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Edward Jones eyes new advisers with targeted hiring

As it continues to revamp its hiring of financial advisers, Edward Jones is targeting new financial advisers in , but it may see a slowdown in the typical number of advisers that join the firm in a given year.

Edward Jones said in a statement on Friday that it has been retooling recruiting efforts in the face of the Covid pandemic like many of its competitors. Last year, the firm paused its efforts to recruit non-licensed financial advisers, the bread and butter of the firm&#;s business model for decades.

A private partnership, Edward Jones in March said it was treading gingerly back into the market of hiring new advisers. But that is likely to take some effort.

&#;The firm has restarted hiring and is committed to an innovative and intentional strategy to grow its impact by offering a plan and resources for both current financial advisors and new hires,&#; the company said in a statement at the end of last week. &#;This approach may result in fewer financial advisers hired than historically experienced.&#;

&#;As we grow our impact with our clients, colleagues and in our communities, Edward Jones is taking an intentional approach to hiring advisers and offering a plan and resources to support their path to success,&#; Edward Jones managing partner Penny Pennington said in the statement.

&#;We’re committed to hiring experienced and non-licensed financial advisers,&#; Don Aven, principal and head of experienced adviser talent acquisition at the firm, said in an interview Monday morning. &#;Intentional growth is our strategy, and the objective will vary and depends on region and area.&#;

The company for decades has been known as a destination for second-career advisers, turning schoolteachers and firemen into registered reps to work in one-adviser offices across the United States. But training financial advisers takes time and is also expensive, with a high percentage of trainees typically not making the cut.

Intentional growth means the firm will be more deliberate and specific in its strategy, Aven said. If there are a greater number of financial advisers retiring in the Midwest, say in Missouri or Illinois, that&#;s where the firm will put its resources, he said.

The firm is also boosting spending on its technology platform, Aven said.

&#;Jones&#; methodology is knocking on doors, but how do you do that in the Covid era?&#; asked Danny Sarch, an industry recruiter. &#;The advisers set up shop in the smaller suburbs, become friendly with neighboring business owners and get their business.&#;

Edward Jones on Friday said its headcount of financial advisers had dropped by 60 at the end of March, to 18, That&#;s less than 1% when compared to the same time period last year.

But its rate of adviser attrition, meaning turnover, year over year inched up to % at the end of March, compared to % for the same time in , according to a filing with the Securities and Exchange Commission. Executives from major brokerage firms like Edward Jones typically target attrition of 4% to 6%.

Correction: An earlier version of this story incorrectly stated Edward Jones is targeting advisers to hire this year. The company has not released a specific number of advisers it intends to hire.

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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, e-mail your question to us, and we'll get back to you right away!

Q. Is the work difficult?
A. 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.

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Q. What is Edward Jones looking for in an applicant?
A. 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)

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Q. Where should I establish my Edward Jones business?
A. 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 choosing your branch location to learn more.

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Q. What if I need to relocate?
A. 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 Market Research during training. We recommend that you do not move while you are studying for the Series 7.

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Q. Can I have a part-time job outside Edward Jones until my business starts growing?
A. No. 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.

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Q. What if I am currently licensed and selling insurance?
A. If you are presently licensed to sell insurance and are receiving more than $5, 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.

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Q. I'm not sure I can wind up my current business before starting with Edward Jones. Is that a problem?
A. It depends. 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? No. Every situation is different and will be reviewed individually by our Compliance department.

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Q. Do I have to sign a contract?
A. Yes. 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.

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Q. Does Edward Jones offer benefits?
A. 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, (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.

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Q. How will I be compensated as Financial Advisor?
A. 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. 

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Q. Once hired, what can I expect in studying for my securities license?
A. 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 In addition, you must successfully complete an Edward Jones examination prior to sitting for the Series 7 exam. Go to obtaining your license to learn more.

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Q. What types of equipment does the Firm provide?
A. 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.

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Q. Do I need a college degree?
A. Although we prefer that our applicants have a college degree, it is not a requirement.

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Q. Is there an age limit?
A. No. Edward Jones is an equal opportunity employer. Age is not a factor in our hiring process.

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Edward Jones - Find Remote Work From Home or Flexible Jobs

About Edward Jones

Researched & Written by Carol Cochran on the FlexJobs Team

As an employer, Edward Jones has been named among the “ Best Companies to Work For" and the "Best Workplaces for Parents" by Fortune magazine, as well as one of the Human Rights Campaign's “Best Places to Work for LGBT Equality.” Edward Jones offers career opportunities for a range of professionals and believes in providing its team members with the support, training, and benefits they need to reach their personal and professional goals. In the past, the company has hired for part-time, freelance, temporary, and remote jobs.

Based in St. Louis, Missouri, Edward Jones is a leader in the financial services industry, serving over 7 million customers throughout the United States and Canada. Its regional headquarters include offices in Tempe, Arizona, and Mississauga, Ontario, Canada, as well as nearly 13, branches throughout North America. A privately held company founded in , Edward Jones prides itself on providing top-notch personalized service to its clients to assist them in achieving both their short-term and long-term financial goals.

Services offered by Edward Jones include wealth management, retirement and college savings, stocks, bonds, mutual funds, business services, insurance and annuities, credit cards, loans, and more. Edward Jones is also committed to giving back to the communities it serves by participating and supporting several charitable organizations, such as United Way and Toys for Tots.

Visit Edward Jones' website
Sours: https://www.flexjobs.com/remote-jobs/company/edward_jones
How Much Money Do Financial Advisors Make?

Edward Jones Careers and Employment

Work happiness

Scores based on about responses to Indeed's survey on work happiness

60

Work Happiness Score

Below average

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About the company

  • CEO

    Penny Pennington

  • Founded

  • Company size

    more than 10,

  • Revenue

    $1B to $5B (USD)

  • Industry

    Financial Services

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Jobs

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Full-time

Senior Training Solutions Specialist - Insurance experience, CSG

Tempe, AZ

$75, - $, a year

Art Director/Designer, Marketing (US Remote Eligible)

St. Louis, MO

$65, - $, a year

Senior Digital Product Owner-Remote-US Eligibility

St. Louis, MO

$, - $, a year

Team Leader – Client Insights (Consumer Insights) Enablement

St. Louis, MO

$89, - $, a year

Wealth Planning Product Owner- Remote-US Eligibility

St. Louis, MO

$89, - $, a year

Sr Business Systems Analyst

St. Louis, MO

$75, - $, a year

Full-time

Senior EngageOne Developer- U.S. Remote Eligible

St. Louis, MO

Full-time

Branch Office Administrator-Kernersville, NC

Kernersville, NC

Full-time

Operations Center Support Analyst - Weekend Shift - US Remote Eligible

St. Louis, MO

Part-time

Internal Technology Audit Internship

St. Louis, MO

Full-time

Change Lead III, HR (US Remote Eligible)

St. Louis, MO

Full-time

Enterprise Change & Communication Specialist (US Remote Eligible)

St. Louis, MO

Full-time

Team Leader, Insurance Service (US Remote Eligible)

Tempe, AZ

Full-time

Sr Advising Splt, CSG

St. Louis, MO

Full-time

Sr Project Leader - US Remote Eligible

St. Louis, MO

Full-time

Team Leader, Analytics Center of Excellence

St. Louis, MO

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Solutions Specialist II, CSG

Tempe, AZ

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Sr Recruiter, HR

St. Louis, MO

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Team Leader, Data Development - US Remote Work Eligible

St. Louis, MO

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Trading Sys Admin I, CSG

Tempe, AZ

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Salaries

Salary estimated from 5K employees, users, and past and present job advertisements on Indeed.

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Reviews

Business Office Administrator in Corpus Christi, TX

Great for individuals who like to work alone with a few group projects.

Overall great employer and environment. Not enough advancement options. You will usually work one on one with financial advisor. If the financial advisor has more clientele, you will have one or two other BOA’s.

Secretary in Kingman, KS

Great company

Edward Jones is very supportive in everything you do and wish to succeed. Great company to work for, great benefits, great communication, nothing left to question or solve with no guidance.

Financial Advisor in Austin, TX

No Limit on Success

The harder you work the more money you can make. No cap on commissions. Huge emphasis on doing what’s best for the client. If you work hard and do right by your clients you can make a great living.

Investment Representative in Norco, CA

Training program

Good Sales Training program, but ZERO leads provided. Gave me a new territory that I got to know well. Local mentor was helpful, my regional manager was useless to me.

Financial Advisor in Chandler, AZ

Good old boy management

General Partners and some Regional Leaders are unethical and protect and cover for each other while sacrificing individual Financial Advisors. Many General Partners are incompetent for their position.

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Questions and answers

People have asked questions about working at Edward Jones. See the answers, explore popular topics and discover unique insights from Edward Jones employees.

What tips or advice would you give to someone interviewing at Edward Jones?

October 15,

Don't. The chances of working for a horrible FA and a great one are 50/ You won't know until you're in. You will speak to so many departments that don't talk to each other. The process is grueling and it might be the worse mistake you ever make.

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Do BOAs receive annual reviews and salary increases?

June 19,

Branch Office Administrators are an essential part of the Branch Team at Edward Jones. Successful Financial Advisors truly partner with, and reward their talented and successful Branch Office Administrators. The annual review process is collaborative and offers Financial Advisors the opportunity to discuss + together rate the Branch Office Administrator’s performance. Firm defined merit metrics are employed to assign % wage increases based upon the overall performance rating achieved by the Branch Office Administrator. These %’s vary from year to year based upon economic, firm performance and local market factors. In addition to hourly wage reviews/increases, the firm offers generous profit sharing, milestone and other bonuses/incentives. Further, successful and profitable Branch teams earn trimester profitability bonuses, which most Financial Advisors share partially (~10% of the overall bonus) with their Branch Office Administrator(s)—for the bonus rewards the BRANCH TEAM’s success/efficiency. The firm typically matches the amount shared by the Financial Advisor up to 10%; meaning the Branch Office Administrator(s) receive(s) ~20% of the original Branch bonus. For some Branch Office Administrators in high producing branches, the bonus sharing + firm match can account for half or more of their overall annual compensation. Please note, the firm does not outline specific bonus sharing rules, guidelines or guarantees. After ~5 years of service, successful Branch Office Administrators are eligible for promotion to Senior Branch Office Administrators, with a generous raise. Finally, the firm offers exceptional training, solid benefits and the truly unique opportunity for proven Branch Office Administrators/other associates to join the limited partnership. I don’t imagine many successful Branch Office Administrators venture to this job hunting site to leave feedback about positive experiences That said, beware of the negativity and subjectivity of feedback presented by the folks who’ve failed and find themselves seeking another opportunity.

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How are the working hours at Edward Jones?

April 4,

Salaried employees are expected to work 60 - 80 hours per week.

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Can a person apply for multiple BOA jobs (if there is more than one in their town open), or only apply for another BOA job if the first one applied for doesn't work out (someone else other than you gets hired). If so, how does that work - does the process start all over again with the recruiter, or because you have already submitted your resume and done the phone screening and online application, your resume is then just passed to the FA for consideration to see if they want a face-to-face with you?

June 20,

Yes they can. I am not sure to the process since I was not working on that side of the business.

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What is the interview process like at Edward Jones?
Where does one receive training?

September 16,

Training is provided in branch through online modules and off site at group training sessions.

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Do BOAs receive annual reviews and salary increases?

June 19,

Branch Office Administrators are an essential part of the Branch Team at Edward Jones. Successful Financial Advisors truly partner with, and reward their talented and successful Branch Office Administrators. The annual review process is collaborative and offers Financial Advisors the opportunity to discuss + together rate the Branch Office Administrator’s performance. Firm defined merit metrics are employed to assign % wage increases based upon the overall performance rating achieved by the Branch Office Administrator. These %’s vary from year to year based upon economic, firm performance and local market factors. In addition to hourly wage reviews/increases, the firm offers generous profit sharing, milestone and other bonuses/incentives. Further, successful and profitable Branch teams earn trimester profitability bonuses, which most Financial Advisors share partially (~10% of the overall bonus) with their Branch Office Administrator(s)—for the bonus rewards the BRANCH TEAM’s success/efficiency. The firm typically matches the amount shared by the Financial Advisor up to 10%; meaning the Branch Office Administrator(s) receive(s) ~20% of the original Branch bonus. For some Branch Office Administrators in high producing branches, the bonus sharing + firm match can account for half or more of their overall annual compensation. Please note, the firm does not outline specific bonus sharing rules, guidelines or guarantees. After ~5 years of service, successful Branch Office Administrators are eligible for promotion to Senior Branch Office Administrators, with a generous raise. Finally, the firm offers exceptional training, solid benefits and the truly unique opportunity for proven Branch Office Administrators/other associates to join the limited partnership. I don’t imagine many successful Branch Office Administrators venture to this job hunting site to leave feedback about positive experiences That said, beware of the negativity and subjectivity of feedback presented by the folks who’ve failed and find themselves seeking another opportunity.

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The salaries shown starting pay at around 50, or is that average annual pay for most financial advisers?

October 15,

Depends on the Advisor. Some are generous and value the BOA. Some are complete the opposite. The pay is really bad, worse in the industry. Head quarters will always back the Advisor. Beware

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Who pays the BOA's salary? The FAs or 'the company'?
What is Edward Jones sick leave policy? How many sick days do you get per year?

January 12,

Can submit for additional sick leave. 40 paid hours of sick days.

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What is the vacation policy like at Edward Jones? How many vacation days do you get per year?

January 8,

There's no vacation policy for the FAs

See 6 answers
Does the BOA position come with paid vacation?

December 13,

Yes they have great compensation for vacations and paid sick leave along with paid bonuses for completing the training and for profits made.

See 5 answers

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Interview insights

Insights from Indeed users who have interviewed with Edward Jones within the last 5 years.

Favorable experience

Interview is difficult

Process takes more than one month

Interview Questions

The standard interview questions

Shared on June 12,

About my organization skills, dealing with challenging customers, how I connect with customers, strengths, weaknesses, initiative, most memorable accomplishments.

Shared on May 25,

Interview was 3 yrs ago, just your typical interview questions.

Shared on April 30,

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Sours: https://www.indeed.com/cmp/Edward-Jones

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Best Workplaces for Women

Great Place to Work and FORTUNE,

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Highest in Employee Advisor Satisfaction

J.D. Power and Associates,

Edward Jones received the highest score among employee advisors in the J.D. Power , , , , Financial Advisor Satisfaction Studies of investors’ satisfaction with their financial investment firm. For J.D. Power award information, visit jdpower.com/awards.

Training Top list

Training Magazine,

Edward Jones named a top company for training, ranking No. 25 on Training magazine's Training Top list. Highest ranking among financial-services industry!

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