Script when leaving Edward D Jones

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Oct 25, 2011 2:20 pm

I am in the process of trying to figure out what I can and can't say to my "old relations" when I leave my current firm.  I don't want to violate any agreements I've signed but want to make sure people know I'm their guy.  Any inisght into what can and can't be said?  I do have an attorney and will run my final wording by him.

Here is what I'm thinking...

"Mr. Client .. I was calling because I wanted you to know how much I appreciate the relationship we've built.  It's very meaninful to me.  Also, I've decided to make a change in the company I'm affiliated with.  I've joined XYZ because I feel I will be better able to service local investors by delivering lower fees and better solutions.  While I am not legally able to ask for your business I do want to make you aware you are free to work with any advisor you wish - myself included."

The "myself included" might be solicitation ... what do you guys think?

Oct 25, 2011 4:38 pm

I am no lawyer of course, but you are stating a fact... not a solicitation. Of course, i am sure EJ would think differently. let us know what your lawyer says, and approves.

Oct 27, 2011 12:43 pm

You already violated your contract when you pick up the phone to call your client. That is solicitation.

Nov 10, 2011 6:15 pm

Why not wait out the three years? I don't know of any FA's leaving Jones after 3 years that had to worry about it. As for calling your current clients during those three years, you will end up in arbitration and most likely will have to settle on 10-15% of what they want. It's prorated by year. After three years it's nothing.

Nov 10, 2011 6:39 pm

@ Matt, I think you're confusing the training reimbursement with the non-compete. Training reimbursement is 3 years, non-compete is forever.

Bully is right - at least in the eyes of Jones' attorneys, you solicit the moment you initiate ANY sort of contact. I also wanted to try the "I can't ask you to move, but *wink wink*" and was strongly advised against it.

The actual wording from the contract at Jones: "Furthermore, you agree that for a period of one year following the termination of your employment, that you will not solicit by mail, phone, electronic communication, personal meeting, or any other means, either directly or indirectly, any clients of Edward Jones..."

Jones will send out a letter announcing your departure and your new contact information, and if your business is like mine, a majority of my clients called me.

Best of luck to you! Indy is great.

Nov 10, 2011 10:51 pm

I would ignore any advice not to call your clients...the risk of a firm coming after you is much less than the risk of not having a successful transition.  Just give them the same info on the tombstone letter when you call.  When they start asking you questions, then you answer.

Nov 10, 2011 11:45 pm

Here you go:

"Mr. or Mrs. Client, I wanted you to hear it directly from me that I have resigned from Edward Jones and am now an advisor with XYZ. 

I'd love to sit down with you and tell you more about why I made the move. Would this evening at 6 pm work for you?

(Refrain from trying to sell them on your move over the phone. You'll have much better luck if you can set a time to meet with them.)