Leaving Edward Jones before KYC

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Sep 18, 2008 2:56 pm

Does anyone know what sort of training cost you would incur if you left E.J. after you passed the series 7 and 66 exams, but before KYC.   I am having trouble getting registered with FINRA and to get the matter resolved it is going to take time, consequently my KYC date keeps getting pushed back.   I don't have the financial resources to keep pushing back my can sell date any more.  I wish to pursue a career in this field after I get my registration resolved with another firm. 
Thanks for any help you can give me.
R

Sep 18, 2008 3:05 pm

Are you a felon?

Sep 18, 2008 3:11 pm

No. It's a rather complicated situation and I can get the matter resolved, however it will take some time.  I just don't have the financial resources to continue at this point in time and I think another company will be a better fit for me.   

Sep 18, 2008 5:06 pm

Geez...Here we go again.

Sep 18, 2008 5:20 pm

So, you can't get registered with FINRA through Jones, but you believe another B/D firm will be able to get  you through quicker?  Seriously? 

 
OR did you mean another company outside the industry, ie Wal-Mart? 
 
If it's the first, you're fooling yourself.  By the time you get through their hiring process, you'd be better off waiting at Jones.  And they may go after you for some training costs, but I would think not the whole $75K that gets tossed around.  If it's the second, you shouldn't incur any training costs.  Good luck either way.
Sep 18, 2008 5:26 pm

Ha.   I know this topic has been extensively covered, but my situation is a bit different.   I am not officially a FA with the company.  You become an FA with the company when you reach your can sell date.  At that point (according to my employment agreement) for a period of three years you will be liable for the 75k training cost.  I have not reached that point and my employment agreement does not specify what cost you incur before your can sell date or what I would be liable for.  

Sep 18, 2008 5:31 pm

rand47... if you know as much as you claim then why ask the question? Seriously? Read your contract and have a lawyer review and advise you.

Sep 18, 2008 5:36 pm

I have contacted a lawyer (I'm waiting on his phone call) but I was curios if anybody had been through a similar situation.  I also have the paperwork needed to get registered, but have learned through this process that EJ is not the company for me.  

Sep 18, 2008 5:48 pm

Sorry that should be "curious"

Sep 18, 2008 5:52 pm

So it is more that you don't like doorknocking your knuckles bloody and calling on people 7 times before they buy 50 shares of walmart?

Sep 18, 2008 6:00 pm

HA no that is not the reason at all.  It has more to do with my financial situation than anything else.  

Sep 18, 2008 6:42 pm

Stop wasting my LP dollars and just quit already. 

Sep 18, 2008 6:50 pm

This has got to be the tenth thread about quiting Jones before the can sell date.  Does Jones have a big problem with this?

Sep 18, 2008 7:06 pm
bspears:

So it is more that you don't like doorknocking your knuckles bloody and calling on people 7 times before they buy 50 shares of walmart?

 
Hey buddy...cut that crap out!!!   Its BAC
Sep 19, 2008 10:52 am
rand47:

HA no that is not the reason at all. It has more to do with my financial situation than anything else.





If it really is your financial troubles, how do you have the resources to hire an attorney? They'll charge you $200 just to use the office pisser.



And I imagine that Jones is still paying you study wages while your FINRA deal gets straightened out.

Sep 19, 2008 1:20 pm

If you are ALREADY hurting financially, do NOT continue with Jones. You will have lean months (years?) and will need a financial cushion. If you do not have that cushion, do not start.

Nov 22, 2008 5:43 pm

So what's the answer?  I am also in the training phase at Jones and I am ready to go back to a different line of work.  Not to my can-sell date yet--and don't plan on using the lisences obtained through Jones.

 
No offense to those of you that are in and doing well--great job for the right person.  I am just not that aggresive plus I want to spend some time with my kids before they get in their 40's.
 
What kind of fees am I looking at paying back if any? 
 
 
Nov 22, 2008 5:55 pm

Read the wording very carefully on your contract.  I believe that if you do not keep your license active, you will not have to pay anything.  You may also consider having an attorney read it as well.