Edward Jones

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Edward Jones Managing Partner Jim Weddle
Jim Weddle
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    What Edward Jones May Not Be Telling You

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
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    Former Employee - Financial Advisor in Harrisburg, PA
    Former Employee - Financial Advisor in Harrisburg, PA

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

    Pros

    Great training and a lot of nice financial advisors (FAs) who are interested in your success.

    Cons

    Unfortunately, I was never told that when I completed the "door-knocking" period and the initial training that I would not have an office to go to. There were no area Edward Jones offices that had sufficient AUM (assets under management) to bring on board a new FA under an asset-sharing arrangement . . . so after three months I received a surprise telephone call from someone in Saint Louis who I had never met telling me that my employment had been terminated.

    Look, this is a good company. They just have an unique business model that seems to work well for them--but sometimes not too well for new FAs. However, my advice is that one should not accept an FA position with Edward Jones unless that person is made to understand from the start that he/she will be paired with a named and established EJ financial advisor under an asset-sharing arrangement once the initial training has been completed. If you are not so paired when initially hired, then after the initial training period you will risk having no office from which to conduct business with clients, no assets to share (and therefore very little prospect of earning a post-training-period subsistence income while building a practice), or perhaps you will just get a phone call out of the blue from someone in HR telling you that your employment has been terminated.

    Advice to ManagementAdvice

    My advice to EJ management is just to not hire prospective new FAs unless you bring them in under an office- and asset-sharing arrangement. Management should also have the guts to do in-person terminations. Some of your new-hires have quit good jobs to join EJ, only to receive a gutless termination call from a stranger. A quality company should "man-up" to unpleasant tasks--if anything, as an acknowledgment of respect for the person they hired.

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