Edward Jones Financial Advisor Position

Okay -- I'm going to be as unbiased in this post as I possibly can given the background you've provided.

Edward Jones is the intro financial company for anyone that wants to be in the business, but does not have the high strung connections in the industry (which most people do not).

The pros- EG will pay and sponsor you to study for your series seven. This is huge and probably the most pivotal things about the company. They have a great training program, but it will absolutely require hard work. The series seven probably will be one of the most difficult tests you have ever taken, especially if you do not come from a Finance background. Potential for income is literally unlimited depending on your hard work, dedication, how you handle failure, and your connections.

Cons - I truly hate their business model, especially for someone who is in an area without lots of well-off individuals. They fully expect you to hit up family and friends for your first investments, of which must be at least $250,000. This is a scary concept, especially when you start cold-calling or door-knocking, which is required. Could you imagine someone you do not know knocking on your door trying to get you to hand them a 250k check? You do have an advantage being older, but some of their advisors are very young and fresh out of college.

My advice: The financial industry is extremely hard to break into, but also very lucrative. Edward Jones is literally the only company that you could get into without prior experience (Merryl Lynch comes to mind) that will sponsor and pay you for your series 7. Maybe other than a local financial company. Many people "use" them for this reason. Study your arse off and pass your series 7. Work your arse off in a true "sales" job and try to build your book while still getting paid somewhat of a salary. They have somewhat of a "spray and pray" mentality when it comes to sales. You will not be given "qualified leads" and you will be asking for a lot of recommendations for other clients from your new ones. While working start applying to every series 7 job you can find. Even though you still lack experience, you will have your series 7, which is a HUGE asset. Many people do this and switch to other companies almost immediately. Make sure you don't piss off your boss and have good rec's and I believe you could easily find a much more lucrative and enjoyable job than Edward Jones. Their sales strategy is somewhat comparable to New York Life. Depending on your connections (think big businesses that would allow you to sell life insurance to their employees) you could also look into that. They are very similar, only one is series 6 while the other is series 7, which is a MUCH greater asset.

That's good that they give you a salary to begin with instead of throwing you straight on your own.

Do they give you any "orphan" clients - i.e. the ones who were with other FAs that washed out.

When you are first starting out in a position like that, it's about meeting as many people as you can. Do you have a pretty good rolodex of people you can call on in a professional context (i.e. not your family and college drinking buddies).

I would also try to join a legit networking group. BNI is the popular one, and their fees/rules are beyond stupid, but again you are trying to get your name out there.

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Cons - I truly hate their business model, especially for someone who is in an area without lots of well-off individuals. They fully expect you to hit up family and friends for your first investments, of which must be at least $250,000. This is a scary concept, especially when you start cold-calling or door-knocking, which is required. Could you imagine someone you do not know knocking on your door trying to get you to hand them a 250k check? You do have an advantage being older, but some of their advisors are very young and fresh out of college

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Agreed, I put myself in the other person's shoes and say do i really want to give this person a substantial amount of my money that i just met through knocking on my door.

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My advice: The financial industry is extremely hard to break into, but also very lucrative. Edward Jones is literally the only company that you could get into without prior experience (Merryl Lynch comes to mind) that will sponsor and pay you for your series 7. Maybe other than a local financial company. Many people "use" them for this reason. Study your arse off and pass your series 7. Work your arse off in a true "sales" job and try to build your book while still getting paid somewhat of a salary. They have somewhat of a "spray and pray" mentality when it comes to sales. You will not be given "qualified leads" and you will be asking for a lot of recommendations for other clients from your new ones. While working start applying to every series 7 job you can find. Even though you still lack experience, you will have your series 7, which is a HUGE asset. Many people do this and switch to other companies almost immediately. Make sure you don't piss off your boss and have good rec's and I believe you could easily find a much more lucrative and enjoyable job than Edward Jones. Their sales strategy is somewhat comparable to New York Life. Depending on your connections (think big businesses that would allow you to sell life insurance to their employees) you could also look into that. They are very similar, only one is series 6 while the other is series 7, which is a MUCH greater asset.

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Yes passing the exams to me is the most important part to this entire process for me. I would agree with you about their business strategy. The only thing would be if i finally get my series 7 I would hate to just leave. It has never been my MO, but I understand where you're coming from as far as better business models for FA's.
The unlimited income with time to spend w family is a big deal for me esp. with my current position, in which i travel back and forth from home on a 2 week basis

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I would personally look at starting with a bank. They will sponsor you and you have a large block of existing clients to get started with. Good luck.

ETA: I have been in the business for 15 years and it was hard at first but once established it is a great profession.

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I'm assuming they would be looking for a financial degree, my minor is in business with a major in Communication. Did you jump directly into the profession out of school?

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Yep. Not with a bank though.

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How long did it take you to move to a bank? I'm sure you had to build a client base up?

Did it take you 2-4 years to get comfortable?

Looks like i'll be positioned somewhere between Lafayette down to New Iberia, Maybe Abbeville or Maurice area as well

I was never with a bank.

It took me about 5 years before I was in a spot where I was comfortable. However, it was year 10 when it became a mostly referral practice.

Can't imagine you'd be in Abbeville ... there are 3 EJ offices here AND 1 in Kaplan, 10 miles away.

Good luck.

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The series seven probably will be one of the most difficult tests you have ever taken, especially if you do not come from a Finance background.

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It isn't difficult, just a lot material that does take studying but if you study you will pass.

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. Edward Jones is literally the only company that you could get into without prior experience (Merryl Lynch comes to mind) that will sponsor and pay you for your series 7.

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100% not true, I know a lot of people who have gotten into wirehouse training programs without any finance experience (granted the vast majority were straight out of school)

Yes, I was good on the 7 because it was more about numbers. The 66 with all the regulations and bullshite was boring to me.

I have no problem with someone changing professions. The business has become so commoditized that the relationship is the most important thing now days.

Yes, I know several EJ guys that do well.