Edward Jones Contract
I recently just left Jones after 6 months for a number of reasons. I know in the contract there was a three year non compete as well as a 75k fine if you use your licenses elsewhere. Just wondering if anyone has actually had any experience with leaving and dealing with these issues. I would like to be able to use my licenses elsewhere mainly to become employable without worrying about Jones coming after me. I dont need to get sued for 75k that I dont have as well as be employable somewhere else within the industry being able to use my licenses.
They said you cant use your 7 or 66 at another firm?? I understand the non compete, but how can they take your licenses away?? We had a Jones Advisor come to our office a few years ago and there was no issue with her licenses coming over, but a few of her Jones clients came over to and jones threatened to sue her so she left.
They dont take them away just if you were to use them elsewhere you have to repay the “training fees” which they value at 75k. Did she threatened to get sued because she brought clients over? I am cutting all ties with everyone at Jones I want to leave in peace and let me go on my way.
So you have to pay back the training salary they give you and a lot of other fees. Thats terrible. She got threatened. She notified her clients at Jones she was moving and a few of the cliens did move. Once Jones found out they sent her a letter and said theres a noncompete agreement we will sue you so she got out of the business. Works at a bank now I think… I know its crazy. They try to trap you there. You have to be very careful how you leave.
If you want to leave EJ just get yourself fired. I’m pretty sure that if you just get fired and move to another firm you don’t have to pay the $75k in training fees. Can anyone correct me on this?
first off…it is a non-solicit. per the contract you are not to solicit old clients for 1 year. you can take your licenses to another firm, just be prepared for them to come after 75k for ‘training costs’