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Rising Star
Hi fishes
Can anyone give me a referral?
Thanks!
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I'm looking for work as a Credit Controller. Preferably remote or hybrid with a lot of flexibility. I've been working remotely for the last 1.5 years and would like to continue that. I have 8.5 years of experience as a Credit Controller in B2B set up. I'm based in England but happy to work in any country :) JPMorgan Chase Citi Wells Fargo Deloitte Accenture Amazon Tata Consultancy Infosys Morgan Stanley
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I will say I went through their interview process a few years ago and I was not impressed. They forced me to spend around 3 hours doing “a day in the life” of an advisor and then criticized me for not making enough calls when they really gave little to no direction. I did not get the position and left with a bad taste in my mouth that they just want lead generators. Just my experience.
Jones is a great company but if you are considering the FA role it it’s important to understand you are expected to build your book of business. If you are looking for an opportunity to build a business there is few companies out there that have a more compelling story than Jones. The firm isn’t perfect but it has been a great place for myself and my client for almost two decades.
If you are doing the role to gain experience and get your licenses 6,63, 66, and 7 i would say to go for it. If not, i dont recommend the salary isnt all that great and they make you door to door knock
I will start with the fact that Ed Jones has done a lot of good for a lot of people, and I have met a couple of advisors who left that had good things to say about it overall, it just wasn't a good fit for them long term as they wanted higher payouts and less overhead.
I can't tell you what it is like to work for them first hand, so maybe not what you are looking for, but as an outsider who crosses paths often, this is what I have noticed:
1. I hear a lot about "drinking the Kool Aid" and the very specific procedures they have. If you are green and need guidance on how to get leads, maybe that is good?
2. I have run across more questionable actions from Ed Jones advisors then any other firm. Maybe this is just my area that is not well run?
* One tried to poach my client by promising 12% annual returns
* One took an elderly couple's accounts and split them out into many accounts for no perceptible reason (I have heard it might have been for an account number quota or to make it harder for them to leave, but I have no proof of either)
* Several who told teachers to cash out their pensions when they changed districts (probably ignorance to the system, but massive damage to the client)
* Several times found people who were clearly Moderate investors, but were in 100% equity portfolios, and said their EJ guy did not listen to them.
4. I have found the Jones clients the easiest to poach due to their high fees.
I left EJ last year for Morgan Stanley for the following reasons. The investment options available are narrow and their systems are still very antiquated. I lost HNW clients due to not being able to1031 exchange into a fund or opportunity zone, not being able to invest in a direct indexing product or Exchange Fund for people with high concentrations of stock. Minimum for SMA is $300K, no options trading or funds using options as a hedge. Their Advisory accounts (firm discretion) perform poorly my all A share Mutual Fund portfolio outperformed and they use proprietary products and a mutual fund share class on discretionary accounts no one else uses so if you ever leave you have to sell their proprietary investments they put in all their ADV accounts and when their R shares come over they are a dead share you can't invest in them or transition to an institutional or A. No Alts platform (no private REIT's, Private Credit or Equity) no private investments at all and can't buy any indexed annuities, none. They want you to believe all indexed annuities are bad. I'm able to leverage asset based lending offer mortgages and can sell property and casualty and couldn't do that there. If you're not working with UHNW or HNW Edward Jones is a good firm. You don't get leads at EJ and hopefully you aren't expected to knock on doors anymore. Working at EJ is like bowling with bumpers, in an effort to make it fool proof they make it hard to do your job as they can be needlessly rigid. The advisors there don't know what they don't know and have no idea what is truly out there from an investment standpoint.
For what role. This matters.
Financial advisor
We are non captive and have 192 A & A+ rated companies on our platform if you are interested in another option. Debra.broadstone@gmail.com
I interviewed for a Financial Advisor role and it took 2 months and it was very disorganized. Unless there is a specific location which is good for you, it's a waste of time. HR was particularly incompetent.
1. You won’t be able to take care of HNW clients, especially if the client wants a 1-stop shop. 2. Their technology is way behind They still use DOS for some tasks. 3. They break promises about AUM and households that they say they’re going to give you. 4. The regional (local) leadership is terrible. They act like they really care about you, but they don’t I couldn’t even get my managers to call me back. (I had 2 different ones in 18 months 5. The field training sucks because the advisors are responsible for it. You won’t get any meaningful help unless you are paired up with an advisor who enjoys mentoring others. Most of them volunteer just to get the “credit” so they can participate in the partnership. They only care about their own books, which is fine but then don’t sign up to help a newer advisor. 6. The majority of the successful advisors had a parent, grandparent or other relative who encouraged them to become an advisor and then helped them build their book. 7. If you don’t “drink the Koolaid” you’ll never fit in. You’ve got to believe with all your heart that EJ is the best firm ever, which is impossible to do if you’ve worked at a wirehouse. 8. As a previous post suggests, it’s a good place to get licensed If you can deal with the door knocking but think twice about door knocking if you’re a woman.
How is the culture at Edward Jones in the New York Metro area for experienced advisors?
- What kind of support does the firm provide to experienced Advisors making a transition?
- How does Edward Jones compare to other firms in terms of compensation and benefits?
- What are the growth opportunities for scaling a practice, recruiting advisors to join a team and succession planning?
Any thoughts or advice would be greatly appreciated. Looking forward to hearing your perspectives!