Leaving Ed Jones

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Apr 28, 2008 5:27 pm

Has anyone ever left jones before attending KYC? Sounds dumb I know, Im just wondering if it has happened. Also if you do, and you leave the industry entirely, do they come at you for the training cost? I can't imagine they demand you repay $75,000 when at the most its cost them a couple thousand up to this point.

Apr 28, 2008 5:42 pm

Jonesrep, I doubt they would come after you for compensation, if you leave the industry.  Make sure you leave all your material at the RL doorstep with a form letter, which should read as follows.


Dear Regional Leader,


I want to thank you for this wonderful opportunity to walk around my community and knock on unsuspecting prospect doors.  I will not come after you or your network marketing company based on the abuse I received while knocking on these doors.  The gunshot wound to my ass will heal and the bruise on my head from an elderly ladies cane is almost gone.  Again, I want to thank you for this once in a lifetime opportunity to make millions of dollars as a top producer, pushing American Funds onto everyone.


Sincerly,
 
Mr Jonesrep
Apr 28, 2008 5:46 pm

Why would you leave before KYC? 

 
Call either your SST or your RL, maybe both, and tell them you want to quit.  I would guess that they aren't going to go after you for training costs since you'd be leaving the industry.  And you're correct, they haven't spent a lot of time or money on you at this point.  If you're going to leave, do it now before you waste a lot more of both. 
 
My apologies if this sounds crass, but it seems we have a lot of those types of questions on this forum these days.  Perhaps recruiting needs to de a better job picking the noobs.  Good luck with your new endeavor.
Apr 28, 2008 6:58 pm

[quote=jonesrep]Has anyone ever left jones before attending KYC?QUOTE]

 
I'm thinking about going with EJ so I'm curious too why you're thinking about leaving before KYC?  What's it been like up to this point (pros/cons)?

Thanks and good luck with whatever field you decide to go into!
Apr 28, 2008 7:05 pm

I am thinking of leaving because I just think I made a mistake coming on. I told myself I could just get through the door knocking, but I dont think I can. It may work for some people, but I'll never be comfortable with it. Its a lot easier to say that you can get through it, then actually doing the work of getting through it. That being said, Jones seems to have an outstanding training program for the 7 and 66. I came in with a business degree, so it was completely greek to me, but for the most part it was new information. I passed the 7 no problem. I just have serious doubts as to weather or not I can doorknock.

Apr 28, 2008 7:07 pm

*I meant to say "i came in with a business degree, so it WASNT completely greek to me. sorry for the typo.

Apr 28, 2008 7:36 pm

Also, during the hiring phase I did the surveys and it was ok. I mean it was not in any way enjoyable, but I felt that I could just get by. My advice to anyone completing those surveys; when you finish them, really look back and think about how you felt doing them. If you had no problem, then go for it, Jones will be a great place. If you had hesitations, then really look at the options. Again, is it unheard of to leave before KYC? I want to make sure I do the right thing.

Apr 28, 2008 9:41 pm

This job is about prospecting and selling. I've been with Jones for a couple years now and I still hate prospecting as much--or maybe even more--as I did the day I knocked on my first door. The  beginning of a new month means the search for new money, and new clients, begins anew.

 
If you have reservations now, I'd suggest you get out. There are many, many other careers out there from which to choose.
 
Good luck.
Apr 28, 2008 11:31 pm

Jonesrep, while your honesty to yourself is noble and should be an example to most, may I ask why you wouldn't just give it a shot and see if you truly had it in you? There is a chance that you will find an inner strength you never knew you had to handle the prospecting. But if you fall flat on your derriere, you'd be no worse off than you are now.



I am at the same point you are; about to take the 7. The clouds are looming in the distance and, yes, my anxiety is starting to build. But I'd rather take this challenge head on instead of sitting around later in life wondering if I had the testicular fortitude to master this industry.

Apr 29, 2008 12:14 am

NOLA, you speak as if being an FA for Edward Jones is a legit job... 

Apr 29, 2008 9:33 am

Bottom line for the newbies....They come in to this profession with a skewed view of what the first 5-10 years really looks like.  They like to think they will automatically be thought of as a professional, equal to a lawyer, CPA etc...  When in reality they're no more than a prospector making dk after dk after dk and call after call after call.  Everyday you come in, if you have an office, you have a call list with names you don't remember or a street to dk.  The newbs daydream about new people walking through their door with 400k rollovers, every cold call will be pleasant with new accts everywhere.  THe first few months are scarry and exciting, opening new accts with 2k in them.  You have a small salary, just enough to keep you from totally drowning, but not enough to be comfortable.  And then the reality of what you're doing sets in...You make a few calls, someone says.."would you take me off your damn list and quit calling me"...and you get pissed...you stop making calls that day.  The next day comes and you think,,I will head out and dk...you knock on 20 doors and talk to 1 person, and ederly man who can't hardly hear and thinks you're selling vacuums.  You walk straight to your car and head back to the office.  Your assistant, if you have one, says..Ms soso called and got her statement, and is scared because the bond you sold her is down by 15% the first month and wanted to make sure she could get her principal back.   You call her back and try to calm her with ...its A rated, very secure...and then to appease her you make that fatal statement...its guaranteed to pay principal back.  YOu are starting down the road of failure.........You look at the market and its down 300 pts and the BAC stock you sold to a farmer at 50 is now 35..and the banking crisis is in full swing.  AND...he's waiting to meet with you....meet with the farmer..he cashes out...says the bank is running  a great rate and will go there...and then...www.monster.com

Apr 29, 2008 10:03 am
bspears:

Bottom line for the newbies....They come in to this profession with a skewed view of what the first 5-10 years really looks like. They like to think they will automatically be thought of as a professional, equal to a lawyer, CPA etc... When in reality they're no more than a prospector making dk after dk after dk and call after call after call. Everyday you come in, if you have an office, you have a call list with names you don't remember or a street to dk. The newbs daydream about new people walking through their door with 400k rollovers, every cold call will be pleasant with new accts everywhere. THe first few months are scarry and exciting, opening new accts with 2k in them. You have a small salary, just enough to keep you from totally drowning, but not enough to be comfortable. And then the reality of what you're doing sets in...You make a few calls, someone says.."would you take me off your damn list and quit calling me"...and you get pissed...you stop making calls that day. The next day comes and you think,,I will head out and dk...you knock on 20 doors and talk to 1 person, and ederly man who can't hardly hear and thinks you're selling vacuums. You walk straight to your car and head back to the office. Your assistant, if you have one, says..Ms soso called and got her statement, and is scared because the bond you sold her is down by 15% the first month and wanted to make sure she could get her principal back. You call her back and try to calm her with ...its A rated, very secure...and then to appease her you make that fatal statement...its guaranteed to pay principal back. YOu are starting down the road of failure.........You look at the market and its down 300 pts and the BAC stock you sold to a farmer at 50 is now 35..and the banking crisis is in full swing. AND...he's waiting to meet with you....meet with the farmer..he cashes out...says the bank is running a great rate and will go there...and then...www.monster.com





So what's the downside??

Apr 29, 2008 10:57 am

The Series 7 is a joke. You ain't seen nothin' yet.

 
(But to get a small taste of what is to come, re-read bspears's last post a few times.)
Apr 29, 2008 11:05 am

boss - did you come onto this forum just to start an arguement?  On your second post you question the legitimacy of an EDJ FA?  What gives?

Apr 29, 2008 11:06 am

I understand how difficult this field is...sales in general is difficult. I, myself, will be taking the Series 7 in May and will be selling by July. I look forward to the challenge of building my "own" business. My opinion is that this is probably one of the best times to enter this field based on the number of baby boomers nearing retirement and the current state of the markets/economy. I feel that there is a lot of opportunity. Agree?

Apr 29, 2008 11:54 am
 
to coat tail off the original question.  i left before my 36 mon. was up, got a letter demanding training cost of some $28k, and had a lawyer send a response (my defense was that i actually, when all said and done, got terminated by a gp over the phone after i told him i'm switching firms).  this was over 3 months ago.  anyone know if they'll respond if you're off the hook?  if so, how long does it take?  how long would it take for a rebuttal on their part if they're not dropping it?
Apr 29, 2008 12:50 pm

I have not been a memeber of this forum very long,just lurked for a long time. It seems to me after getting hired by Jones the next step is to leave! I am on my second year with the "FIRM" and also looking at the back door.I am doing fine production wise but i am starting to feel like I am on the Truman show. Just an Observation

Apr 29, 2008 12:56 pm

Yes and no...What you will find is the theory based on numbers retiring would be correct, but the theory that the majority have any significant savings would be wrong.  THe opportunity at this time is to work with individuals who are at odds with their current advisor, looking to make a change.  Now, because the brokerages have been ramping up because of the "enormous opportunities of the boomers retiring", you will find these individuals have been called upon by SEVERAL other advisor's.  Its like any industry..such as...Golf.  A tremendous amount of golf courses have been built in the last 10-15 years because of an early uptick in people playing.  Now you have a bunch of courses slashing prices to attract players.  Who wins...the players...but then again if the club can't stay open because the boomers only want to pay a small fee to play because their on "FIXED INCOME", they lose.   Because the fees have been pushed down, if the owner or club tries to raise prices, it meets with a tremendous amount of disatisfaction and movement to other clubs.  So what you end up with is a bunch of unkept clubs, poor greens and fairways needing care. In essence a bunch of competing advisor's slashing prices, no service and mediocre asset base. THE real opportunity in this business was in the 80's...now its like real estate agents..to many agents and to few buyers....Look around your area and count how many do what you do.  Now as a newbie..you may think.."I'm different and I'm willing to work hard"...but so do all the others...I would think LONNNNGG and HARRRDDD at this segment before you jump in....

Apr 29, 2008 12:56 pm

Yooper,



Can you elaborate as to what gives you this "Truman" feeling?

Apr 29, 2008 1:10 pm

Spears, I must say, these were two of the better posts I have seen from you in a long time.  I think you hit the nail on the head.  More newbs should read this BEFORE getting into the business.