EJ Contract, 1 year no solicit

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Jan 25, 2010 10:51 am

My contract says that I cannot talk to clients whether I seek them out or they call me for 1 year after I leave the company. I don't mind the the 3 year thing, but this seems to be extreme. The paragraph says that it was revised 09/09. I don't plan on leaving, but I do want to have all of my options available.




Can they really preven my customers from contacting me after I fulfill my 3 year commitment?
Jan 25, 2010 10:56 am
I knock:

My contract says that I cannot talk to clients whether I seek them out or they call me for 1 year after I leave the company. I don't mind the the 3 year thing, but this seems to be extreme. The paragraph says that it was revised 09/09. I don't plan on leaving, but I do want to have all of my options available.




Can they really preven my customers from contacting me after I fulfill my 3 year commitment?



No.  They can't prevent customers from contacting you.  They are free to do business with whoever they want. 

It's basically an unenforceable contract. 

Dislcaimer:  The contents of this post reflect only the opinion of Moraen and do not constitute legal advice.  Please consult with an attorney.

Anyway, it is unlikely anybody could enforce that.

Jan 25, 2010 11:11 am

I knock from a different thread - "Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?


Others that started from scratch how did you do it?
 
I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative.
 
Yes, I know that this is a sales job.
I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc...
Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why.
 
I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible?"
 
Dude. Just pack it in. You are thinking about all of the wrong issues. You have no clients right now. You are dripping of prospecting avoidance. Go to a bank or find a different career path. Full disclosure - I am at a bank.
Jan 25, 2010 11:13 am

Paste in the exact wording.  My contract (of course from several years ago) does not state that. 

Having that wording may at least allow them to put out a TRO to stall things until your attorney says NFW.
Jan 25, 2010 11:24 am

Your agreement no to solicit means that you shall not, during your employment with EJ, and for a period of one year thereafter, contact or communicate with, regardless of who initiates said contact or communication, and EJ client for the purpaose of inviting, encouragin or requesting any EJ client to transfer from EJ to you or your new employer.

Jan 25, 2010 11:41 am

Guys leave all firms whether it be EJ or a bank or a wire to go Indy. It isn't much different. Everyone signs contracts and everyone has some kind of non solicit. What I am saying to you is going Indy isn't a concern for you at this point. You need to have a singular focus on gathering assets and when the time comes whether it be 1 year or 10, then you can worry about going Indy. Now you don't have a single client and you are asking about your contract and if it is possible to build a business without rich contacts. Yes it is possible. Yes it takes a long time without a natural market. That is why I went to a bank after plowing forward at EJ for 2 1/2 years at a pace I wasn't happy with.

Jan 25, 2010 11:42 am
Ron 14:

I knock from a different thread - "Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?


Others that started from scratch how did you do it?
 
I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative.
 
Yes, I know that this is a sales job.
I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc...
Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why.
 
I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible?"
 
Dude. Just pack it in. You are thinking about all of the wrong issues. You have no clients right now. You are dripping of prospecting avoidance. Go to a bank or find a different career path. Full disclosure - I am at a bank.

Ron prospecting does not scare nor intimidate me. It does not make sense to build a book of business knowing that you can never go independent. But if you never plan on leaving the bank by all means stay there and get your W-2 
Jan 25, 2010 12:00 pm

This thread gets started once a week under different headings, but ultimately the moral of the story is the same. Ron is trying to say that you are on step 6 or 7 without getting to step 2. It's like worrying what you're going to name your first yacht. You don't own one, nor will you imminently own one, so don't worry about it.

If you are already worrying about it, half the battle is already lost whether you admit it or not. You should be worrying about putting food on your table in the month of February, period. It sounds harsh, but it's true.

Now, of course, you will post again getting all defensive and self righteous about how you already know that, etc, etc, etc. Do yourself a favor and just internalize the advice.

Jan 25, 2010 12:02 pm

Well the answer to your initial question is no. Now go out and build that book that you are afraid you will be unable to transfer.

 
For your first 5-7 years this business is a relentless series of kicks to the nuts. You need to be completely focused on gathering assets and nothing else or you will be taken down.
 
I made mistakes at Jones that hampered my progress. I see you worrying about some of the same irrelevant things that I was concerned about. Next thing you know you have knocked on 10,000 doors and you are grossing 10k and pissed at the world.
Jan 25, 2010 12:26 pm
Ron 14:

Well the answer to your initial question is no. Now go out and build that book that you are afraid you will be unable to transfer.

 
For your first 5-7 years this business is a relentless series of kicks to the nuts. You need to be completely focused on gathering assets and nothing else or you will be taken down.
 
I made mistakes at Jones that hampered my progress. I see you worrying about some of the same irrelevant things that I was concerned about. Next thing you know you have knocked on 10,000 doors and you are grossing 10k and pissed at the world.



I see your point.

Jan 25, 2010 2:28 pm
I knock:
Ron 14:

I knock from a different thread - "Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?


Others that started from scratch how did you do it?
 
I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative.
 
Yes, I know that this is a sales job.
I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc...
Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why.
 
I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible?"
 
Dude. Just pack it in. You are thinking about all of the wrong issues. You have no clients right now. You are dripping of prospecting avoidance. Go to a bank or find a different career path. Full disclosure - I am at a bank.

Ron prospecting does not scare nor intimidate me. It does not make sense to build a book of business knowing that you can never go independent. But if you never plan on leaving the bank by all means stay there and get your W-2 


GET THE F*&K OUT OF HERE!!.
 
Don't make fun(or attempt to make fun of people who have a W-2) million dollar wirehouse producers have w-2s.... Second, you aren't going to make it... Your posts on this forum consists of not knowing rich people and troubles with reading a standard non-solicit contract(all firms have these by the way).  Most people know Ron on this forum and a good knowledgable guy.  Banks aren't the worst place to be and can be great for those starting out....
 
 
Jan 25, 2010 2:54 pm
Squash1:
I knock:
Ron 14:

I knock from a different thread - "Do the people that don't make it at Edward Jones fail because they don't actually get out and doornock their butt's off?

Others that started from scratch how did you do it?
 
I need to make a decision before I sign on the dotted line. So any positive feedback would be appreciative.
 
Yes, I know that this is a sales job.
I have been in sales before. I am not afraid to discuss assett allocation, risk tolerance, bonds, American funds etc...
Yes I am prepared to knock on door after door after door, cold call, send out mailers, set up a monthly community meeting about who what and why.
 
I don't know any rich people so all assetts will be gathered from cold calling and knocking, is it possible?"
 
Dude. Just pack it in. You are thinking about all of the wrong issues. You have no clients right now. You are dripping of prospecting avoidance. Go to a bank or find a different career path. Full disclosure - I am at a bank.

Ron prospecting does not scare nor intimidate me. It does not make sense to build a book of business knowing that you can never go independent. But if you never plan on leaving the bank by all means stay there and get your W-2 


GET THE F*&K OUT OF HERE!!.
 
Don't make fun(or attempt to make fun of people who have a W-2) million dollar wirehouse producers have w-2s.... Second, you aren't going to make it... Your posts on this forum consists of not knowing rich people and troubles with reading a standard non-solicit contract(all firms have these by the way).  Most people know Ron on this forum and a good knowledgable guy.  Banks aren't the worst place to be and can be great for those starting out....
 
 



Thanks for answering the contract question and the words of wisdom.

Jan 25, 2010 3:48 pm
I knock:

...It does not make sense to build a book of business knowing that you can never go independent. But if you never plan on leaving the bank by all means stay there and get your W-2 

Is there terribly dishonourable thing about working at a bank? Ron and I go at it regarding moral issues, but not about being at a bank.
 
Wish I qualified, but banks where I work require a T12 of $250K. I can't imagine a world where a fully qualifed prospect list comes to you, and where work always, always ends before dinner time and you can't see the client before 9.  
 
Yeah, really makes that image-swallowing w-2 even harder to take. BTW ... at Jones, do you get a W2?
Jan 25, 2010 4:07 pm

"Make sure you get a back up gig you thoughtless TOOL"


 
This would be a much better forum with basic manners. (even for newbies who aren't gonna make it). Maybe we need a minimum age requirement.
Jan 25, 2010 4:43 pm
LockEDJ:
I knock:

...It does not make sense to build a book of business knowing that you can never go independent. But if you never plan on leaving the bank by all means stay there and get your W-2 

Is there terribly dishonourable thing about working at a bank? Ron and I go at it regarding moral issues, but not about being at a bank.
 
Wish I qualified, but banks where I work require a T12 of $250K. I can't imagine a world where a fully qualifed prospect list comes to you, and where work always, always ends before dinner time and you can't see the client before 9.  
 
Yeah, really makes that image-swallowing w-2 even harder to take. BTW ... at Jones, do you get a W2?

Yes edj is w-2
Jan 25, 2010 4:47 pm
newnew:

"Make sure you get a back up gig you thoughtless TOOL"


 
This would be a much better forum with basic manners. (even for newbies who aren't gonna make it). Maybe we need a minimum age requirement.

Age isn't the issue, Grubs are...
 
People who have never prospected or sold anything come on here and make fun of people and where they work.
 
 
Jan 25, 2010 5:01 pm

My comment still stands. Wow- thin skin 

Jan 25, 2010 6:09 pm

It's interesting how E/J attempts to "own" it's FA's book, all while actively soliciting transfer rep's. And E/J doesn't seem to mind the no-compete terms of those xfer contracts at all. Keep a file of all internal notes about transfer FA's. Your lawyer will be able to use it as evidence in case jones ever tries to enforce the no-compete clause.

Jan 25, 2010 8:17 pm
52new:

It's interesting how E/J attempts to "own" it's FA's book, all while actively soliciting transfer rep's. And E/J doesn't seem to mind the no-compete terms of those xfer contracts at all. Keep a file of all internal notes about transfer FA's. Your lawyer will be able to use it as evidence in case jones ever tries to enforce the no-compete clause.



Why is that interesting? Jones is trying to protect it's business.  Sometimes the threat of inconvenience is enough to get people to stay.  It's good business.

The non-solicit has been upheld quite often. 

Jan 25, 2010 9:34 pm

Does this mean Jones won't let him call his Mom or Dad for a year after he leaves?