. FAQs. Frequently Asked Questions – Starting Your Career as a Financial Advisor Questions? We've Got Answers! If you don't find the answer you're looking for, to us, and we'll get back to you right away!.
Q. Is the work difficult? As you might expect, any career that offers the potential for significant financial rewards demands very hard work.
This job is like starting a new business. In any successful new business, hard work and dedication are mandatory, but the rewards are well worth it. Here you'll enjoy unlimited earning potential along with the freedom associated with running a business. Potential for firm ownership and travel incentives are other attractive perks, not to mention the respect and leadership opportunities you'll enjoy. This is not a part-time position.
The first two years as an Edward Jones Financial Advisor require you to invest tremendous effort in building your business. You work alone much of the time. You can expect to experience emotional ups and downs, as well as a fluctuating income. You'll have to overcome many 'nos' before ever hearing a 'yes.' The ability to deal with rejection will play an important role in your daily activities. Success requires self-confidence, dedication and persistence. Despite all of the information you'll receive, your family may be surprised at the great amount of effort required to get your business started.
In addition, it is important to remember that this is a highly regulated industry. While you run your own business, you are required to do so within guidelines set by the federal government, New York Stock Exchange and FINRA. The rewards of being an Edward Jones Financial Advisor can be considerable, but you must determine whether this career is right for you.
What is Edward Jones looking for in an applicant? We look for the following qualities in every applicant:. A work history that indicates rising income and success. A work history that indicates an increase in responsibility. Job stability. A history of compensation consisting of variable pay (commission, bonuses, etc., exceeding 20% of annual compensation) Q.
Where should I establish my Edward Jones business? Locating branch offices in places convenient for face-to-face contact with clients is one of Edward Jones’ key business strategies. The number and location of branches within each community are determined by a variety of factors, including population, age of residents and investable assets. The process of location selection begins when you submit your application.
You must indicate on the application where you wish to establish your business. The more specific your description, the better. Locations are not franchises, nor do they define territories (which do not exist at Edward Jones.) They are areas in which you believe you can build a successful business. While you can do business anywhere you are properly licensed, this location will be the focus of your business-building efforts. Consider areas where you would feel comfortable introducing yourself throughout the community and asking people to invest. In addition, think about where you want to be in 10 or 20 years.
Go to to learn more. What if I need to relocate? We do not encourage relocation, but do permit it in cases where sound business reasons exist. An example of an acceptable reason would be to take advantage of an opportunity to move to another branch with a greater level of assets. In such cases, the existing Financial Advisor must recruit his or her own replacement.
In general, however, our expectation is that the new Financial Advisor will remain in the community for at least 10 years. Any relocation after hire should take place the week of. We recommend that you do not move while you are studying for the Series 7. Can I have a part-time job outside Edward Jones until my business starts growing?
Edward Jones does not generally allow Financial Advisors to have second jobs, with the exception of part-time teaching positions. This includes the time period during which you will be studying for the Series 7 exam. A career as an Edward Jones Financial Advisor requires hard work and a maximum effort. Any outside employment, regardless of how minimal, must be disclosed during the hiring process and approved by our Compliance department. What if I am currently licensed and selling insurance? If you are presently licensed to sell insurance and are receiving more than $5,000 per year in trail income from a non-Edward Jones vendor or have $2 million of annuity assets that meet the required quality standards, Edward Jones may sign a dealer agreement on your behalf.
Although no additional policies may be sold, renewal income may be processed through Edward Jones with the standard commission payout schedule in effect. Such a policy is solely at our discretion.
If you have outside renewal of life, health or property and casualty income, please discuss this with your recruiter. All other appointments not disclosed to Edward Jones must be canceled. I'm not sure I can wind up my current business before starting with Edward Jones.
Is that a problem? Industry regulations require you disclose all outside employment, business and investment activities to Edward Jones upon hire. To continue any such activity, you must obtain approval from Edward Jones. There are some things the firm will not approve. Typically, these include activities that involve selling other products or services or have some other aspect that could potentially raise the appearance of impropriety or conflict of interest. For example, Financial Advisors are not allowed to sell any product or service away from the firm.
Can you continue to sell Amway or real estate as a Financial Advisor? Every situation is different and will be reviewed individually by our Compliance department.
Do I have to sign a contract? There is a contract that requires the return of all Edward Jones equipment in good condition, stipulates that no client information may be copied or removed if a Financial Advisor leaves the firm and provides other provisions governing the employment relationship.
Does Edward Jones offer benefits? An Edward Jones Financial Advisor’s total return includes more than just a paycheck. Edward Jones provides access to a comprehensive package of benefits. Standard benefits, which are provided at no cost to you, include basic life insurance, basic accidental death and dismemberment insurance, income continuation plan for short-term disability, profit sharing and tuition reimbursement. Optional benefits, such as medical and dental coverage will be subsidized by the firm for the first 42 months. Other optional benefits offered by Edward Jones include long-term disability, supplemental life insurance, supplemental accidental death and dismemberment insurance, dependent life insurance, long-term care insurance, health care reimbursement account, dependent day care reimbursement account, 401(k) plan, after-tax plan, and investment savings plan.
As an associate of Edward Jones, most benefits become effective on the first day of the month following one month of employment. For example, if your payroll date is January 7, benefits would be effective March 1.
If your payroll date falls on the first day of a month, benefits would become effective on the first day of the following month. Your payroll date is the date you start working, not the date you sign an employment agreement.
If you join the firm, a detailed benefits package will be mailed to your home during your first week of employment with Edward Jones. How will I be compensated as Financial Advisor? We know that building your business will take time. For this reason, during the first 12 months after you become licensed, you will be eligible for a special compensation package, which includes salary, commissions and other bonuses unique to the new Financial Advisor. As you build your client base and are eligible to start earning commissions, your base salary will gradually decline. Although most of your income will be based on commission earned, bonuses may also be a significant source of income.
Edward Jones ensures that each Financial Advisor's compensation meets or exceeds the required minimum guarantee under federal and state law. For more information about how Edward Jones satisfies the minimum guarantee, contact the Recruiting Department. Once hired, what can I expect in studying for my securities license?
To become licensed to sell securities, state and federal laws require that all Financial Advisors pass the General Securities Registered Representative Examination (Series 7) and a Uniform Combined State Law Examination (Series 66). Some states require the Series 24. In addition, you must successfully complete an Edward Jones examination prior to sitting for the Series 7 exam. What types of equipment does the Firm provide? Edward Jones pays your setup costs and continues to pay your rent and utilities. In addition, the firm provides office furniture, four framed prints, a copier, a communications system, two computer terminals, a laser printer, a fax machine and a VCR.
Edward Jones may also pay for additional expenses. Contact the Recruiting department for additional information. Do I need a college degree? Although we prefer that our applicants have a college degree, it is not a requirement. Is there an age limit? Edward Jones is an equal opportunity employer.
Age is not a factor in our hiring process.
2018 Tax Reform: What tax and legal professionals need to know. December 22, 2017. January 2, 2018. Tools for busy tax professionals Edward Jones provides a variety of complimentary tools to support tax professionals’ efforts during the busy season. Consolidated 1099 Tax Statement and supplemental information A popular, time-saving component of Edward Jones’ tax support, our Consolidated 1099 Tax Statement includes a summary of income payments received, fees and other account activities; cost basis data for both covered and noncovered sold securities (if available in our system); and additional tax information, such as potential state tax exclusions from federal obligations.
Information is provided in one convenient document for easy referral. Electronic access to tax forms Clients with Edward Jones Online Account Access can conveniently and securely share their Edward Jones tax forms with their tax professionals in a few easy steps using this efficient electronic feature. Clients may grant their tax professionals access to download their current tax forms in Microsoft Excel®, CSV and PDF formats; forms for previous years are available as PDF files. Clients also have the option of importing their tax data into Tax Form Dropoff. The Edward Jones Tax Hotline is available during business hours between mid-January and mid-October for tax professionals and tax preparers who have questions regarding clients’ Edward Jones Consolidated 1099 Tax Statements. Complimentary tax guides Every year, Edward Jones distributes complimentary tax guides, published by CCH Wolters Kluwer and conveniently offered in both digital and hard copy formats, designed to help tax professionals understand, apply and comply with today's complex federal tax laws. Master Tax Guide® – This guide contains timely, precise and meticulously researched explanations of federal tax laws, as well as new rules established by key court decisions and the IRS, and provides fast and reliable answers to tax questions affecting individual and business income tax returns.
Discrimination
Master™ Estate and Gift Tax Guide – This guide provides clear explanations of the laws relating to federal estate, gift and generation-skipping transfer taxes for both tax advisors and estate representatives involved in federal estate and gift tax planning, return preparation and tax payment. Master™ Depreciation Guide – A handy desktop reference containing explanations and quick-glance charts detailing common sales and use tax issues for all states and the District of Columbia. Guidebooks to state taxes. – Edward Jones now provides complimentary copies of the CCH Wolters Kluwer State Tax Handbook, an all-in-one guide providing summaries of tax law topics organized by tax type and state, as well as state-specific tax guides for professionals who practice in California, Florida, New Jersey, New York, Texas, Michigan, Illinois and North Carolina. These publications provide quick reference to taxes levied by the applicable states, including personal and corporate income, inheritance and gift, sales and use, and property taxes. Advanced tax planning & support chart This complimentary chart, published by Wolters Kluwer, provides current regulatory data, including income, capital gain and estate tax rates, retirement plan contribution limits, mileage rates, and educational incentives, in a convenient, “at-a-glance” format.
Historical pricing of securities Tax practitioners can contact Edward Jones to obtain the cost basis information they need to calculate gains or losses for firm-held securities, value estates and gifts, and evaluate investment performance. Additional resources and services To learn more about these resources and how we can help you help your clients work toward their financial goals, contact your local Edward Jones financial advisor today.
I have a quick question. I am looking to leave Edward Jones. I started training 9 months ago can sell was about 4 months ago(did kyc, evalgrad). I want to leave since I dont think this is the company for me. I do think it is a good company overall, just not for me. My friend has some assets at another insurance/financial firm that he wants me to help him with instead of starting from scratch with edj. Has anyone in here left in such a short time?
Did you get a bill for training cost? Since my numbers been pretty low, i have been threatened of being fired. If I get terminated does that void the contract and void the bill for training? Any advice is appreciated. You may want to reread that legal document you signed when you joined EDJ. I’m not sure how they’ll react if they figure out that you stopped producing specifically because you want to leave and go join another firm. They may still go after you.
Just curious, but why isn't Jones the place for you? Is it the doorknocking? The phone calling? The fact that you are probably working from home? I'm just curious if the job as it was explained to you in the hiring process is any different than what you are really experiencing. Many of us have been where you aredeciding after a few months of being out of Eval/Grad that we like the industry, but for one reason or the other, Jones just isn’t a “fit” for us. Download neoragex 5.2 para windows 7. From what I can tell, the challenge of surviving in this business is no less difficult at any other firm.
I've been with Jones for almost two years, and I am still riding the emotional rollercoaster and wondering when my income will level off. And if you think it's tough now, wait until your salary is gone. I do know (because I have seen it time and time again with my own eyes), that if you can hang in there for 5 years, you'll be working less and earning more than most people you know.
This firm allows for tremendous flexibility. I know several guys in their thirties who have been here 10 years and spend more time on the golf course than in the office. If you can tough it out, that's one heck of a trade off for relatively few years of hard work. SRJ, Time to face the music.
70-80% of all advisors fail, so don't hide your head in shame. My advice is wait until your numbers are bad enough to get fired, and then apply at a credit union or bank. Your pay will be low, but if you like this line of work, it is really your only choice.
I've literally seen dozens of new brokers fail, and their reasons for leaving are as varied as their backgrounds. At least you found out a few months after your can-sell, compared to a few years in (probably wouldn't have made it that long anyway). Joining a friend for a while might sound like fun, but if you don't prospect now, what will change? quote=rankstocks SRJ, Time to face the music. 70-80% of all advisors fail, so don't hide your head in shame. My advice is wait until your numbers are bad enough to get fired, and then apply at a credit union or bank. Your pay will be low, but if you like this line of work, it is really your only choice.
/quote I was BARELY a Segment 3 producer at EDJ. My pay last year (1st full year at the bank) I made a little more than what a $300,000 producer would make at EDJ.
AND, someone else paid my advertising, mail, phone, newsletters, seminar costs beyond what the wholeseller pays, cell phone, health insurance, etc. Which is worth at least $1,000/month, probably double that if you are doing anything beyond local phone calls and door knocking to bring people in. There are downsides to a bank, but the 'fact' that we are underpaid compared to our counterparts, especially at EDJ, isn't one of them. Underpaid compared to independent is a different story completely, but that's not what we are talking about here. For a $1mm producer, you are probably underpaid at most banks, including this one. For a producer under $500,000, at least in my system, you are taking home about the same money than you would at EDJ (give or take $10,000 depending on where you hit the grid), and that isn't even counting the value of the referrals, that's just on a straight comparison at different production levels.
If you are a $500,000+ producer, and are not independent, then you are giving up too much of your gross to someone else, I don't care where you are. I get alot of benefits from the bank, as you do from EDJ. But they are benefits that I can buy myself for less than $300,000. I was BARELY a Segment 3 producer at EDJ.
My pay last year (1st full year at the bank) I made a little more than what a $300,000 producer would make at EDJ. AND, someone else paid my advertising, mail, phone, newsletters, seminar costs beyond what the wholeseller pays, cell phone, health insurance, etc. Which is worth at least $1,000/month, probably double that if you are doing anything beyond local phone calls and door knocking to bring people in. There are downsides to a bank, but the 'fact' that we are underpaid compared to our counterparts, especially at EDJ, isn't one of them. Underpaid compared to independent is a different story completely, but that's not what we are talking about here.
Internal Investigation
For a $1mm producer, you are probably underpaid at most banks, including this one. For a producer under $500,000, at least in my system, you are taking home about the same money than you would at EDJ (give or take $10,000 depending on where you hit the grid), and that isn't even counting the value of the referrals, that's just on a straight comparison at different production levels. If you are a $500,000+ producer, and are not independent, then you are giving up too much of your gross to someone else, I don't care where you are. I get alot of benefits from the bank, as you do from EDJ. But they are benefits that I can buy myself for less than $300,000./quote.
Spaceman Spiff: quote=JonesnessSo Im a year and a half in with EJ. I’m having problems with some company policy. I have to get fired not to repay the “training fee”?? I think I signed a non-soliciate, but I dont remember the $72000 billI would think I would have remembered that. Time to dig out the contract. What policy are you struggling with? Is it the diversification trip one that says you can't take a person of the same sex with you with whom you are having a non-platonic relationship?
/quote Spaceman, Dude, its supposed to be a secret.why are you exposing OUR cover. quote=Spaceman Spiff Um.if you do it without approval, how are they going to know you have a second job? /quote Your compliance department will, periodically, pull your credit report and on the report will be, not only inquiries from potential employers to which you've submitted a job application, but also the list of other employers (if any) for which you currently work. Also, if they uncover the fact that you have an unapproved job and fire you, it may go on your record, making it difficult to get employed at another B/D at some future time.
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