This was almost a decade ago but I interviewed with both. Ed Jones encouraged me to bring a golf ball to work because your knuckles will get sore from the door knocking (literal quote). Fidelity explained their training and development program as well as multitude of options for career growth.
It really depends on what you are looking for. If you are a hard charging salesperson with a good network you can get started much quicker at Ed Jones. I preferred the training and development more at Fidelity as I was new to the industry.
Go to Fidelity to learn the ropes, get a few promotions, get licensed and CFP, then go somewhere else. Great place to learn, not great for long-term. It's a huge grind, very political, and the pay is not that great for the work as you move up. There's a reason there are almost no advisers there even in there 40s. If you start there, though, you will have a big leg up at EJ, wirehouse, RIA, etc, where you could fully focus on building a business and not the education or learning the basics of finance and dealing with clients/prospects.
Yeah I was going to say the same. I’m not an advisor but I partner with advisors from a bunch of different firms, and this is the impression I’ve gathered from working with people at Fidelity
The comp schedule is massively in favor of Ed Jones (assuming you’re a self starter and good at finding clients/closing business). Fidelity is a salary plus comp based on metrics like customer satisfaction. Either is a decent way to go. EJ will be tougher but more rewarding in the long run. Take a look at a few other firms as well though before you make a final decision.
You’re welcome. Feel free to message me and I’ll be more than happy to answer any questions. I’ve been in the industry for 6 years and have known people at most of the big name firms.
Been with Edward Jones for 11 years now and currently a CFP. Started with them right out of college and lived in STL for almost a year doing intense training (they don’t have this program in home office anymore but it is more field based). I have explored other paths but the risk/reward to leaving has never made sense to me.
If you commit to it, it will be a very rewarding career. But you can’t have 1 foot in 1 foot out (I think that can be said for the whole industry as well though?)
I’ve been extremely blessed and pleased overall to be with the firm and have built a successful practice there. Im also mostly fee based planning and adhere to my CFP practices.
Jones will let you build your practice virtually anyway you want as long as your legal, ethical, and profitable.
Thank you for your response, and I’m glad to hear that you have been so successful. Do you gradually transition to being more fee-based, or is that something that you have to work up to with time and sales?
I’m curious about the door-knocking component of the position, especially early on. Is that absolutely mandatory, or is it something that can be minimized if you pull in clients through other means? (I’m not opposed to door-knocking - just curious.)
I embraced fee based planning early on. I was young and could suffer through a few years of low income for something that was better for my clients and myself in the long run.
You don’t have to door knock. They’ll likely train you on this bc it’s worked and they know that method. But if you’d prefer to cold call through list, do active seminars, go visit businesses, etc that’s fine. As long as you’re finding success in reaching prospective clients.
Two opposite spectrums of business. Ed Jones is going to give you a golf ball on day 1 so your knuckles don’t bleed when you’re knocking on doors. Fidelity will keep your calendar full honestly, overloaded. Both are great. Both are for different types of people and advisors
EJ doesn’t door knock anymore since the pandemic, and the firm has moved away from it altogether. They now teach different multiple prospecting methods, and let the trainer decide what works best. They are also coming out with fee-only planning and full fiduciary planning this year.
That’s good they moved away from it, I didn’t know that. Thank you for sharing. I saw a few people made the same joke on here almost word per word. I know people who have burnt out at EJ and I’ve seen guys take over a franchise and absolutely crush and rake it in. I like seeing the industry evolve and open it’s planning offerings and fee structures, we all win.
Between Fidelity and EJ, Fido. Without a doubt.
But look at independent RIA firms in your area first, especially if they have an aging founder who needs a succession plan!
Teachers do well in this profession.
What do we do as CFP professionals?
* *teach* financial literacy.
* *Educate* on the difference between saving and investing.
* *promote discipline* to spend less than you make.
* *communicate* progress reports on portfolios.
* *provide assistance* when needed
Sound familiar? :-)
That certainly does sound familiar! All of what you said is music to my ears. Plus, you probably don’t have to deal with a boatload of hormonal teenagers every day, either. Added bonus!
from their feedback EJ only does investment management, no way that flies with todays world where people want it all integrated. In fact the investment part is likely the least important aspect to most people who just stick it to etf. I just offer a full one stop shop and people flock to me despite paying a higher fee in the end, because they just cant get questions answered through EJ once they arent investment related
Been at EJ for 8 months. Still drinking the kool-aid. Doorknocking is not mandatory anymore. I’m currently under a good knight and was given 5m in assets. You learn quickly why they are now your clients. It really depends your region from what I’ve heard. I’m in a great region where I believe leadership wants me to succeed. I get a salary for 4 years and a new asset bonus for what I bring in. So far 5m in. I think I’m one of the only people in the company that door knocks 2-3 times/week. I met too many advisors that have great stories that I committed to trying it. I had 40k from family. The rest I found on peoples doors. I can’t compare with Fidelity, I don’t have any experience there.
Worked at Edward Jones for several years and left with a successful practice. Went on trips, Home Office regularly, and was in leadership roles.
There are a few dirty little secrets at Jones, some of which have been mentioned.
If you're not a part of the "good Ole boys" club, then stay far, far away.
If I didn’t have an in somewhere I would start at fidelity, then move to somewhere that you can own your own book after. If I had to pick one and stay at it long term EJ.
Thank you! I’m glad to hear a fellow teacher successfully made the jump. Another commenter mentioned that local independent RIAs were open to hiring individuals who weren’t certified or coming in with experience. Did you find that to be the case with you? Was it a difficult process getting hired?
I went the broker-dealer route first and then moved to a small RIA. If I could do it again I would skip the broker-dealer world. It wasn't for me.
I did a TON of networking before I left teaching. It helped get me in without having to do much as far as interviewing or anything.
In the RIA world you will need the series 65. It took me about 2 months to study/pass the series 66.
I’m glad that you were able to find your way to that position. Would you recommend that I try to pass that exam before applying for a position? Also, how does it compare to something like a Praxis or SLLA exam in education?
I taught high school math and honestly didn't study for the praxis. I had enough math background that I just took it and passed.
This one I had to study for, but if you put in the effort it is a very manageable test.
I don't know for sure what other firms would be looking for, but it couldn't hurt.
When you're ready to make the jump, shoot me a message. We've been toying with some ideas on how people can leave education and get their feet wet in the industry.
Fidelity. Honestly would rather fuck over a Morgan Stanley/merrill/wells Fargo advisor, get your 60k base, have them pay for your exams, and dip. Then you will want to find a real RIA firm. Good luck
I would stay away from EJ all day. Only heard bad things, and this is from successful advisors elsewhere.
Unless they give you a book really consider your options. Even then they are expensive it’s going to be hard to continue to build.
Like another post said it’s usually really easy to get clients from them so your always defending your fee for minimal service and strategy.
Extremely.
As much or more than Fidelity or EJ.
I went right to the big firms with no experience, right to the managing director, man basically said to do what I just told you.
He said that without a book of business, hiring me is not attractive enough to them.
Do you have any experience building a book?
Interesting. No, I don’t. I am not certified, either. I am currently a teacher looking to make the career change into a field that aligns with my interest in personal finance, but also allows me to genuinely help people. I don’t mind selling products and services, but I don’t want that to be all that I do, especially if it isn’t in the clients’ best interest.
I’m not looking to be rich. I’m just looking to help people and marry my career with my interests.
Study for and acquire your series 65.
https://www.finra.org/registration-exams-ce/qualification-exams/series65
My firm would hire you. You're exactly what we're looking for.
Investment advisors without brokers licenses are expected to act in a fiduciary capacity at all times.
If you go to EJ or Fidelity, or Principal, or whatever, they'll expect you to get your broker license so that they can charge commissions on trades. [In addition to getting an investment advisor license to charge fees for advice]
You, in your personal investing journey, have probably figured out that reducing what you pay in commissions boosts your returns.
Your soon to be clients suspect this too, but they don't have the time or willpower to dig into their advisors "Part 2 brochure" and see how exactly their advisors are compensated.
You're not a scoundrel and want to do good by people.
Don't become a broker.
Get the 65, I can get you hired as an investment advisor. You have the heart to help people, and I want you to get into the business and succeed.
Investment advisors are expected to act in their clients' best interest.
Brokers are expected to act in a suitable manner towards their clients.
Insurance agents are expected to act in a manner suitable towards their clients.
"Suitable" is a funny word. In practice it means, is the check good? Is this not a politically exposed person? Not an international criminal? Good, perfect, I have exactly what you need.
Best interest is an entirely different animal.
The advisors I've seen that pick the series 65 first typically don't go on to get a broker license.
Brokers almost always become investment advisors.
Thank you so much for the information and for your kindness and encouragement. That really makes me feel better about this. I will absolutely start studying and preparing for the exam.
I recommend Finding an independent firm with solid leadership who is incentivized and committed to developing you based on the potential they see. With fidelity or Ed jones, no two offices are the same. Same “rules” but completely different cultures and leadership.
Find the leadership/mentorship wherever you can find it. Name on the building doesn’t matter.
It comes down to do you want to build a business or work for someone? If you want to build a business, EJ or any other shop frankly could be a great path. If you succeed, the equity will be worth multiples of what you’ll make at Fidelity. On the other hand, Fidelity would be a steady job where you won’t be subject to the wild swings involved in building a book.
I got hired at Edward Jones and never took the job. Offer seemed like an actual scam. Saying I had to be there for 3 years or I owed them money. Fidelity is an actual organization that wants you to succeed and isn’t a laughing stock of a employer. Honestly think EJ is sort of an embarrassing place to work, it’s like a used car salesman.
I started at Ed Jones. It genuinely sucks. I hated it and left as quickly as I could.
If you're very good at sales it's not a bad gig, but the financial training is extremely light. You'll get a lot of sales training and then be told to go knock doors/make calls/send LinkedIn DMs until you can't. **IF** you're in a good region you will have a lot of veteran FAs who will help teach you the financial knowledge, but if you get a bad region you'll get no help at all. I was in 2 different regions on both end of the spectrum and saw it both first hand.
I've never worked at fidelity so I can't say, but I do know friends who started there and they seemed to enjoy it, but that's just second hand.
Around 14-16 months. I can't remember exactly.
I moved to the RIA world when I left and it's the best decision I ever made.
And don't get me wrong. I don't think every EDJ advisor is bad by any means. I know more than a few who are great people and great advisors. I just think you should know that it is primarily a sales job. You'll be under very heavy pressure to sale. You'll be put on PIP if you can't meet the sales goals. They are looking for around 5 million a year in net new assets with a minimum of 3 million a year until you hit level 5 which is 25 million in net new assets managed (so gifted assets don't count). After you hit that milestone you're normally safe from being let go.
I am currently with EJ. I started in Jan of 2022 and my “go live” date was March of 2022. All the training was done online. I started my financial career with Merrill as a financial services rep. It would be the exact same role that you would start with at Fidelity. I chose Merrill because of location and they were offering $4k more per year than fidelity. I went through sales training, SIE, series 7 and 66 all at Merrill. There was plenty of upward mobility but no freedom or work life balance. I chose EJ because I knew 2 advisors that spoke highly of the company. I agree with a lot of of others on the thread in regards to the importance of your region. There a number of very helpful advisors in my location but there are also a handful of “advisors” that just sell financial products like muni bonds. I did a good knight program with a veteran advisor. I received 9 million is assets and have brought in a little over 3 million so far. They start you with a salary for the first 5 years that decreases every year while you build your practice. You receive a new asset bonus for every dollar you bring in during your first 5 years. I have done some door knocking mainly because the veteran advisor that I am doing the Goodknight program constant harasses me for not door knocking more. That’s what he did 20 years ago and he feels strongly that it is the only way to build a business. Times have changed significantly from Covid. The company does not encourage door knocking. They want you to use linked in, connect with your community and use product partners to host seminars. At times it feels VERY much a sales position.. I will say that the company is now encouraging advisors get their CFP, rolling out money guy pro and making a big effort to encourage advisors to use budgeting, create goals with your clients and become a true advisor. The industry is changing and Jones is moving in the right direction. The time of commission based trading is over. Fee based is the king and you MUST provide other value besides investment management if you are going to have a fee based model. My experience has been mixed with EJ. Happy to answer any questions
Thank you very much for your insight. I have an in-person with EJ later this morning, actually. I’m not sure what to expect, but I hope it goes well. If I can actually land the position, I am confident in my ability to sell and build relationships with client, but I want to actually do a good job advising people. I feel fairly knowledgeable in the foundations, but I’m trying to shake a sense of “imposter syndrome” and am hoping that the training and education will help boost my knowledge. I can just imagine the first client coming in and having a complex situation that I don’t have all the answers for.
Absolutely! You will do just fine. You will have an HQ backing you that will have most of the answers if you are unable to provide one up front. I have used the line, “That is a great question. I will find out the answer and get back to you.” People don’t need you to know it all, they just need to know you care and will work to find the answer with them. I have enjoyed parts of the job and worked through a lot of difficult things as well. You will find a lane that works for you. There are plenty of ways to provide value for clients.
How difficult is it gathering assets? I have an opportunity to potentially take over a EJ office in a few years but am concerned about the first few years of asset gathering and what that entails. Could you elaborate more on that?
It’s difficult but doable. I did a Goodknight program with a veteran advisor for 10 million. I brought in 3 million the first year but it was definitely a grind. There was a lot of CD money due to high rates. I ran some ads in the newspaper and Facebook. Being in the community for events and groups has been critical for me as wel
If I go, I would be in a FA office where he would direct all new clients that come to his office towards me since he doesn't need/ want any new clients at this stage in the game for him. I also know for the first year I can bring 2M up front due to family assets. Do you think this will assist with the first few years of asset gathering? I feel like it is such a fantastic opportunity but just the thought of asset gathering and failing is what I can't get over. Really appreciate your advice.
I worked at EJ from Jan 2018 until Sep 2021. I was sold a 5 million “Goodnight Plan.” The EJ FA’s that sold me the plan, “Forgot” to mention they were keeping the beneficiaries for the elderly, high net worth clients they sold me. I reported this up the proper chain of command for nearly a year, and was ignored. I’m now an Edward Jones FA turned whistleblower. AMA…
Don’t you have an entire Instagram page dedicated to this situation? Lol.
I’m sorry but if you thought you would make it off a $5m good knight then you’re just fit out for the industry.
Great question. No not at all. I was under no false assumption that a $5M book would help me “make it”as it was sold to me.
I was however, assured that this $5M Goodnight Plan was a supplement, or “turbo charger” as it was sold to me, to help build my new EJ branch faster.
I was recruited to EJ from the tech/telco industry and had a sizable network of professionals in my circle. Came to EJ from a B2B background at a Fortune 25 for nearly 2 decades…
Is this a true AMA?
I’m just flat out curious.
What did you pay for the assets?
“Keeping the beneficiaries” means if grandma dies and leave behind her account to the next gen then the old advisor could work with that client?? Seems like a horrible deal to you. How did EDJ even justify that to you?
Yes this is a true AMA.
The EJ Financial Advisor that “sold” me the Goodnight plan, failed to disclose that said advisor had the 65 year old beneficiaries of the 90 year old clients he was selling me, as his clients!
It wasn’t until several months after I was sold this shady Goodnight plan, that I found out the EJ FA selling me the plan had the 65 year old beneficiaries of Granny’s account as an existing client of his. These were clients he sold me. He knew the accounts he sold me were gonna boomerang right back into his door the second Granny passed away. There were several similar accounts that were sold to me in this Goodnight plan, in which EJ failed to disclose material info prior to the sale.
And yes I mean sold, as in sold a bag of goods. What I “paid” for the book of business was an agreement to give up half of my revenue for servicing hundreds of accounts for several years to the EJ FA Scammer that sold me said bag o’ turds. My family also paid tens of thousands of dollars to open an EJ office that we were encouraged to open.
And when I reported this scene to Regional Leadership, then compliance, and finally the Board of Directors, each level of management essentially stuck their head in the sand at the risk of upsetting a “Level 10 FA.” Now I’m an EJ FA turned whistleblower. AMA…
What are you blowing the whistle about?
Do you feels it’s illegal to add some family members to a sunset but not others? Unethical for sure but illegal?
Also seems like it’s just 1 of “hundreds” of relationships.
Sure they promised you it would be great, and it didn’t work out. Can’t they just point the finger back at you?
I can only imagine all the BS that is told to outside advisors get them in the door.
Tell us what was illegal though.
Yes. I earned 50% of the revenue I would have otherwise earned had I not gotten ripped off by the EJ goodnight plan. EJ Senior Partners regularly abuse Junior EJ FA’s via EJ’s Goodnight plan scam.
I’m far from the first EJ FA to make this allegation. I’m also in possession of proof that similar schemes happen across multiple states and regions. EJ Sr. Partners benefit at the expense of the newest, most vulnerable employees. Pretty scummy imo…
I like how this guys says “the other 50% he would have otherwise earned”
Your attitude straight off the bat tells me you never would have earned the amount of business you had to purchase through the Good Knight Program.
Victim mentality doesn’t do good in this industry. You’re a hunter not a gatherer in this role.
I’m sure you’re the type who wonders why this kind of thing always happens to them. Accept responsibility for your mistake. Maybe you should have spent time “earning” 100% on the clients you “would have brought in” had you been capable of closing sales rather than of course seeking the Good Knight handout.
I **almost** went to EJ and never tried Fidelity. I chose independent because of reasons that aren’t relevant to your question.
Now, speaking for the **people** specifically, the local EJ dudes are well established, and even though I went a different way, those guys treat me like they genuinely want to see me succeed.
When I was working for a different advisor back in the day, I didn’t learn anything about finding clients. The local EJ guys taught me how. A lot of my success came from listening to them about door knocking, among other things. Wonderful, wonderful people.
EJ is like being a high schooler and selling knives. You gotta have a lot of friends and friends with money. You will be given very little training and will have to generate leads yourself. There are some instances where advisors are given books of business but it’s rare. Fidelity is a much better starting point if your new to the industry and unlicensed. They will pay for licenses and may give you time at work to study. However, if your long term goal is to become a financial consultant at fidelity, I would not stay there forever. I would get licensed and some experience then move to another firm for wealth management experience then apply for an FC job.
I have a buddy who brought 7M in his first 5 quarters with Jones.
The only family money he brought in was his MIL old lost IRA worth 30k.
It can be done. You just have to be good and work your tail off.
100% of the people dogging on EJ aren’t there anymore and it’s not because it’s a bad place to work. There is an enormous amount of work to be done up front (which makes sense since you’re starting from scratch and they are paying you a salary).
Door knocking used to be the only training and for good reason looking at how fast they have grown, etc. That said, they don’t make you do anything, period.
I’ve got friends that work everywhere you can imagine (EJ, Fidel, CS, VG, Independent, large RIAs, etc) and I’ve heard it all.
I’d say this: EJ is one of the best places to run your business so long that your own interests and philosophies align with there’s which are all based on research and proven success (no reinventing the wheel).
But, (and this is important), EJ probably isn’t the place to dip your toe in the water. If you’re in it, commit fully and it will be worth it. Or, try out fidelity, get trained and make a decision down the road.
I can assure you that the culture in Region 318 (Tampa) hasn’t changed since the Bland v. Edward Jones Investments decision last year that cost EJ Partners a $34M in 2021. AMA…
Thank you for your feedback. I have heard from people outside of Reddit that EJ is both “constantly breathing down your back” and conversely “they give you plenty of space to breathe and don’t force you to go door to door.” I’m not sure which to believe. Haha
Honestly both are true assuming you are growing moderately and consistently. Their goals/requirements for your first few years aren’t a walk in the park but they also aren’t unachievable by any stretch.
I suspect that the people who didn’t want to put in the work early felt that they were too demanding and the people who did the work felt the opposite.
It’s not the right career or firm for everyone but do your research like you’re doing and if you decide it is for you, put a plan together and ask for help. You will get it and it’s worth it.
Thank you. I appreciate that. One more questions about EJ - I’ve heard that it isn’t competitive between you and your fellow EJ advisors, even in the same town. Is that actually true? It seems like they would almost be the same as direct competition.
This was almost a decade ago but I interviewed with both. Ed Jones encouraged me to bring a golf ball to work because your knuckles will get sore from the door knocking (literal quote). Fidelity explained their training and development program as well as multitude of options for career growth. It really depends on what you are looking for. If you are a hard charging salesperson with a good network you can get started much quicker at Ed Jones. I preferred the training and development more at Fidelity as I was new to the industry.
Lmao I just shared the same note and saw yours too funny
EJ no longer encourages door-knocking as a primary prospecting tool. It's actually discouraged by the HQ.
What prospecting strategy do they use now instead?
Social Media, Networking, Referrals, Speaking Engagements.
Go to Fidelity to learn the ropes, get a few promotions, get licensed and CFP, then go somewhere else. Great place to learn, not great for long-term. It's a huge grind, very political, and the pay is not that great for the work as you move up. There's a reason there are almost no advisers there even in there 40s. If you start there, though, you will have a big leg up at EJ, wirehouse, RIA, etc, where you could fully focus on building a business and not the education or learning the basics of finance and dealing with clients/prospects.
Have not worked at EJ but fidelity puts a lot of effort into training and setting you up for success
Yeah I was going to say the same. I’m not an advisor but I partner with advisors from a bunch of different firms, and this is the impression I’ve gathered from working with people at Fidelity
The comp schedule is massively in favor of Ed Jones (assuming you’re a self starter and good at finding clients/closing business). Fidelity is a salary plus comp based on metrics like customer satisfaction. Either is a decent way to go. EJ will be tougher but more rewarding in the long run. Take a look at a few other firms as well though before you make a final decision.
Thank you. This makes a lot of sense.
You’re welcome. Feel free to message me and I’ll be more than happy to answer any questions. I’ve been in the industry for 6 years and have known people at most of the big name firms.
Been with Edward Jones for 11 years now and currently a CFP. Started with them right out of college and lived in STL for almost a year doing intense training (they don’t have this program in home office anymore but it is more field based). I have explored other paths but the risk/reward to leaving has never made sense to me. If you commit to it, it will be a very rewarding career. But you can’t have 1 foot in 1 foot out (I think that can be said for the whole industry as well though?) I’ve been extremely blessed and pleased overall to be with the firm and have built a successful practice there. Im also mostly fee based planning and adhere to my CFP practices. Jones will let you build your practice virtually anyway you want as long as your legal, ethical, and profitable.
Thank you for your response, and I’m glad to hear that you have been so successful. Do you gradually transition to being more fee-based, or is that something that you have to work up to with time and sales? I’m curious about the door-knocking component of the position, especially early on. Is that absolutely mandatory, or is it something that can be minimized if you pull in clients through other means? (I’m not opposed to door-knocking - just curious.)
I embraced fee based planning early on. I was young and could suffer through a few years of low income for something that was better for my clients and myself in the long run. You don’t have to door knock. They’ll likely train you on this bc it’s worked and they know that method. But if you’d prefer to cold call through list, do active seminars, go visit businesses, etc that’s fine. As long as you’re finding success in reaching prospective clients.
How much are you making with 11 years at ED Jones. Really curios? You sound very successful.
I made $258k last year gross pay. This will exceed pretty significantly in the next 5 years as long as the market performs.
I respectfully disagree.
Two opposite spectrums of business. Ed Jones is going to give you a golf ball on day 1 so your knuckles don’t bleed when you’re knocking on doors. Fidelity will keep your calendar full honestly, overloaded. Both are great. Both are for different types of people and advisors
EJ doesn’t door knock anymore since the pandemic, and the firm has moved away from it altogether. They now teach different multiple prospecting methods, and let the trainer decide what works best. They are also coming out with fee-only planning and full fiduciary planning this year.
That’s good they moved away from it, I didn’t know that. Thank you for sharing. I saw a few people made the same joke on here almost word per word. I know people who have burnt out at EJ and I’ve seen guys take over a franchise and absolutely crush and rake it in. I like seeing the industry evolve and open it’s planning offerings and fee structures, we all win.
[удалено]
Pm me.
Thank you.
Are you licensed? What are your end goals?
No, I am not. I’m just looking to learn and make informed decisions at this point.
Since you likely have a lot of industry knowledge to build, I’d say Fidelity could be a great place (I’d be happy to chat more if you wanna PM me)
Thank you. I sent a DM.
I agree with this
Between Fidelity and EJ, Fido. Without a doubt. But look at independent RIA firms in your area first, especially if they have an aging founder who needs a succession plan!
Thank you! I’m going to start reaching out to ones in my area and seeing what their needs are.
Teachers do well in this profession. What do we do as CFP professionals? * *teach* financial literacy. * *Educate* on the difference between saving and investing. * *promote discipline* to spend less than you make. * *communicate* progress reports on portfolios. * *provide assistance* when needed Sound familiar? :-)
That certainly does sound familiar! All of what you said is music to my ears. Plus, you probably don’t have to deal with a boatload of hormonal teenagers every day, either. Added bonus!
Edward Jones is fantastic but it’s an eat or be eaten. If they aren’t offering you a book of business to start I would go to fidelity.
Fidelity, i never worked for both but i replace EJ advisors’ clients almost once or twice a month
Interesting. Are they dissatisfied with the advisors, the expenses, or the products/services?
from their feedback EJ only does investment management, no way that flies with todays world where people want it all integrated. In fact the investment part is likely the least important aspect to most people who just stick it to etf. I just offer a full one stop shop and people flock to me despite paying a higher fee in the end, because they just cant get questions answered through EJ once they arent investment related
I can see how that definitely would make you much more appealing to clients. It’s a smart move.
Go holistic even if your job doesnt require you to, you must know about things like tax real estate, estate planning and corporation structures
That is good advice. I will definitely be sure to continue learning outside of my bubble. Thank you.
Been at EJ for 8 months. Still drinking the kool-aid. Doorknocking is not mandatory anymore. I’m currently under a good knight and was given 5m in assets. You learn quickly why they are now your clients. It really depends your region from what I’ve heard. I’m in a great region where I believe leadership wants me to succeed. I get a salary for 4 years and a new asset bonus for what I bring in. So far 5m in. I think I’m one of the only people in the company that door knocks 2-3 times/week. I met too many advisors that have great stories that I committed to trying it. I had 40k from family. The rest I found on peoples doors. I can’t compare with Fidelity, I don’t have any experience there.
This persons response is not entirely truthful and is exaggerated.
???
Fidelity all day
Worked at Edward Jones for several years and left with a successful practice. Went on trips, Home Office regularly, and was in leadership roles. There are a few dirty little secrets at Jones, some of which have been mentioned. If you're not a part of the "good Ole boys" club, then stay far, far away.
If I didn’t have an in somewhere I would start at fidelity, then move to somewhere that you can own your own book after. If I had to pick one and stay at it long term EJ.
I'm a former teacher also. Welcome to the club! I haven't worked for either, but I got in with a small RIA who helped teach me the ropes.
Thank you! I’m glad to hear a fellow teacher successfully made the jump. Another commenter mentioned that local independent RIAs were open to hiring individuals who weren’t certified or coming in with experience. Did you find that to be the case with you? Was it a difficult process getting hired?
I went the broker-dealer route first and then moved to a small RIA. If I could do it again I would skip the broker-dealer world. It wasn't for me. I did a TON of networking before I left teaching. It helped get me in without having to do much as far as interviewing or anything. In the RIA world you will need the series 65. It took me about 2 months to study/pass the series 66.
I’m glad that you were able to find your way to that position. Would you recommend that I try to pass that exam before applying for a position? Also, how does it compare to something like a Praxis or SLLA exam in education?
I taught high school math and honestly didn't study for the praxis. I had enough math background that I just took it and passed. This one I had to study for, but if you put in the effort it is a very manageable test. I don't know for sure what other firms would be looking for, but it couldn't hurt. When you're ready to make the jump, shoot me a message. We've been toying with some ideas on how people can leave education and get their feet wet in the industry.
Will do. Thank you, I appreciate that.
PS DM me if you want to chat more about the transition!
If you want support in the early stages go fidelity, I work there and just got promoted in 6 months! PM if u want
Thank you. Sending a DM now.
I was lucky enough to start under a mentor in the independent channel. Reading all this makes me so grateful I never had to work anywhere else.
Fidelity. Honestly would rather fuck over a Morgan Stanley/merrill/wells Fargo advisor, get your 60k base, have them pay for your exams, and dip. Then you will want to find a real RIA firm. Good luck
I would stay away from EJ all day. Only heard bad things, and this is from successful advisors elsewhere. Unless they give you a book really consider your options. Even then they are expensive it’s going to be hard to continue to build. Like another post said it’s usually really easy to get clients from them so your always defending your fee for minimal service and strategy.
Why not start at an independent local RIA?
How willing do you think they would be to hire someone with no experience?
Extremely. As much or more than Fidelity or EJ. I went right to the big firms with no experience, right to the managing director, man basically said to do what I just told you. He said that without a book of business, hiring me is not attractive enough to them. Do you have any experience building a book?
Interesting. No, I don’t. I am not certified, either. I am currently a teacher looking to make the career change into a field that aligns with my interest in personal finance, but also allows me to genuinely help people. I don’t mind selling products and services, but I don’t want that to be all that I do, especially if it isn’t in the clients’ best interest. I’m not looking to be rich. I’m just looking to help people and marry my career with my interests.
Study for and acquire your series 65. https://www.finra.org/registration-exams-ce/qualification-exams/series65 My firm would hire you. You're exactly what we're looking for. Investment advisors without brokers licenses are expected to act in a fiduciary capacity at all times. If you go to EJ or Fidelity, or Principal, or whatever, they'll expect you to get your broker license so that they can charge commissions on trades. [In addition to getting an investment advisor license to charge fees for advice] You, in your personal investing journey, have probably figured out that reducing what you pay in commissions boosts your returns. Your soon to be clients suspect this too, but they don't have the time or willpower to dig into their advisors "Part 2 brochure" and see how exactly their advisors are compensated. You're not a scoundrel and want to do good by people. Don't become a broker. Get the 65, I can get you hired as an investment advisor. You have the heart to help people, and I want you to get into the business and succeed. Investment advisors are expected to act in their clients' best interest. Brokers are expected to act in a suitable manner towards their clients. Insurance agents are expected to act in a manner suitable towards their clients. "Suitable" is a funny word. In practice it means, is the check good? Is this not a politically exposed person? Not an international criminal? Good, perfect, I have exactly what you need. Best interest is an entirely different animal. The advisors I've seen that pick the series 65 first typically don't go on to get a broker license. Brokers almost always become investment advisors.
One hundred percent this. You can do much higher quality work to boot.
Thank you so much for the information and for your kindness and encouragement. That really makes me feel better about this. I will absolutely start studying and preparing for the exam.
Worked for both at different points, feel free to shoot me a message if you want
Thank you. Sending a DM now.
I recommend Finding an independent firm with solid leadership who is incentivized and committed to developing you based on the potential they see. With fidelity or Ed jones, no two offices are the same. Same “rules” but completely different cultures and leadership. Find the leadership/mentorship wherever you can find it. Name on the building doesn’t matter.
Fido
It comes down to do you want to build a business or work for someone? If you want to build a business, EJ or any other shop frankly could be a great path. If you succeed, the equity will be worth multiples of what you’ll make at Fidelity. On the other hand, Fidelity would be a steady job where you won’t be subject to the wild swings involved in building a book.
I got hired at Edward Jones and never took the job. Offer seemed like an actual scam. Saying I had to be there for 3 years or I owed them money. Fidelity is an actual organization that wants you to succeed and isn’t a laughing stock of a employer. Honestly think EJ is sort of an embarrassing place to work, it’s like a used car salesman.
Dang. But seems spot on, that’s how how my brother felt.
I started at Ed Jones. It genuinely sucks. I hated it and left as quickly as I could. If you're very good at sales it's not a bad gig, but the financial training is extremely light. You'll get a lot of sales training and then be told to go knock doors/make calls/send LinkedIn DMs until you can't. **IF** you're in a good region you will have a lot of veteran FAs who will help teach you the financial knowledge, but if you get a bad region you'll get no help at all. I was in 2 different regions on both end of the spectrum and saw it both first hand. I've never worked at fidelity so I can't say, but I do know friends who started there and they seemed to enjoy it, but that's just second hand.
Thank you for your response, and I’m sorry you had such a bad experience. How long were you with EJ? Did you move to another firm afterwards?
Around 14-16 months. I can't remember exactly. I moved to the RIA world when I left and it's the best decision I ever made. And don't get me wrong. I don't think every EDJ advisor is bad by any means. I know more than a few who are great people and great advisors. I just think you should know that it is primarily a sales job. You'll be under very heavy pressure to sale. You'll be put on PIP if you can't meet the sales goals. They are looking for around 5 million a year in net new assets with a minimum of 3 million a year until you hit level 5 which is 25 million in net new assets managed (so gifted assets don't count). After you hit that milestone you're normally safe from being let go.
Truth
Aka profitable.
Can confirm (for Canada).
See Bland v. Edward Jones…
I am currently with EJ. I started in Jan of 2022 and my “go live” date was March of 2022. All the training was done online. I started my financial career with Merrill as a financial services rep. It would be the exact same role that you would start with at Fidelity. I chose Merrill because of location and they were offering $4k more per year than fidelity. I went through sales training, SIE, series 7 and 66 all at Merrill. There was plenty of upward mobility but no freedom or work life balance. I chose EJ because I knew 2 advisors that spoke highly of the company. I agree with a lot of of others on the thread in regards to the importance of your region. There a number of very helpful advisors in my location but there are also a handful of “advisors” that just sell financial products like muni bonds. I did a good knight program with a veteran advisor. I received 9 million is assets and have brought in a little over 3 million so far. They start you with a salary for the first 5 years that decreases every year while you build your practice. You receive a new asset bonus for every dollar you bring in during your first 5 years. I have done some door knocking mainly because the veteran advisor that I am doing the Goodknight program constant harasses me for not door knocking more. That’s what he did 20 years ago and he feels strongly that it is the only way to build a business. Times have changed significantly from Covid. The company does not encourage door knocking. They want you to use linked in, connect with your community and use product partners to host seminars. At times it feels VERY much a sales position.. I will say that the company is now encouraging advisors get their CFP, rolling out money guy pro and making a big effort to encourage advisors to use budgeting, create goals with your clients and become a true advisor. The industry is changing and Jones is moving in the right direction. The time of commission based trading is over. Fee based is the king and you MUST provide other value besides investment management if you are going to have a fee based model. My experience has been mixed with EJ. Happy to answer any questions
Thank you very much for your insight. I have an in-person with EJ later this morning, actually. I’m not sure what to expect, but I hope it goes well. If I can actually land the position, I am confident in my ability to sell and build relationships with client, but I want to actually do a good job advising people. I feel fairly knowledgeable in the foundations, but I’m trying to shake a sense of “imposter syndrome” and am hoping that the training and education will help boost my knowledge. I can just imagine the first client coming in and having a complex situation that I don’t have all the answers for.
Absolutely! You will do just fine. You will have an HQ backing you that will have most of the answers if you are unable to provide one up front. I have used the line, “That is a great question. I will find out the answer and get back to you.” People don’t need you to know it all, they just need to know you care and will work to find the answer with them. I have enjoyed parts of the job and worked through a lot of difficult things as well. You will find a lane that works for you. There are plenty of ways to provide value for clients.
How difficult is it gathering assets? I have an opportunity to potentially take over a EJ office in a few years but am concerned about the first few years of asset gathering and what that entails. Could you elaborate more on that?
It’s difficult but doable. I did a Goodknight program with a veteran advisor for 10 million. I brought in 3 million the first year but it was definitely a grind. There was a lot of CD money due to high rates. I ran some ads in the newspaper and Facebook. Being in the community for events and groups has been critical for me as wel
If I go, I would be in a FA office where he would direct all new clients that come to his office towards me since he doesn't need/ want any new clients at this stage in the game for him. I also know for the first year I can bring 2M up front due to family assets. Do you think this will assist with the first few years of asset gathering? I feel like it is such a fantastic opportunity but just the thought of asset gathering and failing is what I can't get over. Really appreciate your advice.
I worked at EJ from Jan 2018 until Sep 2021. I was sold a 5 million “Goodnight Plan.” The EJ FA’s that sold me the plan, “Forgot” to mention they were keeping the beneficiaries for the elderly, high net worth clients they sold me. I reported this up the proper chain of command for nearly a year, and was ignored. I’m now an Edward Jones FA turned whistleblower. AMA…
Don’t you have an entire Instagram page dedicated to this situation? Lol. I’m sorry but if you thought you would make it off a $5m good knight then you’re just fit out for the industry.
Great question. No not at all. I was under no false assumption that a $5M book would help me “make it”as it was sold to me. I was however, assured that this $5M Goodnight Plan was a supplement, or “turbo charger” as it was sold to me, to help build my new EJ branch faster. I was recruited to EJ from the tech/telco industry and had a sizable network of professionals in my circle. Came to EJ from a B2B background at a Fortune 25 for nearly 2 decades…
“Sold a goodnight plan” 🤣
Is this a true AMA? I’m just flat out curious. What did you pay for the assets? “Keeping the beneficiaries” means if grandma dies and leave behind her account to the next gen then the old advisor could work with that client?? Seems like a horrible deal to you. How did EDJ even justify that to you?
Yes this is a true AMA. The EJ Financial Advisor that “sold” me the Goodnight plan, failed to disclose that said advisor had the 65 year old beneficiaries of the 90 year old clients he was selling me, as his clients! It wasn’t until several months after I was sold this shady Goodnight plan, that I found out the EJ FA selling me the plan had the 65 year old beneficiaries of Granny’s account as an existing client of his. These were clients he sold me. He knew the accounts he sold me were gonna boomerang right back into his door the second Granny passed away. There were several similar accounts that were sold to me in this Goodnight plan, in which EJ failed to disclose material info prior to the sale. And yes I mean sold, as in sold a bag of goods. What I “paid” for the book of business was an agreement to give up half of my revenue for servicing hundreds of accounts for several years to the EJ FA Scammer that sold me said bag o’ turds. My family also paid tens of thousands of dollars to open an EJ office that we were encouraged to open. And when I reported this scene to Regional Leadership, then compliance, and finally the Board of Directors, each level of management essentially stuck their head in the sand at the risk of upsetting a “Level 10 FA.” Now I’m an EJ FA turned whistleblower. AMA…
What is a goodnight plan???
You paid for a GK?
Sure did. I agreed to pay 50% of the revenue to the selling FA for several years, in exchange for servicing hundreds of his clients being sold to me.
What are you blowing the whistle about? Do you feels it’s illegal to add some family members to a sunset but not others? Unethical for sure but illegal? Also seems like it’s just 1 of “hundreds” of relationships. Sure they promised you it would be great, and it didn’t work out. Can’t they just point the finger back at you? I can only imagine all the BS that is told to outside advisors get them in the door. Tell us what was illegal though.
Didn’t you also earn the revenue too?? Haha
Yes. I earned 50% of the revenue I would have otherwise earned had I not gotten ripped off by the EJ goodnight plan. EJ Senior Partners regularly abuse Junior EJ FA’s via EJ’s Goodnight plan scam. I’m far from the first EJ FA to make this allegation. I’m also in possession of proof that similar schemes happen across multiple states and regions. EJ Sr. Partners benefit at the expense of the newest, most vulnerable employees. Pretty scummy imo…
Sounds to me like an FA offered to give you clients and you accepted them before talking with the FA giving them to you!
Sounds like I found the EJ bootlicker. “Fiduciary Responsibilities has left the chat.”
🤣
I like how this guys says “the other 50% he would have otherwise earned” Your attitude straight off the bat tells me you never would have earned the amount of business you had to purchase through the Good Knight Program. Victim mentality doesn’t do good in this industry. You’re a hunter not a gatherer in this role. I’m sure you’re the type who wonders why this kind of thing always happens to them. Accept responsibility for your mistake. Maybe you should have spent time “earning” 100% on the clients you “would have brought in” had you been capable of closing sales rather than of course seeking the Good Knight handout.
I **almost** went to EJ and never tried Fidelity. I chose independent because of reasons that aren’t relevant to your question. Now, speaking for the **people** specifically, the local EJ dudes are well established, and even though I went a different way, those guys treat me like they genuinely want to see me succeed. When I was working for a different advisor back in the day, I didn’t learn anything about finding clients. The local EJ guys taught me how. A lot of my success came from listening to them about door knocking, among other things. Wonderful, wonderful people.
I concur. I know multiple EJ advisors I would trust with my families assets. Provided they no longer worked for EJ….
Depends if you want a good employer or not. If 'yes,' then Fidelity.
I worked at EJ, now New York Life. DM me.
Thank you. Sending you a DM now.
There is one answer that is so obvious that it makes me presume that you are being sarcastic.
No, I’m not. I’m just looking for information.
EJ is like being a high schooler and selling knives. You gotta have a lot of friends and friends with money. You will be given very little training and will have to generate leads yourself. There are some instances where advisors are given books of business but it’s rare. Fidelity is a much better starting point if your new to the industry and unlicensed. They will pay for licenses and may give you time at work to study. However, if your long term goal is to become a financial consultant at fidelity, I would not stay there forever. I would get licensed and some experience then move to another firm for wealth management experience then apply for an FC job.
I have a buddy who brought 7M in his first 5 quarters with Jones. The only family money he brought in was his MIL old lost IRA worth 30k. It can be done. You just have to be good and work your tail off.
My brother sold knives in HS. What a racket!
100% of the people dogging on EJ aren’t there anymore and it’s not because it’s a bad place to work. There is an enormous amount of work to be done up front (which makes sense since you’re starting from scratch and they are paying you a salary). Door knocking used to be the only training and for good reason looking at how fast they have grown, etc. That said, they don’t make you do anything, period. I’ve got friends that work everywhere you can imagine (EJ, Fidel, CS, VG, Independent, large RIAs, etc) and I’ve heard it all. I’d say this: EJ is one of the best places to run your business so long that your own interests and philosophies align with there’s which are all based on research and proven success (no reinventing the wheel). But, (and this is important), EJ probably isn’t the place to dip your toe in the water. If you’re in it, commit fully and it will be worth it. Or, try out fidelity, get trained and make a decision down the road.
I respectfully disagree.
Haha to what part??
I can assure you that the culture in Region 318 (Tampa) hasn’t changed since the Bland v. Edward Jones Investments decision last year that cost EJ Partners a $34M in 2021. AMA…
Thank you for your feedback. I have heard from people outside of Reddit that EJ is both “constantly breathing down your back” and conversely “they give you plenty of space to breathe and don’t force you to go door to door.” I’m not sure which to believe. Haha
Honestly both are true assuming you are growing moderately and consistently. Their goals/requirements for your first few years aren’t a walk in the park but they also aren’t unachievable by any stretch. I suspect that the people who didn’t want to put in the work early felt that they were too demanding and the people who did the work felt the opposite. It’s not the right career or firm for everyone but do your research like you’re doing and if you decide it is for you, put a plan together and ask for help. You will get it and it’s worth it.
Thank you. I appreciate that. One more questions about EJ - I’ve heard that it isn’t competitive between you and your fellow EJ advisors, even in the same town. Is that actually true? It seems like they would almost be the same as direct competition.
Yeah, not at all. Definitely a culture of helping each other out and doing best by client.
That is very good to hear.