Q: What part of the training was the most helpful?
A: As far as training with Edward Jones is concerned, it’s consistent, and it’s always there. This is very unique for the industry, because there aren’t a lot of other firms out there that I know of where the Financial Advisors dedicate certain amounts of their day to helping others. Financial Advisors at Edward Jones take time out from their busy practices to work with other Financial Advisors. This actually speaks to the Edward Jones culture in a very big way: We all believe that helping others is important, and we all want to see the firm prosper. We believe one of the ways we can do this is by helping other Financial Advisors with their business. Then in the middle of my career with Edward Jones, they offered ongoing training and support. I visited training centers in St. Louis and Mississauga. And right when the business needed an injection of energy and motivation to help me get to the next level, Edward Jones would come along with its just-in-time training and say, "Geoff, we’d like to give you some information on ways to analyze your current business, break it down and give you an idea of how to get to the next level." So that was a big help. Q: What qualities do you think a person needs to thrive as an Edward Jones Financial Advisor?
A: I would say the qualities are twofold: One needs to be extremely self-disciplined and self-motivated. Also, some people who don’t make it at Edward Jones ultimately run across a point in their business where there’s a hurdle, and they realize in assessing their business that there are things that they should do; however, they don’t do them for some reason. But I’ve found that the Financial Advisors who do succeed are the ones who come across a stumbling block in their business, analyze it, understand what they should do, and are able to improve it. We all run across points in time when the business stalls or we hit a stumbling block, but it’s what you do after you analyze the problem and whether you can commit to making the necessary changes. In general, you must be self disciplined and self-motivated. Q: How does Edward Jones differ from your previous employer?
A: If you join Edward Jones, you’re making a long-term commitment, not only to yourself but also to the firm and to the clients you’re about to serve. Edward Jones is different from the full-service financial firm I came from in that we’re not publicly traded. We’re owned by the employees, and as such we behave and operate differently. During lean times, many publicly traded firms cut costs. We cut costs by tightening our belts — maybe a little less travel here or a little less advertising there. But we'll still invest in training and recruiting. The main difference is culture. At Edward Jones, we focus on serving the needs of the individual investor, and the client does come first. At my previous firm, that was not the case. It was, generally speaking, a focus on the firm first, then the Financial Advisor, then the client, so this was a radical departure from my previous firm's culture. Q: Describe what it’s like to build a business.
A: Bottom line: It takes a lot of work. There’s no question there. But when you start out, Edward Jones has a recipe for success, and following it leads to success. As you continue to work through the training with other Financial Advisors helping you, you learn how to work smarter, not harder — which is fortunate, because for your first three years, it’s a lot of hard work. But eventually the ongoing training and support lead you to newer heights. As far as the emotions are concerned, one of the things that motivated me was fear of failure. But, again, as you continue to receive ongoing support and training, you learn that bit by bit, step by step, you’re building a successful practice. And once you get over the first two or three years’ hump, with the ongoing support you begin to run a successful practice. Q: How did you feel about making first contacts?
A: When I started with Edward Jones, they taught me how to meet new prospective clients and work to convert them into clients. And having worked on the product side of the industry, this was essential for me. I had to learn how to go out and meet people in the community. So Edward Jones helped. My experience involved face-to-face meetings in the community, but nothing eventful. I’ve had colleagues who came across very angry dogs and other situations. Probably the most significant thing for me is that of the people I met years ago, many are still clients. They always tell me, "I remember when you came up to me, and I thought you were just another stranger trying to sell me something, but I let you have your say. And then I got a thank-you card and a follow-up call from you. We’re very grateful that so many years ago you took the time to get to know us." That to me is extremely rewarding. Q: Articulate the spirit of volunteerism that exists at Edward Jones.
A: Edward Jones has only one profit center: its Financial Advisors. So the firm needs a healthy, growing population of Financial Advisors, and one of the best ways to accomplish this is to have successful Financial Advisors helping other Financial Advisors. This is a huge part of Edward Jones’ culture. When one is profitable and ethical and giving back to the health and growth of the firm, it can lead to limited partnership opportunities. Edward Jones is constantly seeking successful people to step in and become leaders and to give up their time to volunteer. This usually starts with a mentoring role, and these can lead to roles with regional or firm wide responsibility. When you mentor, you become immersed in the other Financial Advisor's career, and you try and help that person develop in a positive way. When I help other people and see them succeed, it gives me a sense of self-fulfillment. It’s very rewarding to help others, because you’re not only helping them with their career. You’re helping them with their life, and you’re obviously helping them help our clients. This ultimately helps Edward Jones. One successful mentoring story I had was with a fellow Financial Advisor who was actually doing extremely well by Edward Jones’ standards. However, based on his previous employment, he had taken a substantial drop in income. And he had a wife and two kids to support, and the lifestyle change — although temporary — was nonetheless difficult for the family. The Financial Advisor's spouse wanted him to reconsider his career move to Edward Jones. I had several conversations with this person over the course of a year and at one point even talked to his spouse, just encouraging them to hang in there. The spouse stayed patient and supportive, which is critical, and today he’s one of our most successful Financial Advisors in Canada. Q: What advice would you give someone considering the Edward Jones opportunity?
A: You’re your own boss at Edward Jones. The key is that you have to be self-disciplined and self-motivated. You’ve got to get out of bed every day and come in, make the calls and make the contacts. There isn’t anybody in your office motivating or impelling you to do that. So it’s very important that you stay very disciplined and organized. In a way that’s a great thing, but it can also be a scary thing. But if you’re self-disciplined, it shouldn’t be a problem. Q: What's it like to work with a branch office administrator (BOA)?
A: When I hired my Sr. BOA, Tina, I was looking for someone who had to be organized, ideally with some industry experience. Tina does come from a financial services background, which was not essential. She's also willing to speak to clients and prospective clients when they come into the office, although she's not by nature an incredibly outgoing person. This isn’t something that she feels is one of her strong suits, but she doesn't shy away from greeting people and is absolutely able to talk to people on the phone and in person when necessary. Q: Talk a little about the support you receive from the home office.
A: The support we get from the home office is excellent. There are several different departments that we can contact when we need help, whether it’s retirement planning, product support, the stage of a transfer that’s being brought in or IT support, which happens sometimes. There are constantly places we can call and people who are available to help us when necessary. I’m often here on Sunday, getting caught up and prepared for the week ahead. There’s nothing more frustrating than when the computer system goes down, which happens sometimes. The interesting thing about Edward Jones is that the IT support team is on hand for what seems like 24 hours a day. With one phone call, you get in touch with them. I’ve had to call them at many different points in time on weekends and late into the night. They’re available to help you, and they resolve your issue. That’s something I’m very grateful for. Q: Are there any memorable experiences, perhaps with a client, that encapsulate or typify what it’s like to work for Edward Jones?
A: This was one of the most heartwarming things that happened to me as a new Financial Advisor. I had visited with these people and sent them the usual thank-you card as a follow-up, thanking them for their time. Ultimately I followed up with a phone call and set an appointment to meet at their home. As I sat down at their kitchen table, I just happened to look up, and on the fridge was a magnet holding my thank-you card. I pretty much knew right then and there that they were going to become clients, and they’re still clients. Q: What are the benefits of working for a partnership?
A: I was offered limited partnership relatively early on — approximately three years after I started with the firm. Limited partnership for me is a very important part of my compensation at Edward Jones but also my retirement plan. My goal is to accrue a lot of limited partnership over the years, and when I retire from Edward Jones, this will help create income for me. So I was extremely grateful that the first offering came three years after I started with Edward Jones. I’m very proud to be a limited partner. A big motivator for me is to continue to give back to the firm and help ensure it continues to grow in a healthy way. I believe this is how other limited partners feel as well. This is one of the reasons why Edward Jones is such a well-run organization.
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