Reputable Company, Interesting Antics
Pros
Edward Jones branches are set up to have a financial advisor and a BOA in the office. That said, it has a network of thousands of employees in their home office to help with day to day processes and operations should an employee need the support, which is great. Generally speaking, the firm seems to be filled with amiable and hard-working individuals. There are opportunities to work from home, work at the home office in St. Louis, or work in a branch office. Specifically as a Branch Office Administrator (BOA), I believe the benefits are pretty good. Not the Cadillac insurance policy, but not too bad as a healthy, youngish, female. Because Ed Jones is such a big firm, the insurance is likely more highly discounted for the employees and more comprehensive. We have a less than exciting 401K match (only $500/year max), however, the profit sharing makes up for it to a certain degree. As long as an employee works 1000+ hours (=20 hours/week) we are privy to the profit sharing. I find it wonderful that I get to work at 9 and leave at 5 and don't take work home with me. That allows me to have wonderful work/life balance. A BOA with Edward Jones is allowed to work 35 hours/week and still be full time, so there is flexibility there for people with families. There's also an option of unpaid leave should your supervisor approve it. (Which is great because with just 10 PTO days/year, you're probably going to need to take some unpaid days for a vacation or something.) I was pursuing an arts career for about 3 years and had the opportunity to work as an on-call with Edward Jones to supplement my other career. That was great! I was able to work for several financial advisors (FAs) in various cities. Although they don't provide insurance coverage or benefits of working full time, I was still able to get the 401K match and profit sharing because I worked over 1000 hours, which was excellent.
Cons
Compensation is very low and to try and make a case as to why you deserve a raise based on your measureable results (and after working here for 5 years) is a waste of breath. Compensation is comparable to other firms of its kind, but if you don't work for a profitable office, expect to live on bare bones. GET INTO A PROFITABLE OFFICE if you decide to work for this company as a BOA! I find the job to be stagnant and boring. I don't believe there is much in the way of personal or professional growth. Once a BOA, always a BOA. If you want career growth or to climb a professional ladder, this job is not one you should take. It's an entry level job which you can get right out of high school and the opportunities within the position are limited, if any. The transferable skills are great if you want to remain an assistant forever. If you work in a new office, with an FA who is not profitable, don't expect to make any sort of difference within the firm. I don't believe the firm cares about the little (non-profitable) people. They are, after all, a profitable corporation, and unless you're in a big producing office, don't expect to have a platform that anyone cares about. Edward Jones relies on the leadership of senior people within the region to take on regional roles. For instance, one FA might be a recruiting leader, while a BOA might take on the role as BOA mentor for a new BOA entering the firm. I believe this is wonderful, however, there's no compensation for those leaders when they take on the extra roles. I believe Ed Jones should pay these talented individuals for their time - it seems to me that it is a way that Jones can cut costs and indulge in extra profits. Despite being a reputable firm, I find the culture and values to be a bit antiquated (and geared toward the average older, rich, white, male). We always seem quite a bit behind the real world. We get there, but it's arduous and often behind other firms of our status. For example, an FA has the option of presenting Ed Jones approved seminars. At the end of last year, 2015, the firm FINALLY wrote and produced a seminar catering to the LGBT community, which, hello, let's start helping ALL people rather than catering to the 60 year old white, head-of-the-household male. As far as being able to be creative, think outside the box, and be an idea person, it's quite impossible. If you are a creative, beware! Everything you do at this firm has to be approved by compliance, regulated by field supervisors - emails will be monitored, and even your outside activities have to be documented or you could lose your job! I once rented out my extra bedroom (in my primary living residence) for 2 months and my "tenant" wrote a check that said, "rent." When I deposited it into my Edward Jones account, within days I was questioned and had to disclose that I had a rental property (which I didn't...I was just letting a friend of a friend use my extra bedroom for a pittance). It feels a little like "the man" is always watching...don't make one wrong move. Often the right hand doesn't know what the left is doing. Because the firm is SO big, often times you can get grossly different responses for something that you need help on. For instance, my boss just left a couple of months ago and I've been trying to figure out the rules of an office in transition. I have a rep at the home office who is supposed to be the expert on the subject and she debriefed me on "everything" that I would need and how to proceed with my job, client, and branch support. However, a month after my boss left, I received a call from another department who casually said, "oh and by the way, we are trying to find a replacement for your branch so that after 135 days you still have a job." I was never informed, and had no idea, that my job was in jeopardy when the financial advisor left. On top of being worried I will lose my job, I cannot look for jobs on my work computer because it is unapproved computer use, which I can be reprimanded for. Edward Jones is a corporation whose sole purpose is to be profitable. If you do not fit the category of "profitability" (which my branch does not at the moment), you will not be protected. In fact, you don't even matter if your FA boss quits...they'll just take the opportunity to get rid of you after 135 days. And if you want to become an FA with Edward Jones, I definitely recommend you talk to other new FAs at the firm. I have seen and heard of so many new FAs fall in financial ruin from trying to support their business early on - tapping heavily into their retirement money, getting into credit card trouble, and trying to support their families but failing, all because Edward Jones has an impossible, capitalist business model that supports what seems to be, again, the white, 60 year old, male, tenured, advisors. And when these new FAs get fired because their business fails and they take a new position with another financial firm, Edward Jones sues them for 75K if they fall within their 3 year non compete. Or they can't get another job because they're in financial ruin and credit card debt. But Edward Jones doesn't have a care in the world.