State Farm Vs Edward Jones

[Paradigm]

Re: Worked for EDJ

You have weekly/monthly commission numbers you MUST hit or an employment decision will be made.
But those hurdles are low compared to other brokerages like Merrill lynch ect... You won't own your book of business for the first three years though, and they will fight tooth and nail to keep your clients if you leave afterward. I guess for the right person I can see how EDJ could be a good fit. Don't be fooled though you aren't in business by yourself like they claim, the position is very much captive.

Looking back at the first post, about EDJ paying for your office/expenses: I would ask a veteran about the profit and loss statement, because the office bills come from your P/L it's not paid by the firm. So if you have high rent then that comes out of YOUR check. I would do more research online about EDJ before you sign the contract, so you know a little more about what you're getting into.

He tried to recruit me telling me how if he did like 3x his plan or something according to his income calculator he'd be making 400K in 5 years. The production targets appear lower than the wirehouses but so are commissions and they door knock from what I can gather. I asked him to find out how many agents made 400K there but he hasnt gotten back to me yet on that info.

 

[DT1970]

3/4s of all EDJ reps are making less than $50k

The ones that start from scratch (like insurance) have a high washout rate. The ones that that inherit a book (like insurance) have a higher success rate.

If I were looking into a career like this, I would look at Raymond James or someone akin who would offer some solid training. EJ takes a huge chunk of commission which is why many of their reps leave after their 3 year contract is up.

Registered Rep is a great forum for those interested in that particular industry.