FAQs - Edward Jones Careers

Frequently Asked Questions

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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 be meeting and talking with people during the day and on weekends, and catching up on paperwork and writing thank-you notes at night. In addition, you'll have to overcome many "no's" 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 number of working hours 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 firm, as well as industry and government regulatory bodies. The rewards of being an Edward Jones Financial Advisor can be considerable, but you must determine whether this career is right for you.

Q. 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?
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 is 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 sales 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.

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 your license: CSC, CPH, and LLQP.

Q. Can I have a part-time job outside of 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 your exams. A career as an Edward Jones Financial Advisor requires hard work and long hours. Any outside employment, regardless of how minimal, must be disclosed during the hiring process and approved by our Compliance department.

Q. What if I am currently licensed and am selling insurance?
A. 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.

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.

Q. Do I have to sign a contract?
A. 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 prohibits the solicitation of clients to move their business to another firm. It also may require the repayment of training costs on a pro-rated basis. After three years, the new Financial Advisor is no longer financially obligated to Edward Jones, but other clauses remain in effect. It is standard in the industry and protects Edward Jones if you decide to leave and go to another firm in the industry.

Q. Does Edward Jones offer benefits?
A. An Edward Jones Financial Advisor’s total return includes more than just a paycheque. 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, deferred profit sharing and tuition reimbursement. Optional benefits, such as medical and dental coverage are also available.

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. As a Financial Advisor, does my compensation include more than commissions?
A. In your early months as a Financial Advisor you are unlikely to earn large net commissions. This usually follows from successfully making enough quality contacts and presentations to develop a client base. Our special 12-month compensation package for new Financial Advisors provides a predictable base income plus incentive compensation for opening new accounts and earning commissions. After 12 selling months, Financial Advisor income is entirely based on net commissions received from sales, new account bonuses and profitability bonuses. Financial Advisors are paid once each month, on the first Friday of the month. Payment is made by direct deposit to their bank. Go to compensation to learn more.

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Q. Once hired, what can I expect in studying for my securities license?
A. To become licensed to sell securities, you must pass all regulatory exams: CSC and CPH. Go to obtaining your license to learn more.

Q. Should I be concerned about incurring significant expenses once I become Financial Advisor?
A. During the first year, your income will be earned from your monthly salary. After your training is complete and you can legally advise clients, your income will be earned from commissions, new account bonuses and a monthly salary. However, you must realize that as a new Financial Advisor you will be starting a new enterprise from a zero base by calling on many people you have never met. If you do the work, your business will grow steadily, but many Financial Advisors have had to rely on savings and family income to supplement their income during the first two years. Therefore, it is critical that you plan ahead and accumulate sufficient savings to meet your needs.

Although we provide a furnished and equipped office for each of our Financial Advisors, there are several expenses you may encounter that are not reimbursed. This includes office decor such as plants and pictures, and other office equipment such as a coffee maker, dry-erase board and flip charts. On average, it takes a minimum of about $400 in expenses for personal items to set up an office. You can also expect to spend an additional $4,200 on non-reimbursable office expenses annually.

The amount a Financial Advisor chooses to invest in developing and promoting his or her business ranges from several hundred to several thousand dollars per year. You are in control of these expenses, and how much you spend will depend upon your market, personal lifestyle, savings and individual business plan.

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

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