EDJ - Training Question

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Mar 17, 2008 12:11 pm

Hi everyone,

I accepted  a job with EJ - but I don't  start  training until May. A few people in my small town are already interested.  A friend invests with Wachovia right now, and they reported that Wachovia informed them that they wouldn't start a college investment account for the grandkids(?). Is it safe advice to tell people to put money into a CD for 6 months until I'm trained? I want to keep the interest, but not give bad advice! What do you think?
rc
Mar 17, 2008 3:11 pm

It's not safe for you to advise them to do anything.  Trust me, you do not want to start giving advice to people before you are licensed, especially in this type of market.  You don't know people until you deal with their money.  And you don't know their spouses, parents, friends etc.  All those people like to chime in.  And without being licensed, you are vulnerable.

My advice - let people know that you will be licensed xx/xx/xx.  If they would like to work with you at that point, that would be great.  Be honest - say "I can't legally give you advice right now, but as of xx/xx/xx I can".  But don't fall into the "off the cuff" advice trap.  Whether it's good or bad advice, you are not licensed.  And it's going to be at least 6 months until you are, so just sit tight.
Mar 17, 2008 5:37 pm

B24 hit the nail on the head.  When you are licensed, recomending suitable investments is your responsibility and in some cases your legal defense.  Before you are licensed you have no defense against litigation.

Mar 17, 2008 8:39 pm

I also should have told you - now is a GREAT time to start networking. Since you can't actively solicit for your future job, start doing volunteer work - get on boards, join the Chamber, whatever it is in your area that gets you cranked. But start now and get a head start meeting people and getting involved in your community. That will serve you better than anything else you could do right now (like reading "financial" magazines, books, etc.). This is a people business. Sorry, I know you didn't ask. I just offered.

Mar 18, 2008 8:32 am
richchick:

Hi everyone,

I accepted  a job with EJ - but I don't  start  training until May. A few people in my small town are already interested.  A friend invests with Wachovia right now, and they reported that Wachovia informed them that they wouldn't start a college investment account for the grandkids(?). Is it safe advice to tell people to put money into a CD for 6 months until I'm trained? I want to keep the interest, but not give bad advice! What do you think?
rc
 
Seriously, weren't you advised of what you can do/say until your are properly registered?
Hard to imagine that the training has gotten that lax.
Mar 18, 2008 9:01 am
compliancejerk:
richchick:

Hi everyone,

I accepted  a job with EJ - but I don't  start  training until May. A few people in my small town are already interested.  A friend invests with Wachovia right now, and they reported that Wachovia informed them that they wouldn't start a college investment account for the grandkids(?). Is it safe advice to tell people to put money into a CD for 6 months until I'm trained? I want to keep the interest, but not give bad advice! What do you think?
rc
 
Seriously, weren't you advised of what you can do/say until your are properly registered?
Hard to imagine that the training has gotten that lax.
 
She hasn't even been hired.  She doesn't even start the S7 training until May.  They have basically offered her the job, she has accepted and filled out paperwork.  Jones has no legal responsibility for her actions until she is employed by them.
Mar 18, 2008 9:35 am

RC, I've been getting a lot of "great...what do you suggest I do with $____?"  I have just been smiling and saying "nothing until I get licensed".  Brings forth a good chuckle.  It's good to get the word out that you will be getting into investments but like others are saying "no license, no advice".  It holds true of every licensed business.

Mar 18, 2008 11:27 am
She hasn't even been hired.  She doesn't even start the S7 training until May.  They have basically offered her the job, she has accepted and filled out paperwork.  Jones has no legal responsibility for her actions until she is employed by them.
 
B24 - good thing you aren't in Compliance. Once the paperwork is signed the oversight commences. 
Mar 18, 2008 11:31 am

I see why your called compliancejerk....

Mar 18, 2008 12:11 pm
compliancejerk:
She hasn't even been hired.  She doesn't even start the S7 training until May.  They have basically offered her the job, she has accepted and filled out paperwork.  Jones has no legal responsibility for her actions until she is employed by them.
 
B24 - good thing you aren't in Compliance. Once the paperwork is signed the oversight commences. 
 
You're right.  That's why I don't work in compliance.
 
You certainly live up to your name.
Mar 18, 2008 1:32 pm

Thanks everyone for your advice. I hardly think the conversations I've had so far could possibly be litigious - but I'm sure someone will just fire off a response about how wrong I am there. So I will trust the advice given. By the way, I just gave my notice to my engineering job yesterday and feel terrific. I'm 100% sure that I'm doing the right thing. If I didn't give it a shot, I would always have wondered if I could have made it with EJ or not. Is it the weekend yet? I'm ready to celebrate.

rc
Mar 18, 2008 2:01 pm
Broker24:
compliancejerk:
She hasn't even been hired.  She doesn't even start the S7 training until May.  They have basically offered her the job, she has accepted and filled out paperwork.  Jones has no legal responsibility for her actions until she is employed by them.
 
B24 - good thing you aren't in Compliance. Once the paperwork is signed the oversight commences. 
 
You're right.  That's why I don't work in compliance.
 
You certainly live up to your name.
 
Yes I am. 
Mar 18, 2008 3:22 pm
compliancejerk:
Broker24:
compliancejerk:
She hasn't even been hired.  She doesn't even start the S7 training until May.  They have basically offered her the job, she has accepted and filled out paperwork.  Jones has no legal responsibility for her actions until she is employed by them.
 
B24 - good thing you aren't in Compliance. Once the paperwork is signed the oversight commences. 
 
You're right.  That's why I don't work in compliance.
 
You certainly live up to your name.
 
Yes I am. 
 
That should be "Yes I do".
 
-GrammarJerk  
Mar 18, 2008 7:56 pm
You're right.  Yes I am
 
That's why I don't work in compliance. Thankfully
 
You certainly live up to your name. Yes I do 
Mar 19, 2008 6:12 am

FINRA is especially concerned about Jones newbies, because Jones is the only firm to get a special dispensation to allow doorknocking/training to be done with no Branch Manager at all--even prior to CSDate.