Edward Jones

www.edwardjones.com
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Look beyond the numbers so Financial Advisors can succeed

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

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

Pros

Can learn very much in a short period of time.

Cons

Little support or encouragement. Too much empohasis on the investment they have in you and little acknowledgemnt or care of the investment you have in them. No opportunity for advancemnt for BOA or FA.

Advice to ManagementAdvice

Consider getting a new "secret weapon". It's not realistic to expect existing financial advisors to "mentor" new advisors. Most are in competition with new advisors and do not have the time nor the skill set to provide simple encouragement.They just want the brownie points for mentoring and no accountibility for actually helping. Big reason for the turnover is burnout and total lack of encouragement. From my experience, under performing adviors are ususally very thoughtful and not doing the right work (too much admin and hand holding) and work their tail off for the firm for very low pay. To have a FA Support division who only reaches out when a FA needs a performance warning is ineffective. These leaders should regularly reach out with a few kind words. Surely they can find something complimentary to say. Isnt that a leader? Where else would this encouragement come form? Who hurts when you fire advisors after several years of nurturing a busness? The people you claim to care so much about, the clients. Its not hard to be genuine in helping advisors succeed. The answers are not always in your numbers.

Doesn't Recommend
Positive Outlook
Disapproves of CEO

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

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  1.  

    Weird

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

    I have been working at Edward Jones full-time (less than a year)

    Pros

    great training, support from those that are in the same position

    Cons

    concentrates only on the elderly, not much to bring younger clients in

    Doesn't Recommend
    Approves of CEO
  2. 5 people found this helpful  

    A great entrepreneurial opportunity

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

    I have been working at Edward Jones full-time (more than 5 years)

    Pros

    I came to Jones shortly after graduating college. After six years with the company, I've built a successful practice of wonderful clients who trust my advice. I couldn't ask for a better group of clients to work with, and the firm has given me all the support I need to help my clients reach their goals. From financial assessment tools, continued top-notch training, opportunities to help coach newer advisors, leadership roles within the firm, to a flexible schedule and great compensation, this career has been the perfect marriage of my hard work and the firm's support.
    It took a lot of tough work in the first few years, and I still work hard for my clients, but failure was never an option for me. I stuck to the training that the firm laid out for me, and it worked. If you are willing to work and sacrifice your time for a few years, this job will reward you with a great lifetime experience. Whenever I talk to someone who's interested in applying with Jones, I make sure they have a very true picture of what is entailed to be successful with this company. I believe that if someone came to Jones with a poor understanding of their responsibility and what the first few years look like, it would make for a very difficult start.
    Beyond the opportunity to work with clients I enjoy, make a good living for myself and my family, and be my own boss, I've really appreciated the options to get involved in other ways as well: community outreaches like Rotary and local fundraisers, training new advisors, and being on leadership committees within Jones. As for being client-focused, I have never attended a training session or firm update that I wouldn't have felt comfortable if a client sat in on it. Even while being a for-profit firm, and being very good at that, I feel we have always made decisions from the top that put the client first and continue to evolve to be the best place for the serious, long-term individual investor. Additionally, the culture here can't be understated. Edward Jones really helps define the term partnership, and during my time here I've always had help and support from any financial advisor I came across. Even my wife has commented on how close-knit the other local advisors and their families are.

    Cons

    I try to be a realist, and recognize that there is no such thing as the perfect firm. While I use a broad swath of investment products, including closed-end funds, unit trusts, and ETFs, the traditional bent at Jones is towards mutual funds. That being said, I've never been pressured to sell one particular brand or type of investment, and my investment philosophy has evolved on its own. My clients chose me in part because of the depth of products I could offer.
    Edward Jones is slow to approve new products, such as various annuities and some odd-ball ETF and UIT products I've come across. Generally speaking I have access to most traditional investments, with a few non-traditional investment options being the outliers. This cautiousness can be both a positive and a negative: I've been very glad that the firm has said no to deriatives, options, and indexed annuities. I have found that when the firm does add a product or service that they haven't approved before, they generally do it very well, as in Advisory Solutions
    Volunteering for a leadership role within my region at the firm has helped pull back the curtain as to why decisions are made, and confirmed a general client-centric path. However, to a financial advisor who doesn't have access to the same information that I do, it could be frustrating to see decisions made at the firm level without knowing the behind-the-scenes picture.
    The firm is balancing between keeping the traditional approach that has worked well for our clients in the past, and evolving to continually meet clients' demands in a changing future. There will always be some degree of conflict when this type of balancing act and evolution is taking place, but overall I believe the firm is doing an excellent job.
    Finally, building a business is very tough work. I would recommend doing a thorough self-evaluation of where you are in life before pursuing a career at Edward Jones. This is an investment in yourself, and investments take time. Make sure that you have the time and commitment, that your family is on board, and that you're at a place where you can afford to take the inevitable volatility in your paycheck for a few years. Someone once said that entrepreneurship is living a few years of your life like most people won't, so that you can life the rest of your life like most people can't, and Edward Jones is a great partner in that pursual.

    Advice to ManagementAdvice

    Continue to be transparent in what decisions are made for the direction of the firm, and why.

    Recommends
    Positive Outlook
    Approves of CEO
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