Edward Jones reviews

Financial Advisor with Edward Jones is the Avon Lady of the securities industry. You HAVE TO build your business through doorknocking complete strangers and asking them about their financial situations. Jones has been doing this since the twenties, and has zero interest in bending to modern marketing practices. If you cannot build a business on a doorstep, do not take this position. Also, if you do not have your licenses (Series 7 and Series 66), I strongly urge you to get them on your own. If you do not, they force you to sign a 3 year no-compete contract. This contract dictates that if you want to leave the firm within the first 3 years of your Can Sell date, you have to pay them back $75K for the training. That's about half of what you can expect to make in that three year period. OR, you can be terminated, which does let you out of the contract, but essentially ends your career in Financial Services. This is why you need to be careful what you sign up for. If they pay for you to get your licenses, they own you. Also, the attrition rate is over 50 percent in the first five years of employment, so you have to realize that not even half of those hired make it.

Working alone in an office with just you and an assistant gets lonely. Have to go door-to-door in the community to meet prospects. Not given any leads. Very tough for young, recently out of college advisors to build a book of business big enough to pay the bills at the beginning when relying on a very small salary and mostly commission. More young, talented advisors would stay around if they were given a straight salary for, say, the first year or two as they get their business built. Not enough public advertising by the firm. A learn as you go mentality.