Anyone here work for Edward Jones?

[Fullauto_Shooter]

I'll be transitioning out of the Army soon and recently met an Edward Jones regional manager who encouraged me to apply for their Financial Advisor training program. Does anyone here either work for Edward Jones or know someone who does?

Based on their pitch, I understand they only hire about 10-15% of applicants but most of those hired (60-70%) achieve an income in the low to mid six figures within 4-5 years of job start.

I will continue to explore all employment options, but wanted to see if anyone here has any firsthand experience with Edward Jones.

Thanks,

Doug

[Hi-Power Jack]

For $300,000 / year, I'd like to apply also.

[Fullauto_Shooter]

For $300,000 / year, I'd like to apply also.

Sorry for the confusion - meant to say low to mid 100K range within 4-5 years.

[mjohn]

Do you like cold calls? Do you like calling people on the telephone all day and possible at night? Ask how many people they have working in their office that have been there between 2-5 years and compare that with the total number of employees in the same position as you are considering.

[Carmoney]

A friend of mine did that job for awhile. It's degrading, awful work, and it tends to damage friendships and family relationships as you beg literally every soul you know to give you their money to "manage."

From what I have seen, EDJ will hire almost anybody, and that is part of the problem--they're on every street corner like Starbucks.

No offense, but what about your military experience would qualify you to be a financial planner? There's no question that you bring skills and experience to the table as you look for your next career, but it's hard to imagine it's in this particular area.

[Intel6]

I worked with a guy(we are all former mil) here in my current job and he went that route as a way to move closer to his family. When he was talking about the job it sure sounded like a good gig but he didn't last very long. He uprooted and moved the family to the new location, bought a house, etc... and then found it was what others are describing above. He is now stuck where he is and is going to be a teacher which means he will be taking over a 50% cut in pay.

Neal in AZ

[blind bat]

Also remember that salary is generally about half of a compensation package. Money is no fun if you end up with a crappy commute, having to pay out of pocket for all health and training, no vacation time, a divorce and no time to shoot.

[DWFAN]

If you want to get into Financial Planning, get a degree, a couple certifications and seek out well known wealth management companies who target high net worth individuals and companies, not Joe Schmo who contributes $600 a year to an IRA.

Most of them are all going to consist of cold calling, calling friends, family, friends of family and asking each of them for 5 or more names and numbers for you to call and asking those people to invest in whatever the sales manager wants you to sell that week.

If you want to sell and be an advisor, research what the company will want you to sell. Know the fees the track record and the managers of the funds. If you wouldnt have your grandma invest her life savings in these products, you probably don't want to be selling them.

What EJ forgot to mention you is that of those 10-15% they hire, less than half that make it 4-5 years, and of those that make it, then 60-70% of those make 6 figures. So out of an initial interview pool of 100, you're looking at 3 people who are making 100k after 4-5 years.

There is great earning potential, and a big potential for growing a business, but a long road and a lot of work to get there.

[Fullauto_Shooter]

A friend of mine did that job for awhile. It's degrading, awful work, and it tends to damage friendships and family relationships as you beg literally every soul you know to give you their money to "manage."

From what I have seen, EDJ will hire almost anybody, and that is part of the problem--they're on every street corner like Starbucks.

No offense, but what about your military experience would qualify you to be a financial planner? There's no question that you bring skills and experience to the table as you look for your next career, but it's hard to imagine it's in this particular area.

Great feedback - thank you! Despite the fact that I've managed multi-million dollar budgets in the Army, I've had no formal training in personal finance. I have managed my own personal accounts and investments for more than 20 years and have stayed slightly above market average most years.

One of the appeals of Ed Jones is that they'll train and prep you for the required Advisor exams - but the recurring theme seems to be that it's an awful life for at least the first few years. I've never considered myself to be much of a salesman, so this type of work probably isn't for me.

Finding out the real story on Ed Jones is the reason I started this thead, so thanks again for the brutally honest assessment.

[Fullauto_Shooter]

If you want to get into Financial Planning, get a degree, a couple certifications and seek out well known wealth management companies who target high net worth individuals and companies, not Joe Schmo who contributes $600 a year to an IRA.

Most of them are all going to consist of cold calling, calling friends, family, friends of family and asking each of them for 5 or more names and numbers for you to call and asking those people to invest in whatever the sales manager wants you to sell that week.

If you want to sell and be an advisor, research what the company will want you to sell. Know the fees the track record and the managers of the funds. If you wouldnt have your grandma invest her life savings in these products, you probably don't want to be selling them.

What EJ forgot to mention you is that of those 10-15% they hire, less than half that make it 4-5 years, and of those that make it, then 60-70% of those make 6 figures. So out of an initial interview pool of 100, you're looking at 3 people who are making 100k after 4-5 years.

There is great earning potential, and a big potential for growing a business, but a long road and a lot of work to get there.

I think you hit at the root of my problem - I'm not 100% sure I want to be a Financial Advisor. I can definitely say that it's never been my life's passion - though the Ed Jones pitch did sound rather intriguing. At this point I'm still exploring options, networking, and developing potential courses of action. Thanks for your thoughts and feedback.

[gose]

though the Ed Jones pitch did sound rather intriguing.

Of course it will sound intriguing, its a trained sales guy giving you a pitch

[RammerJammer]

A friend of mine's experience with them while in school is part of what drove me to the public sector. At a time when every report and market indicator is suspect to downright fraudulent I would find a different field. I do financial management for the federal burro of prisons and dream all day of plumbing or farming or carving wood or trapping fur or living on welfare... I don't know what you do in the Army but beware of any office job. The transition almost killed me...and I'm fat now. Fat and bitter.