Leaving Jones. Will they come after me?

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Dec 23, 2005 10:26 pm

If I leave now (exit strategy planning time), will they come after me?



I have about 6 months left on the 3 year contract. Would go to work for an Agency that specializes in P&C insurance, but also has health insurance, life and is now the securities dealer for several local banks.



Is there a way to get away from them sending me a notice of $XX,000? Like perhaps learn the insurance business and help out in health, life and variable annuity for 6 months? Would this make it so that I am not going to a "competing firm"? After 6 months, I deal in securities again?



Any other ideas?

Dec 24, 2005 12:43 am

And I see I forgot to mention that any help you can offer is greatly appreciated.



Thanks.

Dec 24, 2005 2:16 am
turdBurglar:

And I see I forgot to mention that any help you can offer is greatly appreciated.

Thanks.


TurdBurglar, Interesting handle


How big of a book do you have?


Is there a reason for them to come after you, will you actually be competing, it sounds to me like you will not be a threat to take the book?


If the opportunity is worth it, that is what you have to figure?


Based on your first posting it sounds like you are leaving the Investment side and going to the Insurance side, in that case you are start staying in the business as a competitor with Jones.


The main thing in life is to be happy, if you are not happy you should leave, if you are not making a living for your family you should leave, those are the real questions?

Dec 24, 2005 10:16 am

Player thank you for the feedback and probing questions. Yes, easily make a living there, just a better opportunity. Where I would be going, I would be the sole Series 7 guy...a missing piece they have been looking for, for sometime now. I guess I COULD do the insurance side for a while. My question is, CAN I still do the investment side without them coming after me. Is it all based upon if my U-4 is activated with someone else? BTW, I have about 20MM under management. I could take the book, or not. This isn't that important to me. Even if I don't take the book, would they stil come after me?



Thanks again.

Dec 24, 2005 10:22 am

Heck, I'd stick it out for another six months...there will always be opportunities...you can always go indy and try to take your book with you...just get past three years.

Dec 24, 2005 1:29 pm

I have thought about this, but this is quite a unique opportunity. The agency I am considering has an exclusive arrangement as the securities division for 2-3 local banks. Just such huge potential waiting there for me, if I take it. That is why I said I could care less about taking any of my current book with me.

Dec 24, 2005 3:24 pm

Well, I have a different opinion on the "opportunity" at a bank.  Sure, I got a lot of referral activity, but 95% of it was pure sh*t that just wasted my time ("Bob wants to see you about a $5,000 CD maturity.  What is your one year rate?").  The sad thing is, the bank people thought they were being really helpful, but in reality, the large accounts I was getting were pretty much from my own efforts.


Wherever/whenever you go, you should consider trying to take your A clients with you...leave the B's & C's behind and you'll be much more efficient.  You'll have plenty of opportunities to replace all the B's and C's you leave behind.


I work with CPA's now and average a couple of referrals/month.  The difference is that the smallest referral thus far is $200,000, and in the last two weeks, I've received two referrals, both of which were in excess of $2,000,000.


The grass is not always greener on the other side of the fence...Merry Christmas!

Dec 24, 2005 3:34 pm

Yeah, I'm not sure if I was clear. I would actually be working with an agency. The owner of the agency is a local county commissioner also (population of county about 100,000) and has many great relationships. The banks he has the relationships wouldn't be referring but their best clients ($250k and up) to us.

Dec 25, 2005 5:37 pm

Merry Christmas.

Dec 25, 2005 7:26 pm

I'm in the same boat as you are, with regards to the 3 year rule. I want to leave so bad, but I refuse to pay them a dime. Don't you find it funny to think that a firm would bother you in a lawsuit when they know for a fact you don't want to work for them anymore. I would think especially in a small town the bad publicity that it could possibly generate towards the company from going after an IR would keep them from suing.


Just weird to me how a company would rather keep an unhappy employee around for a certain time period only to know they will leave when a piece of paper says they can.


Anyways, back to your question that is my predicament also. The new place I'm thinking of going does not care if I bring over any clients. PERSONALLY, I think that is all Jones is waiting for, to see if your'e going to start taking lots of accounts. I think that influences their decision to seek out the training expenses. . Nobody knows what Jones will do. The only thing consistent is their insconsistency. That is why this question is asked so much on these boards. 


Get a lawyer. One thing I've wondered. I never received an executed copy of the contract that I signed. I think in order for a contract to be legal in my state both parties have to have signed the contract and both have copies of it, which I was never given. That might only be a state law though, I'm not sure.

Dec 26, 2005 3:54 pm
turdBurglar:

Yeah, I'm not sure if I was clear. I would actually be working with an agency. The owner of the agency is a local county commissioner also (population of county about 100,000) and has many great relationships. The banks he has the relationships wouldn't be referring but their best clients ($250k and up) to us.


Sounds interesting, but I think indyone was right as regards his first post.  If you stick around for six months, you'll have a decent shot at pursuing your current book as clients it seems to me.


It will take you nearly six months to plan and execute a well-prepared transition.  If they really want you, they can afford to wait that long...

Dec 29, 2005 10:00 am
turdBurglar:

Yeah, I'm not sure if I was clear. I would actually be working with an agency. The owner of the agency is a local county commissioner also (population of county about 100,000) and has many great relationships. The banks he has the relationships wouldn't be referring but their best clients ($250k and up) to us.


Now that sounds like an opportunity with potential. You only go to the bank if the appointment is set and has been verified. Then you get the referrals from the Commissioner and you start rolling in dough!

Dec 29, 2005 2:01 pm
turdBurglar:

If I leave now (exit strategy planning time), will they come after me?

I have about 6 months left on the 3 year contract. Would go to work for an Agency that specializes in P&C insurance, but also has health insurance, life and is now the securities dealer for several local banks.

Is there a way to get away from them sending me a notice of $XX,000? Like perhaps learn the insurance business and help out in health, life and variable annuity for 6 months? Would this make it so that I am not going to a "competing firm"? After 6 months, I deal in securities again?


Well, change your screen name for one.  Have some self respect.
Any other ideas?

Dec 29, 2005 9:06 pm

Could someone please answer me this. I have a copy of the contract I signed. If anyone else has a copy of theirs, I assume it hasn't changed much.


I'm confused after talking to lawyer, is this a 3 year contract or a 4 year contract? The way it reads none of those training expenses are reduced at all the first year, but then start to deduct off the total amount quartlerly after that. I do the math and for the amount they are saying quarterly that would take an additonal 3 years after the first year.


However, the first sentence and last sentence both talk about three years from your can sell. It's very unclear.

Jan 1, 2006 1:40 pm
maybeeeeeeee:
turdBurglar:

If I leave now (exit strategy planning time), will they come after me? I have about 6 months left on the 3 year contract. Would go to work for an Agency that specializes in P&C insurance, but also has health insurance, life and is now the securities dealer for several local banks. Is there a way to get away from them sending me a notice of $XX,000? Like perhaps learn the insurance business and help out in health, life and variable annuity for 6 months? Would this make it so that I am not going to a "competing firm"? After 6 months, I deal in securities again?



Well, change your screen name for one. Have some self respect.Any other ideas?





You are wise beyond earth years to detect the sincere lack of self-respect from one's internet news group screen name. Lick my balls beotch.

Jan 2, 2006 10:04 am

So will Jones settle for 10?/25?/50?/75? cents on the dollar in court? out of the 50k or so they say I owe them

Jan 2, 2006 2:05 pm

The only time Jones comes after you is if you are staying in the business, (based on your other posts maybe you should consider changing career paths); but, if you are staying, I'd say stick out your contract.  As much as you may dislike Jones, if you can't give it 3yrs before moving, its probably not Jones that's causing most of your problems.