Received Collection letter from Ed Jones

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Feb 23, 2007 11:23 pm

I was an IR at Edward Jones for about 30 months.  Shortly after leaving to work for an Independent Advisor I received a letter from a Law Firm (Collection Agency) stating that I owe $18,750 for training costs Jones occured when I first started.


MY SITUATION IS DIFFERENT THAN THE NORM SO PLEASE READ BEFORE STATING OPINION. 


The paragraph states that you owe EJ if you maintain your securities license and keep registered with NASD and NYSE AND work for an entity within the industry.


Well, I am not maintaining my Series 7 or 63 license that I maintained while at Edward Jones.  Because my new firm is an Independent Advisor and NOT a broker/dealer I had to achieve my 65 and they will not maintain my 7 and/or 63.


BECAUSE OF THIS (OR ANY OTHER REASON YOU CAN THINK OF) AM I TRULY LIABLE FOR THE TRAINING COSTS?


Thanks!

Feb 24, 2007 8:44 am

A 65 is a securities license.

Feb 24, 2007 10:22 am

Yes, a 65 is a security license.  But not one I obtained while employed with Edward Jones.  Nor, is a 7 a prereq to a 65. 

Feb 24, 2007 6:49 pm

I would vote against you in a court of law.


Having sad that, at the end of the day, or any other preamble you can think of....Negotiate my good man. Or put your tail between your legs and pony up.


There must be a lawyer willing to represent you.

Feb 25, 2007 12:45 pm

I have a friend who received a similar letter at another firm and after a little

wrangling they settled for 10 percent of their original demand.

Feb 25, 2007 1:01 pm
illinoisrep:

I have a friend who received a similar letter at another firm and after a little
wrangling they settled for 10 percent of their original demand.


Did this friend of yours use an attorney?

Feb 25, 2007 3:58 pm

I would love to fight it by pointing out how Edward Jones tells IR's when they first start that they ALWAYS do what's right for the client blah blah blah.  There are more conflicts of interest at Edward Jones than any firm I have heard of.  I've heard more Vet. IR's say things that would certainly not want their clients to hear.  No wonder they love people who have no experience in the industry

Feb 25, 2007 4:17 pm

Use an attorney and settle for cents on the $

Feb 25, 2007 5:53 pm

You/your lawyer would be totally incompetent if you cant get out of paying that. You shouldnt have to pay a dime.

Feb 25, 2007 9:29 pm

I hope you are right Johnson!

Feb 26, 2007 10:08 pm

You must have gone after your old clients.  Get an attorney NOW!  The agreement says if you stay in the business (like firm) which is what you did. 

Feb 27, 2007 10:46 pm

Yes, I'm still in the business but I received this letter before any of my clients transferred over.  Plus, I only contacted 10 of my clients (which were family and friends).


I'm not arguing that I'm still in the industry but the paragraph specifically states "if you MAINTAIN YOUR LICENSE" and I am not maintaining my 7 or 63. 

Feb 28, 2007 1:03 pm
CrazyDog:

Yes, I'm still in the business but I received this letter before any of my clients transferred over.  Plus, I only contacted 10 of my clients (which were family and friends).


I'm not arguing that I'm still in the industry but the paragraph specifically states "if you MAINTAIN YOUR LICENSE" and I am not maintaining my 7 or 63. 



You said "I only contacted 10 of my clients (which were family and friends)."  It doesn't matter if they were your family, friends or the man in New York City, you contacted clients and Jones found out especially if you moved accounts.  I have my 7 and 63 and got my 66 at my new firm.  I never received the letter. 

Mar 1, 2007 3:46 pm

Ilovedogs,


I don't know of anyone else that quit jones within there 3 year contract and not receive that letter.  If you were fired, thats a different story, otherwise you are probably on the list of the next big batch of certified mailings