Merrill Lynch was bought by Bank of America after the 2009 financial crisis.Edward Jones attempts to take a more personal approach to their clients, with its business model by staffing each office with just two people-a licensed broker and a branch office administrator who handles the administrative tasks.Edward Jones and Merrill offer a number of financial services to their clients such as investment management, life and disability insurance, IRAs and CDs, qualified and non-qualified plans, banking services, and comprehensive financial plans.Perhaps optimal if you are young, single and financially flexible OR if you have some significant savings in place OR if you have a spouse that can support you while you build an income. In my current situation I can do all three, giving me the flexibility to be compensated in the way that makes the most sense for my client. Since then, they have launched a fee-based platform which I have heard the Advisors appreciate. At the time I was primarily limited to selling a product (mutual fund, stock, etf, bond, insurance) and the fee-based possibilities required at least $500k to get started. I didn't do my homework well enough on how Advisors are paid (fee for service (hourly/project), % of assets under management, or commission on the sale of a product). I was technically an employee and therefore the book of business is really Jones'.not yours to pick up and take where ever you may choose in the future. Your "own business" is not really the case. Essential a massive layer of inefficiency and politics laid on top of the FA role for advisors looking to backstab their way into the next partnership offering. Corrupt regional framework comprised of FAs who volunteer for leadership roles. Newer advisors to the benefit of existing advisors. EJ preaches it’s value system, and 1 advisor per community motto, then treats you like a number at the slightest sign of adversity. It makes sense though, since EJ has placed such a premium on “growth” that they will hire anyone with a pulse, at the expense of supporting quality advisors and improving employee retention. The planning tool is horrible and uses deterministic modeling, which is embarrassing for attracting sophisticated clientele. Like every other firm, they brag about their technology and millions they’ve spent on research, yet have the same exact script as everyone else. Many people in leadership positions who have never worked as an FA, and pass judgement from HQ without the ability to relate or empathize. Stagnant and inept home office in St Louis that has lost touch with the core values of the firm. Their training program is centered around getting as many phone numbers as possible via door knocking, then letting the advisors loose on the phone with no practical knowledge. Edward Jones (EJ) makes no effort to train advisors on the market, investments/products, or financial planning.
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