Resigned from my Job - (w/o a new one in line)!!! @ age 33

[disneysteve]

*Only application that has responded to me so far was Edward Jones (Financial advisor job). I know we’re mostly DIY’ers here, so we typically don’t “need” a financial analyst. Not sure If I’m going to take it... I love helping other people to save, strategize, and work towards their FI. But they want a super aggressive sales person (includes mandatory Door to door sales, and typically 50-60 hours for the first 1 to 2 years).

NO, NO, NO! You do not want to have ANYTHING to do with Edward Jones! They are seriously awful. Very, very high pressure sales tactics. They are infamous for pushing high cost inappropriate investments on their clients. TexasHusker can tell you some horror stories. If you really like helping people, you don't want to be working for Edward Jones because you will be doing the exact opposite of helping them.

[TexasHusker]

Do a cursory google search and you will see that Edward Jones is both a poor employer and investment firm.

As for their FAs, here is how the game works:

1. They hire you and a couple dozen others send you to school so you can pass the Series 7 test.

2. After passing the Series 7 (months of study and prep - I’ve done it myself), it’s BOOTS ON THE GROUND for all of the recruits, with you calling everyone and their neighbors to give you (Edward Jones) their investments.

3. In their sales school, they teach you specifically how to get to your friends and families’ money. They also give you lofty sales quotas for the next few weeks and months that are impossible to reach.

4. It’s really like the “Survivor” show. After week one, a few laggards are let go, and everyone else has a big celebration that they made it and are moving on to the next round. Then new quotas are established!

5. More rounds come and go, and more trainees are fired, with increasingly lofty and unreachable quotas. Of course, all this time, EJ is accumulating an incredible amount of assets through the work of all the trainees.

6. At the end of the cycle, there is usually no trainee still standing. All of the $ millions that was sold by all of the trainees now belongs to Edward Jones! They then give it to existing FAs to “service”. Lather, rinse, repeat.

Edward Jones is starting new “cycles” of training every couple of weeks in every market in the US. In truth, one in one thousand (or less) might actually make it. It’s a clever scheme.

I hope this helps in some way.

[ua_guy]

*Minor Update on Job search*

Just applied for an “Apprentice Cabinetmaker” position. (Overlaps w/ my woodworking hobby that I started a little while back). I would love to spend my time making money while also developing a craft! That has always seemed like a satisfying way to work, I would love it that turned into something! (Way different than more corporate sales, transportation, and finance experience background, but I’m definitely curious and interested in this type craft!)

*Only application that has responded to me so far was Edward Jones (Financial advisor job). I know we’re mostly DIY’ers here, so we typically don’t “need” a financial analyst. Not sure If I’m going to take it... I love helping other people to save, strategize, and work towards their FI. But they want a super aggressive sales person (includes mandatory Door to door sales, and typically 50-60 hours for the first 1 to 2 years). I’m not against the sacrifice... but. I am hesitant to jump into another high demand career, when I want to focus on more satisfying projects and sustainable work in the long run.

It’s only been ~3 weeks since I deployed my first real Volly of applications/resumes/cover letters. So I think I’ll standby. Sounds like I could jump on ED Jones, should my situation turn from comfortable —-> Desperate ( somewhat unlikely w/ our lack of debt though).

The search continues though gang. I’ll keep you all posted!

Some others have already commented on Edward Jones. I have nothing nice to say about it either. A financial advisor is a sales monkey to sell retirement strategy that makes a profit for Edward jones. The only worse job I can imagine in that same line is a door-to-door life insurance sales gig. Based on your other posts; you'll be miserable.

If cabinet-making is a pretty specific skill so I'd imagine the opportunities are a little more limited. Is general carpentry also of interest? Reason I ask, I worked for a port facility that employed many workers across many different crafts. The carpentry team did a little bit of everything from finish work to designing and building custom stuff for the passenger areas of the terminal. I remember this one guy who was a decades-long employee there, one of the lead carpenters and his specialty was cabinets. He showed me some of his work one day, and al ot of the cabinet stuff he did on the side for very good money. Something to think about if you're looking for scaleable work or to expand your craft.

[~bs]

hindsight is 20/20, but now is kind of a bad time to be looking for a job with the corona scare. a lot of companies are getting skittish, mine included. I personally recommended hiring freezes for the time being due to the slowdown in business.

[amarowsky]

Don’t worry disneysteveTexasHuskerua_guy , after speaking with my in-laws neighbor (Ed jones advisor, they recommended I call first). I will pass on Ed Jones. Sounds like door to door is mandatory, 50-70 hours per week for the *couple years, + the hyper aggressive sales strategy. Sounds like almost everything I do not want.

I know we’re all DIY’ers. And typically don’t lean towards any financial advisors (of course with some exceptions). And I explained that to the lady who I spoke with to get a “feel” for the type of job. She was very straight forward to me, so it was clear after her explanation. That I did not want to make that type of sacrifice + don’t think the job.

It seems like the brokerage companies that I like do not really have advisors (so no or little opportunity to work for them, from Michigan that is). Leaving the only option to really break into personal finance to be either to start on my own (sounds like there are some barriers to entry though) or work for one of the big “sales” based places. Where I really don’t have any interest in supporting. So unless an opportunity arises, or I learn of another avenue to take on this career path, I think I’ll be closing the door on “financial advisor”....

ua_guy ‘S comment = I DO have an interest in carpentry/woodworking! Actually I was working w/ my contractor last week to fix a cracked joist in my basement. I told him, “if you land any work, and could use a 2nd set of hands for some of the project, don’t hesitate to call me”. Coincidentally, he just reached out to me today. I guess if this quote goes well, he may need my help for some of the bigger parts of a project he may be working on! I really hope I hear back from the Cabinet maker job too! (I would love to be able to make some cabinets for people on the side, to help increase my craftsmanship, brand, and hopefully a few bucks for the effort!).

In the meanwhile. I was at my buddy’s parents house (basically like my other parents). And the dad told me that he just got a part time gig for the US Census bureau in Michigan. Sounded like a kinda short, 8 week, 20-30 hour a week job + $0.57 per mile. Just walk around and asks residents questions to produce the data. Sounds like it may be a good way to make a few bucks (in Detroit area it pays $24.50 per hour) and get some exercise, without taking up too much of my time. So I can stay productive while working on my job hunt.

Rest assured, I do not plan on taking the ed jones job. Unless my situation takes a drastic turn from comfortable —> desperate, I’ll hold out for the job that I is either more satisfying or helpful to the causes I hold dear.