Bear in mind that Jones will give you what you need, when you need it. Trust them; you'll spin your wheels reading a bunch of junk that won't help later on. Otherwise, you might want to look into playing with some tools of the trade, like what you might find at www.ishares.com or at Vanguard. Find some free ways to do asset allocation, track some ideas you have. 

If you fail at Jones, an indy will pick you up. You could work for an RIA, or someone in some function. I wouldn't bother with completing the degree. If this is the right path for you, when do you suppose you should take it? It's the same thing when I tell clients they are invested in the wrong vehicles. When is the right time to change your direction on the road? After a few exits on the Thruway, or immediately when you realize you aren't going in the right direction?

Good luck. If I were you, I might make sure I had more money set aside. You must - must - consider that there will be at least five months in the next two years when you actually sell absolutely nothing. With a declining salary base, those months are going to happen at the worst possible time for you - like when a tranny blows or worse. Does $10K still sound like enough? OK, then. Go for it.

10k is not enough.  15k is not enough.  20k is enough.

Get your BS degree and see if you can enter the pass program with Jones.

What is the pass program with Jones?

Also, do you guys think another firm would still be willing to pick me up with some experience with Edward Jones but with no BS degree?  I just want to make sure I'm not pigeon holed into one company.  If things don't work at EDJ I would still want to stay with the industry.  I don't want my only option to be going back into retail management.

I was made an offer from Jones and do not have a degree.  This has been an extadionarily helpful thread for me.  I'm in a similar situation as you and have had some of these same questions, etc. and just not asked them.  Good luck to you!

[quote=justincredible]

What is the pass program with Jones?

Also, do you guys think another firm would still be willing to pick me up with some experience with Edward Jones but with no BS degree?  I just want to make sure I'm not pigeon holed into one company.  If things don't work at EDJ I would still want to stay with the industry.  I don't want my only option to be going back into retail management.

[/quote]

Another independent firm would most definitely take you on, or perhaps an RIA, without a degree. Maybe not a major wirehouse ... but then again, they aren't about to take someone that failed at EDJ even if the guy has a Ph.D. I mean, you flunk out of Jones, you're going down the food chain a bit. 

[quote=LockEDJ]

With a declining salary base, those months are going to happen at the worst possible time for you - like when a tranny blows or worse. 

[/quote]

Are you into that stuff?

I have no idea who you are nor what you are capable of. I am giving you worst case scenario numbers with 3 years savings. You should have 6-12 months already saved. So add a years worth because well you will not make very much over the next year and also add enough money to float you by until you can land another job which are not very easy to come by especially without a degree. Not to mention you are already asking "what if" questions when Jones cans you. I wish you the best and do future members a favor and come back late to let us know how much you wished you had looking back.

If you asked "how much should someone have saved back if the join Jones and achieve all the bonus levels and follow the Jones time-line to the tee?" I would have said $0. The truth is - starting with your can-sell date, your income is limited only by YOUR abilities and YOUR drive.

While ND's logic sounds like it makes sense, there's no reason to have 3 years worth of savings before you start this job.  I personally think your $10,000 and the fact that your wife works will be enough as long as you actually use that $10,000 as an emergency fund for your business and not for buying a new TV. 

I'd finish the degree before you move over.  Jones will do tuition reimbursement for you if you want to finish it, but I'd suggest you just get it done before making the jump so it's one less thing to worry about.  You'll have enough on your plate during the week without having to worry about going to class. 

At least have six months worth of savings.  My god man.. you want to be a financial advisor and don't even have a real emergency fund?

Jumpman, yes I want to be a financial advisor and I don't have a real emergency fund....yet.   Actually, I had about $15k but wiped it out to pay off the wedding.  I am currently rebuilding my emergency fund. 

Spiff, I agree that it would be very difficult to finish my degree while trying to grow my business with Jones.  Ultimately I would far too often have to pick between school and work.  I fear that will set me up for failure so I agree that I should finish up my degree before taking a job with EDJ. 

I have a couple of other random questions for the board.  What do you use as a contact list when cold calling with Edward Jones?  Do you only call people that you have met door-to-door?  Do you only call businesses?  Are you provided with or do you purchase any lists?  The main reason I ask is because if you were to simply pick up the phone book and start dialing how do you know that you aren't calling somebody that is on a 'do not call' list?  I was just curious as to how you get around that. 

Also, I have heard that EDJ only matches $500 a year to your 401k.  Is it really that low?  Do they offer employees any additional alternatives for their own retirement planning?  Just curious as to if you think there is a benefit working for Edward Jones for retirement investing beyond what is offered to our clients. 

I am currently reading "The New Financial Advisor" by Tim Murray and I love it so far!  Any additional book or website recommendations would be greatly appreciated.

[quote=justincredible]

Jumpman, yes I want to be a financial advisor and I don't have a real emergency fund....yet.   Actually, I had about $15k but wiped it out to pay off the wedding.  I am currently rebuilding my emergency fund. 

Spiff, I agree that it would be very difficult to finish my degree while trying to grow my business with Jones.  Ultimately I would far too often have to pick between school and work.  I fear that will set me up for failure so I agree that I should finish up my degree before taking a job with EDJ. 

I have a couple of other random questions for the board.  What do you use as a contact list when cold calling with Edward Jones?  Do you only call people that you have met door-to-door?  Do you only call businesses?  Are you provided with or do you purchase any lists?  The main reason I ask is because if you were to simply pick up the phone book and start dialing how do you know that you aren't calling somebody that is on a 'do not call' list?  I was just curious as to how you get around that. 

Also, I have heard that EDJ only matches $500 a year to your 401k.  Is it really that low?  Do they offer employees any additional alternatives for their own retirement planning?  Just curious as to if you think there is a benefit working for Edward Jones for retirement investing beyond what is offered to our clients. 

I am currently reading "The New Financial Advisor" by Tim Murray and I love it so far!  Any additional book or website recommendations would be greatly appreciated.

[/quote] you can find a good list of books here... recommended-book-list 

[quote=justincredible]

Jumpman, yes I want to be a financial advisor and I don't have a real emergency fund....yet.   Actually, I had about $15k but wiped it out to pay off the wedding.  I am currently rebuilding my emergency fund. 

Spiff, I agree that it would be very difficult to finish my degree while trying to grow my business with Jones.  Ultimately I would far too often have to pick between school and work.  I fear that will set me up for failure so I agree that I should finish up my degree before taking a job with EDJ. 

I have a couple of other random questions for the board.  What do you use as a contact list when cold calling with Edward Jones?  Do you only call people that you have met door-to-door?  Do you only call businesses?  Are you provided with or do you purchase any lists?  The main reason I ask is because if you were to simply pick up the phone book and start dialing how do you know that you aren't calling somebody that is on a 'do not call' list?  I was just curious as to how you get around that. 

Also, I have heard that EDJ only matches $500 a year to your 401k.  Is it really that low?  Do they offer employees any additional alternatives for their own retirement planning?  Just curious as to if you think there is a benefit working for Edward Jones for retirement investing beyond what is offered to our clients. 

I am currently reading "The New Financial Advisor" by Tim Murray and I love it so far!  Any additional book or website recommendations would be greatly appreciated.

[/quote] You call/door knock everybody you can find a phone number/front door. If you call, ck the number to see if it is on the DNC list first. You can do this on the DNC website but most firms already have software to do this for you. If you door knock remember that in areas marked "no-soliciting" to just introduce yourself first no sales wink wink. 

Spaceman Spiff and B24 would be the best two to ask those EJ questions.

[quote=B24]

[quote=LockEDJ]

With a declining salary base, those months are going to happen at the worst possible time for you - like when a tranny blows or worse. 

[/quote]

Are you into that stuff?

[/quote]

well played sir.

Justin - who to call:  Jones prefers that you doorknock first, call second.  Of course beyond the initial training period if you want to call first then doorknock, that's fine.  They really don't care where your prospects come from as long as you're bringing in new assets and new households.  If you want to buy a list, great, buy a list.  I've not had great success with buying lists, so I'm not a fan.  Lists you buy are supposed to be scrubbed against the DNC registry.   

401k - no match.  That's right.  Jones doesn't match FA's contributions.  The rationale they give us is that they do profit sharing instead.  And you eventually end up with some LP.  So, in that respect, AT&T is a better place to actually save for retirement.  Of course at Jones you could be making $200K 5-6 years from now if you're lucky and catch a few breaks and I'm guessing that doesn't happen at AT&T.  It sucks that they don't match, but it shouldn't be a deal breaker. 

[quote=Spaceman Spiff]... Of course at Jones you could be making $200K 5-6 years from now if you're lucky and catch a few breaks and I'm guessing that doesn't happen at AT&T.  It sucks that they don't match, but it shouldn't be a deal breaker.

[/quote]

If you're that lucky you ought to start buying lottery tickets. I'm guessing it doesn't happen all that often at Edward Jones either. What ... maybe one in a hundred?

True, but the potential is there.  If he stays at AT&T just for the 50% match on his 401K, he'll be leaving a lot of dollars on the table over his career. 

No match on the 401k really sucks.  I currently get 100% match on 3% and then a 50% match on an additional 2%.  I just looked at the numbers and I'd really only be leaving roughly $2k annually that I am currently getting added to my 401k.  It isn't ideal, but I agree that it can be made up in the long run through my earning potential.  By the way, I'm with a big box retailer....not with AT&T.  I had stated that I got discounts in my current job for cell phone service and DIRECTV.  Not sure why somebody guessed AT&T since they have U-Verse but that is neither here nor there. 

When I am doorknocking I would assume I would be restricted to a certain area so I'm not covering another reps area.  However, is it generally accepted to call folks that are outside of your office area or should you not even be doing that?  Anybody have any luck with using referenceusa.com from your local library?  I guess you can filter it by value of homes and by value of income.  Not exactly sure how it works but it seems like it would be useful.

ROTFLMAO ... yeah, he'll be leaving a lot of dollars on the table over the course of his career, if he's a one in a hundred sort of guy. Sort of limits the exposure to the fact that he's probably risking $100,000 in lost income between now and the next three years in order to make that pie-in-the-sky income, doesn't it?

It's amazing to me that Jones can do this with a straight face. The obfuscation of the truth belies what I believe is a good organization. Look, Mr. ATT might make that coin. Might, might might. But as a conservative Edward Jones broker, would you EVER recommend a product that would definitely LOSE $100,000 over the next three years on the POSSIBILITY - a 1-in-a-100 shot - of making signficant coin down the line?

Sort of makes you a hypocrite, doesn't it????

Just - Technically you can DK anywhere you want.  It's just more efficient closer to your office.  Find the nice neighborhoods and hit it.  Some FA's might get a little chafed by you DKing "their" neighborhoods, but my experience is the FA's who get their underwear all in a knot are ones who are not really DKing.  My advice would be to start as close to your office as possible and branch out from there.  And you can do business with anyone you choose regardless of where they live.  My only caution would be to immediately stop prospecting someone once you become aware they are already a Jones client.  That's taboo.

[quote=LockEDJ]

ROTFLMAO ... yeah, he'll be leaving a lot of dollars on the table over the course of his career, if he's a one in a hundred sort of guy. Sort of limits the exposure to the fact that he's probably risking $100,000 in lost income between now and the next three years in order to make that pie-in-the-sky income, doesn't it?

It's amazing to me that Jones can do this with a straight face. The obfuscation of the truth belies what I believe is a good organization. Look, Mr. ATT might make that coin. Might, might might. But as a conservative Edward Jones broker, would you EVER recommend a product that would definitely LOSE $100,000 over the next three years on the POSSIBILITY - a 1-in-a-100 shot - of making signficant coin down the line?

Sort of makes you a hypocrite, doesn't it????

[/quote]

What are you talking about?  How do you figure that he's going to lose $100K over the next three years?  I'm not following that line of your thinking. 

How is it that Jones is obfuscating the truth?  Those were numbers I pulled out of the air.  Jones will be much more conservative with what they tell him.  I do know of a few guys who have hit $200K in 5-6 years.  Are they rare?  Absolutely.  His question was about 401K match.  So, his choices are to stay where he's at bringing home $2500 a month (not sure if that's accurate or not) or he can take a chance and possibly end up making a bunch more.  My guess is that he's making $40K-ish at his big box store.  The Jones average in their recruiting info say if you're at 100% of standard through year 3 your compensation is $53,840, $58,500, and then $84,000.  My guess is that he can come close to doubling his paycheck in the next three years if he's got any sort of ability at all.  Where is it again that Jones is obfuscating the truth and that he'll be losing $100K?  

And yes, if I had a client who had money to invest, but would lose a little on the front end to make a bunch on the back end, I'd take that bet all day long.