EDWARD JONES---READ your Employment Agreement---Handcuffs and More
Have you read your Financial Advisor Employment Agreement? You are looking at some pretty significant changes. I advise you NOT to sign this and let them know who's boss. It's ridiculous what they are asking you to sign.
What are the consequences if you do not sign? If you truly want to be your own boss, consider making the leap to independence. Independent broker/dealers will go so far as to send letters to clients explaining that the primary relationship lies with the representative not the firm. There is no one plunking down in your office if you ever decide to leave. They would help you move your book if things did not work out. If you pick the right firm, it should work out for the rest of your career.
Interesting write up… for what its worth.The Motley Fool – 6 Dec 12 Can Your Edward Jones Financial Advisor Really Serve Your Best Interests?
What you need to know about your financial advisor.
The consequences for not signing is no job. Go ahead and tell them who’s boss, then they’ll show you to the door. It might be a different story if you’re bringing a large book of business into EJ, but I don’t why you would go to EJ with a book of biz.
I was there 9 years and finally got out… old contract was bad enough I hear new one coming is much worse.
therock is right if you don’t sign you’re out so you better have a plan b.
[quote=smartass]I was there 9 years and finally got out… old contract was bad enough I hear new one coming is much worse.
therock is right if you don’t sign you’re out so you better have a plan b.[/quote]
Who do you recommend besides EJ for anyone looking to start out in the industry without any prior background? I would suggest going to work under a registered rep/solo operator with plenty of business who is willing to work with you. EJ is really going after military veterans looking for work right now and typically people from military backgrounds have little in their history that has to do with involvement in sales, marketing and ‘built in’ community involvement and influence that allows for a cushion of success in addition to the personal lead generation methods required by EJ. Here’s an article about EJ (and a few others) targeting military veterans. I don’t think they have been able to increase their recruitment through appealing to the ranks of career displaced real estate and mortgage people who know the realities of the current economic climate that awaits for those considering starting out so better to pick on a plentiful target with little ground level knowledge. What do you think?
On Wall Street Reporting for Duty: Hiring Military Veterans
Many firms have enlisted former military personnel to beef up their employee ranks.
quote:…“FORCES is one of a number of programs being rolled out on Wall Street to help draw in former military. Competition for veterans is heating up as troop numbers contract and up to 300,000 service members are expected to cycle out of the armed forces over the next five years, according to Syracuse University’s Institute for Veterans and Military Families. Broker-dealers are hoping that they will be able to prospect a unique group of young, disciplined and experienced job seekers from that pool. Edward Jones and Bank of America Merrill Lynch both launched large internal programs this year that were designed to help veterans transition from the front lines to the front office and spread a familiar message: I want YOU.”
I was at EDJ for 7 years and I can tell you when I heard about the new contract I told everyone I knew still there to get the hell up out of there. They don’t deserve the 5 years of non-solicitation they are now going to require.
The bottom line is, if Jones thought they were competitive enough to keep client loyalty, they would not need to keep the advisor away for 5 YEARS. The fact that they have no issue taking advantage of the Protocol for their benefit but fight like hell and cry foul when this same tactic is used against them is a telling sign of what’s really hiding behind the smiles at home office.
What’s the agreement about? My brother is just getting ready for a group job interview and I don’t think he has any idea about the new agreement. Does anyone know where I could read it online?
EJ has been rated Top 100 Companies to work for in America for many years! If you currently work for EJ and are feeling these ridiculous recruiting offers from the Big Five, look very good. I have to say you are naive at best. Full disclosure, I do not work for EJ and am not a recruiter, and yes now your imagination can run wild.
Look the big five want only advisors that they can lock up and control. I understand the big check with the incredible lock up period looks extremely incising. Unfortunately, the deal is extremely one side for good reason. You see the minute you get the check you are going to invest or spend it. It doesn’t matter for the fact is in Oder to get out of the agreement you must pay the full amount back after amortization. The facts are against you for you are going to reward yourself for this ordeal (spend money), you invest it (hopefully you hit only home runs and even singles) and lastly the big five are going to CUT your payout every year until they switch it to a salary plus bonus system.
It doesn’t matter what you do. The cards are stacked against you. They want your clients but don’t need you at your current income. I always remember the old but true expression: “You are never too special!”
The big five will use greed, patience/time and ego to suck you into the worst ten years of your life.
Good luck, but if you are really good give up the B.S. checks and talk to an independant firm or Baird, Stifel or Raymond James.
Don’t be a sucker!!!
Edward it is very important when you are working anywhere first you must have employment agreement it is necessary
for the company as well as for you otherwise you will be punished or may be they put handcuffs on your hands.