Specific "leaving Jones" scenerio

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Apr 2, 2007 4:37 pm

If I came to Jones as a transfer broker and left to go work at a bank and study for my CFA, do you think they'd still come after me for training costs? Or only if I went to work for another major wirehouse/broker dealer?

BTW, I did a search and read most of the threads and haven't seen anything addressed for transfers to Jones...just newbies. Also, the last thread devolved into a 7 page Jones hate fest. I just want to know 2 things: if I quit to work for a bank (but use my Series 7), will I have to repay costs? What costs? And if I get fired instead will a bank still hire me?

Apr 2, 2007 4:54 pm

yes,75k prorated over first 3 years, and NO.  Why would you leave the wonderful Jones?

Apr 2, 2007 4:58 pm
Nole32303:

If I came to Jones as a transfer broker and left to go work at a bank and study for my CFA, do you think they'd still come after me for training costs? Or only if I went to work for another major wirehouse/broker dealer?

BTW, I did a search and read most of the threads and haven't seen anything addressed for transfers to Jones...just newbies. Also, the last thread devolved into a 7 page Jones hate fest. I just want to know 2 things: if I quit to work for a bank (but use my Series 7), will I have to repay costs? What costs? And if I get fired instead will a bank still hire me?


1. Most likely yes. They will want the training costs back.  It doesn't matter if you quit to become a hairdresser or waiter.  If you quit and still work in the industry they might even come after you for more than the training costs.   They also don't care if you came as a transfer broker, although it might have some impact on the training costs if you already had your series 7 .....CONSULT AN ATTORNEY....


2. Most likely no.  Why would they want to hire someone who was fired from their last position?  If you were fired for doing something wrong or non compliant they would probably look at you warily.  If you were fired for non production, why would they think you suddenly will be a producer?

Apr 2, 2007 6:28 pm
bspears:

yes,75k prorated over first 3 years, and NO.  Why would you leave the wonderful Jones?



There is just no possible way they can reasonably come after me for $75,000. I transferred my licenses and attended a week in Tempe. When you add up the airfare, the hotels costs, the food, and the prorated portion of that washed up trainer's salary...it's nowhere close.

Apr 2, 2007 8:49 pm

Who was your trainer in Tempe, out of curiosity? You don't have to name names, just give me a description.

Apr 3, 2007 1:22 am

Wow, Nole, your lovefest w/Jones sure ended quickly...what changed your mind?

Apr 3, 2007 1:51 am
Indyone:

Wow, Nole, your lovefest w/Jones sure ended quickly...what changed your mind?



That's a discussion hopefully for another thread. But, I'll go ahead and answer. The shortest answer is a lot of promises that didn't come to fruition...especially regarding how much leeway was going to be given. I was supposed to have an early can sell date, individualized training, and flexiblity with regards to how I could market. None of that has come to be. Instead, I've had clients waiting to join me for 8 weeks, I got taught what a stock and a bond was for a week by a guy that couldn't make it in the business, and apparently I have no flexibility with how I can market. They call me every week and ask me why I haven't entered my 125 door knocking contacts in yet. I want to be like, "Well, it's because I came over here as a transfer broker not as a newbie and I don't need you babysitting me. Can I please just produce and have you leave me alone?" Also, nobody told me I was going to  have to call people I've met one time in my life and try to get them to buy a stock or a bond. That's lame.

So in one word: lies. I don't have a problem with the company as much as the way the company treated me. I still think its a good company and their increase in market share and their broker and client satisfaction numbers speak for themselves. I just don't want to work there.

But, back to the main point of the thread. ** Has anybody here actually been billed by Jones? How much was it for and what was the reasoning behind it????

Apr 3, 2007 2:03 am
Indyone:

Wow, Nole, your lovefest w/Jones sure ended quickly...what changed your mind?



He found out that he had to work.....

Apr 3, 2007 7:54 am

They lied to you, Nole, one of their own brokers, and you think this is a

good company? What would you consider an earmark of a bad company?

Apr 3, 2007 8:31 am

Please stop the EJ threads. You're beating such a dead horse.

Apr 3, 2007 8:33 am
ezmoney:

Please stop the EJ threads. You're beating such a dead

horse.





Ditto BAC threads, Ez.

Apr 3, 2007 9:52 am
Philo Kvetch:

They lied to you, Nole, one of their own brokers, and you think this is a

good company? What would you consider an earmark of a bad company?



So true Philo, but we know that there is plenty of lying to "employees" that goes on in this business.....

Apr 3, 2007 10:53 am

That can't be true.  I was never lied to by the Green Machine(directly).  Maybe half truths were told...but a blatant lie to cover up anything is just not true.   If the sob's were calling me about my 125 contacts...I tell them to go take a big Weddle in the woods!!!  The bit about Hill paying 3 mill....a total lie....75m another lie.  This is the best company in the world....Weddle invented the internet.  Why don't you just call and ask what you would owe? I know I'm rambling...but heading on vacation for week..I know...how can I afford to go on vacation now that I don't work at EDJ's...the answer...90% vs 34%...even spiffy can do the math!!

Apr 3, 2007 11:14 am

I have no sympathy because if you were a experienced broker and not a newbie, and you had a grain of common sense, you would have NEVER even considered EDJ.

Apr 3, 2007 11:50 am
Nole32303:

There is just no possible way they can reasonably come after me for $75,000. I transferred my licenses and attended a week in Tempe. When you add up the airfare, the hotels costs, the food, and the prorated portion of that washed up trainer's salary...it's nowhere close.


Did you really sign a contract with the training clause? (I would be surprised that they have the same $75K contract for a transfer broker)  If you did, then they will go after you.  No one leaves without paying nowadays without them filing for arbitration.  Even if you think you can win, they will still go after you with the expectation that you will settle.  It really doesn't matter your specifics (everyone can claim it doesn't cost that much to train, e.g. I can get an MBA from Harvard for less than $75K) Its cheap for them to file arbitration paperwork, its expensive for you to hire a lawyer and respond. 

Apr 3, 2007 1:57 pm
vagabond:

Did you really sign a contract with the training clause? (I would be surprised that they have the same $75K contract for a transfer broker)  If you did, then they will go after you.  No one leaves without paying nowadays without them filing for arbitration.  Even if you think you can win, they will still go after you with the expectation that you will settle.  It really doesn't matter your specifics (everyone can claim it doesn't cost that much to train, e.g. I can get an MBA from Harvard for less than $75K) Its cheap for them to file arbitration paperwork, its expensive for you to hire a lawyer and respond. 



I don't remember ever signing anything that said $75,000. I remember signing an employment contract and a salary contract, but I don't remember either of them mentioning $75,000. And I can't find my copy of that stuff, which is obviously beyond stupid on my part.

Apr 3, 2007 2:02 pm
Nole32303:
vagabond:

Did you really sign a contract with the training clause? (I would be surprised that they have the same $75K contract for a transfer broker)  If you did, then they will go after you.  No one leaves without paying nowadays without them filing for arbitration.  Even if you think you can win, they will still go after you with the expectation that you will settle.  It really doesn't matter your specifics (everyone can claim it doesn't cost that much to train, e.g. I can get an MBA from Harvard for less than $75K) Its cheap for them to file arbitration paperwork, its expensive for you to hire a lawyer and respond. 



I suggest you seek out a career where you do not need to read what you sign, where it is not important to remember details for any length of time, and where you do not need to be very organized with your paperwork.

Would you like some fries with that hamburger?

I don't remember ever signing anything that said $75,000. I remember signing an employment contract and a salary contract, but I don't remember either of them mentioning $75,000. And I can't find my copy of that stuff, which is obviously beyond stupid on my part.

Apr 3, 2007 2:21 pm

Do you have any friends or is that why you hang out here so much?

Apr 3, 2007 2:58 pm

Out of all of the ex-Jones people on this site, not a single one in a single thread still on this forum has ever said they actually physically got a bill for training costs. There's plenty of people out there that insist they will get one for $75,000, but not a single one who says they have gotten a bill. I am not saying they won't send one, but I think that may be indicative of something.

Apr 3, 2007 3:02 pm
Nole32303:

Out of all of the ex-Jones people on this site, not a single one in a single thread still on this forum has ever said they actually physically got a bill for training costs. There's plenty of people out there that insist they will get one for $75,000, but not a single one who says they have gotten a bill. I am not saying they won't send one, but I think that may be indicative of something.


I can't speak for anyone else, but I was outside the three year window when I left, and it was quite a while ago.  If I were you, I'd stop trying to find out about my liabilities on an internet chatroom and contact a labor attorney.


For what it's worth........