When it comes to the amount of money they manage, Edward Jones is near the top of the wealth management rankings. They are in second place, between UBS and Credit Suisse:
You may already know this, but places like Edward Jones and Charles Schwab don’t work at all like the wealth management departments of big investment banks. e. , UBS, Goldman Sachs, Credit Suisse, JPM, etc. ).
The goal for Edward Jones has always been to serve clients of all levels of wealth, not just the richest few percent, which is what the wealth management and private banking departments of the bigger investment banks have wanted in the past.
This helps explain why Edward Jones has so many more financial advisors than, say, Credit Suisse, which has fewer wealth managers. The two firms may have about the same amount of money in assets, but Edward Jones will have a lot more clients, so it needs more financial advisors to help all of them.
That being said, as we’ve talked about in many previous posts, big investment banks’ wealth management has been moving downstream for years, trying to get clients with less money than ever before.
For many years, it was safe to say that firms like Edward Jones and Charles Schwab catered to the upper middle class, while Goldman Sachs and J.P. Morgan were more for the elite. P. Morgan serve those with true levels of wealth, but that’s an entirely unfair characterized these days. In reality, Edward Jones has a lot of financial advisors who handle hundreds of millions of dollars in client assets. These advisors regularly work with clients who could go to any other wealth management firm if they wanted to.
The interview process is one big difference between how a company like Credit Suisse works and how a company like Edward Jones works. Charles Schwab and Edward Jones are much more open to hiring new financial advisors, giving them some training, and then letting them get to work.
At Credit Suisse or the wealth management division of any other large investment bank, on the other hand, the training period will be longer, and you might not be able to start looking for clients right away (i.e. e. , you may need to help others before striking out on your own).
If you want to work at Edward Jones, you have to “sink or swim.” This means that the interview process is usually easier and the questions are easier. I’m personally less familiar with Edward Jones than I am with Goldman, JPM, etc. but I thought I’d give you some interview-style questions because if you can do well on a GS, JPM, etc. interview than you’ll have no troubles at Edward Jones.
Landing a job as a financial advisor at a leading firm like Edward Jones is a coveted opportunity for many professionals. With its Fortune 500 status and focus on personalized client service Edward Jones offers advisors excellent earning potential along with a robust support structure.
However, between the multiple interviews and assessments, just getting your foot in the door is no easy task. This guide will walk you through exactly what to expect during the Edward Jones financial advisor interview process and how to thoroughly prepare to stand out from the competition.
Overview of Edward Jones Financial Advisor Role
Edward Jones financial advisors help individual investors achieve their long-term financial goals through investments, retirement planning, education savings, insurance, and more As a full-service wealth management firm, Edward Jones emphasizes personal relationships with clients and communities.
Financial advisors typically operate out of local Edward Jones branch offices and are responsible for:
- Meeting with prospective clients to understand their needs
- Developing comprehensive financial plans and investment strategies
- Making suitable investment recommendations and managing clients’ portfolios
- Ongoing monitoring of accounts and communication with clients
- Expanding their book of business through networking and client referrals
It’s a client-centric role requiring exemplary communication skills, financial knowledge, analytical abilities, and organization. Advisors must balance relationship-building with operational tasks, long hours, andambitious sales goals. However, for the right individual, the opportunity for high income, career advancement, and making a difference in clients’ lives is immense.
Edward Jones Hiring Process Overview
The process involves multiple steps:
- Initial online application
- Phone interview with a recruiter
- In-person branch interview
- Completion of assessments like personality tests, investment profile questionnaires, and sales scenario exercises
- Multiple panel interviews at regional offices
- Background check
- Final interview with managing partner
- Job offer
The process is highly competitive, with only about 2% of applicants receiving offers. It aims to thoroughly evaluate technical skills, client service abilities, drive, and ethics. Edward Jones seeks candidates passionate about helping individual investors who align with their long-term, personalized approach.
Now let’s look at specific questions likely to arise during the various Edward Jones financial advisor interviews and how to craft winning responses.
Phone Interview Questions
The initial recruiter screening focuses mainly on assessing your interest, qualifications, and overall fit for the financial advisor role. Some examples of questions at this stage:
Why are you interested in becoming a financial advisor at Edward Jones specifically?
I’m drawn to Edward Jones’ philosophy of building long-term relationships with individual investors and serving client needs in a holistic, objective manner. As someone passionate about finance and helping others achieve their financial goals through personalized guidance, this aligns well with my values and strengths. Edward Jones’ culture, training program, and office environment will allow me to thrive in this client-centric role.
How does your background and experience make you a strong fit for this opportunity?
With my degree in finance and 3 years of experience as a bank teller, I’ve developed foundational financial service knowledge while honing client service skills. I assisted individual customers with evaluating banking products to meet their needs. This required communicating complex information understandably and building trust. These skills coupled with my natural drive to keep learning new financial strategies make me an ideal candidate to take on the Edward Jones training program.
What interests you most about becoming a financial advisor?
I’m most excited by the opportunity to build meaningful relationships with clients and have a positive impact on their financial futures through tailored guidance. I’m drawn to the complexity of developing personalized financial plans based on a holistic understanding of each client’s unique goals. I also welcome the chance to manage my own book of business long-term and see my clients’ portfolios and plans come to fruition.
Why do you want to work within the Edward Jones branch office model?
I appreciate Edward Jones’ approach of locating advisors directly within the communities they serve. This fosters deeper relationships as I get to interact with clients face-to-face regularly. The branch office model also allows me to receive hands-on mentorship from the branch team which is invaluable as a new advisor. Being so ingrained in a community aligns perfectly with my desire to provide individualized service tailored to each client’s needs.
In-Person Interview Questions
The branch visit will involve both formal interviews and spending time observing operations at that location. Some key questions to expect:
Walk me through your process for assessing a new potential client and their financial situation.
First, I would aim to understand their high-level goals, investment time horizon, current financial status, and overall risk tolerance through questions and conversation. Then I would collect details on their income streams, debts, assets, insurance coverage, tax situation, and estate plans to gain a comprehensive financial picture. My goal is identifying any gaps between their current trajectory and end goals so I can offer solutions to get them on track.
How would you go about developing a long-term financial and investment plan for a client?
I would start by aligning their goals and risk tolerance with an appropriate asset allocation across stocks, bonds, cash equivalents, and other products. I’d research investments suitable for their situation, diversify based on industry and geography, and implement strategies to balance risk and return. My plan would also incorporate other needs like retirement planning, college savings, and insurance. Throughout the process, I’d educate clients so they understand each element and can make informed decisions.
What strategies do you implement to gain new clients?
I prioritize networking within the local community by introducing myself to professionals, community groups and attending events. I leverage connections through friends, family and colleagues to find leads. I also utilize seminars, social media and content marketing to position myself as an approachable expert. Providing value upfront through helpful financial content and building relationships gradually leads to organic referrals and introductions.
How do you go above and beyond for clients to provide exceptional service?
I strive to understand the full context of clients’ financial lives, like major life events they have coming up. Then I proactively make recommendations tailored specifically to them. Small personal touches like remembering meaningful dates and checking in routinely demonstrate I genuinely care. Following up regularly and being available outside normal hours shows commitment to putting their needs first. My goal is developing confident, long-term relationships through service that exceeds expectations.
Why do you feel this Edward Jones branch is a good fit for your talents?
Through my interactions so far, I’m impressed by the team’s collaboration, growth mindset and commitment to client service. My skills would complement the group well – for instance, my marketing background could help expand outreach initiatives. Also, coming from a large wirehouse firm, I could share best practices on advisor-client relationship management. I’m excited by leadership’s vision for growth and know I would thrive in this office’s culture.
Assessment Interviews
You’ll face multiple assessments and panel interviews at regional Edward Jones offices. These aim to evaluate technical knowledge, presentation ability, ethics, analytical skills, and commitment. Some key questions:
Walk me through how you would assess a client’s current bond portfolio and suggest changes to align it with their financial goals.
First, I’d gather details on the types of bonds they hold, duration, credit quality, yields, and the purpose of the portfolio. I’d evaluate if their asset allocation matches their timeframe and risk tolerance. For instance, holding long duration bonds without needing regular income might not be optimal. I’d suggest adjustments like shortening duration or diversifying across geographies and sectors to reduce risk. If they needed more income, I may recommend adding high-quality, short-term corporate bonds. My suggestions would aim to construct a portfolio aligned with their specific needs and goals.
If a client wants to invest very conservatively but also achieve high returns, how would you advise them?
I would explain that while I understand their perspective, higher returns generally require taking on more risk. I would help them understand this risk-return relationship through examples like comparing returns on cash to stocks historically. If they still want both low risk and high returns, I would aim to educate them more on reasonable return expectations for conservative products. I have a responsibility to provide guidance based on my financial expertise even if it counters clients’ perspectives. My goal is setting realistic expectations to build trust.
Imagine you are constructing an investment portfolio for a retired couple who rely on it for income. Walk me through your process.
For retirees dependent on their investments, preservation of capital is crucial. I would allocate a significant portion such as 40-50% to low-risk fixed income securities like bonds to generate steady income. I would include some equities such as 20-30% in dividend-paying stocks for growth while limiting volatility. I would diversify globally based on regional economic conditions. I would also regularly rebalance and reallocate as their needs change over time. My objective would be growing their assets prudently while ensuring sufficient income and minimizing risk of losses.
Tell me about a time you delivered difficult news to a client regarding their investments. How did you handle this sensitively?
When the market declined sharply last year, one client was upset to see losses in their account. I walked them through why this market volatility was occurring. I explained our long-term investment philosophy of staying invested through ups and downs. While
Edward Jones Financial Advisor Interview Questions
Below are some of the interview questions you could get at Edward Jones. I deliberately chose some that are a bit tougher but are still likely to be asked during the interview process.
If you could only invest in just one asset class over the next year, what would it be?
This is indicative of the kind of more open-ended interview question you could be asked. There’s no right or wrong answer here. Rather, you’ll be judged on how you explain your answer.
So, for example, you could say that you think treasuries would provide the best risk-adjusted return over the next year. The reason being that you think we’re in an increasingly precarious economic situation, and that there is more potential downside risk to equities if we have meaningful earnings deterioration next year (heres a good Bloomberg article regarding Morgan Stanleys thoughts on this).
On the other hand, inflation is going down, and the Fed is quickly running into its end rate (i.e. e. , the rate at which the Fed will stop hiking). You think that yields across the treasury curve are pretty much as high as they will get, which means that there isn’t much risk of losing money (remember that bond prices go down when yields go up).
You believe that as inflation goes down and growth slows even more, yields will go down across the yield curve. This is because the market is getting ready for the Fed to start cutting rates to help the economy grow even more.
You could also add that another benefit of treasuries is that they have (by definition) no credit risk and give the holder a small amount of interest income. In a time when the economy is unstable and uncertain, these very safe assets might actually give you the best return (especially when you take into account the risk).
Edward Jones Interview Questions with Answer Examples
FAQ
Why do you want to be a financial advisor at Edward Jones?
How long does the interview process take at Edward Jones?
What is the interview process like at Edward Jones?
I interviewed at Edward Jones Long and thorough process – took about a full month to go through interviews, background check, finger prints, etc. They offer great training once you are hired and bonus incentives. Questions based on my learning habits. I interviewed at Edward Jones (Saint Louis, MO) It was a great interview process.
How do you interview a financial advisor?
Begin by talking with a recruiter and then meet with the financial advisor who has a standard list of questions to ask. They ask many situational questions and common interview questions. I interviewed at Edward Jones (Maryland Heights, MO) Over the phone interview that lasted about 30 minutes and consisted of many stereotypical questions.
How many interview questions does Edward Jones have?
Share Your Experiences Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job that’s right for you. Edward Jones interview details: 1,589 interview questions and 1,433 interview reviews posted anonymously by Edward Jones interview candidates.
How long does it take to get a job at Edward Jones?
Tell me about yourself an introduction. I interviewed at Edward Jones Fairly easy interview. They look more for character than current skillset. Had 2 phone interviews and an in person. Process took about 3 weeks. It does help if you have someone recommend you to the program, but not absolutely necessary.
