Wrestling with EJ

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Jul 15, 2008 12:12 pm

Im sure there are those of you out there that have settled with Jones before 3 years are up. What should be my strategy and what amount am I likely to pay with 6 months left ?

Jul 15, 2008 1:11 pm

or just finish your six months then leave.

Jul 15, 2008 1:33 pm

Ice ...once again to the point , has nobody ever sought and paid for a legal opinion?

 
River ....right again , you only have six months , not a long time in the picture!
 
Simply amazing do people not undertand the term " EMPLOYMENT CONTRACT "? This is not school or hanging with friends....it is the world of business.
Jul 15, 2008 1:33 pm
River_King:

or just finish your six months then leave.

 
That's what I was thinking.  Why not just finish out the 6 months and not have to worry about it?  You could use the time to plan out your next career move.
Jul 15, 2008 1:53 pm

To all the people asking the same question over and over again. If you signed an employment contract that had terms , conditions , benefits and salary that YOU and the EMPLOYER had agreed to....would you expect the employer to honour those terms?


Or would you settle with one day the employer advises you that the agreed upon salary is now cut in half , your benefits no longer exist and you have to provide your own computer and phone system at your expense.
Do you perhaps think in legal terms ...this is a breach of contract? Read Contract Law at the minimum or pay for a legal opinion.




Jul 15, 2008 2:16 pm

Thank you all for the beating. Legal opinion is being sought and it will be paid for. I wasnt born yesterday and I know that Jones will and in fact, should, come after me. A large majority of the searches on this board are about guys who have just started. I am trying to determine a range in which others have settled so I can in fact plan my next move. My contract states that I would owe approx 25k, but I have always heard about negotiations for less.

Jul 15, 2008 2:20 pm
Ron 14:

Thank you all for the beating. Legal opinion is being sought and it will be paid for. I wasnt born yesterday and I know that Jones will and in fact, should, come after me. A large majority of the searches on this board are about guys who have just started. I am trying to determine a range in which others have settled so I can in fact plan my next move. My contract states that I would owe approx 25k, but I have always heard about negotiations for less.



Are you leaving the industry or are you joining another firm?

Jul 15, 2008 2:20 pm

Ron,


Maybe you stated this someplace else..but ARE YOU LEAVING THE INDUSTRY?
Yes..who gives a shit and leave.
No..it doesn't sound as if you're planning to go Indy or  to a wirehouse. What exactly do you plan to do?
Jul 15, 2008 2:28 pm

Not leaving the industry and I am going to a bank.

Jul 15, 2008 2:30 pm
Ron 14:

Not leaving the industry and I am going to a bank.



Ahhhhhh......so you're failing. Since you're not a big producer, they probably won't go after you for just $25,000 that they didn't actually even spend on you.

Jul 15, 2008 2:34 pm

Yes, I am failing to pay my bills by selling financial products door to door.

Jul 15, 2008 2:52 pm

Ron,


If the bank won't help pay, I would stick it out for as long as you can.  I bet Jones would take a much lower $ if your numbers aren't great.  I assume you're beat up not only with the prospecting but with the down market.  So pretty much everything you've sold is down, and way down..including the 25 year bonds.  I'm not sure if going to the bank will change the direction of the accts anymore than staying put and waiting out this market --so maybe its your attitude that needs a change.  I hate Jones, but going to a bank won't necessarily change your income and ability to pay your bills.  If the bank gig has you believing you will do much better than you are currently, offer x amount to Jones, say maybe 5k and see if they will accept. But, be very careful if you automatically think clients will be waiting for you at the bank.  The local banks in my area have more turnover than the local Jones office. 
Jul 15, 2008 2:58 pm
Ron 14:

Yes, I am failing to pay my bills by selling financial products door to door.



I respect your honesty and won't mess with you anymore. I wish you the best of luck.

Jul 15, 2008 3:03 pm

Bspears,

 
Thank you for your comments. You are absolutely right. Every single client I have is down money.  I am tired of many things, not paying the bills is in front of the line. I am doing a  detailed job researching the banks available to me, but ultimately that is not where I want to be. What it comes down to is taking another 50-75k out of my own pocket to turn things around at Jones or jump. Im frustrated and confused but the well being of my family comes first.                         
Jul 15, 2008 3:17 pm

Ron 14 - You obviouslu understand that the question has been repeatly and the members post their remarks accordingly. If this is about your financial survival then you need to do what you need to do. Just ensure that you do seek a legal opinion and then meet with your RL and discuss in a professional manner without emotions. It may be something that can be worked out to both parties satisfaction.

I would also suggest that BSPEARS suggestion about the banks suggesting that all is well at the banks. I would urge you to give a pause for the cause before jumping from the fire to the frying pan.
Best of luck.
Jul 15, 2008 3:54 pm

Ron,

If its not where you want to be then stop looking.  By looking for other opportunities you sabotage your pipeline and if you were to have a good month or two, this would all blow over.  About a year before I left Jones to go Indy I was searching other opportunities.  I almost committed to SB, but didn't and decided to stay put.  I quit looking at other opportunities and got back to work.  I had one of my best three months ever.  Eventually, my desire to get away from Jones and the employee aspect led me to go Indy. I don't know your financial situation, but if tightening your belt for a few months and working evenings and weekends again (if your not) is an option, I would do it.  You're already in a position, have prospects and moving will just cause more stress.  I moved because I knew it was what I wanted and believed in it 100% and happy I did.  I just don't think your committed to the bank route.  What happens if you leave to go to the bank and it is more of the same.  Down market, more prospecting and now you have to deal with another culture and procedures.  My recommendation would be to get off this site, take the afternoon or a couple of days off.  Get back to the fundamentals and keep track of.  Quit looking and stay off this forum. 
Jul 15, 2008 4:51 pm

Ron ,

 
BSPEARS does make a very valid number of points.  happens and sometimes you have to work through it , sometimes you really do come out on ther other side much better for it. I am assuming you have your own office so you have been able to reach a reasonable degree of success?
Not attempting to be a motivational guru ....but if you can reinvent yourself and create postive activities perhaps you will be able to get over the " hump". Take a breather , a break or a mini-vacation and really do some soul searching. If you come back and say " let's get at it " or " I am hanging up my spurs " then at least you have gone through the process and ultimately been honest with yourself and your family.
The ups and downs are a reality and if you are able to stay in the industry and if you really enjoy the industry do you and your family a favour, do the soul searching and I suspect that you will come up with the answer as to where you really want to be.
Jul 15, 2008 5:41 pm

bspears and norway,

Those are all valid points. I appreciate the help and that gives me a few things to think about. Hopefully you wont see me on here during working hours again.
Jul 15, 2008 5:50 pm

Ron , I have been down a few roads and in some instances some rather bumpy ones and sometimes all it took was a different perspective to getting my " little grey cells " working again.