Edward Jones

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7 people found this helpful  

Candid, and HONEST review of FA Job

Financial Advisor (Current Employee)

ProsIt is not hard work. You don't sweat too much, you don't deal with violent people, you aren't sore at the end of the day. You can leave the office (or outside the office selling) anytime you want. If you want to meet your wife (or husband, or other friend) for lunch, you can, whenever you like. If you want to go home every day at 2:30, you can. There is absolute flexibility, and almost no accountability in terms of making sure that you are actively working.

If you make the choice to do so (many do not), you can run an ethical practice which provides a service NEEDED by everybody. You get the opportunity to go to sleep each night knowing that your work had a positive impact on the lives of lots of folks.

You can make a reasonably large income, pretty quickly. In my first month of selling (several months after starting), I grossed around $13000. Pay is right around 40% of that, plus a pittance of a salary early on. So my first month of selling, my monthly pay was probably around $7000 or so. That's not a fortune, but not bad for six months into a job for which I had absolutely no experience.

Since then, I have had quite a few months in which I earned commission of over $10,000. I am in my third year as an FA. I also have done a couple of large insurance policies, resulting in one month with a $60000 gross (pay = 40%), and one with just over $35000 gross.

ConsNo accountability, no support, no training, extraordinary attrition. If you start out as a new/new, that means a new FA starting a new office, you will fail. You might think to yourself, "oh, I'll be different". Well guess what, it is impossible. All those guys you meet along the way who say that they were new news are lying. They may have started that way, but likely they received a big chunk of assets from an office that closed. NOBODY succeeds as a new/new, nobody. If you can't get into an existing office with at least 25 million in assets, be sure to keep all your doors open, utilize your prospecting to keep track of companies where you would like to work, and plan on getting a new job at some point in the future.

Nearly everybody fails. I started out in a Study for Success class of around fifty or so. I am the last one left at year three. 2% retention at three years, that isn't good.

It is not possible to survive if you haven't saved up a bunch of money, or have a source of additional income such as a spouse, parent, etc. When I write a source of additional income, I mean enough additional income completely to replace the income you expect to earn at Edward Jones. In reality, you should plan for income of between zero and fifty dollars per month. The income you have early on will be roller coasterish. Personally, I went from a month where I made seven thousand dollars, to a month where I made $420. The old guys joke in some Jones literature about how they had months where they actually owed Edward Jones money. LOL! That is so funny. That is sarcasm, by the way. What is funny about not having the money to feed your children? Absolutely nothing. What is sad is that there is no need for that. Edward Jones makes enormous profits, and sustaining the ability of its newest employees to survive should be more of a priority.

Jones is really pushing its Advisory Solutions program. It's essentially a wrap account. When I started at Jones, one of the big plusses to me was that there were no proprietary products. Not so any more. I really worry about that. So use Advisory with care.

Finally, many of the brokers are in fact just like the brokers everywhere else. Edward Jones promises a culture of ethics and morality. The reality is that it is no different than any other large company. There are plenty of dishonest brokers out there. Watch out for them, do not share the names or any information about any of your prospects with any of the other local brokers until they have proven themselves, no matter what position that broker has in terms of the regional heirarchy, including the regional leader and your segment support folks. They struggle for new business just like you, only they have higher expenses, so they also are trying to get new business. Watch out, there are plenty who will take your best prospects from you and not think twice about it. With that said, I have met some extraordinary folks at Jones whom I trust completely. In fact, I told my spouse that should anything ever happen to me, take my brokerage statements and life insurance information, go straight to a specific FA's office, don't talk to anybody else no matter how much you like them, and do exactly what that FA says. I'm sure there are plenty just like that at Jones, but he is the only one in my region I would trust that way.

Advice to Senior ManagementPay the new FA's more salary and for longer. 20k decreasing 25% quarterly until it reaches 0 at month 13 is insulting, and creates a situation which is impossible to survive. The problem is that there is no stability of income in the beginning, and it makes working in the beginning unnecessarily stressful.

Increase support. There is essentially no training.

No, I would not recommend this company to a friend

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    Good experience

    Anonymous Employee (Current Employee)

    I have been working at Edward Jones


    Pros: Freedom and independence in the office Cons: limited products offered to clients Advice to Senior Management: transparency and fairness Yes, I would recommend this company to a friend More
    • Work/Life Balance
    • Senior Management
    • Comp & Benefits
    • Career Opportunities
    • No Opinion of CEO

     

    Just Starting

    Anonymous Employee (Current Employee)

    I have been working at Edward Jones


    Pros: Flexibility on how you operate and run your own office Training and… Cons: Tough to make it on $22000 base salary if you have bills to pay Apparently there is a high attrition rate for new FA's however, I… Advice to Senior Management: I really do not have any feedback at this time as I am… More
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