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.

If you understand the products, and you understand the client through a thorough fact-finding process... then you are advising clients to purchase products to enhance their situation - for their benefit... AND for yours.

Also, I don't have a college degree either.  I never had any trouble getting interviews at places that said "bachelor's degree required".

I'd say stick with EDJ as long as they are giving you a salary and some training.  You have to start somewhere they all kind of suck.  That's the problem with this profession, not much in the way of helping newbies get off the ground.  

Remember this, you are in a sales profession.  You have to be good at building a good sales pitch and handling objections.  Learning how to do that is most important in the beginning as you try and gather clients/assets.  You just need a few good ideas to get started.  So don't try and learn everything.

Later in your career there will plenty of time to build your knowledge of investments and planning ideas.  

https://www.theamericancollege.edu/plan-your-studies/paying-for-your-education/veterans-scholarships" rel="nofollow - https://www.theamericancollege.edu/plan-your-studies/paying-for-your-education/veterans-scholarships

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I wouldn't start until you're "up and running", but it's another avenue for overall knowledge for you.

And thank you for your service!

Not everyone here hates EDJ.. Of all the places you could start I would say you have a better chance of making it past year 3 with jones than the wires.

This means college classes, certifications (ie. CFP, etc.), etc.

However, if your biggest concern is earning a living, then just do what they tell you until you have it figured out. At minimum, stick to their investment recommendations and don't go off the rails, and you will be fine.

My suggestion would be to go find people who need help, and plug them into an Advisory Solutions ETF model (or something like that).  If they don't like risk, offer them a short surrender fixed annuity that pays better than the local bank CD.

Once you are 3 years in and/or reach $25mm, then worry about how to invest their money.  In the meantime read to educate yourself, not opinion pieces.

Best of luck

STC sucks when it comes to the 66.

I would've been better off at EDJ over MassMutual from a prospecting perspective, but this was nearly 10 years ago.

Years ago at the wirehouse, if you didn't pass the first time, you could be gone (depends on if the manager was willing to go to bat for you).  If you were kept to try again, you got pushed back a month start, but kept the same goals.  If you failed twice, you literally drove back to the office and cleaned out your cubicle once you saw that screen.

I'm new with EJ as well. EJ is awarded year after year on their training program. I'm not sure you'll be able to find a better place for newcomers in this industry. Are you going through the FACD program? I think it's awesome that they are giving you a third chance for the 66. I've heard that most people get cut after the second try, some even after the first attempt. 

To both of you: Jones is awarded for their SALES training, not their financial training.

There are no firms out there who will train you on any aspect of finance (other than informally). That is what school and certification programs are for.

Start with the AAMS (which gives a basic overview of the major aspects of financial planning), and expand from there. But don't get too wrapped up in lacking knowledge. You need to bring in AUM, ASAP.

Spend your evenings reading everything you can. But not stupid shit like Money magazine (finance rag writers are journalists, NOT finance experts). Read books on finance from reputable sources.

Thank you. Do you have any good recommendations for books on finance to start out with? 

Side note: I'm looking forward to Cooks doing work this year under the GOAT! Pats are looking pretty stout this year.

 

 

My take on the answers.

 

1. It's not as awesome as those employed by EJ think it is, it is also not as bad as those not employed by EJ think it is.

2. I think EJ training is good as any for someone starting out. They teach you how to market yourself which is something you've got to learn to do unless you are a junior advisor under the mentorship with a veteran advisor. This does exist, but veteran FAs are very choosey about who they pick and for very good reason, they need to trust the person that they are going to trust their clients to.

 

 

3. Yes. You can get an assortment of home office jobs with just the 7 but with the direction the industry is going most firms will likely want you to have the 66 if you are going to be client facing or have a book.  You mentioned not wanting to pedal products and take a more holistic approach, well the series 66 is what you are going to need to do this at most financial firms.