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Fantastic one day, Horrid the next.

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - FA in Southeast US
Current Employee - FA in Southeast US

I have been working at Edward Jones

Pros

Advisors at EJ have a broad opportunity to operate with a high measure of freedom and latitude.

The product offerings are varied enough to lend credibility to advisors such that no client feels that they are being 'sold' a corporate-pushed dog.

Advisors are allowed to work in a franchise-like office setting inclusive of most hardware and a Branch Office Administrator dedicated to that advisor.

Commission scales are flat, generally 35% or 40% of gross generated paid directly to Advisor via W2 wages; the remaining 60% or 65% going to the Firm to pay for branch rent & operations as well as back-office overhead (see also Cons).

Edward Jones has a long history that is generally seen positively by prospective clients, even in this age of distrust of Financial Professionals.

Partnerships and Bonuses in cash and vacations are available to high-profit Advisors.

Cons

Nepotism is rampant at the firm. Family members of employees are quickly promoted and given large, quality accounts and preferred locations while being required to perform at the same standards as those who have not experienced similar benefits.

Benefits include very poor offerings and have much higher than average costs.

Advisors are increasingly treated as numbers without regard to personal life or family needs.

Diversification Trips cause very high tax consequences on Advisor paychecks while being exceptionally regimented - including signing code-of-conduct forms akin to Secondary School Permission slips. The trips are nice, but are essentially Edward Jones pep rallies.

Back office overhead is very expensive and is not enumerated in any way that allows advisors to know the value of what their fees are going to.

Advisors are told that they are the firm's "only cost center", but this is not the same as "only source for profit". Such double-speak is prevalent at the firm (eg, profits are generated from inventoried bonds while non-inventoried holdings are not permitted to be traded)

The managing partner has a verifiable history of misleading Advisors regarding corporate plans (eg, the surprise dumping of the UK division of EJ mere days after assurances this would not take place)

Managing leadership redefines "profitable" every few years as it relates to branch profitability such that there is no legitimate way to plan for future expenses. The response is, "produce more and you won't have to worry about it". This includes tacking on undefined operating expenses to Profit and Loss statements that are equal for all Advisors, regardless of actual costs they incur.

See also, John Grisham's "The Firm". No-one dies at EJ, but the structure and attitudes are eerily similar.

Advice to ManagementAdvice

Clearly this is a quickly changing industry and actions must be taken to remain independent. I am grateful that we are still not publicly-traded and generally free to offer products, services and solutions based on client need more than corporate greed. However, corporate greed is becoming more and more prevalent in this grand old firm. We are at a crossroads where advice given to clients may begin to depend on revenue raised more than the sure-to-be-coming fiduciary standard. The firm would do well to make Advisor costs to the firm transparent and easily accessible. Furthermore, a tone of respect to the Advisors needs to be adopted. Such tone has been disappearing in recent years, which seems to be a hallmark of the current Managing Partner.

Doesn't Recommend
Disapproves of CEO

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

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  1.  

    Okay place to work if you don't want to move up.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Service Specialist II
    Current Employee - Service Specialist II

    I have been working at Edward Jones

    Pros

    Great job security, no lay off during the recession.

    Cons

    Very hard to move up.

    No opinion of CEO
  2.  

    It was a learning experience.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Former Employee - Investment Representative
    Former Employee - Investment Representative

    I worked at Edward Jones

    Pros

    Good for entry into Financial services for folks who want to leave another industry. You will learn a lot, Try it.

    Cons

    You must produce business, no matter how bad the economy is. It's more of a sales job than any financial planning

    Advice to ManagementAdvice

    You should focus more on the needs of the clients, rather than finding products that you think are easy to sell.

    Recommends
    No opinion of CEO
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