Jones Contract/Other Options

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Apr 23, 2008 9:20 pm

A lot has been said on here about the contract FA's sign with Jones. I have read mine numerous times and found when I spoke to other JOnes FA's that they didn't realize what they were signing so please be aware I've done more due diligence than the average newbie at Jones. Also, I'd like to preface this topic by saying that I have reviewed past posts and could not find an answer that addresses my questions, which are as follows:

 
-The 3 year/$75k repayment of training costs reads in the contract as being effective as of the CAN SELL DATE - does that mean someone can go through the initial training, pass the tests on jones dime, prospect, and then decide to jump ship for another b/d a week before their CAN SELL (Aka eval/grad) and be off the hook for repayment?
 
-IF SO, since not officially licensed to do business before the can sell, would the fact that one took their s7 and s66 successfully (passed), would the licenses be valid if switching to another firm?  In other words, once you pass those exams, are those "passes" with you for the rest of of your career?  I understand there is a 90 day waiting period from when you pass the exam until when you can officially act as an Agent/Advisor/Etc. 
 
My thought is this - Jones is a great firm for beginning, however, in my situation, it may not be the right fit for me. Perhaps the firm is great and their methods work fine, but with all that said, it's just not for me and i had to get this far with EDJ to realize that. I'm not out to bash jones or say their methods don't work. But If I want to take a safer route and go to say Wells Fargo, I'm just pondering the ramifications.....
 
 
Any thoughts?!
Apr 23, 2008 11:22 pm

Whether or not you can 'weasel' your way out of it is not the issue. If you have already signed, you've made a commitment, and the conditions of said commitment were spelled out very clearly and required your acknowledgment via a signature. Being less than six weeks in and already looking to abandon your commitment says a lot about you as a person.



Apr 24, 2008 10:37 am

Why isn't Jones right for your situation?  Wells Fargo is a fine bank I suppose, we don't have many in my neck of the woods.  What's so different about the bank other than you they are supposed to be finding your prospects for you rather than you putting the blood, sweat, and tears into it yourself?

Apr 24, 2008 11:37 am

I agree with NOLA.  If your having these doubts, then why sign the contract?  Go somewhere else. Nice and simple.

Apr 24, 2008 1:38 pm

It sounds like he passed his exams already, so he must have signed contract months ago.

 
Goldfinger - you have already made up your mind.  You are never going to succeed at Jones because you already decided that.  I would simply resign and drift away.  I doubt Jones will come after you, since you have not even started producing, but I would at least address this with WF before you resign.
 
I don't like the idea of someone doing this after a few months, but you have already made up your mind...
Apr 24, 2008 3:05 pm

If you leave before your "can sell date" that part of the contract(3 year/ competitor) would not apply as you never got to that point, IMO.  

Apr 24, 2008 3:26 pm

Why don't you ask someone who might actually know, like your RL or your ATL.  If you're going to leave anyway, what damage do you do by asking the question?  If you decide to stay, then no harm no foul.  If you get the answer you want, leave.   Getting advice from people who have ZERO ability to control what happens if you leave is pretty pointless.  

Apr 24, 2008 3:28 pm
maxim1010:

If you leave before your "can sell date" that part of the contract(3 year/ competitor) would not apply as you never got to that point, IMO.  


It's a contract.  Your "opinion" is both irrelevant and wrong.  Using your logic firms could pay trainees a salary for several months and pay for their exams.  Once licensed, but before going live, they leave and you think the terms of the contract would suddenly and magically "not apply?"  You're sadly mistaken.

I have read mine numerous times and found when I spoke to other JOnes
FA's that they didn't realize what they were signing so please be aware
I've done more due diligence than the average newbie at Jones.

Goldfinger, the time to read the contract and do due diligence is BEFORE you sign the contract, not after.  How your due diligence (such as it was) compares to the average Jones newbie is not pertinent.  What is pertinent is the contractual terms and the two parties adherence to them.

You ask about ramifications if you leave after having signed a contract and received the training EDJ promised to get you licensed?

The ramifications I'd expect is that Jones will likely seek to enforce the terms of the contract.   You leave for a competitor where you will transfer and use your licenses, expect to pay.   If your new employer is not willing to absorb those costs for you (and why would they if you bring no clients/revenue with you?), you will be on the hook to buy yourself out of it.

I hope your due diligence for your next job better is more thorough than it was for this one.

Apr 24, 2008 4:55 pm

Thanks for all of the replies. I must admit I feel like a complete ass after going back and reading my original post. I definitely worded that wrong and put the wrong message across. This may not change peoples opinions but then again, this is just a message board and much like the would be prospects that slam doors on our faces, you just have to shake it off and move on. right?

 
In hopes to salvage my stance and this post...the purpose of the post was to get clarity on the contract (out of pure curiousity) by pointing out that virtually NO ONE i talked to with Jones remembers a lick about their contract or the fact that there are indeed ramifications (no duh right? why wouldn't any firm want to keep people on the hook?) should one leave and go to another firm. That surprised me. I know, FOR THE MOST PART/TO MY SASTIFACTION what I was signing. Despite how my initial post read, I'm definitely not one of those "But I never knew this would be so tuff, wah wah wah..." people.
 
At a new FA meeting, I got into a lengthy convo with someone about this which made me refer to my contract (which I spent a great deal of time on with a lawyer, etc before signing) because this guy posed a great point - "the contract reads effective my CAN SELL - If i bail for (in his case) wells fargo before the CSD, they've got nothing on me." Thinking I knew my contract well, I still doubled checked and in turn, started a post. Pure curiosity.
 
MY PERSONAL SITUATION - im doing well with Jones. It's not a perfect company but I think it's a more than fair way to start a business in regards to intial output, culture, assistance, etc. I was simply surprised to see, from my view, that Jones was left unprotected from someone going AWOL before their Can Sell. I may always be skeptical because it's tough to think that you can build a business by doorknocking, but I am committed in my decision to prosper with Jones and in my career.  Anyway, I fear I've destroyed any credibility on this board but I hope we can chalk it up to a very poorly worded intial post on my part.
 
Good to know that Jones has recourse should someone bail like that, even though the contract seems to read otherwise (my attorney/family friend/previous RIA) had also read the contract the way I did/interpreted it so again, I was just here for clarity.
 
Sorry to have been a pest and thanks again for the replies!
Apr 24, 2008 5:09 pm

No need to apologize or worry about destroying credibility here - you're still far from that fate!  Apologies if my comments came across as curt, but there are so many who come here essentially asking us to tell them that black is white simply because they so badly want things to be so. 

A couple last comments.  If you had your contract reviewed by an attorney you are far ahead of most, and I applaud you.  More to the point, that attorney should be perfectly situated to advise you on your questions, as they rest of us here (a) are not attorneys, and (b) have not read your specific contract.  While what I said applies in general in this industry, the only important thing is what your specific contract reads, and your attorney should be best able to advise you on that point.  You paid for his help, go ahead and use it.  Most will not charge you again if you are asking for clarification of a particular clause.

Good luck, goldfinger.  And watch out for James Bond.

Apr 24, 2008 5:17 pm

Does anyone know what the payout to the fa  is on a 3 net bond at Jones?

 
thank you
 
Apr 24, 2008 5:46 pm

I have an idea:

 
Make up some brochures for Goldfinger Lawn & Landscaping.  Give them to the other Jones brokers in your area and tell them you do this business on the nights and weekends and you'd appreciate having them as a customer.  Then, when one of them rats you out, you're free to go to Wells Fargo. 

jk, that's probably not a smart way out of it (although it may work) 
Apr 24, 2008 7:54 pm
IsOldSpiceRightForMe:

I have an idea:

 
Make up some brochures for Goldfinger Lawn & Landscaping.  Give them to the other Jones brokers in your area and tell them you do this business on the nights and weekends and you'd appreciate having them as a customer.  Then, when one of them rats you out, you're free to go to Wells Fargo. 

jk, that's probably not a smart way out of it (although it may work) 
 
Spice, I thing I have your answer, Old Spice is not doing the job as your posts generally stink.
Apr 24, 2008 9:29 pm
[/quote]
Spice, I thing I have your answer, Old Spice is not doing the job as your posts generally stink.[/quote]
 
Are you saying old spice isn't for me?    Seriously though, what are you saying?
Apr 24, 2008 9:32 pm
IsOldSpiceRightForMe:


Spice, I thing I have your answer, Old Spice is not doing the job as your posts generally stink.[/quote]



Are you saying old spice isn't for me?    Seriously though, what are you saying?

[/quote]





That your joke sucked

Apr 24, 2008 10:35 pm

I still think it was a good one. 

Apr 24, 2008 10:36 pm

Most people can't smell their own stink.