Edward Jones Employee Reviews about "door knocking"

Updated 30 Jul 2020

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3.8
72%
Recommend to a Friend
90%
Approve of CEO
Edward Jones Managing Partner  Penny Pennington
Penny Pennington
283 Ratings
Pros
  • "Field Supervision and Home Office help more than you can describe here(in 168 reviews)

  • "Great training and company culture(in 159 reviews)

Cons
More Pros and Cons

Reviews about "door knocking"

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  1. Helpful (1)

    "Bleed green, it may be worth it..."

    3.0
    Former Employee - Financial Advisor in Columbus, OH
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I worked at Edward Jones full-time for more than 3 years

    Pros

    Culture, Balance, Home-Office support, support to set up own office with admin and rent, etc...

    Cons

    Literally door-knocking for 3 years for little pay

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  2. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (33)

    "Fantastic pedigree and business opportunity; nepotism at the regional level ruins it."

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor in Indianapolis, IN
    Recommends
    Neutral Outlook

    I have been working at Edward Jones full-time for more than 5 years

    Pros

    Unlimited compensation potential.For most people starting new (Level-New), the onboarding and training process is head and shoulders above what you'll see at other large firms. During the hiring process, you'll do a business plan; a 'virtual day in the life' assessment, and at least three phone/in-person interviews. Edward Jones will then extend an offer. Day one, while studying to take the Series 7 and 66 exams, you'll be paid an hourly wage. 40 hours is recommended for study time, but you can do extra hours and get paid time and one half for additional work you put in (wink-wink). Once you pass the exams, you'll go to either St Louis, MO or Tempe, AZ for your "Know your Customer" training. Following this training, you'll be expected to hit the streets, making 25 contacts per day. At this point, you'll be on salary, but ineligible to earn commissions until you complete a requisite number of contacts over a 5-6 week period. You'll be told that you can make these contacts any way you deem necessary, but the only true way you'll get 25 quality contacts per day is by going door-to-door. In order for a contact to be considered "quality", you must have a name, a phone number, and permission to contact them. This last part is very important because these are the people you'll be calling on when you go back for "Launch your Practice" which is essentially a glorified graduation where you can officially call yourself a Financial Advisor. After evaluation-graduation. you still won't know a whole lot about being a financial advisor, though you will have mastered making contacts, handling objections, and setting appointments. Then, over the next 17 weeks, you'll work under the mentorship of an experienced Financial Advisor. You'll have a home-office coach, a field trainer, a level-leader, and anyone else you decide to take advice from. This firm is really well known for its helping culture. Just about any other FA will help you...but you have to ask.

    Cons

    Lead generation is cold-calling; primarily door-to-door. The decision on how you will start will be delegated to the leadership in the region you join. Here are a few examples: A. You start new. Nobody shares anything. You create your book of business. You keep what you kill and watch others joining the firm after you pass you in earnings. This is what we call New-New and it is very difficult to start this way, though the home office swears that many successful advisors build their business this way. B. Somebody quits because they've started as type "A", and you take over that book. You'll spend a great deal of time convincing clients that you aren't a quitter, but you'll be held to a higher production standard since you received these assets. Might as well be A. C. If you are lucky, perhaps you've demonstrated your determination during the 17 weeks and another FA (or several FAs) pool some assets and clients to get you started. By the way, these won't be people they enjoy working with; however, you may have better chemistry with the clients. That doesn't mean you've made it though. You'll need to continue door-knocking and asking for referrals until your business is profitable and sustainable for you. Keep in mind that your salary will drop off at year 5 and your highest ever commission will be 40% of revenue. There is a suggestion that you should have gathered $26 Million in assets by year 5 to be successful. Here's some math on that: 1. $26 Million (assume that half is in Guided Solutions) 2. $13 Million X 1.35% = $175,500 x 40% = $70,200 to you 3. There may also be residuals from the other half of your book, but keep in mind that stocks, bonds, CDs, and other investments only pay once. So, once you sell a $1M in 30-year municipal bonds, you're never getting paid on that asset again. D. You are the chosen one. EDJ recruited you from another firm where you might be able to bring assets over. (By the way, Edward Jones will sue you if you leave and try to take clients, but they'll darn sure poach from other firms.) You'll never knock on a single door. FAs in category C will resent you a bit, but those in A or B will hate your guts. E. You are the family member of a retiring FA, or you come from a line of Edward Jones royalty. Don't worry, you'll never knock on a door, you'll advance profitability levels very quickly as you are handed tens of millions of $ in assets to work with. You'll quickly surpass people in categories A, B, and C, even though you joined the firm three years after they did. You'll be lauded for the business you've built and encouraged to mentor those beneath your level of production. You'll make over $200K per year to start and those poor schleps who were 'successful' at building a business will be happy with their $70K at year 5.

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  3. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (2)

    "Good job for Honest, Self-Driven professionals"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Edward Jones full-time for more than 3 years

    Pros

    You choose how you want to run your practice in terms of when to place calls and hold appointments.

    Cons

    Door knocking to build your book of business, although some may get lucky and take over an existing book of business. Your starting salary is determined based on previous earnings and how much the firm is willing to pay to hire you. If you are fresh out of college or the military, you most likely only make the Minimum Guaranteed Salary your first few years. Health Insurance is Expensive.

  4. Edward Jones - Financial Advisors | Division of Edward Jones

    "Great place to work"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor 
    Recommends
    Positive Outlook

    I have been working at Edward Jones full-time

    Pros

    Fantastic work environment and caring co workers

    Cons

    Must build client base by knocking on doors

  5. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (3)

    "Great Company to Work For"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor 
    Recommends
    Positive Outlook

    I have been working at Edward Jones full-time for more than a year

    Pros

    Great culture and good people.

    Cons

    Door knocking is utterly painful...

  6. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (2)

    "job"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in Dallas, TX
    Doesn't Recommend
    No Opinion of CEO

    I worked at Edward Jones full-time for more than a year

    Pros

    independence, set your own schedule

    Cons

    over 60 hr weeks, door knocking, limited training, good ol boy network-better know someone to get ahead and assets

  7. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (7)

    "Good company but Hiring Way to Many People"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor 
    Doesn't Recommend
    Negative Outlook
    Approves of CEO

    I worked at Edward Jones full-time for less than a year

    Pros

    You can make good money, especially if you can take over an office. When you are first hired they pay you to sit at home and take the tests. They pay you a decent salary for the first couple years to help you pay your bills. Great training, they pay air fair, hotel, and food.

    Cons

    Once you pass all your tests, that is when the frustration really starts. They want you out knocking on doors and trying to get phone numbers from people. I was verbally abused and threatened several times. One of the girls out of my class had to cal the police. At this point you are not licensed and you cannot cal yourself a Financial Advisor. You tell people "I work for Edward Jones and I am opening a new office in town" which is a lie part of the time, because once you get licensed you may end up in another city. They want you to get around 250-500 phone numbers, so when you get to Launch Your Practice, you can call all these people. Not many people want you knocking on their door and asking them for phone numbers. The door knocking will continue. HERE IS THE PART THEY DIDN'T TELL ME, even though I asked. Once you get your license and you are a Financial Advisor, you have 17 weeks to hit a certain bench mark of NEW ASSETS not current clients of Edward Jones and if you don't they can and have fired people. Then if do hit the first bench mark, you must continue to stay at a certain level or you can be put on a Personal Improvement Plan. It is a rolling 4 months, so very 4 months your last new assets fall off and you must have more. The reason I stress this is that you want to take considerable thought to moving or leaving your current job before going to Edward Jones. They are also hiring A LOT of Financial Advisors and saturating certain areas, which has created some hard feelings and backstabbing. It is all about resource scarcity. There is also a lot of favoritism. You have FAs that are working their butts off and then a child of a current FA gets hired, they give offices and clients to these kids or even spouses. Here is the other thing. All this door knocking is advertisement for Edward Jones. Don't think you can use social media very much, compliance really restricts what you can do, and it is only on Facebook and LinkedIn. There is a high turn over. Most of the new assets that the new advisors bring into the company stay with the company if you get fired or leave the company. Edward Jones talks about building relationships with the community, but in the end it is all about money and new assets. They argue and say it isn't and they do this for you to get your business up and running. Part of that maybe true, but if it is then they wouldn't fire people all the time. But, they also get onto FAs who have been there a long time. Bottom line is it is a sales position, with benchmarks you have to hit.

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  8. "High Pressure Cookie Cutter"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor in New York, NY
    Doesn't Recommend
    Neutral Outlook
    No Opinion of CEO

    I worked at Edward Jones full-time for less than a year

    Pros

    They invest in you quiet a bit through training

    Cons

    You have to be a robot and do everything to their complete specifications. Absolutely no room for flexibility. All they want to talk about at every meeting is 'door knocking' which is NOT enjoyable.

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  9. Edward Jones - Financial Advisors | Division of Edward Jones
    Helpful (3)

    "Great place for women and people of color to work as Financial Advisors"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Financial Advisor in Oakland, CA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Edward Jones full-time for more than 3 years

    Pros

    Where to start? You create your own business. Select which clients you want to work with, set your own schedule, hire in your own assistant and run your office as you please. Edward Jones places a high degree of trust and competence in it's people and I love the largely independent nature of the work. Edward Jones sponsored me for all training and SEC exams and paid for my CFP. I can call and get great support from a dedicated home office team. It's a company that says it puts people and families first - and I was a client of Edward Jones before becoming an advisor and I can say from both sides of the spectrum this is absolutely true. As long as I am meeting or exceeding set standards, I get two trips almost anywhere in the world from Edward Jones. I'm working towards creating a profitable branch and will earn partnership. I really like the other Financial Advisors in my region and I am not in competition with any of them (Edward Jones is NOT publicly traded). The culture has remained rock solid and true to its roots for a century. I'm sure I'll think of 10 more things after I post, but honestly being a Financial Advisor for Edward Jones was one of the best decisions of my working career and I am eternally grateful. Well earned distinction of best place to work - and consistently ranked one of the best places for women.

    Cons

    The first few years in this industry are hard - not just at Jones, but anywhere. Expect 3-5 years of HARD grind before you can step back and start to admire your work. You will build your book from scratch (see door knocking) . Working in Financial services, welcome to a bureaucratic black hole where everything takes 3x longer than it should because of regulations (again, not really a Jones thing, but more of an industry thing). Penny (the new CEO) sure has shaken things up for the better, but at 'home office' the 50-something White male still are far far FAR overrepresented in the General Partnership ranks. I've met more dudes named 'Ken' as General Partner at home office than people of color. That is changing and I can tell 10-15 years from now this will be different. I will say Jones is taking the diversity and inclusion piece seriously - because they understand that it's a competitive advantage. You'll receive a lot of support, but Edward Jones Financial Advisors are entrepreneurial folks who expect little help and to be honest this set up is best for this personality type. Personally, I love the independence without the liability for this work and the Edward Jones model will set you up for this type of arrangement.

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  10. Helpful (8)

    "Be Prepared for Door-to-Door Sales"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Financial Advisor Trainee 
    Doesn't Recommend
    Neutral Outlook

    I worked at Edward Jones full-time for less than a year

    Pros

    Training was top notch. The firm pays you while you are studying for licensing exams. Some folks in the region seem to genuinely care about one another.

    Cons

    You must be excited about going door-to-door in residential neighborhoods trying to "sell" your services and the firm's services. If you are not passionate about this process, you will struggle. Be prepared for long days with the hope of getting a handful of phone numbers each day (if you're good and lucky enough to catch folks home). Hopefully, of the phone numbers you get, some will answer when you call. Of those that answer, hopefully a few will agree to meet with you. Of those that meet with you, hopefully a few will open accounts and move assets. Then you continue this process for 3-5 years until your book of business is built. Other FAs will tell you that they built their business without door-knocking. It rare, especially at the beginning.

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Found 209 reviews