AG Edwards contract?

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Aug 4, 2005 4:08 pm

What should one expect when signing a contract with AGE?  Are you responsible for your training costs if you leave within two years and is this negotiable?


What should you expect from them in terms of non-compete?  


In relation to the non-compete, if you left hem in say 3 years, would you be allowed to work in the industry for another company or does their non-compete hinder this?


Thanks for your replies.  

Aug 4, 2005 5:00 pm

Josey, you ask the same question that a lot of folks ask in this forum and that would be better answered by a lawyer.


The short answer is that AGE probably doesn't want the public to see them aggressively pursue a rep. Especially, during the roll-out of their new marketing "nest egg" endeaver. But, for that matter, there is plenty firms don't want the public to know; that's why we have non-public binding arbitration. 


The long answer, the one that you will have to answer for yourself,  has to do with your relationship with your branch manager. Wirehouses keep themselves somewhat at a comfortable distance from reps through the branch manager. This person is responsible for compliance, arbitration, training, recruitment and typically oversees the firm's interests. Autonomy over your book is the bone they throw this dog. As you say "Buzzards gotta eat". It will more than likely be the manager's decision.

Aug 4, 2005 5:44 pm

I don't know about Edwards' training contract, but I assume there's a repayment of costs (usually pro-rated) if you leave within "x" time. 


A good thing about Edwards is that they don't (or at least haven't, unless they changed recently) have a non-compete/non-solicitation provision in their regular contracts.  That, of course, is rare in our industry. 


Frankly, I wouldn't be worrying about the details of a training contract now if I were you.  You should be focusing on trying to get an offer.  Re trainee contract, if you really need to know now, try asking one of the recent trainees in the branch.  This is not something to be asking of the manager before you have an offer.

Aug 7, 2005 5:07 pm

Careful Big Guy. They will inforce this contract. I was in MGMT with them and we always went after a guy if they stayed in the industry.




Aug 10, 2005 9:21 am

People ask this question since we all hear that mgmt locks you in.. ML will make sure you dont get clients when you leave and all the other comments.


So now the new generation after seeing how corupt the industry is thinks damn I have to be sure what I am getting... Before I think it was blind luck when people joined.. They went with what mgmt was saying and they were screwed.

Aug 11, 2005 3:35 pm

Amen!, executivejock


A Long time ago I worked for a firm that was based in St Louis and ruled by a man who followed the golden rule. The old man stepped down, the sons left the throne vacant and the golden rule seemed to become, whomever makes the gold, makes the rules. Soon, the company that never had a layoff or product quotas started layoffs and production quotas. (product/production what's the difference to a client during a bear market?)  I left. My point is that regardless what a firm tells you they are when you join, everything changes and the only constant is what is on the paper you have signed.


Contrary to an earlier post, the new generation is right to worry about the details of a training contract. If those forms meant nothing why would they have you sign them? Good on you, Joseywales and others like you who look before you leap. The industry will be a better place with you; as long as you are as thorough with a prospectus for your client as you are with potential contracts for yourself.

Aug 12, 2005 12:45 am
HoughBomont:

Amen!, executivejock


A Long time ago I worked for a firm that was based in St Louis and ruled by a man who followed the golden rule. The old man stepped down, the sons left the throne vacant and the golden rule seemed to become, whomever makes the gold, makes the rules. Soon, the company that never had a layoff or product quotas started layoffs and production quotas. (product/production what's the difference to a client during a bear market?)  I left. My point is that regardless what a firm tells you they are when you join, everything changes and the only constant is what is on the paper you have signed.


Contrary to an earlier post, the new generation is right to worry about the details of a training contract. If those forms meant nothing why would they have you sign them? Good on you, Joseywales and others like you who look before you leap. The industry will be a better place with you; as long as you are as thorough with a prospectus for your client as you are with potential contracts for yourself.



Actually Tad tried to hold the throne for a while but he just couldn't hack it.....

Aug 15, 2005 8:51 pm

Well now I feel like RUSH LIMBAUGH.. AMEN. :)


Thanks for compliment... JOE D and MELO sorry for the name confusion. I work and live in 2 states so my forth computer did not have the auto login.. SO I created a new account.

I think in general when one is young and iggnorant they are open to be abused. When money or family is involved its more probable that you could be screwed. So smart people who are not to desperate for a job make sure they know what their getting into to.

So in the end read this forum and do your homework.

Aug 16, 2005 12:39 pm

This is good advice to everyone in any industry...  If you don't plan on staying with a company for a long time and making yourself successful, then don't join the company.  If you follow this advice, you don't need to worry about contracts and non-competes.


Research the company, and go where you feel you can be successful.

Aug 16, 2005 12:41 pm

My thoughts exactly Kargon.  Why would you put yourself or your clients in a position like that.  You work your hardest in your first couple of years.  Why go to a loser?

Aug 16, 2005 7:48 pm

As far as all the non-competes go, the FACT is that if clients like you
and the service you provide to them, they will follow you to the ends
of the earth.



There are all sorts of "let's sell them an annuity to make a big fat
commission" types of people out there.  But a long-term,
client-focused relationship has value to the client.  No
non-compete agreement can take that away.