Edward Jones

  www.edwardjones.com
  www.edwardjones.com
There are newer employer reviews for Edward Jones

 

Fulfilling work, personal responsibility for your business

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Financial Advisor in Columbia, SC
Current Employee - Financial Advisor in Columbia, SC

I have been working at Edward Jones

Pros

Pay, Freedom, Flexibility, Personal enjoyment

Cons

Hard to compete when regional managers pick and choose who starts with existing assets.

Recommends
Approves of CEO

925 Other Employee Reviews for Edward Jones (View Most Recent)

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  1. 4 people found this helpful  

    If the FA is good, work is good. If the FA is bad, work is bad. Under compensating will be their fall.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Senior Branch Office Administrator in Tucson, AZ
    Current Employee - Senior Branch Office Administrator in Tucson, AZ

    I have been working at Edward Jones

    Pros

    They provide a lot of training to be able to manage all phases of the FA's job. Mutual Fund trades, buys/sells of equities, annuities, life insurance are all products in the knowledge base, as well as customer service. This is just a small part of the role of the BOA. We are the backbone of the company in the field, we are first contact, we make and get the ball rolling, again dependent on the office worked in. Some FA's want to do a greater bulk of the work, others are required to do everything excep seal the sell.

    Cons

    Home office has no clue what goes on in the branches, nor will they care unless there is a proven, actionable violation that will hurt the brand name. If you want a job that is lonely, unappreciated from a personal and income point of view, this is the place for you. If you don't want to do anything else in life with your career, this is the place for you. If you like someone else receiving all the credit for the office performance, this is the place for you. If you like seeing someone else receive the commissions for which you did all the work, this is the place for you. I have to say, other firms are really no different with the type of model. They are all pretty much under valuing the performance and the stature of the branch staff. Branch staff are not merely administrators and people who fill in the blanks, we are project managers, debt collectors, coaches, evaluators sales professional. The benefits suck! The health plan changed last year to a high deductible product. That deductible for a single person is $3500 and for the family $6500. Nothing is paid until that threshold is met. Now, \your take home salary is on an average, $25000, less the deductible required for a single person (God help you if you really need to go to the doctor), that really brings your take home pay down to an unmanagable amount of $21500. This is an impossible salary for a single parent with the family deductible of $6500. Realistically, the take home (bottom line isn't it) is $18500. If you live in the city, you barely have money for food after rent and travel to work are taken care of.

    Advice to ManagementAdvice

    Increase wages across the board, eliminate the General Partner to save the company as well as Limited Partner's. That is a perk for the wealthy alone. Shame on you. Search ways in which branches are rewarded from an administrative pov. Make wage increases valued on measurable statistics rather than the emotions of the Financial Advisor. For the amount of work, knowledge and effort that branch support gives to the company, our salary should be around $40K, to start after a one year training program.

    Doesn't Recommend
    Disapproves of CEO
  2. 1 person found this helpful  

    Good training but have Meds Ready

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Financial Advisor in Columbus, OH
    Current Employee - Financial Advisor in Columbus, OH

    I have been working at Edward Jones

    Pros

    Worklife balance. Independence. Great product/process support.

    Cons

    Unless you happen to be in the right place at the right time,and have kissed the right butt to get an open office with minimum asset level (15 million but better chance of success at 20 million) figure 2-2.5 years before you will be working somewhere else. New hire attrition is about 90-95% by this timeframe. In fairness there are people who have built their businesses from scratch and are very successful. I would estimate that number to be in the range of 1/2 % of existing advisors (aprox13K)

    Most of the glowing testimonials come from those who got a big office or had their own state as a territory because they started 25 years ago and the commisions were much higher at that point in time. If you're lucky enough to be or get in this group I don't know how life could be any better.

    But ......Much more likely this will be your scenario: Get sucked in by average new advisor earnings(Stephen King would be proud of this fiction) Spend through savings "while building your business"; "listen to the you're almost there crap" while running up your credit card balaces;
    Face real financial hardship while still listening to those who have never done it tell you what you need to do to make it. Face forclosure and realize you have to move on to survive. Expect to have all references to your name expunged because YOU ARE A LOSER! while the veterans devide the spoils of your effort.

    There are good decent and dedicated people in this company but do not fool yourself into A)Thinking you work for yourself. You are an employee. B) your hard work will be rewarded C) Your effort alone will determine your success. Timing and being in the right place are much more indicative of your success.

    I predict if this company doesn't drastically change there will be tough times ahead.

    Advice to ManagementAdvice

    The new advisor attrition rate speaks for itself.

    Doesn't Recommend
    Disapproves of CEO
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