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Frequently Asked Questions – Starting Your Career as a Financial Advisor

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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. You’ll also receive your own firm-provided office, administrative professional and the ongoing support you need to build a successful career — all directly connected to the energy and effort you apply.

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. 

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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 $5,000 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.

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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. You are encouraged to review the benefits offered to financial advisors at www.edwardjonesbenefits.com.   If you join the firm,  you must complete the enrollment process within 45 days of your payroll start date.  Coverage would begin the first day of the month following two months 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 24. 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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