Edward Jones investments

Chrismaths

Not really. What works in the US doesn't necessarily translate over here. Just ask Raymond James. RJIS (the UK version of RJF) loses money hand over fist.

Edward Jones over here have a terrible reputation precisely for door-to-door sales - that's for salesmen, not for supposed professionals. I know an ex- EJ guy over here - he reckoned the corporate culture was something similar to the holiday rep market - sell sell sell, top salesman wins a prize - which isn't really what you want from someone you are asking for advice.

EJ must be doing something right...they are consistently ranked by Fortune magazine as one of the 100 best places to work

Wasn't Enron? What relevance does that have?

they are ranked number one among FAs for employee satisfaction by Registered Rep (trade publication)

What does employee satisfaction have to do with quality of advice? You just pay them a fat commission, sure they are happy...

ones has a very conservative philosophy, therefore we do not offer products that we feel are a big risk to our clients (i.e. options, penny stocks, junk bonds, etc..) We also believe that there are better products out there that we could never duplicate ourself so why develop our own mutual funds when American or Lord Abett or GS or Oppenheimer can do it better?

So why were Edward Jones fined for selling dog funds that mutual fund companies were paying them extra to sell?

StaceyC_3

As an ex employee of EJ I know that the reason they are constantly ranked highly on the Sunday Times best emplyors to work for is because they only send the questionnaires to the successful advisors of which they are probably 5% of the original employees, therefore they are bound to say they are great employors but you would get a very different answer from the employees going through the training programme or who have just been sacked for no apparent reason after being promised the world in the recruitment process!!!

dwileflunker

My elderly in-laws (in their late 80's) got a knock on the door from an Edward Jones employee last week, or should it be an agent or salesman. He said he was a stockbroker, but it so happens that my daughter (their grandaughter) is a very highly qualified stockbroker so they told him they didn't need his services. Even so he was very pushy and even though they declined his offer he still tried to obtain their phone number in order to follow up his call. Thankfully my father in law acted on my advice and didn't divulge any information to a cold caller on the doorstep, but other elderley people may reveal such information.

My daughter was subsequently informed and she said it was against the law for stockbrokers to cold call and tout for business. On her advice I reported the matter to the FSA but because this guy said he was "introducing himself", the FSA say it is within the law. As far as I'm concerned that is a technicality and a load of old b-ll-cks and the FSA are simply splitting hairs regarding the wording and condoning extremely questionable practices, and in my view abdicating their responsibilities. This guy was touting for business pure and simple. Elderly people are very vulnerable and unfortunately they take people at face value and believe what they say because in the era they were brought up in that is acceptable.

If you know anyone who is approached by an Edward Jones representative tell them to shut the door. Nobody should conduct finacial matters with someone knocking on the door. This is an American company with a dubious history of doorstep sales methods. Any reputable stockbroker would never tout for business in this way on the doorstep.

I've written to a national newspaper hoping to try and highlight this dubious practice although I probably won't get anywhere. The more people who know about it the better. So please pass on the word.

dunstonh

My daughter was subsequently informed and she said it was against the law for stockbrokers to cold call and tout for business. On her advice I reported the matter to the FSA but because this guy said he was "introducing himself", the FSA say it is within the law. As far as I'm concerned that is a technicality and a load of old b-ll-cks and the FSA are simply splitting hairs regarding the wording and condoning extremely questionable practices, and in my view abdicating their responsibilities. This guy was touting for business pure and simple. Elderly people are very vulnerable and unfortunately they take people at face value and believe what they say because in the era they were brought up in that is acceptable.

They are known for doing this and it is frowned upon but they do it in a way that doesnt breach rules. There was some media coverage on it a couple of years ago. Here is one article: http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=140143&d=pnd&h=pndh&f=pndf

Basically, if anyone cold calls on investments then you have to consider one of two things. Either they are fraudulent (most scams start with cold calls) or they are desperate (and you dont want a desperate person giving advice).

dwileflunker

Thank you dunstonh for the info. Regretabley it's companies like Edward Jones that give genuine IFA's a bad name. Let's hope people take notice and give them a wide berth.

Sarahbulloch

Hi,

Just looking for a bit more info following on from your thread, I have just been through the interview process for EJ and have been offered a position, the fact that you go through all the FA exams appeals to me, but it is the cold calling side of the job that is scaring me away.

Can you just expand on your experience of working with them as a co. their recrutiment process is very well planned and they seem extremely professional, I have also visited 4 of the branches in my area, which are offices and those employees appear extremely happy there?

Many thanks for your help
Sarah

a7man

Just one thing to note, have a look at the terms & conditions in your contract because once you are trained they will probably reclaim all the costs if you leave in a certain timeframe. The initial CeFA/Cii exams only cost around £600 for home study.

I had an interview for a company called 'perfect day' who in my opinion, probably sold in the same way. I didnt take the job as I dont believe in pushing people into crap products and the whole 'sales culture'. They are now in administration & have screwed a number of clients over. You can make a decent living advising on the best products available to each client.

Sarahbulloch

Thanks for this, part of me is thinking it is a good opportunity but there is a niggling thought in the back of my mind about how good it will actually be if I take the plunge and do it!!!

I have read through the T&C's and there is no reference to paying any of the monies back in relation to the training.

If anyone else out there has had any experience working for EJ or companies with similar practices please let me know

Thanks so much
Sarah

ventra

Sarahbulloch wrote: »

If anyone else out there has had any experience working for EJ or companies with similar practices please let me know

Thanks so much
Sarah

Sarah,

I would ask yourself:

Do you want a sales job? All jobs in this industry are sales based, Banks,IFA's , Insurance whatever. They all involve "the exchange of goods or services for money" This can be flowered up by calling it "Advice" as most "IFA" seem to do. As I understand, Edward Jones business model has been in use for a considerable time, and appears to be quite effective.

I have only seen IFA's, or those who failed the "Jones way" was not for them and those already with links to the industry slate them, I have however seen an article on:

http://www.fool.com/news/foth/2001/foth011211.htm

That may help.

My opinion for what it is worth:

If you think the Financial Industry is where you want to be then this would probably be one of the best ways in, especially in todays climate.

I haven't seen many IFA practices recruiting and training for the future, and as the banks are being villified by everyone and their dog what really do you have to loose?

Do remember though, whatever route you choose to become and "Advisor" it will involve selling.










Can I get the training elsewhere at no cost and in the same time frame? Probably not.

Aegis

ventra wrote: »

Sarah,

I would ask yourself:

Do you want a sales job? All jobs in this industry are sales based, Banks,IFA's , Insurance whatever. They all involve "the exchange of goods or services for money" This can be flowered up by calling it "Advice" as most "IFA" seem to do. As I understand, Edward Jones business model has been in use for a considerable time, and appears to be quite effective.

I have only seen IFA's, or those who failed the "Jones way" was not for them and those already with links to the industry slate them, I have however seen an article on:

http://www.fool.com/news/foth/2001/foth011211.htm

That may help.

My opinion for what it is worth:

If you think the Financial Industry is where you want to be then this would probably be one of the best ways in, especially in todays climate.

I haven't seen many IFA practices recruiting and training for the future, and as the banks are being villified by everyone and their dog what really do you have to loose?

Do remember though, whatever route you choose to become and "Advisor" it will involve selling.

Can I get the training elsewhere at no cost and in the same time frame? Probably not.

Is the training in that time frame going to make you a good enough adviser to be talking to people about whole-of-market solutions to their financial needs? Probably not.

I think that sums it up for me. There's no ethical way you can take someone, train them for a couple of months and then unleash them on customers as whole-of-market advisers. It just doesn't work, the employees can't have anywhere near enough experience to offer the quality advice they claim to be able to give.