Edward Jones training costs

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 21, 2006 12:35 am

Does Edward Jones typically go after you if you leave before your 3 year tenure is up?  Does it depend on if it is a competitve or non-competitve situation?


I'm planning on leaving Jones in a week or so and would like to get clarification.  Thanks

Dec 21, 2006 12:46 am

From all I can gather on the situation, the 3 yr contract you mention is a 75,000 contract that is forgiven one quarter at a time till the three years are up.  So at 28 months you likely have 3 quarters left to pay.  That would be 18,750.  If you leave the business they will not go after a penny.  If you stay in the business with a competitor or independent they are highly likely to attempt to recover it.  From what I have heard it is common for them to settle for aprox half of the amt they are seeking.  Please check with other sources as these are just things I've heard and not 100% certain.  Good luck. I'm in a similar boat at the moment, but currently biding my time. 

Dec 31, 2006 12:23 am

starts going down after the 12 month after can-sell date...from that period decreases $9,250 a quarter until the 3 year mark.

Dec 31, 2006 1:56 pm

If you stay in the business, then yes, they will come after you. If you go

to another region and do not try taking any clients, maybe not (but don't

count on it). If you leave the industry, they won't.

Feb 27, 2011 1:06 am

I've been with the firm for about 16 months, but am looking at taking a internal wholesaler role at a mutual fund company.  Would they come after me for costs since I won't be soliciting clients nor would i be a financial advisor?

Mar 1, 2011 10:31 am

How much are they offering you?  I always wondered how much and how wholesalers got paid.

Mar 6, 2011 3:11 pm

IF you need your licenses in order to hold the wholesaler position, and Jones paid for the training for you to get those licenses, then yes they will go after the money.  It is their training costs.