Edward Jones or Investors Group Broker... Employment?

[tjbtg85]

When comparing Investors Group to Edward Jones, which company would be better to work for. Edward Jones gives you a small starting salary to get you by for the first couple of years and then slowly takes it away. Whereas Investors Group wants you to front the costs that come with taking 3 courses that they run. Then shortly after pay you a lump sum of $2500.00 and the cost to you is about a third of that. But you also start without any salary.

Which company if one were to have the option would be better to work for.

Thank you,

TJ

[Trooper8111]

Many people who start with Investors end up leaving.

[IronMac]

Same with Edward Jones. I know that I went through two Edward Jones reps before I got one who didn't leave. My current rep said that out of his entire starting class (?) only two were left. The attrition rate was horrible.

That, being said, EJ is one of the best shops to work for according to industry surveys.

[cube11]

Many people who start with Investors end up leaving.

i second that.

[tjbtg85]

With investors group a big part of it is starting out with no income i'd imagine. The interviewer actually encouraged me to put 10k aside before I start off with them because it will be slow for the first little while. I can't imagine too many people being able to cope with this. I graduated from University a year or so ago but I still have student loans and other priorities I have to keep in mind. As i'm sure many people do.

At least Edward Jones provides you with a small amount of income just for you to get the ball rolling. 30-35k a year for the first couple I believe. But at least its a guaranteed income.

Thank you for your replies it's appreciated. Anymore comments would be appreciated. I want to make the right decision and not possibly turn down the better of the two and ruin that opportunity.

TJ

[IronMac]

If you're in Toronto, I can hook u up w/ my EJ guy so you can have a chat with him.

[tjbtg85]

If you're in Toronto, I can hook u up w/ my EJ guy so you can have a chat with him.

No I'm in Winnipeg, thank you for the gesture though. I have been asking around the city a lot with people I know and they have all leaned toward EJ the only bad things that I heard about EJ were from the Investors Group Rep. Who interviewed me. I think if it wasn't $0 to start in a sense I would go with Investors Group.

But once again thank you for the kind gesture.

TJ

[ullyeus]

No I'm in Winnipeg, thank you for the gesture though. I have been asking around the city a lot with people I know and they have all leaned toward EJ the only bad things that I heard about EJ were from the Investors Group Rep. Who interviewed me. I think if it wasn't $0 to start in a sense I would go with Investors Group.

But once again thank you for the kind gesture.

TJ

I live where you live and work for one of the two aformentioned companies.

I'd go with EJ.

[tjbtg85]

I live where you live and work for one of the two aformentioned companies.

I'd go with EJ.


Thank you,

Just had an interview with a place called World Financial Group. Pretty much the same pitch. We promise you lots of money all in good time but $0to start, well besides EJ. I have to front only $350.00 this time for a mutual funds licences and another course on Life Insurance. I am pretty sure that EJ pays for your training but has you sign a contract indicating that you have a minimum of 5 years with them before you can leave and move to another company of the same industry.

Thanks again, and if you are up to letting me know if all this talk of financial growth is true. I know you pretty much get what you put into it but in your case has it been worth it.

TJ

[ullyeus]

Thank you,

Just had an interview with a place called World Financial Group. Pretty much the same pitch. We promise you lots of money all in good time but $0to start, well besides EJ. I have to front only $350.00 this time for a mutual funds licences and another course on Life Insurance. I am pretty sure that EJ pays for your training but has you sign a contract indicating that you have a minimum of 5 years with them before you can leave and move to another company of the same industry.

Thanks again, and if you are up to letting me know if all this talk of financial growth is true. I know you pretty much get what you put into it but in your case has it been worth it.

TJ

I don't work within the same "realm" so couldn't really answer your questions about that. My suggestion is based more off general work experience and attitude of the company I work for.

[IronMac]

A friend of mine interviewed with World Financial Group a couple of years back and he wasn't too impressed. Mind you, he was just testing the waters.

[rook3d]

I've just joined with EDJ and they have been pretty good so far. They are very honest about what it will take to earn the money they advertise in their brochures.

Make no mistake, you will need great sales skills if you want to succeed. Additionally, sincerity and intelligence will also be necessary. Yes, you can probably earn more at Raymond James or with an independent firm, but if you are green at this they will most likely not hire you.

Also, the door-knocking and the commission quota may put off some if you do not like to sell things. An ability to have a good frame of mind will take you far as long as you are able to see the positive in situations. If you can't see the benefit of you selling others a financial product, how will your customers?

My two cents.

[tjbtg85]

I've just joined with EDJ and they have been pretty good so far. They are very honest about what it will take to earn the money they advertise in their brochures.

Make no mistake, you will need great sales skills if you want to succeed. Additionally, sincerity and intelligence will also be necessary. Yes, you can probably earn more at Raymond James or with an independent firm, but if you are green at this they will most likely not hire you.

Also, the door-knocking and the commission quota may put off some if you do not like to sell things. An ability to have a good frame of mind will take you far as long as you are able to see the positive in situations. If you can't see the benefit of you selling others a financial product, how will your customers?

My two cents.


Thank you for your two cents... I have had a couple of phone interviews with recruiters and coming up I have an interview with a current financial consultant here in Winnipeg and I am supposed to ask him any questions I may have.

As far as experience, did you have much when you started out with EDJ or was this something that you have just recently discovered you are good at. I know I am a good talker but as far as selling things I can't honestly say I have too much experience in it.

I do agree with the positive attitude towards the product you are selling and I feel I am very confident in that aspect.

Thank you

TJ

[advantage21]

Thank you,

Just had an interview with a place called World Financial Group. Pretty much the same pitch. We promise you lots of money all in good time but $0to start, well besides EJ. I have to front only $350.00 this time for a mutual funds licences and another course on Life Insurance. I am pretty sure that EJ pays for your training but has you sign a contract indicating that you have a minimum of 5 years with them before you can leave and move to another company of the same industry.

Thanks again, and if you are up to letting me know if all this talk of financial growth is true. I know you pretty much get what you put into it but in your case has it been worth it.

TJ


World Financial Group is basically Primamerica Jr. Google it to read some horror stories on their pyramid schemes.

Go see the movie The Pursuit of Happyness, it gives you an idea of what it's like starting out as a commission only broker trainee. The attrition rate is very high, but if you are that 1 out of 10,000 (or more), you can make some pretty good dough.

[rook3d]

Experience selling financial products? No, but I was a consultant before in the IT world and after that owned a coffee shop for 3 yrs.

If you know how to sell yourself (not in "at a street corner" way) and be positive you can influence the way you close. Not to get too cliche, but "Boiler Room" "Wall Street" and "Glengarry Glen Ross" are good movies to watch for a bit of inspiration too. I haven't seen Pursuit of Happyness but I intend to.

Also, in addition to selling, be prepared to work hard. If you have ever run a small business before alone, you know what it takes. There will be few you can cry to, no one will want to do the work but you.

Edward Jones is like a franchise. Sure, you can go independent and possibly make more money if you are successful but, if you haven't got a clue about selling investments then might as well learn from someone who is willing to pay for you to learn the ropes. The 3-yr contract is a bit steep, because time is money - but what is it worth to you? I ran my coffee shop for 3 yrs and eked out an okay living, with me guessing and winging it most of the way. Yeah, I had a blast. Edward Jones is letting me in on their system and I don't have to front any cash. If I were to choose a franchise in the coffee world that would let me do that, I'd jump on it.

Altogether you now owe me 4 cents :)

[tjbtg85]

Experience selling financial products? No, but I was a consultant before in the IT world and after that owned a coffee shop for 3 yrs.

If you know how to sell yourself (not in "at a street corner" way) and be positive you can influence the way you close. Not to get too cliche, but "Boiler Room" "Wall Street" and "Glengarry Glen Ross" are good movies to watch for a bit of inspiration too. I haven't seen Pursuit of Happyness but I intend to.

Also, in addition to selling, be prepared to work hard. If you have ever run a small business before alone, you know what it takes. There will be few you can cry to, no one will want to do the work but you.

Edward Jones is like a franchise. Sure, you can go independent and possibly make more money if you are successful but, if you haven't got a clue about selling investments then might as well learn from someone who is willing to pay for you to learn the ropes. The 3-yr contract is a bit steep, because time is money - but what is it worth to you? I ran my coffee shop for 3 yrs and eked out an okay living, with me guessing and winging it most of the way. Yeah, I had a blast. Edward Jones is letting me in on their system and I don't have to front any cash. If I were to choose a franchise in the coffee world that would let me do that, I'd jump on it.

Altogether you now owe me 4 cents :)

I'd gladly pay you 6 cents...

You sound like you have a lot more experience than I would in this industry but I am young and have room to grow and learn. I can certainly sell myself in both ways but preferably the latter. I am meeting with a consultant tomorrow and he will give me his two cents and hopefully I'll be considered. 1/10000 is a terrible ratio but I have high hopes.

Thank you again,

TJ

[tjbtg85]

So I met with a financial advisor today... Very nice guy, nice office and wa very convincing. He explained to me everything that I think I need to know as far as the job goes and it all sounds very inticing. He told me that from this point on they will evaluate everything and call me back for a final interview and at that point I will have to choose an office area and dicuss where I can have it. Then 2-3 weeks after that he said I may or may not receive a call back with a job offer.

I'll keep the fingers crossed I guess.

At this point in the process what are the chances to be turned down?

TJ

[monty613]

If you're talking about EJ, that "office" area is just an area you will scout and go knock door-to-door. They won't give you an actual office until you meet targets and quotas. Their business model is designed to weed people out early on if they can't meet specific targets, only the top % make the cut.

[tjbtg85]

So you could take 22 weeks of training and then suddenly lose your job... sounds good. I intend to work my *** off. I spoke with a consultant today and he showed me the figures he was working with when he started out. Like I expected he started of with a very low income excluding the set salary and then he slowly progressed from there. I never jumped on the chance to ask him what he started to do differently because I noticed a significant change in commission after a certain amount of years. I know about the office and not actually getting it for some time after you begin and I'm very aware of the door to door approach to acquiring clients but the guy I spoke to today made some very good points about the benefits of door to door contacts as oppose to the Investors Group approach of... "Now heres a phone book." The office is something that is basically earned.

Thanks

TJ

[tjbtg85]

Here I am I have yet another interview with my dreamjob. They are now going into my background history and my credit and criminal record checks and I have the interview via phone next Monday. What am I in for in regards to the interview.

My credit right now is deplorable, i don't have collection agencies calling me but i'm close. I have an unpaid vehicle violation ticket that I haven't paid for forever so is that going to effect them hiring me? My background other then that is spotless, I have a pretty good background I think. No charges, no chance of getting charges i've been in the military for a couple years now which is why i'm broke. No money there and they never pay me on time. So does it sound like i'm in trouble or are these things that they might overlook. My debt isn't bad it's only $5000.00 maximum but i'm behind a lot for reasons that are out of my control.

Any advice or info would be appreciated.

TJ

[ullyeus]

Here I am I have yet another interview with my dreamjob. They are now going into my background history and my credit and criminal record checks and I have the interview via phone next Monday. What am I in for in regards to the interview.

My credit right now is deplorable, i don't have collection agencies calling me but i'm close. I have an unpaid vehicle violation ticket that I haven't paid for forever so is that going to effect them hiring me? My background other then that is spotless, I have a pretty good background I think. No charges, no chance of getting charges i've been in the military for a couple years now which is why i'm broke. No money there and they never pay me on time. So does it sound like i'm in trouble or are these things that they might overlook. My debt isn't bad it's only $5000.00 maximum but i'm behind a lot for reasons that are out of my control.

Any advice or info would be appreciated.

TJ

$5000? That's nothing, though it doesn't really reflect well if thats what you have had trouble paying off. I wouldn't worry.

[controlyar]

EJ?

Their payout structure is not the greatest
They hire questionable individuals that are not the most qualified.
The odds of you leaving within the first year are > 95%.
Their reputation is not above average.

Do you even know the basics of financial planning? Aside from the entrepreneurial spirit that is required for this position, are you accredited to provide professional advice? Why not start out your career with a bank?

[tjbtg85]

EJ?

Their payout structure is not the greatest
They hire questionable individuals that are not the most qualified.
The odds of you leaving within the first year are > 95%.
Their reputation is not above average.

Do you even know the basics of financial planning? Aside from the entrepreneurial spirit that is required for this position, are you accredited to provide professional advice? Why not start out your career with a bank?


Thanks for the input...

In all honesty I have no experience in this industry and I am one of the questionable individuals, I have no experience in this industry and want to take a step into become part of it. Where I start I don't really care as long as I am going to be given a chance to learn the ropes and the basics of financial planning.

All I will have under my belt is Edward Jones 22 weeks of training followed by their support throughout the start of my career. I disagree with Edward Jones being a bad organization as you say they are. I have done lots of research and asked lots of people about several companies and they all conclude that Edward Jones is the best company to go for.

But thank you again for your input.

TJ

[rook3d]

Thought I'd chime in on this one. I don't know what your background in the industry is, but :

EJ?
Their payout structure is not the greatest

I agree, there are other companies who have better payouts. The companies that I know of require experience in the field and that you bring a book of business w/ you. In fact, any company you choose will not be a leader in all facets of their business. IMHO, EDJ provides a very reasonable compensation package, which is why I chose them.

They hire questionable individuals that are not the most qualified.

I would have to disagree with this. It is simply not possible to verify and be 100% accurate on the "questionability" of each individual. In my own experience, I have hired people who seemed like they were superstars only to find them to be poor workers. That does not mean I try to hire questionable people, my intention is to hire the best. I believe all employers do the same.

The odds of you leaving within the first year are > 95%.

True. The weeding out factor at EDJ is very high. Getting your foot in the door does not mean they will keep you. In fact, I would say the interview process is a three year ordeal. Am I a fit for EDJ? Who knows, this is what the 3yrs there will tell me. If I marry someone without getting to know them and date them for awhile, that's just irresponsible of me. The same applies to EDJ.

Their reputation is not above average.

I'd have to disagree. EDJ has a very good reputation in the business. In order to do this they must be doing something right. I'm happy to be starting with EDJ. I have friends working in competing companies and they have all said they respect how EDJ does business. A buddy of mine at Freedom55 mentioned how his manager chewed them out after meeting with a Jones guy and finding out how hard they worked (ABC-Always Be Closing). EDJ has numerous awards for customer satisfaction amongst brokerages.

Do you even know the basics of financial planning?

If you did, then you have more of a choice, do you not? TJ is looking at EDJ, because they teach you this. Granted other companies have training as well, but there is something to be said for the fact that those whom EDJ has invested in are very appreciative of the fact. The IR with whom I had my interview with earns close to $1Mill in commissions per year. He has had offers from Raymond James, banks, other brokerages who have offered him more, but has refused.

Aside from the entrepreneurial spirit that is required for this position, are you accredited to provide professional advice?

Again, this will be provided and paid for by EDJ.

Why not start out your career with a bank?

Sure, this is an option. I'll just say I have friends who work in the banks and they simply do not enjoy the payout compared to the work they provide for the bank.

Okay, sorry for the length. I just got my materials from EDJ (laptop, course materials, etc.). Bottom line is this: You can analyze who is better than who to work for til the cows come home. Time is precious, do you really want to waste time on it? Pick a company, work for yourself. This is a business relationship. If EDJ treats you right then continue the relationship as long as there is benefit to both parties. Otherwise, there are other businesses you can deal with.

Total cents added to this discussion: $0.08 (TJ I included your PM, I'll bill you later! :razz:

[tjbtg85]

And there you have it...

When I saw the respect that the guy that interviewed me had for EDJ and I see the respect that rook3d has for EDJ I know that they are the ideal place for me to start out and that they are going to treat me right because like rook3d said it is a business relationship.

3 years down the road who knows if I'll still be doing this or if I discover that it's not for me, either way I know that I am confident that I have an opportunity to start out at the right place and my employer (Who just received one of those best employers to work for awards) will be right there beside me and won't hesistate to kick my butt out if I don't give them what they deserve. 110%

The guy that interviewed me mentioned that he has been offered alternative companies to work for but indicated all the reason why he hasn't left EDJ. I can only hope that EDJ gives me to opportunity to start out with them but only time will tell.

Thanks again Rook3d,

TJ

[Sandie5]

I hate to be the messenger but it's got to be said. Read up on the downside of MLMs before you get burned.

Look at this website and read as much as you can, especially about Financial planners like EJ people.

http://www.armydiller.com/financial-scam/links.htm#mlms

If you're really interested in financial planning, try a legit place first instead of a commission only job where you must prospect daily.

[JoKeRr]

Well, since I have a family member who works in HR for Edward Jones, I thought I'd put in my 2 cents.

First of all, Edward Jones has been rated 7 years in a row as One of the "Best Companies to work for in America" by Fortune magzine. In fact, in 2002 and 03, it was ranked #1. In 2006, it was ranked $16 overall, and #4 in large companies. I think that really speaks for itself.

As a lucky family member, I've been on an Edward Jones family diversification trip last summer to USVI for a week. There were many ppl from Canada, US and UK, and each employee that was invited could bring his/her whole family. It was totally amazing, and many kids even said that they wanted to work for Jones after finish school. Also, I've been to a number of leafs, raptors and concerts in ACC, thanks for Jones.

Salary is not the only thing. I'm pretty sure Jones has great bonus, and you should look into Edward Jones Partnership program.

Jones has great training programs to get you started. In fact, the family member I know recently completed MBA, all paid by Jones. With respect to the hiring of "questionable individual", Jones treat honesty very seriously. I've heard numerous stories but I won't tell you, just remember to be very honest with everything, it's OK if you've made a mistake as long as you tell the truth.

Being an IR is not going to be easy, but at Edward Jones, if you work hard, work smart, there is no limit. Good Luck!

[tjbtg85]

I hate to be the messenger but it's got to be said. Read up on the downside of MLMs before you get burned.

Look at this website and read as much as you can, especially about Financial planners like EJ people.

http://www.armydiller.com/financial-scam/links.htm#mlms

If you're really interested in financial planning, try a legit place first instead of a commission only job where you must prospect daily.


I've read these articles you've supplied me and I don't think that they pertain to Edward Jones, but I have encountered Businesses of the sort in my search for the ideal company to work for. World Financial Group is one of those companies that come up when I hear pyramid scheme, as well as Primerica. I have asked around for quite some time now and I have seldom heard someone say something negative about this company.

It's my understanding that this company is the best company to not only start off with, but to grow with and I only hope one day to have the priviledge to be part of a company with such a great reputation. I thank you for the heads up and the advice but when it comes down to choosing EDJ or not choosing them I prefer the latter. Prospecting daily is a good thing to me anyways, everyday you have an opportunity to acquire another client, it puts you in control of you income and it's all up to you to make money, because as there are many people there to help you, none of them are going to do your job and you will prosper in the end when you do, do it.

Thanks again,

TJ

[YnD]

If you're referring to Primerica then yes. Otherwise, this post makes no sense for EJ or IG.


I hate to be the messenger but it's got to be said. Read up on the downside of MLMs before you get burned.

Look at this website and read as much as you can, especially about Financial planners like EJ people.

http://www.armydiller.com/financial-scam/links.htm#mlms

If you're really interested in financial planning, try a legit place first instead of a commission only job where you must prospect daily.

[sonrit]

[QUOTE=rook3d;4691670]I've just joined with EDJ and they have been pretty good so far. They are very honest about what it will take to earn the money they advertise in their brochures.

Make no mistake, you will need great sales skills if you want to succeed. Additionally, sincerity and intelligence will also be necessary. Yes, you can probably earn more at Raymond James or with an independent firm, but if you are green at this they will most likely not hire you.

Hi..Do u mind giving an idea about the kinda salary EDJ offers? I have heard they pay peanuts..is it true? Im conserdering my options..pls advice

[tjbtg85]

[QUOTE=sonrit;4829325][QUOTE=rook3d;4691670]I've just joined with EDJ and they have been pretty good so far. They are very honest about what it will take to earn the money they advertise in their brochures.

Make no mistake, you will need great sales skills if you want to succeed. Additionally, sincerity and intelligence will also be necessary. Yes, you can probably earn more at Raymond James or with an independent firm, but if you are green at this they will most likely not hire you.

Hi..Do u mind giving an idea about the kinda salary EDJ offers? I have heard they pay peanuts..is it true? Im conserdering my options..pls advice[/QUOTE ]

Hi,


I believe they pay you based on your experience. If you have no experience they pay you less and if you have plenty they will pay you more. Throughout the hiring process for me they had mentioned a figure of $31000.00 but like I said this could vary.

So yes this would be peanuts but if you are meeting the expectations of EDJ during your first year then your commish should help you out a bit, but you are going to be struggling your first couple years for sure. The rep I met with showed me his figures and he had made his base whatever it is and then made only $15000.00 in commish. But this amount after 5 Years was 6 figures. But you get what you put into it.

You also sign a 3 year contract with them in which you can only work for them for three years after your training or repay them for the training which is understandable.

Hope this helps, and good luck,

TJ

[rook3d]

TJ is correct. You get what you put into it. I'm studying for my licenses right now, so I'll be brief. EDJ just fired off letters to all new FAs highlighting the things that make people successes or failures. In fact, they encourage you even after you've been hired on to seriously rethink your decision because too many people look at the potential income 5 years down the road.

Yes, my interviewer makes about $1mill/yr and has two assistants. I found that out, he didn't even have to show me. It is a closed group where they only want people who have the burning desire to succeed, because it adds to the profitability of the partnership as a whole (if and when you do become a partner). Obviously, if you aren't aiming for partner then there are many other choices available to you. Even signing on with an independent may be a good idea.

I chose EDJ because they have great training, which I am now experiencing. Their pass rate for the licensing exams is 95-99%. Their business model is solid and it works for those who can buy into it. They are not deluding themselves when they tell you they do not believe they have THE right way to run an investment firm. They have chosen ONE of the right ways.

The pressure is gruelling and people drop out even during training. Perserverance will be a quality needed wherever you go.

[rojasrod]

Hi there, just trying to revive this thread.

Do they want you to literally knock on doors at Investors Group as well?

Thanks

Rod

[controlyar]

Hi there, just trying to revive this thread.

Do they want you to literally knock on doors at Investors Group as well?

Thanks

Rod


Yes...or any other way you can find clients.

[rojasrod]

Thanks

What is their preferred way for self-marketing? would it be cold calls?

[YnD]

Thanks

What is their preferred way for self-marketing? would it be cold calls?

Same methods any Account Management type position would entail.

-Cold Calling
-Internet Marketing
-Networking
-Referrals
-Media Advertising
-Door-To-Door

etc...

[shopGirl]

Hi, I know this is a previous thread but my friend just got into EDJ and was unsure about the whole 3 year contract clause.

Are you only responsible for paying back training if you leave prior to 3 years if you maintain employment in the same financial services field or if you leave it period?

If so, any idea what training costs (from your friends experiences) does that entail?

[3468]

If I were to leave Jones and go to another industry how long would I have to wait until I could go back into it without having to pay the 75k

[rojasrod]

my question is whether all of these companies require their newbies to rake-in a certain amount of business.

A friend of mine was told confidentially at Investors Group that if he didn't bring in enough big customers he would probably get fired after a couple of years.

What if you actually want to help the little guy?

Is there a company where you can grow your business at the pace you want to?

Thanks for your help

[mcewen]

my question is whether all of these companies require their newbies to rake-in a certain amount of business.

A friend of mine was told confidentially at Investors Group that if he didn't bring in enough big customers he would probably get fired after a couple of years.

What if you actually want to help the little guy?

Is there a company where you can grow your business at the pace you want to?

Thanks for your help

Qualifier: I am not involved with EJ, and I have never had any direct experience with them.

however....
I have an acquaintance who I met while he was involved with EJ. He really liked it alot, however the company did put sales and commission quota's on their reps, and if you do not meet them - you are fired.

He got fired for not earning enough commission. He was able to transfer a great deal of assets, but wasn't able to generate "new business" with that money, so they let him go. It was quite unfortunate, because I believe he was(is) a good ethical person who tried to do his best for his clients.

As for whether or not I would ever suggest anyone working with EJ... I probably woudn't. First and foremost.. they are an IDA model, which I find generally means reps are more of a stock-jockey. (I am on the MFDA side which I find provides a more holistic approach to financial planning). The other aspect of EJ I am not fond of is the fact that the Planner doesn't "own" the clients. An EJ rep cannot move to another company and take his/her clients with them. (now.. above someone mentioned something about a "no compete clause.. that may even hamstring your ability to jump ship.... how is that good?).

Aside from those two complaints, I haven't heard anything which would make me think they are as bad as Primerica or WFG though.

[rojasrod]

Thanks McEwen, I appreciate your help.

I am looking for an outfit where I can grow my business at my own pace, starting part-time. Do you have any ideas?

Can you work a bit more independently through the mutual funds dealer association? I am not really sure how this works.

[UrbanPoet]

What if i wanted to join one of these companies just to sell mutual funds & term investments to my friends/family on the sidE?
Do they have any specific goals you have to meet? Or is it just kinda "What you sell is what you get... If you dont sell anything, thats your problem."

[mcewen]

What if i wanted to join one of these companies just to sell mutual funds & term investments to my friends/family on the sidE?
Do they have any specific goals you have to meet? Or is it just kinda "What you sell is what you get... If you dont sell anything, thats your problem."

There is no way you would ever recover your costs (yearly licensing fees, E&O insurance fees + whatever head office fees you would incur) by just servicing "friends and family".

[Sepiraph]

This is an old thread ... but I'd say go w/ EJ if u had to. From what I understand, their rep are brokers and they have access to a much larger range of products than IG, which has pretty ridiculous MER on their funds.

[Iguana6699]

I have been in corporate sales for 13 years, and I am currently consideriing working for IG. There is a lot of talk on this blog about this or that getting one fired. Welcome to sales. Sales people in all industries get fired all the time. Many companies will fire you within 60 days if you don't perform. Cold calling, prospecting etc. are constants. Not exactly everyday...but pretty much. You must have a very aggessive and persistant personally to succeed in any type of sales. I have worked in several orgs. with over 150 sales people and I have seen over and over what succeeds and fails.
Sales is not a career for anyone who is not very acepting or risk. Period.
Thsi si why I don't care abotu the EJ salary versus IG (none). Unless you cannot possibly live on a small income. It's a slippery slope. Sales jobs which have the highest commission will obviously benefit the best sales people in the end.
I haev dealt with non-compete clauses several times (EJ). They don't hold up well in court, esp. if you work in a different territory. People need to work, adn an ex-employer can't really stop you from doing that unless you are stealing clients or using their proprietary info in some way.