New and looking for advice

Hello,

I'm new to the industry after 10 years of Active Duty military. I was recruited by Edward Jones and I'm grateful for the opportunity. I'm still in the training pipeline and I passed the S7 and Insurance License. However, I'm on my 3rd attempt for S66. Again, grateful for multiple chances to pass as I understand not everyone gets that.

My biggest question is: I feel like I'm not learning much and I'm starting to question EDJ and their practices/reputation. During the interview process I emphasized that I had zero financial experience and I need to be trained. It feels like they aren't doing any training (besides handing me a book and saying to call if I have questions), but I don't see how I will be prepared to talk with clients after a week of KYC.

I've also been seeing a lot of negative reviews of EDJ online and it makes me sick. I really developed a passion to help clients and I really want to learn how to do that.

Questions:
1) What is you opinion of EDJ?
2) If I decide EDJ isn't for me, what firms would offer be better training and the ability to truly help clients? (Not just pedal products and charge high fees)
3) Can I be marketable to other firms with the S7 and Insurance License (despite not financial degree/background)?

Thanks in advance and Inlook forward to searching the forums more.

The 66 is a bitch.  It took me my 3rd time back in 2004 as well.  First time, I got a 70% and you needed a 71% or better.  2nd time, I was studying for my Series 7 - hoping it would help improve my score, and I got a 67%.  3rd time, I got a 72%.  It's a lot of 'legalese'.

Btw, as far as "peddling products" - you're only peddling products if you don't understand them thoroughly or are "parroting" sales language taught to you.  We all have to start somewhere, but you will want to increase your knowledge base.

Edited by D.H.K. - Apr/26/2017 at 2:11pm

Thanks for the quick response! This makes sense and the more I look into it the more I realize everyone goes through this. As far as reenlisting goes, I'm still in the Reserves so I have a "semi" parachute. I will stay the course but continue to keep options and educational opportunities open.

Just FYI - there are scholarships available for designations with The American College for active duty military as well as veterans:

Edited by D.H.K. - Apr/26/2017 at 3:32pm

Yeti, unfortunately, there are virtually ZERO firms out there that are going to train you on how to actually manage investments or complete financial planning for clients. It's a bizarre industry like that. So unless you join a planning-type firm as an entry-level associate and learn as you go (and are willing to take a small salary), you need to learn outside of Jones.

D.H.K. wrote: The 66 is a bitch.  It took me my 3rd time back in 2004 as well.  First time, I got a 70% and you needed a 71% or better.  2nd time, I was studying for my Series 7 - hoping it would help improve my score, and I got a 67%.  3rd time, I got a 72%.  It's a lot of 'legalese'. Regarding training... it is the weakness of the industry.  Ever watch Pursuit of Happyness with Will Smith?  "You reel them in... we'll cook the fish." Whether you realize it or not, EDJ does have a training platform.  My aunt is with EDJ and does rather well.  She was also a BOA for 10 years before taking over the office - but she still had to go door-to-door to earn the right to keep the office and clientele she inherited.  (Her advisor retired.) My best recommendation:  drink the kool-aid for a bit.  Get immersed in the culture so you have a baseline of comparisons to make in the future.  As you grow in your ability to produce business, begin taking CFP-type courses for greater exposure to the entire world of financial planning.  Seek out additional training opportunities. But it's awfully hard to do all that without a baseline comparison. (At least you're not charging planning fees for a fiduciary financial plan to sell proprietary insurance products as they do at Ameriprise.  I couldn't do that and I left them a week after passing my licensing exams 12 years ago.  Then I went to a credit union, but they didn't have a quality training program at all.) The grass is probably NOT greener on the other side.  Stick where you're at for a bit.

+1

Everything I've heard about TC, I would use them again.  

I just ordered TC and plan on using them for this retest. All good advice and I really appreciate it. I guess I'm just nervous and not feeling very supported at EDJ. Granted, it makes sense until I pass the S66. Also, my family and I are pretty stable right now (no debt and good emergency savings) so it's not about the money. Hell, I probably make more than the typical trainee because my base salary was calculated on my last 2 years in the Army.

Final question: does anyone have experience with Mass Mutual. I talked with a recruiter the other day and they seem to have a lot more support/mentorship in place. I'm not sure if having a large office setting with ready mentorship is better for newbies. I want to be loyal to EDJ but I also want to succeed and not burn out knocking on doors. It's very frustrating.

I know I'm not alone in these thoughts and I'm sure all newbies go through this. I'm also going to look into more outside classes and education. I'm sure knowledge will build confidence.

Thanks again for all the help!

You aren't feeling very supported at Edward Jones?

You mean the company that is still paying you an hourly wage to try for a 3rd time to pass the 66? How many things times/day do you call the study line? Also, this portion of your on-boarding isn't meant to be training on products. It's merely meant to make you legal in having financial conversations with people.

You don't wanna burn out door knocking? That's interesting. How many doors have you knocked on?


You are in your own head, man. I mean this with absolute genuineness: if you are the over/thinking, self doubt type do yourself a favor and seek out some counseling. Might as well get started now. And again, I'm being serious.

Good luck