Leaving Jones

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Apr 20, 2009 5:50 pm

I've been lurking around this forum off and on since I got hired by Edward Jones.  Well I don't think Jones is right for me and I want to leave.  Does anyone have experiences they can share with Jones coming after the $75,000 if I register my S7 and S66 at another firm?  I don't have an office yet, my can-sell date was not too long ago.  Should I just quit, or try to get let go?  Thanks in advance

Apr 20, 2009 6:19 pm

I had a friend quit at a similar point in time with Jones (no office, but very little time selling) and he went to another firm and the firm settled with Jones for 5k. I have also heard of people leaving with offices already (under the 3 yr mark) and Jones not coming after them at all. It doesn't seem to be clear cut in terms of what Jones will or wont do so your best bet is to get the boot.

Apr 20, 2009 6:20 pm

They probably won't even notice you're gone.


Apr 20, 2009 7:14 pm
buyandhold:

They probably won't even notice you're gone.




LOL, no they probably won't notice I'm gone. 

Apr 20, 2009 7:22 pm

They will first send you a letter reminding you that you can't solicit your customers.  Included will be a copy of the contract with your signature.  A week or so later, they will send you a letter stating that they haven't yet received the money you owe them and to either send it or offer a settlement.  I don't know of anyone who left at your stage, but I do know of two who owed around 35k and settled for 3k.  Good luck.

Apr 20, 2009 8:21 pm

Depends how you leave. 4 guys in Training class wanted to leave so they just failed to meet the required accounts and gross comm, and they were let go, got the first letter(certified mail) never got a second letter.

 
2 other guys waited 2 years, then waited for their gross to drop below and on goals, then got let go(takes about 6 months) and they also only got the first letter.
 
I would think if you haven't started doing anything yet you will be ok, but remember the bigger the firm the more Jones may come after you for.
Apr 21, 2009 9:23 am

I wouldn't suggest the get fired route.  Not because of Jones, but because of how it would look to my next employer.  Try explaining to the next branch manager you want to impress that you couldn't cut the mustard at EDJ.  If you've been lurking long enough you already know that the Jones production standards are some of the easiest in the industry.  So, you leave a firm shortly after getting hired because you can't put the production numbers together to keep your job.  If I'm the next branch manager and I know what's going on in this industry, your resume is going into the trash. 


Also, Jones isn't going to look very favorably on you jumping to another firm without really putting any effort into building your book.  If you ever let it slip that you're trying to get fired I would assume they'll go after you with everything they've got.  At least I would if I were making the decision. 
 
I agree with ice - if you think it's going to be easier anywhere else, you're mistaken. 
Apr 21, 2009 9:50 am

I think they have still have that moratorium on the termination of those below standards too. I think you have to resign or sit there for a long while without making any money. 

Apr 21, 2009 9:59 am

If Jones isn't for you then this job isn't for you.  Let me clarify that.  If you don't like they way you are to build a business at Jones then you will not like building the business anywhere.  Jones allows you to do it pretty much anyway that get's the numbers on your screen. 


I'm reading in to your post a lot but if you don't like prospecting don't be an advisor, look for back office work somewhere.


Apr 21, 2009 4:47 pm

Thanks for all the input everyone.  I don't think the grass will be greener on the other side,  but I do know I don't want to work at home by myself all day or with just a BOA in the future.  I'm not looking for an easier way, just a way that I like.  The Vets always say when they try to recruit other FAs to Jones: "We are looking for the right people, these people from other firms may have just been wearing the wrong jersey."  And I'm wearing the wrong jersey right now.  

As far as production, I'm at standard right now.  This isn't a high number, but I'm ahead of my class from eval/grad. 

jkl1v1n6, I never said I don't like prospecting.  And that's a bad assumption: "If Jones isn't for you then this job isn't for you." This is like saying if a Ford isn't for you, driving isn't for you.  Your statements sound absurd.

Anyway, thanks for the info.  You guys are right.  I'll just quit when I get another offer, instead of getting let go for
production.  I rather pay a few bucks than to have a firing on my
record.

Apr 21, 2009 5:26 pm
jkl1v1n6:

If Jones isn't for you then this job isn't for you.  Let me clarify that.  If you don't like they way you are to build a business at Jones then you will not like building the business anywhere.  Jones allows you to do it pretty much anyway that get's the numbers on your screen. 


I'm reading in to your post a lot but if you don't like prospecting don't be an advisor, look for back office work somewhere.


 
You missed the point of the post.  It's in bold so you can read it again. 
 
I said that I AM reading a lot into your post.  Hence my thought on prospecting.  Most people who come on here for advice to leave Jones is because they don't like/want to do the door knocking.  I was telling you in the very next sentence that they really only care what your numbers are so build it anyway you like.  Sorry for the assumption.  Not really, but if it makes you feel better.
 
You offered little information in your first post for us to help you out with.  Obviously you weren't looking for advice otherwise you would never have posted a question about leaving Jones. 
 
We should have just told you that you may or may not have to pay back the costs and more than likely can settle for a lesser amount.  Hanging around to get fired doesn't seem like a very proactive approach to building your career.  Sorry, more advice.  I can't help it, I'm just a giving type of guy and like to help people out.  Good decision BTW.
 
Apr 28, 2009 7:40 pm

I know one EDJ guy who left within the first 2 years to work at another securities firm. EJ did go after him for the training costs; something like $55K. He hired a lawyer to negotiate on his behalf. Ended up paying out less than $3K, including lawyer fees. I heard it helps tremendously to have legal representation. I remember something about how Jones' attorneys just need a check in the win column, but they don't really care about the amount. Anyway, check out Jones Bell in Los Angeles as an example of the kind of law firm you may need. Good guys.

May 25, 2009 1:20 am

Shaka, I left Jones 2 months after Eval/Grad. Before I left I spoke with the law firm that handles the departure letter and he said Jones would settle for XX amount as long as I didn't take any clients. I told him I would taken any clients and I have never seen any letter and I have been working for another firm for the last 6 months.

Good luck with what you decide to do.

May 25, 2009 10:54 am

How are things going at your new firm? Is the grass indeed greener?

May 25, 2009 11:51 am

HAAIC just told me that if you leave Jones you are a failure so you may want to PM him to see the best route to take.

May 25, 2009 3:53 pm

The grass isn't so much greener it's that it's a better fit for me. Jones is a great company for the right person. I work for them for 6 month almost no contact with EJ other that KYC and Eval/grad. I was ahead of production but I hated door knocking and not having anyone for training purposes. I had to drive one hour to meet my so called trainer and he was useless.

Working out of my home wasn't for me.

Things are going very well at the new firm. I'm on a pace to make $100k first year in the business and I'm happy.

May 27, 2009 11:37 am

I am a Indy and a Registered Principal of my branch--I am hiring new blood---however, I would not hire anyone who could not live up to a contract and make it at a great training program like Jones.  Six months is nothing--three years is a walk in the park!  Time to get real with your life---maybe sales is not your bag---I can appreciate that...but no matter where you go or how you manage money--you are a sales person!!!!!!!!!

May 27, 2009 12:42 pm

Thanks RedSox08,
I'm out of EG a little over 2 months now.  So you never paid the XX amount the law firm asked for? 

btw, I just got an offer letter.  Yay!

Thanks for the advice everyone.

May 27, 2009 12:58 pm
Roadhard:

I am a Indy and a Registered Principal of my branch--I am hiring new blood---however, I would not hire anyone who could not live up to a contract and make it at a great training program like Jones. Six months is nothing--three years is a walk in the park! Time to get real with your life---maybe sales is not your bag---I can appreciate that...but no matter where you go or how you manage money--you are a sales person!!!!!!!!!





Roadhard - It doesn't look like RedSox08's trainer was doing much "great training". I agree that the Jones program is good, but it looks like it failed our Bostonian friend here. I'd hire someone who realized after six months that Jones wasn't for him.



I think if he is making $100k at the new firm (and not just producing), he's doing ok for a 6 months Jones dropout. Also, if he made it six months selling, he must have met some production goals while he was at Jones.

May 27, 2009 1:22 pm
Roadhard:

I am a Indy and a Registered Principal of my branch--I am hiring new blood---however, I would not hire anyone who could not live up to a contract and make it at a great training program like Jones. Six months is nothing--three years is a walk in the park! Time to get real with your life---maybe sales is not your bag---I can appreciate that...but no matter where you go or how you manage money--you are a sales person!!!!!!!!!





Ok two things... first stop already about the jones training(american funds) unless you are refering to the series 7 test.



Second, these contract are similar to the Anquan Boldin situation in Arizona. You sign a rookie deal(after all you are a rookie) and in your first year you win Rookie of the year, and are considered the top 10 at your position. Shouldn't your contract be renegotiated? If not then there is no reason to outperform you contract until the last year so you can go somewhere else and get paid for your skills.