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Jun 8, 2006 11:20 pm

I'm currently working as a door to door salesman for Jones, and I'd like to leave and go to another firm, but I'm worried about the repayment of training costs clause in the contract I signed when I was hired.


I haven't yet reached my "can sell date" and the contract is so vague that it's unclear whether the clause would go into effect if I were to leave now, or what.  I've talked to a few other trainees (also considering bailing) about this, and we are all confused.  A few people have said the only way out is to get fired, as opposed to quiting, but I don't think I'm going to go and do that.


I'd appreciate any advice or info any of you have concerning this topic.


Jun 8, 2006 11:50 pm

If you leave now and go to another b/d you can bet they will come after you for the training costs.  When I was there they valued the training at $75,000 (must be because of the three weeks you get to spend at the luxurious Westport Plaza)


If I were you I would get some legal advice before jumping ship.  Otherwise it will be an expensive move.

Jun 8, 2006 11:55 pm

Try to look at some of the older threads on here.  There is a lot of information about these issues.

Jun 8, 2006 11:58 pm

Dont you get your can sell date 2 months after passing the 7?  What went wrong so quickly?  Please share some stories.

Jun 9, 2006 12:10 am
stuckatjones:

I'm currently working as a door to door salesman for Jones, and I'd like to leave and go to another firm, but I'm worried about the repayment of training costs clause in the contract I signed when I was hired.


I haven't yet reached my "can sell date" and the contract is so vague that it's unclear whether the clause would go into effect if I were to leave now, or what.  I've talked to a few other trainees (also considering bailing) about this, and we are all confused.  A few people have said the only way out is to get fired, as opposed to quiting, but I don't think I'm going to go and do that.


I'd appreciate any advice or info any of you have concerning this topic.




How can you quit before your can sell?? You knew the business was tough before you got involved and you already want to switch firms? How can clients express loyalty when you can't even stay at a firm for a few months?

Jun 9, 2006 12:31 am

It only took a couple weeks of "being in the field" for me to get the koolaid out of my system and see where this job is heading.  I don't want to waste 2 or 3 years before moving on to a better firm, like a lot of people do.  I do realize the business is tough, and thats not why I want to leave.  I'm actually performing just fine, and if I were to stay on, I'm sure I'd be the top performer out of my training class by far.  I just feel, after going through the initial training, that the company just doesn't have as much to offer an IR as some of the others.

Jun 9, 2006 12:35 am

Oh, and as far as the client loyalty concern, I'm not planning on taking any clients with me.  We aren't allowed to have "clients" at this point, just "contacts".  We can't even talk about financial topics with the people we come in contact with.  I'm not even allowed to give anyone any information (like phone number, address, etc) about me other than my name!

Jun 9, 2006 12:43 am
stuckatjones:

It only took a couple weeks of "being in the field" for me to get the koolaid out of my system and see where this job is heading.  I don't want to waste 2 or 3 years before moving on to a better firm, like a lot of people do.  I do realize the business is tough, and thats not why I want to leave.  I'm actually performing just fine, and if I were to stay on, I'm sure I'd be the top performer out of my training class by far.  I just feel, after going through the initial training, that the company just doesn't have as much to offer an IR as some of the others.



So you already know without selling anything that you would be the top performer in your class??


Wow..... you have washout written all over you and you don't even know it.

Jun 9, 2006 12:54 am

Hey noggin it sounds like you are a little bitter about something.  Could it be that you are still an IR at Jones, using a 56k modem to sell American Funds, working out of your basement, making nothing,  wishing you would have left a year ago?  Maybe your ID should be stuckatjones, not mine.  I'll take what you said to heart though.  Thanks for giving me a yet another great picture of an IR in year 2.

Jun 9, 2006 12:56 am

DISCLAIMER:  Although I was an attorney in my former life, you shouldn't consider this legal advice. 


That said, if you haven't even reached your can sell date, I doubt they will come after you.  A few of reasons for my, now, non-legal opinion. 


First, the old saying that you can't get blood from a turnip.  If you are a new broker, it's likely you don't have the $75,000 or any means to pay that any time soon.  Even attorneys understand basic math - if EDJ actually pursued this to conclusion, it would cost far more in legal fees than they would ever recoup from you.


Second, you haven't been through all of the training that they allege is worth $75,000.  Based on your post, all you have received from EDJ at this point is some study materials for the 7 and a small stipend.  Assuming EDJ did want to pursue this matter and eventually prevailed, it's very probable that their claim for $75,000 would be reduced significantly because you haven't received the full benefit (i.e. you haven't been through the full training program).


Third, EDJ has been in the news a lot lately for some apparently bad behavior.  Although it probably wouldn't get very far in court, just being able to bring these up and embarrass them does give you some leverage.


One thing you need to understand about attorneys, they send a lot of threatening letters that they never intend to pursue.  Letters are cheap for the client and even cheaper for the law firm.  But actually filling a lawsuit sets the billing machine in motion.


Good luck.

Jun 9, 2006 1:08 am

stuckatjones,


    I'm having a great chuckle reading your thread .  You really should look at a bank, credit union, or discount broker.  Not because these are good options, but because these are your only options.  If you can't make it 2 months prospecting, you definitely won't make it 3 years at any real firm. 


    Make sure when you leave you blame it on Edward Jones too.  Your failure had nothing to do with your inability to prospect.

Jun 9, 2006 7:37 am

I left Jones last November.  The contract states "3 years from date of registration with the NASD."  I can't exactly remember but I believe that is your can-sell date but it may be your hire date.

Jun 9, 2006 8:53 am

stuckatjones,


You have your contract, take it to a lawyer.  Bill Singer will advise you to do the same.


Your employer needs revenue. They have a law firm in St.L on retainer that handles all of EJ contract disputes.  If they go after someone with a $5 million book what makes you think they won't come after you?

Jun 9, 2006 9:12 am

They WILL come after you for something.  They didn't pay for you to get your S7 and then watch you walk out the door and take it to another b/d.

Jun 9, 2006 9:14 am

Remember, it's not always that they think they will get $$ from you.  It is often to use you as an example.  They realize that you will have to go hire an attorney and it will cost you dearly.  That's the way they operate!

Jun 9, 2006 9:15 am
rankstocks:

stuckatjones,


    I'm having a great chuckle reading your thread .  You really should look at a bank, credit union, or discount broker.  Not because these are good options, but because these are your only options.  If you can't make it 2 months prospecting, you definitely won't make it 3 years at any real firm. 


    Make sure when you leave you blame it on Edward Jones too.  Your failure had nothing to do with your inability to prospect.



Rank usually you and I don't see eye to eye, but I agree with you completely on this one....

Interesting your choice of words "if you can't make it 2 months prospecting(at Jones) you definitely won't make it 3 years at any real firm." Freudian slip, perhaps, but it implies to me that even you do not see Jones as a 'real firm'.

Jun 9, 2006 4:13 pm
stuckatjones:

Oh, and as far as the client loyalty concern, I'm not planning on taking any clients with me. We aren't allowed to have "clients" at this point, just "contacts". We can't even talk about financial topics with the people we come in contact with. I'm not even allowed to give anyone any information (like phone number, address, etc) about me other than my name!





This is because you are not licensed. At two months into prospecting with out a single sale under your belt, I find it humorous that you've had enough of the koolaid; are upset about not being able to give out a business card; and are looking for another firm. It is hires like you that give fodder to exdrone and the like.

Jun 10, 2006 10:50 am
Incredible Hulk:
stuckatjones:

Oh, and as far as the client loyalty concern, I'm not planning on taking any clients with me.  We aren't allowed to have "clients" at this point, just "contacts".  We can't even talk about financial topics with the people we come in contact with.  I'm not even allowed to give anyone any information (like phone number, address, etc) about me other than my name!



This is because you are not licensed. At two months into prospecting with out a single sale under your belt, I find it humorous that you've had enough of the koolaid; are upset about not being able to give out a business card; and are looking for another firm. It is hires like you that give fodder to exdrone and the like.


Then maybe you drones should stop hiring anyone that can fog a mirror. 


Jun 10, 2006 10:55 am

Find another job.  You are not cut out for the business with or without jones.  This should be the easiest time in your career, Just meeting as many people as you can each and every day. 

Jun 10, 2006 6:28 pm
joedabrkr:
rankstocks:

stuckatjones,


    I'm having a great chuckle reading your thread .  You really should look at a bank, credit union, or discount broker.  Not because these are good options, but because these are your only options.  If you can't make it 2 months prospecting, you definitely won't make it 3 years at any real firm. 


    Make sure when you leave you blame it on Edward Jones too.  Your failure had nothing to do with your inability to prospect.




Rank usually you and I don't see eye to eye, but I agree with you completely on this one....

Interesting your choice of words "if you can't make it 2 months prospecting(at Jones) you definitely won't make it 3 years at any real firm." Freudian slip, perhaps, but it implies to me that even you do not see Jones as a 'real firm'.


That's funny.


As for you stuck, go back to the wal mart jones recruited you from.  When you say things like I already know I would be at the top of my training class without ever selling anything, it is pretty clear to anyone who has been in this business that you aren't cut out for it.