Edward Jones reviews

Blacksmith ? Telegraph operator ? Door to door stockbroker ? What do they all have in common... dead business model. SOMEBODY can make a living at these jobs in today's world, but will it be you? EJ is clinging to the personal touch, door-knock approach as a trademark. Few people answer their doors to strangers. Too many "no soliciting" signs covering entire neighborhoods. Too many areas already saturated with FAs. Unless you KNOW you are being given serious assets, KNOW you are a gifted(not just skilled) and lucky salesperson or KNOW your RL will go the extra mile to take care of you... your odds are very low. I actually didn't mind doorknocking, but it wasn't especially productive. If that doesn't work, they do not help you... Long hours first few years. High deductible insurance. Not nearly enough training on products and strategies, at least not for new FAs.

Took me six years to see through the corporate facade and wean off the Jones Kool-aid. New FAs are cannon fodder. Attrition rate in the first three years is north of 75% with most tapping out in the first year. Vets are excited to bring on new recruits since they get to split the good accounts (local partner get first choice) when they leave. Home office only cares about star producers. Field Supervisor has way too much power and can destroy you if you don't get along. Culture is two faced. We were trained to explain very eloquently how we always do what's right for the client. However, all training, compensation, and reward systems very subtly motivate us to sell "preferred" funds, annuities, and proprietary proprietary products that put more money in partner's pockets, and are in no way "best" for the client. In the end, Jones is among the worst of the organizations guilty of raping millions of middle class retirees and other retail investors by leveraging the fear created by the financial crisis to sell over-priced annuities and "alternative" investment products to line the pockets of the general partners.