Left EDJ..expect the 2 certified letters!

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Feb 23, 2007 5:35 pm

Good day!


If I leave Edward Jones prior to 3 years of my can sell date, and go to another securities company, it looks like I can expect 2 letters, a nonsoliciate and a bill for my training based on 8 (eight) 3 month segments from the end of the first year. $75000 for training in total, and $9375 per each 3 month segment.


Who has experienced this situation? I'm weighing the outcome if I leave before my 3 years is up.

Feb 23, 2007 8:07 pm

Take a copy of your contract and go see an attorney before leaving.

Feb 23, 2007 10:54 pm

I have done that. If I get fired, then I owe nothing. But if I quit, then they will send me a bill, and if negotiations are not met, it can goto arbitration.  I would just like to have some input of those who went through the process.


Feb 23, 2007 11:14 pm

Search some old threads and you'll find some good info. 


I'm in the same spot you are at the moment. 


Summary of what I've gathered.


They WILL come after the money. 


Can take over a year to finish negotiating back and forth. 


Typical settlement for the training fees seems to be between 20-50% of the face value.  Tell them you are broke from starting your business and start very low in what you say you'll pay.


Non solict seems to be similar to other places.  Just be careful how you approach your clients and you should be ok.  I haven't heard of many instances where they were very aggressive on this.


PM me if you have specific questions.  (Remember I'm still in your shoes and am just relaying what I've gathered from other brokers leaving.  Including many on this board.

Feb 24, 2007 6:53 am

so at jones are you free and clear after 3 yrs from CSD?

Feb 27, 2007 2:25 pm
Broker7:

I have done that. If I get fired, then I owe nothing. But if I quit, then they will send me a bill, and if negotiations are not met, it can goto arbitration.  I would just like to have some input of those who went through the process.



Not necessarily, the primary give away is if you go after your old clients.  They will not send you an automatic bill.


Feb 27, 2007 3:36 pm

It costs $75,000 to teach someone how to knock on a door?


Congrats on leaving and best of luck.

Feb 27, 2007 4:01 pm

Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?



The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.

Feb 27, 2007 4:51 pm

Ilovedogs said: "Not necessarily, the primary give away is if you go after your old clients.  They will not send you an automatic bill."


If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not.

Feb 27, 2007 11:12 pm

          "If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not."


 


This is true if you aren't through the third year.  If you're past your 36 month commitment, you should be okay 'hangin' your 7 elsewhere as long as you don't actively and openly solicit your old clients.

Feb 28, 2007 12:06 am
bspears:

Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?


hahha...how true...

Feb 28, 2007 1:00 pm
bailingonjones:

          "If you stay in the industry and hang your "7" at another firm, it is an automatic bill regardless of whether you go after your old clients or not."


 


This is true if you aren't through the third year.  If you're past your 36 month commitment, you should be okay 'hangin' your 7 elsewhere as long as you don't actively and openly solicit your old clients.



Sorry Broker7, but you are wrong.  I left Jones (was doing very well) at the 2 year point to go to another firm.  I never heard a word from them.  The letter is not automatic. 

Feb 28, 2007 2:56 pm
bspears:

Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?



The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.




bspears, elaborate please.

Feb 28, 2007 4:40 pm
bspears:

Vbrainy, No its about the hamburger close, the "We only have 150k left in inventory and its going quick, lets place the order now before you lose this 4.2% 38 year tax free".  50k or 75k to get you started?



The true cost of this valuable training..priceless!!!!  The more I detox from EDWARDO JONESY, the more I get flush with anger.  How stupid they made me look in my community!!  I will do everything in my power to educate clients on the workings of EDJ, and educate the few who are left at my old firm about the better side of the business.



I'm curious too.  Did EDJ make you look so stupid that you couldn't build a good business?  Couldn't bring in new clients?  Or was that just your distorted perception after spending so much time listening to the yahoo's on this forum? You couldn't have looked too stupid, otherwise they wouldn't have gone with you.  Did you really have people giving you unsolicited advice about leaving Jones?  The most I've ever heard is why do we have an office every 100 yards in this city.    


If you've moved your clients to your new firm, why would you need to educate them on the "workings of Jones"?  They followed you didn't they.  Do you think they really care about what happens at Jones now that they're gone?  You probably told them all kinds of things to get them to move with you (most of it probably partially true), so why rehash the past?


OK, I get it.  Really I do.  Jones sucks, GPs are thieves, revenue sharing stinks, poor technology, offices next to Dollar Tree instead of Starbucks, payout is better indy...blah, blah, blah.  ANYWHERE else is better than being a Jones broker.  The question is do your clients really care all that much and if you're no longer there why do you.  If you looked stupid before, do you still look stupid, or have you just changed the sign on your door?     

Feb 28, 2007 5:18 pm

Holy cow!!  Spiffy, did your profit sharing not meet your approval this year?  Where do I begin?  I guess your right in paragraph 3.  Can't add anymore to what you've wrote.  No I don't look stupid now, I look more professional.  I just feel as if I've been taken advantage of.  I loved the call sessions held monthly.." okay we've got a 4.35% tax free in inventory right now...matures in 2040 and pays Jan and July.  Figure out what it takes to get your clients a 500 check in those months and SELL IT!!!!  We'll call for 45 minutes and then come together and see whol SOLD the most!  I've got a gift certificate on the best SALES PERSON!   Jones is a great SALES company,,you know..AMWAY, KIRBY Vacs.  Sorry Spiffy, I just want more for my clients than being on a quarterly call list to buy something.  Everything in the Jones system is about SELLING something and a very limited SOMETHING.  Believe me I drunk my share of koolaid, made segment 3 in 11 months...and then one day I woke up!  Your absolutely right, JONES SUCKS!  And for the record, I have followed what LPL has advised me to...tombstone and wait for their calls or walk-ins.  And guess what, 76 transfers in the first 2 weeks.  If I don't get 80% of the assets by year end I'll be highly disappointed, Highly!   Of course this is free country and I can say JONES SUCKS as much as I want and to whomever will listen!

Feb 28, 2007 5:31 pm

SS-


The tone dude. Way too amped. Relax, take a hit and enjoy the ride, remember its all about the journey.



We just CHOOSE to take a different path. And someday you too will follow. KUMBAHYAH my lord, kumbayah.


Feb 28, 2007 5:32 pm

Oh yeah Ms. Spears.


I thought I would get 80%, now I think I am better off with 70% or less  and I just crossed 60% after 6 months.


Good luck and keep us informed.

Feb 28, 2007 5:52 pm

JONES SUCKS!

Feb 28, 2007 9:55 pm
bspears:

Jones is a great SALES company,,you know..AMWAY, KIRBY Vacs.  Sorry Spiffy, I just want more for my clients than being on a quarterly call list to buy something.  Everything in the Jones system is about SELLING something and a very limited SOMETHING.  



It's always been my understanding that this is a sales job--regardless of the firm you're with. Also, I definitely do more than put my clients on a "quarterly call list to buy something." 


What's the big difference between Jones and everyone else that's always being alluded to but never explained or expounded upon?


Feb 28, 2007 10:02 pm

My perception over the years has been that Jones is different because their

mantra seems to be that they alone act in the customers' best interest, and

that all others are merely sharks trying to fleece the public. This 'holier than

thou' attitude seems to rub other professionals the wrong way.



Just my $.02.