Pros
Set your own schedule, some people in the region are nice and supportive so I gravitated towards them, and there is ample information available to increase your knowledge base on products and services.
Cons
Antiquated marketing methods make it to where only door to door is acceptable by the firm. No direct mail, email, billboards, or internet advertising available. They say it’s for compliance reasons, but tons of other firms allow advertising that actually yield real results. You MUST pound pavement to be successful with Jones. Your regional leaders will determine everything in your career. They determine who you Office with initially and where your own office will eventually be. My region is highly political and led by people that really don’t care about the success or failure of FA’s. If you’re above the green production line you get left alone and the occasional kudo email sent out to the region with other top producers. If you’re below it you are harassed with negative reinforcement. Don’t expect real help beyond quasi-motivation that is fear based. Expect to simply bust your butt filling that pipeline for future business non stop for the first 5 years 6 days a week. If you don’t, you’re not going to cut it. This is a SALES JOB 1st and foremost. Never forget that. Also, beware of nepotism and clicks that exist in every region. Many people have had their book of business given to them by family or are former BOA’s that received a book from a retiring FA. Avoid these people, they are typically high level and have all this advice to give but some have never knocked on a door in their entire career. They will sink you! Finds successful New News that made it and listen to them and them alone (assuming they stayed humble). Newer FAs are on a salary and you only receive 10% of your commissions so you will be living on scraps until you level up and become profitable. The new asset bonus is $4 per every $1000 you bring in. Land big accounts FAST and OFTEN to supplement low income. Once you are profitable you only keep 40% of the commissions and still have to pay the firm a large sum every month for back office support in addition to all the costs necessary to run the office. It makes sense why people start here and then go to other firms or go independent as RIAs. I personally wouldn’t recommend this firm to anyone because I feel that they use and abuse the FA’s financially and this job will absolutely stress you out more than anything you’ve ever experienced in your life and I’m lucky enough to be successful. I can only imagine how bad it is for those that aren’t in that category. If you’re considering this firm proceed with caution and get the real story from as many local FAs as you can before you agree to onboarding. The home office culture is great but if the local level strays from those beliefs, it’s going to be rough for you if you have any morals what so ever. After 5 years, I’m going my own way where people will truly come first. I think Ted Jones’ dream is slowing dying and soon EJ will be just another money machine like Merrill Lynch.