Edward Jones Reviews in Chicago, IL | Glassdoor

Edward Jones Chicago Reviews

40 reviews

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Chicago, IL Area

3.0
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Edward Jones Managing Partner Jim Weddle
Jim Weddle
22 Ratings

40 Employee Reviews

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Pros
  • Work-life balance is a top priority (in 93 reviews)

  • Great culture, great training, good camaraderie (in 127 reviews)

Cons
  • Door-to-door residential prospecting is a core sourcing strategy (in 120 reviews)

  • Door knocking sucks most of the time (in 125 reviews)

More Pros and Cons

  1. "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Chicago, IL
    Current Employee - Financial Advisor in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Edward Jones full-time

    Pros

    The training is well regarded in the industry, there is genuine support, and the culture is one of service, humility, and gratitude.

    Cons

    Long hours, and stressful situations can come with the opportunity and within the industry in general.

    Advice to Management

    Continue to listen to the field and provide the support and guidance needed to navigate the changing industry.


  2. Helpful (3)

    "Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Chicago, IL
    Former Employee - Anonymous Employee in Chicago, IL
    Recommends
    Positive Outlook

    Pros

    Great company to work for. Training for Series 7 & Series 66 is not only top notch, Jones pays for the training as well as paying you full-time. Home office training is excellent too. Fantastic corporate culture of peer assistance as well as outstanding home office support for FA's. Company's ethical standards very high. Great opportunity for those that are not afraid of hard work but seeking great opportunity.

    Cons

    New Department of Labor guidelines make it more difficult to start and perpetuate a book of business for new financial advisors. Jones is looking to rearrange commission stuctures to offer assistance. Be sure to ask about it during interview process.

    Advice to Management

    Keep up the great training program, high ethical standards, and home office support. Please create a salary & commission structure to keep the firm attractive to high achieving individuals.

  3. Helpful (12)

    "Get promises in writing, Beware $75,000 training chargeback"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor in Chicago, IL
    Former Employee - Financial Advisor in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

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

    Pros

    Company is very strong investing in the training of new advisors. Fund companies, life companies, and annuity vendors service you quite well. Trying very hard to build up women advisors. Health benefits fair. Working at Home office is very positive.

    Cons

    Start out for months going door to door! Leadership determines who will succeed and fail. Large assets are given discriminately. Promises are not kept. 20% commission first couple of years 30% commission your 3rd year. So if you are not the chosen one to receive a large asset base you are in trouble. I was exceeding expectations throughout only to see $20,000,000 handed to new college graduates barely meeting expectations.


  4. Helpful (4)

    "Base pay is awful."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    Current Employee - Senior Branch Office Administrator in Chicago, IL
    Current Employee - Senior Branch Office Administrator in Chicago, IL

    Pros

    The potential to work with great people.

    Cons

    Base pay is awful. Many branch office administrators work two jobs. You will have all of the responsibilities of an office manager or senior executive assistant but will be paid as a receptionist. Some potential for bonuses but determined by branch profits and headquarters (too many unknowns to count on bonuses to pay bills). Raises are limited by headquarters and are very small. Learn as much as you can and get your resume to other firms.

    Advice to Management

    Increase base pay for branch office administrators. A financial services firm should not factor discretionary bonuses into its compensation package.


  5. "Great Benefits"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Crown Point, IN
    Current Employee - Anonymous Employee in Crown Point, IN
    Recommends
    Neutral Outlook
    Approves of CEO

    Pros

    Awesome Benefits, salary decent, work has plenty of variety

    Cons

    No Cons for Edwarad Jones but branches are run differently have their own rules.


  6. Helpful (4)

    "Generous training"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Advisor Trainee in Joliet, IL
    Former Employee - Financial Advisor Trainee in Joliet, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Edward Jones part-time (Less than a year)

    Pros

    Training is very helpful at the start of your career. The program really forces you out there to get your feet wet.

    Cons

    Heavy Sales oriented which involves starting your own clientele. Many people see this as a blessing others struggle when their natural market isn't as reliable as one expected

    Advice to Management

    None


  7. Helpful (14)

    "It is all about the Financial Advisor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - BOA in Chicago, IL
    Current Employee - BOA in Chicago, IL
    Doesn't Recommend
    Positive Outlook
    Disapproves of CEO

    Pros

    Benefits are about average. Home office back-up and assistance is great. Except for the Financial Advisor, the position is unsupervised.

    Cons

    The position has evolved from a clerk and data entry position to one in which the BOA is now responsible for ensuring regulatory compliance in many areas. The salary is not consistent with the responsibilities. BOAs are treated as the lowest rung on the ladder and paid accordingly. The financial advisors are financially trained sales people. They have no managerial skills and do not know how to work with BOAs. Stop wasting time with personality tests. The problem is not what personality types work well together, the problem is that FAs harass, demean and insult BOAs to the point of illegal verbal harassment.

    Advice to Management

    Train your Financial Advisors that they are in positions of power and are susceptible to legal complaints.

  8. Helpful (15)

    "Reputable Company, Interesting Antics"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - BOA Branch Office Administrator in Chicago, IL
    Current Employee - BOA Branch Office Administrator in Chicago, IL
    Doesn't Recommend

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

    Pros

    Edward Jones branches are set up to have a financial advisor and a BOA in the office. That said, it has a network of thousands of employees in their home office to help with day to day processes and operations should an employee need the support, which is great. Generally speaking, the firm seems to be filled with amiable and hard-working individuals. There are opportunities to work from home, work at the home office in St. Louis, or work in a branch office.

    Specifically as a Branch Office Administrator (BOA), I believe the benefits are pretty good. Not the Cadillac insurance policy, but not too bad as a healthy, youngish, female. Because Ed Jones is such a big firm, the insurance is likely more highly discounted for the employees and more comprehensive. We have a less than exciting 401K match (only $500/year max), however, the profit sharing makes up for it to a certain degree. As long as an employee works 1000+ hours (=20 hours/week) we are privy to the profit sharing. I find it wonderful that I get to work at 9 and leave at 5 and don't take work home with me. That allows me to have wonderful work/life balance.

    A BOA with Edward Jones is allowed to work 35 hours/week and still be full time, so there is flexibility there for people with families. There's also an option of unpaid leave should your supervisor approve it. (Which is great because with just 10 PTO days/year, you're probably going to need to take some unpaid days for a vacation or something.)

    I was pursuing an arts career for about 3 years and had the opportunity to work as an on-call with Edward Jones to supplement my other career. That was great! I was able to work for several financial advisors (FAs) in various cities. Although they don't provide insurance coverage or benefits of working full time, I was still able to get the 401K match and profit sharing because I worked over 1000 hours, which was excellent.

    Cons

    Compensation is very low and to try and make a case as to why you deserve a raise based on your measureable results (and after working here for 5 years) is a waste of breath. Compensation is comparable to other firms of its kind, but if you don't work for a profitable office, expect to live on bare bones. GET INTO A PROFITABLE OFFICE if you decide to work for this company as a BOA!

    I find the job to be stagnant and boring. I don't believe there is much in the way of personal or professional growth. Once a BOA, always a BOA. If you want career growth or to climb a professional ladder, this job is not one you should take. It's an entry level job which you can get right out of high school and the opportunities within the position are limited, if any. The transferable skills are great if you want to remain an assistant forever. If you work in a new office, with an FA who is not profitable, don't expect to make any sort of difference within the firm. I don't believe the firm cares about the little (non-profitable) people. They are, after all, a profitable corporation, and unless you're in a big producing office, don't expect to have a platform that anyone cares about.

    Edward Jones relies on the leadership of senior people within the region to take on regional roles. For instance, one FA might be a recruiting leader, while a BOA might take on the role as BOA mentor for a new BOA entering the firm. I believe this is wonderful, however, there's no compensation for those leaders when they take on the extra roles. I believe Ed Jones should pay these talented individuals for their time - it seems to me that it is a way that Jones can cut costs and indulge in extra profits.

    Despite being a reputable firm, I find the culture and values to be a bit antiquated (and geared toward the average older, rich, white, male). We always seem quite a bit behind the real world. We get there, but it's arduous and often behind other firms of our status. For example, an FA has the option of presenting Ed Jones approved seminars. At the end of last year, 2015, the firm FINALLY wrote and produced a seminar catering to the LGBT community, which, hello, let's start helping ALL people rather than catering to the 60 year old white, head-of-the-household male.

    As far as being able to be creative, think outside the box, and be an idea person, it's quite impossible. If you are a creative, beware! Everything you do at this firm has to be approved by compliance, regulated by field supervisors - emails will be monitored, and even your outside activities have to be documented or you could lose your job! I once rented out my extra bedroom (in my primary living residence) for 2 months and my "tenant" wrote a check that said, "rent." When I deposited it into my Edward Jones account, within days I was questioned and had to disclose that I had a rental property (which I didn't...I was just letting a friend of a friend use my extra bedroom for a pittance). It feels a little like "the man" is always watching...don't make one wrong move.

    Often the right hand doesn't know what the left is doing. Because the firm is SO big, often times you can get grossly different responses for something that you need help on. For instance, my boss just left a couple of months ago and I've been trying to figure out the rules of an office in transition. I have a rep at the home office who is supposed to be the expert on the subject and she debriefed me on "everything" that I would need and how to proceed with my job, client, and branch support. However, a month after my boss left, I received a call from another department who casually said, "oh and by the way, we are trying to find a replacement for your branch so that after 135 days you still have a job." I was never informed, and had no idea, that my job was in jeopardy when the financial advisor left. On top of being worried I will lose my job, I cannot look for jobs on my work computer because it is unapproved computer use, which I can be reprimanded for.

    Edward Jones is a corporation whose sole purpose is to be profitable. If you do not fit the category of "profitability" (which my branch does not at the moment), you will not be protected. In fact, you don't even matter if your FA boss quits...they'll just take the opportunity to get rid of you after 135 days.

    And if you want to become an FA with Edward Jones, I definitely recommend you talk to other new FAs at the firm. I have seen and heard of so many new FAs fall in financial ruin from trying to support their business early on - tapping heavily into their retirement money, getting into credit card trouble, and trying to support their families but failing, all because Edward Jones has an impossible, capitalist business model that supports what seems to be, again, the white, 60 year old, male, tenured, advisors. And when these new FAs get fired because their business fails and they take a new position with another financial firm, Edward Jones sues them for 75K if they fall within their 3 year non compete. Or they can't get another job because they're in financial ruin and credit card debt. But Edward Jones doesn't have a care in the world.

    Advice to Management

    Come up with a business model that protects the little guys. As far as I can tell, the little guys need a chance to be nourished so they can grow. In 15 years, all your big guys will leave the firm to retire and you're going to need someone to keep up the air of excellence and profitability. Try harder to retain the little guys. Just because they're little, doesn't mean they're not great.


  9. Helpful (8)

    "BOA"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - BOA Branch Office Administrator in Chicago, IL
    Former Employee - BOA Branch Office Administrator in Chicago, IL
    Doesn't Recommend
    Neutral Outlook

    I worked at Edward Jones full-time

    Pros

    This is a good job for someone who has no desire to attain a better employment opportunity within the same company.

    Cons

    This is a dead end job...no opportunity for advancement. Anyone accepting this position must be satisfied with knowing that regardless of how hard they work, there will be no chance for a better position. There is no career path for this job.. Moreover, any financial reward is directly tied to the success and generosity of the Financial Advisor that the BOA works for. If applying for a job as a BOA, be advised to seek a Financial Advisor that is at a Level 5 or HIGHER. The higher level Financial Advisors receive bonuses that they MAY share with their BOAs. In order to make a livable wage, the meager BOA base salary must be augmented. Each office consists of two people: the BOA and the Financial Advisor (on occasion there may be two BOAs) The environment can become isolating with so little interaction with others.. This position is overwrought with endless, ever changing paperwork minutia.

    Advice to Management

    When initiating programs for the BOAs to earn prizes (eg: cheesecakes, hams, turkeys, etc), it is a joke to have the value of these items be included as income, then be taxed on that value. SERIOUSLY????


  10. Helpful (1)

    "Compliance Assocaite"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Financial Advisor in Chicago, IL
    Current Employee - Financial Advisor in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

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

    Pros

    They do a great job letting you take ownership of your career and responsibilities.

    Cons

    Its a great place to work so people don't leave, its hard to advance your career. Also the career advancement is very political.


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