Edward Jones reviews

It shouldn't come as a surprise: Doorknocking. I know it is only one con but it is a big one and depending on how it goes, it can make or break your career. Here is the synopsis of my experience: I'm sure it works fine if you are in a market where people are friendly. I live in a wealthy/slightly snobby suburb so it has been a nightmare. I am a couple of months into my can sell date and I have knocked roughly 1/3 of my city (plus a few parts just outside of it) and have relatively little to show for it. What little I have has come from prior relationships and networking. I have yet to get a client from a doorknock. I had a few that came close, including one that would have made my goal for the trimester but as they say, almost only counts with horseshoes and hand grenades. Before you start working in your market, make sure you are in an area where people with assets are open to the doorknocking strategy. Even those that seem interested are often only feigning interest to get you off of their doorstep. 9 times out of 10, they were pissed when I came back for a second visit because they thought they had gotten rid of me the first time. The basic strategy for doorknocking is: be irritating to the point that people get so tired of hearing from you that they give you an appointment. It is probably not the best way to build a brand as for every person who you had a positive conversation with, there are 10 more that now have a negative impression of Edward Jones. It doesn't matter if you take every effort to come off as non-threatening or avoid "no soliciting" signs, people still don't want to talk to you. Seeing as how I have had the police called on me multiple times across 3 different cities should tell you everything you need to know about how happy people are that you came to their doorstep. Prior to my employment with Edward Jones, I was assured by other advisors that I would get some assets to get me started (they call it a Goodknight Plan). I got nothing. If you plan to work for Edward Jones, unless you have your own book of business, make sure that being in a Goodknight plan is a condition of employment. Goodknight clients are the ones that other advisors want to get rid of but it's at least something to get started with and since they aren't being actively serviced, you might uncover some new assets or possibly generate a referral or two. My lack of success with doorknocking has been incredibly demoralizing. I don't care how much fortitude you think you have, if you knock hundreds or even thousands of doors and have nothing to show for it, you will lose faith in the process and hate life every day that you go out. This makes it even harder to go out the next day. Think long and hard about what you are getting into before you accept a position with Edward Jones.

The company recruited me while making the job sound like a financial planning type job. In reality it was a financial product sales job. They actually don't train you as much as they claim. Only enough for you to sell products and then you'll learn some financial planning skills along the way. They make you door knock to gather hundreds of phone numbers and the call these people to sell products or get appointments. This goes on for years. They only measure the advisors on how much revenue (fees and commissions) and assets transferring in. Every month they want more revenue generated. They don't measure you on things clients care about (knowledge, professional designations, customer service skills, investment returns, etc). They advertise that they are for the best interest of the client while they accept hidden kickbacks from mutual fund companies and push the advisors to generate more revenue for the firm. They convince the advisors that it's "their business" when in fact its not. Clients are the firms. They won't become full fiduciaries and only are a fiduciary on retirement accounts because they have to be now by law. Most of the employees believe the company is the best thing since sliced bread but haven't look at what else is out there and how other companies are run. Recruiting is emphasized insanely because they actually can't keep the advisors.