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With all due respect my friend, moving from one job to another (any other) job is simply senseless., unless you want to continue being an employee and not wanting to own your own business at one point. There is no company in the U.S. that provides you with the option to ownership, except Primerica. Don’t believe me, just do your own diligent research to every company you seek to work at. Just ask that simple question: at what point do I become owner of my business, and will continue receiving overrides for life?
My can-sell date with Jones was 11/2016 as a new/new advisor. Since then I have received less than $8 million in assets shared. However, they’ve kept every promise they made and I’m writing this from an amazing all-inclusive resort in Riviera Maya, Mexico on a trip paid for by the firm because I’m bringing in a good amount of new assets by knocking on doors and getting involved in my community. I wouldn’t want to be with any other firm in the world. I won’t qualify for the limited partnership offering this year, but I don’t begrudge those that will or the GPs. There is an incredible amount of sour grapes toward Jones on this app and I hope those that may be interested in the opportunity don’t take all your pathetic crap to heart.
Funny that the first thing that comes to mind when hearing Edward Jones is the all-inclusive fully paid for vacations. Where's the DOL on this?
Wouldn’t recommend it, from one controlling situation to anyone. You also will be contributing money out of own pocket to run your business, host events, decorate your office beyond the very basic and spartan Jones supplied items and get no reimbursement and now no tax deduction.
Recommend going to a Raymond James, etc.
FA1 and FA2 - You have no idea what you’re talking about. Out of all the wirehouses and even Regionals, Edward Jones is best place to start your career.
With the asset sharing plans they have in place, it’s much better than trying to go at it on your own. Unless you have $50mil+ in assets under management that are portable, you’d be making a big mistake to try and go Indy. I’m a good example because I started with just $5 million in assets and now am a $1 million producer.
Reach out to a Jones FA in your area and let them know you are interested. You can pick your location (with some restrictions) and run your own business after about 1-2 years under a veteran FA’s guidance.
Best thing to happen to me professionally.
Good luck.
Jones will tell you that you can run your office like you want but it's not true. You well always be at the mercy of GPs and their agenda
They changed from commissions to assets in as qualification for the program to comply with DOL. The one thing I can say with Jones is that they went way overboard with the DOL and will not be in trouble. To the extent that it almost is damaging to the client with all the rules ans dancing around the FAs have to follow. In my opinion with my time at jones, the GPs manage the firm with the #1 priority of avoiding getting sued. GPs have unlimoted liability and from what I heard whrn they got sued in 04, the GPs had to write a check out of their pocket to cover it. This can sometimes be a conflict of interest where a financial move can make complete sense for a client but supervisors will not let it go through because of the potential for a lawsuit.
Don't go to Jones. Go full independent.
I did it 7 years ago and would do it again in a heartbeat. Don’t take advice for those who are not currently at Jones.
I do agree EJ is a great place to start. I stayed way too long.
For the love of god do not go to Jones. I started there and chugged the cool aid. It is incredibly controlling, their pay structure constantly changes, and despite what they say, you do not run your own business. I made it four just under four years, and busted my ass 60 hours a week to keep myself exceeding their expectations. Unless you have a book of $30-$40 million that you can bring in and be profitable from day one, you are going to struggle big time. Don’t listen to the people that have been there forever. Go talk to someone that just started in your town (there has to be a poor kid that just jumped into it recently) and ask them what their day to day is like. Working for that cult and then going independent made me really open my eyes to the ugliness of Jones
Geez. Lots of strong opinions being thrown around here. Regarding comments about greedy GPs, kool-aid, cults, and nonsense about changing pay structure (not true), if I were starting over today it’s a tough environment post DOL and robo competition wherever you end up.
For me there’s three tiers
1) Bank broker - chained to desk..but for salaried (8-5) people may make sense.
2) Turnkey (franchise type) setup - Most regionals and wirehouses fall here.
3) Indy - small business owner / entrepreneur type.
Each of these have advantages/disadvantages.
I have a new advisor who started at the end of 2016 with me and after doing a Goodknight (asset share plan), he’s absolutely killing it. He’s replaced his six figure income and worked his tail off.
I think it’s absolutely necessary to come to Jones with some assets on the books, but most veteran advisors will help you get a start and can set up $10mil-$20mil programs to get you going.
Interview a few firms and find your fit. Good luck.
@ed jones2
You would think that with the 60% haircut they are taking off your commissions that they could afford good back office support. The most frustrating thing was calling in 3 times to a department and getting 3 different answers. Or getting a wrong answer to a client and looking like an idiot. Or being on hold for a half hour. I loved Jones while I was there and am grateful for the training I received and start to my career but the nepotism and BS you have to put up with isn't worth it if you are already coming in with a book. Go to a firm that will let you own the client relationship and will give you fee-flexibility and more freedom in choosing investments for your clients.
NoWAY! I’m with a bank now and oh my word wouldn’t leave if u paid me too. Was with Edward Jones for 6 years too. U r a number with them. I begged them to move me so I could be closer to my family and they wouldn’t do it. They fired one of my friends while she was on FMLA (after her husband killed himself he was only 31) she won the arbitration but still is trying to heal and it’s been 5yrs...NUMBER NOT HUMAN
Preferred specialist ... As I said, EJ’s u are a number and at their mercy. It’s not about the MONEY! U can go anywhere and make money. U want a company that cares about their employees. EJ’s does NOT! Period. I have experience with it ... trust me
@Arvest, Wouldn’t it make more sense for the OP to listen to actual EJ employees about whether we’re treated like humans and cared about. You left how many years ago and under what circumstances? Also since apparently no one has informed you - writing in all caps makes you look like a screaming old/crazy person.
FA1 why did you say stayed too long? I have reservations about Jones bc it does seem like I hear alot of veterans leaving and I dont want to trade one company in for another if 10 years down the road with them Im feeling the same way I am at 3 years in with Bank BD.
And my struggles with the bank is there is an expectation when you stay that you gain access to referrals, but when you have to rely on lazy people to get those for you and your goals go up as staffing goes down makes running my own office and relying on myself and a BOA sound very appealing.
I’m over 10 years at Jones. Unless they are giving you assets, go Raymond James
HighPoint you are right on.
So the company goes overboard on DOL and fully complying with fiduciary standard. Now that gets watered down, but they’re too deep into the details to turn back. And like you mentioned many of these high level decisions are made to protect the partnership. If they were structured as a publicly traded company, all of the documentation and system changes would not have been implemented. Legal and HR are definitely in control right now.