Steps To Leave Jones HELP!

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Jan 1, 2006 9:24 pm

Please tell me what are my steps to leave Jones? I read this forum the first time on the day I signed my contract almost two years ago. I was very nervous to read so much negative talk on the company. Well I drank the Kool Aid anyway. Guess what It did not work. No one told me before I signed up that 5 other brokers failed in my town after 11 months each. I banged on the same doors they all did. I would love to have a dollar for everytime I was told to go away. Come back when you have been there a couple years.  Amazing huh?? Well  anyway, if I do not go after my clients does that make a differance on how much they come after me? How much on the dollar will they settle for? Do I need a lawyer? Yes I would like to stay in the industry. Will they take payments on the settlement? ANYTHING YOU CAN SHARE WILL BE GREAT. I do not feel as though I owe Jones a PENNY!!!!!   Thanks

Jan 1, 2006 9:58 pm

As bad as it may seem to you, my advice would be to try and stick it out another year to get past that nasty three year contract issue.  Use the next year to cement your relationships with your better clients and plan an orderly exit.  Those twelve months will eliminate the legal issues and give you the time you need to prevent making another bad career choice...

Jan 2, 2006 9:27 am

Well I signed my contract two years ago but  I think according to them I still have two years left on my contract. I can not tell. I am not going to stick it out. PERIOD! I can not tell you how miserable I have been KNOCKING ON DOORS EVERYDAY!! Makes me sick to my stomach thinking of doing it ever again. I AM LOOKING FOR ADVICE. You would think with everything people have to say about Jones you would have something to help me out.

Jan 2, 2006 9:51 am
JonesQuitter:

Well I signed my contract two years ago but  I think according to them I still have two years left on my contract. I can not tell. I am not going to stick it out. PERIOD! I can not tell you how miserable I have been KNOCKING ON DOORS EVERYDAY!! Makes me sick to my stomach thinking of doing it ever again. I AM LOOKING FOR ADVICE. You would think with everything people have to say about Jones you would have something to help me out.


Tell us about your production and AUM. That will give us a better idea on how to direct you. Also, how much of your AUM will you be able to take with you?

Jan 2, 2006 9:56 am

AUM 9 million and Rolling 12 mnth gross of 80k been selling a little over a year.

Jan 2, 2006 9:59 am

Well I would like to start over again from scratch I do not want the 7k accounts. I would like to honor at least part of my contract and not go after any of those clients. All though I would say my top 10 clients all I would want, will find me.


Jan 2, 2006 10:06 am

Realistically, what type of firm would you like to go to?


I'm sure a wirehouse would give you a Mulligan and let you start in a training program.

Jan 2, 2006 10:07 am

Bank or wirehouse

Jan 2, 2006 10:10 am

I'm not a lawyer, so value my advice at what you paid for it....My happiness is worth more that $50,000. If it were me, I'd make the move and let the chips fall where they may. If you play your cards right, you may be able to get your new firm to help with the $50m. Don't count on it, though. You're not coming from a position of strength.

Jan 2, 2006 10:18 am

Some people must have experience with fighting off the Jones Wolves. What can i expect. What is the process I will have to go through? Will they Settle? Will they just forget about me? Will they take payments? Do I need a Lawyer? Does it make a difference if I do not go after the clients? If I give a two week notice? Thanks

Jan 2, 2006 11:23 am

I've seen some IRs get pursued by jones and some that haven't and I have not a clue if there's a rhyme or reason to it - I am speaking about w/i 3 years of starting there.  One thing that'll certainly help you is if you don't pursue clients.  Another temporary move is that when you resign, tell them you are leaving the industry or don't plan on staying in it (they may lose your name in the shuffle) and it may keep them from coming after you.  Another area of help could be if you are pursued, work through you contract and promises that were made, document those that weren't kept and it will give you and your attorney bargaining power to lower any settlement.  If you are pursued, absolutely get a lawyer w/ experience in this field and seek your new firms help with it.

Jan 2, 2006 11:35 am
JonesQuitter:

Some people must have experience with fighting off the Jones Wolves. What can i expect. What is the process I will have to go through? Will they Settle? Will they just forget about me? Will they take payments? Do I need a Lawyer? Does it make a difference if I do not go after the clients? If I give a two week notice? Thanks



None of your questions matter. You said that you're leaving. PERIOD. Just leave and let the chips fall where they may. If you don't have the guts to do this, then maybe you are Jones material, afterall.

Jan 2, 2006 11:47 am

I do believe that the training costs are pro-rated based on what I've read here.  On those clients that you want to find you, service, service, service them between now and when you go.


One more random thought...contact the IRs that were there before you and ask if Jones tried any legal action against them...

Jan 2, 2006 3:39 pm

Csmel." I've seen some IRs get pursued by jones and some that haven't and I have not a clue if there's a rhyme or reason to it " You hit that right on. I know from a close source at the home office that to be true. That's why nobody can answer this question directly on here, because it is a mystery as to what Jones will do. I think it depends on if you piss somebody off. It seems to be a closely guarded secret. I have a great offer on the table, and this is the only thing holding me back. I've had sleepless nights over this thing. It sucks because your'e not sure what they'll do, and in my case I hate not being able to have any control over the situation.


 THE PROBLEM IS you can't ask somebody at Jones beforehand, or you'll get a worst case scenario answer from them. If you quit, then you take the chance will they or won't they. The problem is if they do  come after you can't go back and say "ok I'll work for you for 6 more months and then quit."


I have a question for anybody who has left, and it might be stupid.


WILL THEY KEEP YOUR LAST CHECK??? I assume it is probably illegal to do that, but I wonder if you are in your last month and they do come after you, can they keep your last month's pay.


Jan 2, 2006 3:51 pm

WILL THEY KEEP YOUR LAST CHECK??? I assume it is probably illegal to do that, but I wonder if you are in your last month and they do come after you, can they keep your last month's pay


No. You get to keep all the commission you have earned....less the expenses owed that you  incured during the time you were employed.

Jan 2, 2006 3:51 pm

Check your state laws, do you live in a right to work state?  When I left my first firm, they sent me a letter stating I owed them 20K, I deposited that in the trash can where it belonged.  That was the last I ever heard.

Jan 2, 2006 3:52 pm

 They will not keep your last check.

Jan 2, 2006 10:37 pm

So do I need a lawyer?

Jan 3, 2006 7:23 am

JQ,


Any time you are trying to get out of a contract it it very beneficial to use a lawyer.  Your "firm" goes after any one with no apperant reason, sometime leave 10 year vets along other time they'll slap them with a TRO. It's really as "the wind blows".


Do not make a move hastily, leaving any firm successfully takes careful planning and research of the firm you are considering. Some transfer brokers take anywheres up to a year to make the jump. 


Best of luck.