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Wow, that's stretching it, don't you think? The FA is lying because you've seen guys wrestle with the RL about hiring credits? Weak. I'm going to guess the reason that this guy knows the lingo is that he's done some reading here and he's spoken with a few FAs. In the interview process they cover (or at least they used to) the five ways EDJ advisors get compensated. One of those is LP. It's entirely plausible that if they were covering that line item, the interviewer could have said that he was an LP. It doesn't take very long to get to know some of the basic Jones lingo. LP is a pretty common one and important to the Jones culture. It makes sense that he should learn about that first. MSM - welcome to Jones. The training is very good. You'll still have a lot to learn after the training, so just be aware of that. The focus is going to be on how to build and run your branch, not on modern portfolio theory (which according to the guy on the radio last night is dead anyway). If you want to learn about MPT or any of the other million investment management theories, go get a book at the library or on Amazon. Jones will teach you how to prospect first so that you have people to use those theories on.ytrewq - So the LP told him he doesn’t benefit from meeting with him, but that isn’t a lie ? I have seen guys wrestle with the RL about who gave the credit for a hire. Even if only one of them gets it officially, it plants a seed to the RL that you are working for the cause.
That's B.S. Kim Webb told my training class that Jones's hiring rate is lower than HARVARD'S acceptance rate. So there.I think everyone gets hired, just look on monster or careerbuilder.
Wow, that's stretching it, don't you think? The FA is lying because you've seen guys wrestle with the RL about hiring credits? Weak. I'm going to guess the reason that this guy knows the lingo is that he's done some reading here and he's spoken with a few FAs. In the interview process they cover (or at least they used to) the five ways EDJ advisors get compensated. One of those is LP. It's entirely plausible that if they were covering that line item, the interviewer could have said that he was an LP. It doesn't take very long to get to know some of the basic Jones lingo. LP is a pretty common one and important to the Jones culture. It makes sense that he should learn about that first. MSM - welcome to Jones. The training is very good. You'll still have a lot to learn after the training, so just be aware of that. The focus is going to be on how to build and run your branch, not on modern portfolio theory (which according to the guy on the radio last night is dead anyway). If you want to learn about MPT or any of the other million investment management theories, go get a book at the library or on Amazon. Jones will teach you how to prospect first so that you have people to use those theories on. [/quote] If you think guys don't lick the a** of RL's to plant seeds for more LP you have blindfolds on. Why do you think guys do all of the "volunteer" work in the regions ? Because they like to spend time away from their family and their own business or for LP credit ? So yes, that is a reason he may be lying. The most obvious reason he is lying is because he told the prospective EJ employee THAT HE WONT RECEIVE CREDIT FOR THIS ![quote=Ron 14]ytrewq - So the LP told him he doesn’t benefit from meeting with him, but that isn’t a lie ? I have seen guys wrestle with the RL about who gave the credit for a hire. Even if only one of them gets it officially, it plants a seed to the RL that you are working for the cause.
I believe that you are, as usual, reading way too much into that short statement made by the vet. Again, I would guess that he may have been referring to the fact that he gets no override or any sharing of commissions of the interviewee.
There are a lot of guys who do the volunteer work ONLY because of the LP consideration. However, there are some who are already LPs, run successful businesses, and just want to contribute to the betterment of the region. I would imagine that in a region of small town FAs (unlike mine which is a metro market) the existing FAs might have a bigger stake in who comes into their area. One guy can ruin the Jones reputation for other Jones FAs in other nearby towns. So, if I have some sort of say over that, I'd want to take advantage of it. Borker - Kim Webb was right. But yet you still got in. Curious.Acceptance rate = Number admitted/Number of applicants
Harvard gets 29,277 applicants. They have a 7.1 percent acceptance rate.
That means they accept 2078 people per year.
The following was taken from the Edward Jones website:
Once we receive your completed application, it will be reviewed and determined whether you will proceed to the next stage. Our hiring process is extremely selective. On average, 10% of those who apply are hired as Financial Advisors. If you are selected to move forward, you will be contacted in order to set up a phone screen with our Recruiting department. This conversation will last on average 20 to 30 minutes.
So, either Kim Webb is lying (whoever that is) or the Edward Jones site is lying.
Last stat I heard was 8.9%. Still higher than Harvard though! Maybe we should incorporate a basic math course at KYC.
Also, more people apply for jobby-jobs than apply for Harvard. Most think they won’t get in. I, however did apply to Harvard. Was rejected. Not even wait-listed (you think I have some hate towards Jones - you ain’t seen nothin’). Jones, on the other hand snatched me up pretty quickly.
Also, I’m not so sure that unemployed alcholics that used to work at their brother-in-laws used car lot apply to Harvard on a daily basis. The caliber of the applicants is a bit different as well. I’m not trying to bash the company, just the statistic. You can make anything sound good with the right wording.
for example: Jones excepted fewer people than NASA last year. But what I didn't mention was NASA unrolled a new Internship program for office assistants, hired 35 people to man the new starbucks in the cafeteria, 130 new janitors, and over 1000 Tang mixers. Just don't forget that stats can be disuading.When a company spends more time selling a job than the product you need to think long and hard.
The way I figure it, I’ve got nothing to lose.
People on here say that if i’m dismissed from the program, i’m not entitled to pay anything back. Although, I have every intent to do well, pass my exams on one try. Produce the quotas and build a sustainable business that I can later on transfer to say, ML/SM/MS/Citi.
If I don’t make it, i’ll atleast have a series 7/66 and L&H licenses.
Where’s the downside here?
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And for the people wondering where I learned the lingo… I interned for a Merrill FA (750mm AUM) and Ameriprise FA (100mm AUM). I’ve considered this business for quite sometime and have done the best I could to prepare for it. Although, i’m still behind on my business plan, and developing a contact database. Those things will certainly come while in training. Why wait? i’ll be cold calling and door knocking the day i’m accepted.
There is no downside … it’s a tough job but what isn’t. You’ll either make it or not. If you make it BRAVO, if not it’s not the end of the world.
Go for it!
I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
Does it matter? I’m sure Wal-Mart might also be able to claim that too. Jone’s say’s it for some reason which might be true depending on how they cut the numbers but we know they are not Harvard and it’s a silly thing to say.
Then it shouldn’t be said. Really?
Volt - you seem like a pretty smart guy. If they fudge things as simple as admission rates, then they'll fudge other things. Not that Jones isn't a good place to start - just trying to make sure people take whatever is said at the mothership with a grain of salt.I don’t think they fudge it, in fact the numbers probably do add up. It’s just silly to say. Any idiot will submit their application on Monster or CareerBuilder. Most people won’t apply to Harvard because they know the won’t get it, it requires some work, and costs money.
I also wish they would not say it but the sub-30s eat it up. Such is life.
[quote=Moraen]I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
[/quote] ummmmmmmmmmmmmmmmmm, I'm a Jonesy. Check page 3.[quote=UNDERMINDED] [quote=Moraen]I noticed that nobody (at least on the Jones side) addressed the inaccuracy of the statement that Jones has a lower admission rate that Harvard.
[/quote]
ummmmmmmmmmmmmmmmmm, I’m a Jonesy. Check page 3.[/quote]
Sorry Under, didn’t take you for a Jonesy.
It is absolutely a dumb thing to say…I think Kim said it on my first day of KYC and I never heard it again. However, they should stop it! I can’t think right now…but i’m sure there are a few more things from training that should be taken out as well! If that is the big complaint, as opposed to who am I working for today…how much are they cutting my payout…will I have a job???..then i’m happy to be working for them!
Other things to take out of training: Stop bashing Jim Cramer and Suzie Orman, it makes you look petty.
Every GP that spoke bashed them … do they really matter? I have more issues with Dame Ramsey people, they are a pain in the arse.