Final Paycheck from Edward Jones

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Nov 2, 2005 5:36 pm

For those of you who have left Jones during the 1st year. Did you recieve a prorated portion of your last months salary or did they stiff you?

Nov 2, 2005 5:39 pm

I should clarify that question. I was already licensed, but still receiving a salary along with my commissions. I don't expect that they will pay me any commissions, but believe they should pay me the salary.

Nov 2, 2005 7:38 pm

Just guessing on my part, but look for them to "stiff you" for the prorated portion of your salary. I would imagine that they consider your "salary" their "training expenses" and since you left, they're no longer obligated to pay you for training.


In fact, they may come after you for what they've spent to train you, up to this point. If I were you, I wouldn't push the issue or else they might get vindictive and set their attorneys on you.


Just my opinion.

Nov 2, 2005 8:08 pm

Getting stiffed is a small price to pay for your freedom...that's what I kept telling myself when I left.  Three months later, that price seems REALLY small...

Nov 2, 2005 9:15 pm
doberman:

Just guessing on my part, but look for them to "stiff you" for the prorated portion of your salary. I would imagine that they consider your "salary" their "training expenses" and since you left, they're no longer obligated to pay you for training.



In fact, they may come after you for what they've spent to train you, up to this point. If I were you, I wouldn't push the issue or else they might get vindictive and set their attorneys on you.



Just my opinion.





It's clear you are not familiar with the Jones contracts. If you leave the industry completely the "repayment clause" does not apply. I don't think I am pushing any issue by asking to be paid for work performed.

Nov 3, 2005 9:09 am

NYSE05 -


Honestly, I got more than expected when I left. I was with Jones 18 months. I got any pay that was owed to me, plus about a thousand bucks form the pension program, which you are vested from day one. I would be surprised if they stiff you.


Leave on good terms - "Wall Street is a small street" You never know who you may need on your side 5 - 10  years from now. I know a guy locally, worked for Jones years ago, left to go to Merrill, 3-4 years later, took over a Jones office in his town with 60 million in assetts. Being in this business is like playing for the NFL. Players and coaches are traded, and drafted, and move around. Some teams are better than others, but an individual may have a better chance at reaching there full potential........with not necessarily the "obvious" (did I spell that right indy?) choice.

Nov 3, 2005 11:34 am

Thanks for the reply Money. As of now I am on good terms with everyone at Jones. My check is due tommorow and as long as I receive it I will still be on good terms. If I don't receive it then I'll be making a phone call to see what's going on.

Nov 3, 2005 7:40 pm

NYSE: It's clear you are not familiar with the Jones contracts. If you leave the industry completely the "repayment clause" does not apply. I don't think I am pushing any issue by asking to be paid for work performed.


------------------------------


You're right, I'm not familiar with EDJ contracts. However, in my defense, you did not mention in your initial post that you had left the industry.

Nov 3, 2005 8:13 pm

"You're right, I'm not familiar with EDJ contracts. However, in my defense, you did not mention in your initial post that you had left the industry."



That's true....I had a thread on it a while back. Guess I just assumed that everyone read it and remembered Sorry about that.



Tommorow is "payday" I'll let you guys know what happens.

Nov 4, 2005 12:14 pm

Update:



I received my paycheck throught direct deposit today.   

Nov 6, 2005 8:13 pm

Congrats.


Welcome to the dark side. DId they send you a threatening letter from an attorney in St. Louis yet??

Nov 6, 2005 9:01 pm

No threatening letters yet. I've been out for over a month now so maybe I will not actually get one.

Nov 6, 2005 10:25 pm

Hey man.. I would be careful about what you post here. I am sure any EJ person could research who recently left in St Louis. Then since you are posting about getting an extra check they go after you to make a statement.

Nov 7, 2005 8:06 am

I didn't get an EXTRA paycheck, I got my FINAL paycheck. It was rightfully mine. I do agree with you about being careful though and thanks for the advice.