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re: Why does anyone want to work for Edward Jones, Northwestern Mutual, etc?
Posted on 9/14/18 at 11:02 pm to slackster
Posted on 9/14/18 at 11:02 pm to slackster
Not many reps are turning away a $300k portfolio. FAs aren’t financially savvy people, they are salesman. Pure & simple. What makes FAs different is their access to products on their platform. EJ platform is the most restrictive platform. If I called a EJ rep wanting to buy a 100k in AGTHX, they are going to do everything in their power to sell me an EJ fund.
1
Posted on 9/14/18 at 11:12 pm to slackster
quote:
Can't I buy A share American Funds at EJ too?
yes you absolutely can and have been able to for the past 20 years
Posted on 9/14/18 at 11:44 pm to Man4others
quote:
I doubt it since their platform is highly restrictive and the reps drink the EJ koolaide and wouldn’t dare offering one of their clients the most basic investment bedrock a US citizen can own, AGTHX
EJ is the most restrictive platform in the country
, American Funds are a staple of every EJ statement I come across. Posted on 9/14/18 at 11:45 pm to Man4others
quote:
Not many reps are turning away a $300k portfolio. FAs aren’t financially savvy people, they are salesman. Pure & simple. What makes FAs different is their access to products on their platform. EJ platform is the most restrictive platform. If I called a EJ rep wanting to buy a 100k in AGTHX, they are going to do everything in their power to sell me an EJ fund.
They don't have any proprietary funds to my knowledge.
ETA - And you're not getting an appointment at Merrill with $300k. The advisor doesn't even get paid on it if it's less than $500k IIRC.
This post was edited on 9/14/18 at 11:53 pm
Posted on 9/14/18 at 11:47 pm to tgrbaitn08
quote:
yes you absolutely can and have been able to for the past 20 years
I know you could, I just wanted him to say otherwise and prove he was clueless.
I know EJ is restrictive, but it's over stuff like leveraged ETFs, index annuities, non-traded REITs, etc., not AGTHX.
Posted on 9/15/18 at 12:14 am to slackster
quote:
slackster
Why are you so in bed with EJ?
Posted on 9/15/18 at 1:22 am to Mingo Was His NameO
quote:
Why are you so in bed with EJ?
There are legitimate criticisms of them, but the ones brought up here make no sense. I work in a similar space, so I'll take up for myself vicariously through EJ.
They carve out a pretty broad chunk of America. You can get a CD or an SMA. They don't cater to the super wealthy nor do they focus on the robo advising side. Clients that fall into those categories have better options than EJ, I'm not suggesting otherwise, I just want to compare apples to apples here.
This post was edited on 9/15/18 at 1:23 am
Posted on 9/15/18 at 2:15 am to BBONDS25
quote:Are you saying that your friend is pulling in 1MM per year as a financial adviser for EJ or a similar shop? These guys are glorified car salesmen not Gordon Gekko for Christ sake. I’d bet that Edward Jones doesn’t have a single FA in the country and certainly not one in the state of Louisiana bringing in that much a year.
Very good friend of mine has been in the business for over 20 years. He makes a million per year just in the investments he manages. That may be why.
Anyone with a book big enough to bring in that kind of money isn’t going to be hanging around the EJ office down at the strip mall.
This post was edited on 9/15/18 at 2:16 am
Posted on 9/15/18 at 5:59 am to PearlyBaker
quote:
I’d bet that Edward Jones doesn’t have a single FA in the country and certainly not one in the state of Louisiana bringing in that much a year.
You’d lose
Posted on 9/15/18 at 6:05 am to PearlyBaker
quote:
Are you saying that your friend is pulling in 1MM per year as a financial adviser for EJ or a similar shop?
Northwestern.
Posted on 9/15/18 at 6:21 am to PearlyBaker
If I was pulling in a mil a year. I wouldn't care if my office was in a Wal-Mart bathroom.
Posted on 9/15/18 at 6:23 am to BBONDS25
Wow, what a thread. NWM is a respected shop, EJ not so much. I do know of EJ guys that make $500k a year.
Posted on 9/15/18 at 6:31 am to TigersSEC2010
These companies use the hiring practice of "throw enough shite on the wall and some will stick".
First order of business is the list of close friends and relatives including your wealthy in laws.
Just what they want , some fresh out of college turd hounding them for money.
While you are working to get licensed you sign all your people up under the company. 1 1/2 years later you figure out you are going broke so you move on and they keep the business.
Then they bring in a new group and start over
First order of business is the list of close friends and relatives including your wealthy in laws.
Just what they want , some fresh out of college turd hounding them for money.
While you are working to get licensed you sign all your people up under the company. 1 1/2 years later you figure out you are going broke so you move on and they keep the business.
Then they bring in a new group and start over
Posted on 9/15/18 at 8:21 am to PearlyBaker
quote:
Are you saying that your friend is pulling in 1MM per year as a financial adviser for EJ or a similar shop? These guys are glorified car salesmen not Gordon Gekko for Christ sake. I’d bet that Edward Jones doesn’t have a single FA in the country and certainly not one in the state of Louisiana bringing in that much a year.
Anyone with a book big enough to bring in that kind of money isn’t going to be hanging around the EJ office down at the strip mall.
Wrong. Asked my buddy and he said there are a few in LA doing $1MM+ in net revenues. They're also a partnership, so the partnership payouts can bring you over $1M+ if you're close. He said there is a guy in New Orleans area that does like $3MM/yr in gross revenue.
This post was edited on 9/15/18 at 8:25 am
Posted on 9/15/18 at 8:54 am to TigersSEC2010
I know some Edward Jones and New York life guys and they are the biggest douchebags you can imagine. Basically frat boys who had low grades.
Posted on 9/15/18 at 8:55 am to slackster
EJ has multiple people earning over a million dollars in the South Louisiana area. I have two buddies that went through their recent grad program and they are getting offers from all the large firms in Nola. Not everyone makes it but their training is great. The door knocking does sound brutal
Posted on 9/15/18 at 9:01 am to NardDog
EJ has multiple people earning over a million dollars in the South Louisiana area.
This board always delivers
This board always delivers
Posted on 9/15/18 at 9:07 am to MusclesofBrussels
quote:
This board always delivers
They don't know the difference between revenue and profit.
Posted on 9/15/18 at 9:09 am to Mingo Was His NameO
You never quit do you?
Posted on 9/15/18 at 9:25 am to TigersSEC2010
quote:
Edward Jones, Northwestern Mutual
I think these are two different types of business models. Edward Jones has always been a financial services company, rather than starting as an insurance company. They are an insurance producer (which apparently only means means they sell insurance) in every state, though.
I have all my rolled over 401K money at an Edward Jones and it’s done fairly well. But it was a friend who hit me up about that
. And he did ask to quote insurance to me once but they couldn’t beat what I had. He doesn’t pester me and half of his calls are to ask if I can go by and help him with an electrical or plumbing issue at his house. Dude can figure out anything on an engine that doesn’t have a wire but I had to go to his house to fix his horn button in his Harley.
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