Edward Jones Reviews

Updated September 14, 2014
Updated September 14, 2014
874 Reviews
3.7
874 Reviews
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Edward Jones Managing Partner Jim Weddle
Jim Weddle
596 Ratings

Review Highlights

Pros
  • If you choose the team carefully you can have a good work/life balance (in 36 reviews)

  • Great training one of the best programs in the industry for training financial advisors (in 63 reviews)


Cons
  • Out of date prospecting, door to door simply doesn't work in some areas (in 49 reviews)

  • Door knocking was one of the hardest things I've ever done in my life (in 63 reviews)

More Highlights

79 Employee Reviews Back to all reviews

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  1. 1 person found this helpful  

    Best and worst work experience of my life.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor

    I worked at Edward Jones full-time for more than 5 years

    Pros

    Initially very family friendly work environment.. Met with other advisors regularly to share ideas and experiences. Never felt like I was really alone. Left alone to run business how ever I wanted as long as I met sales goals. Good training program, BOA support, mostly team oriented with opportunities to lead and mentor other advisors.

    Cons

    Took me six years to see through the corporate facade and wean off the Jones Kool-aid. New FAs are cannon fodder. Attrition rate in the first three years is north of 75% with most tapping out in the first year. Vets are excited to bring on new recruits since they get to split the good accounts (local partner get first choice) when they leave. Home office only cares about star producers. Field Supervisor has way too much power and can destroy you if you don't get along. Culture is two faced. We were trained to explain very eloquently how we always do what's right for the client. However, all training, compensation, and reward systems very subtly motivate us to sell "preferred" funds, annuities, and proprietary proprietary products that put more money in partner's pockets, and are in no way "best" for the client. In the end, Jones is among the worst of the organizations guilty of raping millions of middle class retirees and other retail investors by leveraging the fear created by the financial crisis to sell over-priced annuities and "alternative" investment products to line the pockets of the general partners.

    Advice to ManagementAdvice

    Stop dangling an unethical partnership plan in front of new advisors that blinds them to unethical business practices that eventually lead to consumer mistrust of the entire industry.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  2. 8 people found this helpful  

    Horrible, Untrustworthy Company to Work For

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor  in  Des Moines, IA
    Former Employee - Financial Advisor in Des Moines, IA

    I worked at Edward Jones full-time for more than 8 years

    Pros

    None. Any pros are by far outweighed by the cons. There is some freedom to the work, which is not really freedom at all as you will feel constantly under the gun to produce more revenue and clients.

    Cons

    To achieve success, you have to be willing to be unscrupulous and somewhat dishonest to clients. You have to sell expensive and under-performing mutual funds. We all know (or should) that index funds are the best solution for the vast majority of clients, but this company will delude you into thinking you are doing right by someone by steering them into something else. Have some respect for yourself and DON'T. Just don't work here, you will end up hating yourself and what you've done to clients.

    Advice to ManagementAdvice

    Move entirely away from a commission based structure and into a fee based model. Lower your overhead costs, especially in St. Louis. Do something to help reduce the massive turnover in employees every year. In fact, just sell the company and move into another line of work. This one doesn't suit you.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  3. 3 people found this helpful  

    Management by Retaliation

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Edward Jones full-time

    Pros

    There are some great employees in this company. After all, it is not run by Bernie Madoff. The benefits provided do match those provided by a similar size company.

    Cons

    There is a culture of retaliation and cover up. Employees are strongly advised (i.e. forced) to not communicate via email.
    Promotions are awarded depending on who you know (not by what you do or what you know)
    As a home office employee, you shouldn't expect a work-life balance. Working 50-60 hours a week is not uncommon. However, don't expect to be paid overtime or be rewarded for it.

    Advice to ManagementAdvice

    Don't refer to your employees as dogs would be a good starting point. I'm not kidding, I found it offensive when a general partner referred to employees (who negotiate contracts) as dogs.
    Treat people with integrity and respect.
    Don't retaliate against people who speak up. The "Survey/Feedback/Action" you ask employees to participate in is not anonymous, therefore is not honest or effective.

    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO
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  5. 3 people found this helpful  

    Worst experience of my long career in financial services. Everything they say is a lie.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor

    I worked at Edward Jones full-time

    Pros

    If you want to be a Robo Advisor, than it is a pro.

    Cons

    St Louis is nothing more than an Advisor producing machine. And not good ones. Don't waste your time and believe all their lies.

    Advice to ManagementAdvice

    Your management team cares very little about its staff, All they care about is making money for themselves. Mr. Weddle, I and all the partners should step down if you want the company to last.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  6. 7 people found this helpful  

    Archaic business practice with an unsophisticated value added

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor
    Former Employee - Financial Advisor

    I worked at Edward Jones full-time for more than a year

    Pros

    Bottom drawer sales training
    Develops people skills
    Some financial product exposure

    Cons

    Slimey,controlling peers
    Terrible heath benefits
    Poor Technology
    Sophomoric approach to business development
    Meager pay first few years

    Do not start as a new-new. It is a revolving door and a way to for established advisors to gain assets when the new broker dies on the vine. Jones's 20/20 vision ( They want to ramp up to 20,000 advisors by 2020) has them cramming advisors on top of each other in small towns. Being the catfish of the financial industry already, this initiative is hurting advisors cash flow. I traversed neighborhoods that have been recently prospected by 3 different Jones guys.

    There is a lot of propaganda out there: Jones being a top 10 place to work...I want to know who Fortune is talking to; most likely home office weenies or advisors who inherited $15 mil plus. I was with Jones almost a year and a half and didn't see one new-new survive from my region.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  7.  

    They Suck

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Edward Jones for more than 3 years

    Pros

    They leave you alone for the most part.

    Cons

    They change the compensation often.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  8. 1 person found this helpful  

    Very unpleasant, with some nice people, many backstabbing people.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Project Leader  in  Saint Louis, MO
    Former Employee - Project Leader in Saint Louis, MO

    I worked at Edward Jones full-time for more than a year

    Pros

    Close to home, reasonable commute.

    Cons

    Thrifty to a fault. Supplies are monitored, down to number of pencils you ask for.

    Advice to ManagementAdvice

    Consider letting employees have some time off on the weekend.

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
  9. 3 people found this helpful  

    Stop filling out the application now

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Financial Advisor  in  Cincinnati, OH
    Former Employee - Financial Advisor in Cincinnati, OH

    I worked at Edward Jones full-time for less than a year

    Pros

    A recognized national name.
    You are, to a point, your own boss.

    Cons

    Nothing but door to door sales to get your initial and ongoing business.
    Demeaning practice of making you a sales and new business jockey.
    No actual advising of your clients, as they have you shove mediocre funds with high fees in front of clients, skimming the border between shady and illegal from a suitability standpoint.
    Terrible upper management is out of touch with reality.
    Hours are just crazy, you'll probably work 12 hour days, every day, and even weekends, for little to no results.

    Don't believe the hype of this job, if you don't already have a book of business you WILL fail and they will simply transfer your clients to a good ol boy advisor who has been there forever. Run far away to a real investment company who will value you as a person. This business model will quickly crash in a few years when older customers fade off, so there isn't much of a future anyway. I'm assuming Ed Jones paid off the "top places to work" lists, this should be bottom of the barrel.

    Advice to ManagementAdvice

    Stop luring in college grads by simply lying about the position and potential.

    Doesn't Recommend
    Negative Outlook
    No opinion of CEO
  10. 2 people found this helpful  

    Financial Advisor

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Advisor  in  Detroit, MI
    Former Employee - Advisor in Detroit, MI

    I worked at Edward Jones full-time for less than a year

    Pros

    Training was engaging and thorough. Training department personnel were more than helpful and always available for follow up. Regional events are very high end and accommodating.

    Cons

    Knocking on doors and not having an office to work out of is a major problem when trying to get advisors up and on their way. After being out of the company for a year I am still meeting people in the community that say there was no way they would have ever used EDJ based on the way they seek out new clients. New advisors are never given straight truthful answers. Makes you feel so less of a person than you are. 800 contacts through door knocking and networking with less than 6 months of being a vulture and attempting to get at the prospects money makes it an impossible task for a "new, new" advisor. Ask the hard questions before accepting a position with this company and make sure you get the answers not some half witted, beat around the bush answer that gets you off of their back. Very disappointed.

    Advice to ManagementAdvice

    Take away the "new, new" advisor status and figure out better ways to inject advisors into the community. It will give the company more respect and give the new advisors a better experience. Truth is how you earn respect.

    Negative Outlook
    No opinion of CEO
  11. 4 people found this helpful  

    A cash cow for owners, probably another losing lottery ticket for new advisors

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Investment Representative  in  Idaho Falls, ID
    Former Employee - Investment Representative in Idaho Falls, ID

    I worked at Edward Jones full-time for more than 3 years

    Pros

    Excellent training, culture and opportunity.

    Cons

    They train well over 20,000 advisors per decade, yet only have a little more than 12,000 employed there, most of whom are not new. Can you say, "meat grinder" and "financial ruin?" Because that is the reality for the vast majority of people they hire as financial advisors. Other cons are that Edward Jones engages in investment banking, manufactures proprietary products, and has preferred products, meaning financial institutions share revenue with Edward Jones and their advisors in exchange for shelf space, face time with advisors (information bias) and subsidize their extravagant, semiannual diversification trips. Think about that from a consumer standpoint: do you want your advisor to only be concerned with the best option in the world, or do you want them to routinely show you solutions that academics, journalists, and history continually demonstrate to be inferior? What these conflicts of interest means is that every time you as an Edward Jones advisor say you do what is best for the client, you are either naïve or lying because doing what is best for a client means terminating these conflicts of interest regardless of the consequences and holding yourself and your firm out as a fiduciary at all times. The reality is that as an employee of Edward Jones, you are a salesman, not a professional advisor and will always be limited in your profession by this affiliation. You work for and look out for the interests of Edward Jones, and clients systematically come in second. The saddest thing: Edward Jones is the absolute best national full service brokerage hands down. It is a fantastic profession, but I would encourage job seekers in this particular industry to look for a professional career path, not a sales career path. The best opportunities are with local independent firms and RIAs, not national brokerage firms. They may not have national hiring campaigns, but that is where the real money and quality is. Doing so will provide you with far more security, income and pride.

    Advice to ManagementAdvice

    Stop all investment banking, revenue sharing, and close all proprietary financial products. Recognize that it is unethical to hire so many people who fail, and that the fault lies with your hiring, training, retention and compensation model. Provide more transparency to the candidates before they are hired so they are aware of the tremendous turnover and odds they are facing before they take on the speculative risk of becoming a successful advisor.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

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