Legal question about leaving Edward Jones
I just left Jones, I didn't think this is the right fit for me, I'm not trying to bash the company because I met some really great people, but it isn't what I expected.
I've already passed all of my exams (7,66,insurance) but I have not gone to eval/grad yet so my licenses are not activated. I left before the can-sell date
If I was to take a similar job in the future (not the direction i'm trying to take, but I'm still curious) would Jones be able to sue me for the $75,000? I don't have any clients so I'm not taking any business with me. In the contract it says something like "if you leave within 3 years of the can sell date you're liable for X". If my can sell date hasn't come yet does this apply to me?
Thanks for your help
"Associates may not provide tax or legal advice to the public. An exception to this policy applies to individuals who are accountants or attorneys employed as such by the firm and whose specific job responsibilities include legal or accounting functions." ~ EJ Policy (Don't want to pull a Skrainka)
Sorry, can't help you.
Good luck though on your future ventures.
here's my advice: Ask an attorney and stop fking around asking complete strangers.
and fwiw, I think yeah, they specifically would want to go after you for at least some part of that $75K. What, do you think you can leave the store with something and not pay for it?
I’m in the exact same situation except I was “let go” byEDJ. I would go to an attorney but can’t afford the fees. I’m sure there is someone out there who was was let go by EDJ after completing theirSeries 7 & 66 but before their can sell date.
if you were "let go" then EJ will ot bother you. they do not see you as any kind of threat to their business at all...
EJ is not some big green monster. just call and talk to them and work it out. If you take clients before 3 years you should pay if you dont take any then wait till they let you go and go whever you want.
upping to see if anyone left after tests but before can/sell date.
The contract says edward jones can sue you for 3 years after your licensed/can sell date, but i don't think i'm licensed because I didn't hit that date, so does it even apply to me?
I understand giving them some money, but for someone like me who's never sold anything and has no clients then a job with another firm obviously isn't worth me spending 75k (pretending i even had that much money to pay, lol)
I can almost guarantee you they won't come after you for training costs. Are you staying in the industry or leaving it? Even if you're staying you're one of the hundreds per year who wash out before eval/grad. At the very worst they'll settle with you for an agreed upon sum. Seeing as you are not even producing yet, I don't know how likely that is. Go for it! Don't waste your time or theirs!
I'm not trying to stay in the industry, but I have to keep my options open. I figured they would probably settle because they would be better off getting some money from me and let me move on to another firm instead of getting nothing from me and having me work in another field.
I was curious about if they would even be able to sue me because Im not licensed, I just passed the tests.
EJ can't sue you just because you quit. However, they can try to recover your training costs if you stay in the industry. It makes no sense to work for another company in the industry. Your choice is to stay with Jones or leave the industry.
I've already left Jones. I know they can try to recover training costs, but can they do that if you leave before the can sell date? The contract says that you owe 75k if you leave "within 3 years of can sell date".
You are gone...You had no assets...the worst thing that will happen is you will get what I like to call "A shot across the bow" and you "May" receive a letter from Attorneys (Goldstein) if Jones finds out you placed your license elsewhere...even if they do, so what....it is a scare tactic.
They arent going to mess with you even if you do stay in the industry...you are a little guy. I unfortunately have seen many Producing FA's leave before the three year mark, take clients, and nothing happen....It is a money and numbers game...you aren't worth the money to fight in Arbitration.
Hope it helps-