the failure rate is 70%-80%, then the income question becomes less reliable, as an indicator of your success.

Perhaps, a more truthful/realistic way to express the inherent difficulty of this job would be to say: "Unless you make $50,000 net your first year, you won't make it. Unless you make $65,000 net your second year, you won't make it. etc. etc. With a 70%-80% failure rate for the first two years, your chances of just surviving are slim and none."

Just my opinion. 

That number is fairly accurate, and even higher now.  You get salary (for me, around 35-40k yr. 1), milestone bonuses (the new program pays you a total of about $27K over a few years), new account bonuses ($500 after 5 real accounts per month/$100 per account after that), plus regular commissions earned (which totally varies-obviously).  I am about 9 months in, and I should make about $65K total.  HOWEVER, I may actually make less in year 2, since your salary tails off.  So you are now on full commission plus milestone bonuses and new account bonuses.  They have really imporved the New IR compensation program recently. 

BUT, as said before, if you fail, it doesn't matter what you WOULD have made.

Babb are you in the south or central. You come knocking on doors in my town and people would throw an egg at you. Well since your a lady you might get away with it.



Good luck to the host of this post!

AF, you would be surprised.  I live/work in a rather affluent town in the Northeast.  I too thought I would get the proverbial “egg” thrown in my face.  I have found the opposite to be quite true.  I swore up and down to everyone - “this can’t work where I live, blah, blah, blah…”.  But, I was proven wrong.