Leaving EDJ before Can-Sell

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Jun 18, 2008 3:05 pm

I am in desperate need of some guidance.



I have just completed EDJ's KYC class, and after a bit of full-time "cold walking", I had a sudden revelation. I have found something in my life that I am fairly certain that I just cannot do. The prospecting method leaves me feeling like an abandoned child, yearning for the attention of a friendly face. This is not something you can be trained to overcome, and no amount of dedication, ambition, or drive will help void this feeling of deafening silence.



After speaking with a good friend/current rep, he informed me of the employment contracts I have signed. Being fresh to the work force after years of education, the shear excitement of being offered a position at Fortune's #4 company to work for had me in a haste to sign all necessary documents and begin training.



After 2 weeks of forcing myself through purgatory, I have officially decided that it is time to move. Personal happiness is worth more than any paycheck, or so I believe at my current stage of life. However, I have some questions that I would like to ask you knowledgeable folk instead of the people at EDJ to deter any red-flaginess until I can plan out how to do this.



As far as I can tell after hours of reading, I have 3 options, and I'd like an opinion on them.



1) I can quit. Does quitting before my can-sell constitute me for the $75,000 charge? I have upcoming interviews with Vanguard (any comments?) and MS (ditto?), so the assumption is that I will be moving to another BD (I assume Vanguard counts? They require a 6 and 63, I hold the 7 and 66 as per EDJ). Also, do I lose my licensing? Obviously I'd rather retain them, as re-taking the exams just seems unnecessary. What else can I expect to happen if I voluntarily lay myself off? I wasn't sure if there is a difference if I have not obtained my can-sell yet. On the bright side, I was able to make this decision early on.



2) I can get fired. How bad would this scar my record? I've heard this voids you of all the fee's, and also allows you to transfer over your license. But there is just something about being fired that doesn't sit well with me. However, to cancel a $75,000 bill, I'd do much worse It seems too good to be true, what am I missing...



3) Someone informed me that I could potentially seek a psychiatrist and obtain a note, claiming an anxiety-disorder perhaps, and using this as grounds for quitting. They said this will legally void me of the charges, and make my exit fairly smooth. However, I think something like this would be put on my permanent records, and may make obtaining a new job fairly impossible (even more so than quitting?)



Situationally, I am 22 years old and fresh out of college. Graduated Summa Cum Laude (but I've been told that's only good for your first interview). So my biggest fear is that if I quit, most firms will look at me as a young failure. My options will be severely limited at that point. I am young, but I have a good head on my shoulders, and I am not remotely afraid of long hours or the pressure of sales quotas. I just happened to run into a debilitating emotion known as utter loneliness. There's just something about wandering the streets for 8 hour's a day without having a friend to smile with every once in a while...



This is my first post, but hopefully I have done enough reading to not sound like a complete newnew, although I am. Look forward to your responses, as I really need to begin to make some decisions.



Thank you all very much!

Jun 18, 2008 3:59 pm
As posted above.
It's two years... Tough it out, set yourself for the rest of your life. I'm sure it will get easier.
Jun 18, 2008 4:16 pm

Helpfull. Thanks



Jun 18, 2008 4:30 pm

If you go to a competitor, they may come after you.  If you do something other than financial services, they will probably let it go.

Jun 18, 2008 4:54 pm

If you drop your licenses, they will NOT go after you.  Just call your ATL and tell them you just cannot do this job.  However, you don't actually have your license yet (that doesn't come until Eval/Grad), so, you are home-free.  I believe you are not financially strapped until you actually get your can-sell date.  And even after that, they will only come after you if you try to go to a competitor with your licenses.  But don't quote me on any of this.

Jun 18, 2008 5:13 pm


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So you have decided that it is too hard and not much fun to do the cold walking thingy.  How are you going to feel about doing cold calling on the phone?  The deafening silence after the prospect hangs up on you isn't going to feel great either.  You are prospecting, not socializing.  Talk to your prospects!!  How in the world do you expect to get through life if you have to have a 'buddy' around you all the time?


Get over it.  Or as Feris said...grow a pair.  We ALL had to go through the prospecting part and we are ALL still prospecting.  That is part of being in this business.  The good news is that as you become more and more sucessful, the cold prospecting is less of your business and more clients will come from referrals.  This business is tough.  Man up.


On your other question.  You are screwed.  The company will expect you to pay back the training costs, especially if you chose to stay in the industry.
Jun 18, 2008 5:34 pm

Babbling is " right on the money " with comments. If you can't prospect face to face , it won't be anymore pleasant over the phone. At 22 , perhaps you just aren't ready , not a crime and maybe the industry is not for you?

Remember the phrase ....your first loss , is your best loss. If it's not for you, going elsewhere you are still going to have to prospect.
Jun 18, 2008 5:53 pm

Hi tooyoung:

 
I believe they will come after you if you leave voluntarily and go anywhere else in the industry for the next two years. You don't have a can sell date yet but you did pass the Series 7 and 66, so I think they can say the investment in your education has been spent.
 
I am curious as to how you got this far before you realized you weren't going to like prospecting. You had to do it prior to your face-to-face interview, right? You had a day during training where you were supposed to go do it (I believe Week 8), so what changed now?
 
I'd have to say, thinking you are going to jump from EdJ and land somewhere softer is wishful thinking. From what I've seen, Jones is one of the easiest places to get started.
Jun 18, 2008 6:15 pm

I wish everything was handed to me on a silver platter to.


Tooyoung, its sounds like you haven't even tried man. That nonsense about getting yourself fired and seeing a head shrinker is flat out comical and sad my friend. Take the training you have received an TRY.....TRY !

You are communicating the actions of failure. With this approach you will never succeed at anything you do. You passed all the tests, so you obviously have some kind of intelligence.


Jun 18, 2008 6:23 pm

I've interviewed many, many college kids and they all think getting the degree after four years of partying means they are now entitled to a trouble-free life. The real world wants results first, before it gives a damn how you're feeling.


 
Jun 18, 2008 6:45 pm
jtorgerson:

I've interviewed many, many college kids and they all think getting the degree after four years of partying means they are now entitled to a trouble-free life. The real world wants results first, before it gives a damn how you're feeling.


 
Amen.
Jun 18, 2008 7:04 pm

Getting a note from a shrink????  This is a new one for me.  Seems if you used that type of creativity to WORK you would be just fine.  If you go elsewhere in the industry, you owe training costs.  Period.  Although you could try getting a note from your mommy, that one worked in grade school.

Jun 19, 2008 12:01 am

Kid - at this point, your best bet is to quit and go find a nice salaried job outside the industry.  Jones won't go after you.  I would imagine even if you tried to get hired by a bank in a non-securities job, but "park" your 7, Jones would come after you.

 
Cancel the interviews - Vanguard won't care if you washed out at EDJ, but they won't pay for those training costs & Jones WILL come after you (they will settle for less than the $75k, but it will still be more than you can or should afford).  Another brokerage firm/wirehouse house/insurance company, etc. will view the washout as a kiss of death.  I can't imagine any would be willing to pay Jones training costs to get someone who failed. 
Jun 19, 2008 1:12 am

TooYoung,

    Don't feel bad about your situation.  I see it 70-80% of the time anyway.  I am very thankful that this industry has such a high failure rate, because if it didn't, everyone would be making 50k a year sitting behind a desk doing the same thing.  I did 2 1/2 years of doorknocking, coldcalling, and seminars, and now 14 years later manage over 150 million.  All from scratch, started at Jones at 24.  
    It's obvious you don't have the stones to do this kind of work.  Just chalk it up to you being in the majority....meaning only around 5% of the population can be successful at this career. 
Jun 19, 2008 1:54 am

Isn't it kind of funny to see all these college grads saying they graduated with 4.0's at the top of their class with some cum laude title?  That stuff wouldn't even impress me at all if I was interviewing them.

 
I would be willing to bet that the people who have the most people skills and are extremely well-rounded were average students, something around a 3.0.  These people are best suited for what we do. 
 
The 4.0's will find something, maybe an analyst position, but I have to believe more often than not, they are disappointed in the tough work, made tougher without great communication and people skills on the retail side.
Jun 19, 2008 2:12 am

Man up and get better at talking to people.....of course it sucks but the longer you stay the less you are out door knocking.  Or quit be a failure and leave more clients for the rest of us.

Jun 19, 2008 3:18 am
Ferris Bueller:

4) Grow a sack, man up and do the cold walking, be a success and make lots of money.



Have to agree with Ferris, I don't work for EDJ and never have but I've been around long enough to know that the successful people never do things that are "comfortable" at least at first.  Put in your time and I think you'll be happy, what do you have to lose?

Jun 19, 2008 7:35 am

You can't be trained to overcome your emotions?



That just sounds like an excuse to be lazy. Look, if it's not working for you, look at alternative methods.



Use the brain you have (which you graduated Summa Cum Laude with) and put that same dedication an energy in to building a book. Really.



Go through the posts on these boards. There are a lot of smart, hard-working people here that can help. Read posts from guys like Spaceman Spiff, Morphius, The Judge, Roadhard. Also, look at alternative ways to earn business.



By the way, people overcome their emotions all the time. Overcoming your fear is courage. Courageous people win the war.



And if your upset by the people giving you some "tough" advice on here, suck it up.



My advice: Take a knee, drink some water, suck it up and DRIVE ON!

Jun 19, 2008 11:17 am

Ouch. I suppose after rereading my post I deserved some of that. I cannot blame you for making assumptions, as all you know of me is a single post. But it is also unfair to prejudge me so harshly. There's a psychological theory known as the fundamental attribution error, in which when one makes a mistake, they blame it on their situation, but when they see someone else make a mistake, they tend to blame it on the person. For example, a man is speeding and cuts you off -- many would think this guy is an asshole. It doesn't cross most people's minds that perhaps his wife is in labor, or he's late for the most important meeting of his life, etc. etc.



Anyway, like I said, I don't blame you guys. But it is unfair to assume that I need to grow some nuts and go balls to the wall and get through this. I have been doing that my entire life. I was raised in the inner city, where crime and poverty were as normal as the french eating cheese. In my life, I have witnessed my father's dead body after he committed suicide in his apartment when I was 14, because he was an alcoholic and tried to rape a little girl and lost everything he had in life (and no, I don't feel sorry for him). At that point, I was forced to work full-time while struggling through high school so I could pay some of the bills. I've been through points without water, electricity, or food for months at a time. I've eaten raw onions because there was nothing else left. I've been stabbed for lunch money. I was privileged enough to witness my friend get shot in the chest and die as he bled on the street. I am fortunate enough to have a lesbian for a mother, I suppose my dad really did something to her mind. I've had 3 friends die from drug overdoses, and more than 5 become victims of crack cocaine addictions, which left them as itchy, homeless, feigns.



But I did what you guys suggest. I grew some balls, and got through it. I put myself through high school, and eventually college, on my own sweat and money. I have been going at it full speed since early childhood, and to be honest, it is really unnecessary for you all to assume that I am some hand-me-down smart kid with good grades in school who doesn't want to work. I know what life is like. I am not that smart, I busted my butt to get those grades while working full-time so I could have the opportunity to better myself; something that I was not fortunate enough to just be born into. I pray to God every night to rid my mind of the things I have been privy to, but I kept moving forward.



I do not know what it is about door knocking that hits me so hard. You are right, I should just do it like I have done my entire life. But after 3 or 4 days of it, something hit me. Whether it be connected to my past or a newfound feeling, it is debilitating. Perhaps the feelings of loneliness were the last straw for my mind after all it has seen, but I swear to you all, I do keep trying. And I keep failing. It hurts me more to know that I am going to fail for what seems like such a minute reason after everything I have done to get myself here, than anything else I have ever experienced. It is tearing me apart. I keep trying, and I keep failing. I did not cry when I saw my father's body, yet tears stream down my cheeks over this.



I am sorry to have offended you all by being a failure, but rest assured, it's not something I make a habit of. And for those that offered some answers, thank you very much.. I now realize everything I have worked for is going to be taken away by a haunting past. Enjoy your lives, I'll go back to being an anonymous reader. I wish you all great success.



Kudous   

Jun 19, 2008 11:24 am
snaggletooth:

Isn't it kind of funny to see all these college grads saying they graduated with 4.0's at the top of their class with some cum laude title?  That stuff wouldn't even impress me at all if I was interviewing them.

 
I would be willing to bet that the people who have the most people skills and are extremely well-rounded were average students, something around a 3.0.  These people are best suited for what we do. 
 
The 4.0's will find something, maybe an analyst position, but I have to believe more often than not, they are disappointed in the tough work, made tougher without great communication and people skills on the retail side.
 
I think it was Robert Kyosaki who once said:
 
"A" students work for "C" students. "B" students work for the government.