Several years ago I worked as a Financial Services Rep for a very large company based out of New York. I was with the company for about 5 years, but of the 20 reps that were hired around the same time as me, only about 3 of us made it past the second year. Everyone else either left the company or were let go because of non-performance. The amazing thing about the loss of 85% of my training class was that we were TOLD UPFRONT that this would happen…our boss told us that very few people survive the financial services industry past the first couple of years!
This sounds crazy doesn’t it? Why would a reputable firm hire so many people knowing full well that the majority of them would be gone in two years or less? TRAIL COMMISSIONS?
Several other reps told me that often financial services companies are happy when a rep leaves, because the company no longer has to pay them yearly commissions on the products that were sold in the past. I don’t know if this is the case or not, but the whole recruiting process seemed like a whole lot of work to only keep 2 or 3 out of 20 recruits.
ANYWAYS, I tell my story because I know several Edward Jones reps, and from the outside looking in, Jones seems nothing like the company I mentioned above. Everyone I observe that works at Edward Jones seems to be doing fairly well…nice office, assistant and great marketing.
The reason I ask the above question though is because last year someone I know personally, and considered an extremely successful Edward Jones adviser, was let go from the company for what seemed like a minor misunderstanding. Of course I don’t know all the details, and have never worked for Edward Jones, but I’m interested to know if anyone out there who is reading this blog post has had any similar experiences with Edward Jones. I’m interested in any feedback on how they treat their reps!