EJ Contract, 1 year no solicit
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[quote=Moraen] [quote=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.[/quote]
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.
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[quote=Ron 14][quote=Moraen] [quote=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.[/quote]
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.
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Non-solicit does not prevent the client from leaving their current b/d and following the FA. FINRA makes it quite clear the client is free to do business with whomever they chose, regardless of the verbage in the contract. I am not a lawyer, this does not constitute legal advice and you should contact legal representation regarding your own circumstances.The non-solicit has been upheld quite often.
Non-solicit does not prevent the client from leaving their current b/d and following the FA. FINRA makes it quite clear the client is free to do business with whomever they chose, regardless of the verbage in the contract. I am not a lawyer, this does not constitute legal advice and you should contact legal representation regarding your own circumstances.[/quote][quote=Moraen] The non-solicit has been upheld quite often.
I didn't say that it did. That's why I said his original statement was ridiculous. You can't prevent a client from doing business with who they want to.
Just the non-solicit part.
[quote=Mr.Blonde][quote=Ron 14][quote=Moraen] [quote=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.[/quote]
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.
[/quote]
who cares what you think.......................? I am tired of idiots coming on here with the same question over and over. i.e. "How much vacation time can I take?" or "I've been in the job 2 months and was wondering if I could be a hedge fund manager" or "I've been in the job 1 month and was wondering how I could be a institutional bond trader?" or this guy.................."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?" You want nice newnew? Go back to you teletubbies chat room and talk to LaLa[/quote] Hilarious! Oh, and: SometimesNowhere is not a lawyer, and his views on what is funny and not funny are not to be construed in any way as a legal definition of funny. You should consult a qualified law professional for advice as to what is officially funny and what is considered funny hereto by the laws and bylaws in your state of residence.[quote=newnew]My comment still stands. Wow- thin skin
Just remember, the company you work for, Jones or whoever, is not your friend, benefactor, daddy etc. Loyalty is a fools errand. Large companies have been taking advantage of employees for a long time. Protect yourself. Plan accordingly. And set yourself up to go independent. That way you can use Jones to learn the basics until you are able to set up your own shop where you can run an ethical fee-based business, rather than the churn churn churn of the current E/J recipe. Get good legal advice sooner rather than later. A no compete for a small <50mm FA is probably not worth trying to enforce.
What do you mean by this ? Thats BS.Just remember, the company you work for, Jones or whoever, is not your friend, benefactor, daddy etc. Loyalty is a fools errand. Large companies have been taking advantage of employees for a long time. Protect yourself. Plan accordingly. And set yourself up to go independent. That way you can use Jones to learn the basics until you are able to set up your own shop where you can run an ethical fee-based business, rather than the churn churn churn of the current E/J recipe. Get good legal advice sooner rather than later. A no compete for a small <50mm FA is probably not worth trying to enforce.
I can't believe you're in your 50's; SOunds like you've never worked before, whining like a little bitchJust remember, the company you work for, Jones or whoever, is not your friend, benefactor, daddy etc. Loyalty is a fools errand. Large companies have been taking advantage of employees for a long time. Protect yourself. Plan accordingly. And set yourself up to go independent. That way you can use Jones to learn the basics until you are able to set up your own shop where you can run an ethical fee-based business, rather than the churn churn churn of the current E/J recipe. Get good legal advice sooner rather than later. A no compete for a small <50mm FA is probably not worth trying to enforce.
Say anything about jones and the rats crawl out of the woodwork. Face it, churning is more common than doorknocking at jones. Deal with it.
You are an idiot, half my posts make fun of Jones, though I will forever appreciate the training and experience. You are a hack that will never make it past 3 years, quit now.Say anything about jones and the rats crawl out of the woodwork. Face it, churning is more common than doorknocking at jones. Deal with it.
Deal with your temper. What I know is that a lot of seg5’s make a lot of money. You don’t make a lot of money with a 10bp trail. So you move people from mutuals to bonds to stocks to mutuals ad infinitum. The only way to make a good living in a transaction based business.
The best way to make a good living is to have a large book of business.Deal with your temper. What I know is that a lot of seg5’s make a lot of money. You don’t make a lot of money with a 10bp trail. So you move people from mutuals to bonds to stocks to mutuals ad infinitum. The only way to make a good living in a transaction based business.
This isn't a EJ phenomenonDeal with your temper. What I know is that a lot of seg5’s make a lot of money. You don’t make a lot of money with a 10bp trail. So you move people from mutuals to bonds to stocks to mutuals ad infinitum. The only way to make a good living in a transaction based business.
Here we go.....Just remember, the company you work for, Jones or whoever, is not your friend, benefactor, daddy etc. Loyalty is a fools errand. Large companies have been taking advantage of employees for a long time. Protect yourself. Plan accordingly. And set yourself up to go independent. That way you can use Jones to learn the basics until you are able to set up your own shop where you can run an ethical fee-based business, rather than the churn churn churn of the current E/J recipe. Get good legal advice sooner rather than later. A no compete for a small <50mm FA is probably not worth trying to enforce.
OK, here's the deal...thought I wouldn't like doing business this way, many, many big producers still regularly open 10-20 new accounts per month. They are not sitting around switching out fund families and churning stocks. They are opening new accounts, they are taking in new assets from existing clients, they have some C shares, they manage some company retirement plans with new money coming in all the time, they now have some advisory accounts, they do life insurance, LTC, etc. It doesn't all revolve around churning assets. I find the asset churners are not the big producers, but the $250K producers that have been in the business 15 years and aren't really trying anymore. The big producers are still going after assets.Deal with your temper. What I know is that a lot of seg5’s make a lot of money. You don’t make a lot of money with a 10bp trail. So you move people from mutuals to bonds to stocks to mutuals ad infinitum. The only way to make a good living in a transaction based business.
You are getting lit up by people who don't even like Jones. What the hell are you talking about ? Do us all a favor and lose your password to this site.Say anything about jones and the rats crawl out of the woodwork. Face it, churning is more common than doorknocking at jones. Deal with it.
Guys 52new is not an advisor. Ignore him. Apparently he got burned by some old EJ advisor who has long since been fired.
It’s ok 52.
You should have done a little bit of research before pretending to work for Jones though. A segment five likely gets a lot of new business. I have seen churning at jones, but it is the exception, not the rule. Just like everywhere. Sorry you had that bad experience.