Gotta love this. A friend who has been with EJ for over 10 years and built an office from scratch saw the light and left. This person got a TRO in the mail from EJ. They want this person to pay them 25% of gross for 1 year on any of this persons clients who go with them. This person trained countless reps, donated many hours to the firm and this is what he/she gets. I told him/her to have his/her attoney to tell them to kiss her ass and counter sue for lost production for all of time he/she donated to the firm with new reps. He/she said they never realized how much of a cult EJ was. Day he/she left they were starting rumors about him/her a la Van Pearcy when he "had to go". Ha HA. Family firm my butt.
It was time for Pearcy to go. He was a loser. Look at the failure he has turned into
I've never heard of a TRO that requested remuneration after the 3 year lapse?!?!
It is something kinda new--when I left EJ a little over a year ago, LPL Lawyers told me they could request all my commissions for one year or a percent of them over a year. I was with them over 14 years and they were not very nice after I left! I recruited over 17 people to Edward Jones, did a Goodknight, and mentored several FA's. I was a limited partner--but when you leave--they just don't like it!
Van was an HR lawsuit waiting to happen. Jones let him stay longer than a lot of guys would have been able to with similar reports against them. It's hard to fire your #1 producer.
I've never heard of anyone getting a letter like the one described either. I can't imagine it would hold water in court. How would they track it? How would they collect it? Why would they waste valuable time, energy, and money to try? It's not like LPL is going to share account and transaction info with Jones. I'm not sure I'm buying it.
van was only sullied after he left spaceman. The kool aid is strong with you. Lets be honest, EJ hates it when they lose big producers because it gets others thinking. When i was there and a good producer in the region left, it was all the same " he/she had to leave". EJ turns on you faster than a rattlesnake. Funny when Van is brought up they never mention the slander suit he brought against EJ and EJ settled!
Van was set up. I don't know anyone who knows the situation first hand who thinks otherwise, but Spiff was in the home office sucking through a straw at the time...am I right? (hope that straw wasn't up your nose) I knew someone really well who had worked in his office. He was quirky, fully Texan, and generous to a fault. He is #11 in the nation today, I believe! The day they fired him, he was puking on the side of the road, but he's a winner all the way, and he showed Jones. His business is his proof.
No way Jones would cause harm. They are the best firm in the world...you guys are just jealous because you left and now are failures. I bet you have a second and or third job just to keep food on the table...(funny, I knew of a 3 or 4 year rep who worked weekends at Home Depot)..11th in the country..ha..I bet Van is selling used VW Bugs out of the back of his office....
I know nothing about Pearcy's time at Jones. All I know is he is pretty serious producer for RayJay. What was his deal at Jones? I imagine if he was that big a producer, he must have been doing something for Jones to want to fire him.
So, I guess the reports from his BOAs about no panty Tuesdays were without merit. OK. Fine. Whatever.
Van would have been a top producer anywhere he went. He would also have been a compliance and HR nightmare. Van knew how to make money, ethical or not. You guys talk about RS and how bad it is. Van was the king of RS. He's the only advisor I know of that stopped selling American Funds and moved to Hartford because it made his bonus checks bigger.
He also wanted to build his business a different way than the typical Jones model. He wanted to hire a full time GKN to work in his office and manage the book, while he went out around the country gathering $1 mil+ accounts. He did that very thing when he went to RayJay. I know the guy he took with him. He was a trainee of mine when I was in the home office. He's now left Van's office and is on his own. When I asked him why, he just simply told me it was time for him to move on. I'm gonna guess that Van isn't the best boss out there.
He's got a book all of us would kill for. I've heard some really good things about him, but I've also heard some really bad things about him. At the end of the day, I don't really care.
Roadhard - I'm not saying that they can't go after you, or that they aren't. I just haven't personally heard of it happening. And I can't understand why they would even waste the effort to try.
Can't blame the guy for wanting to build his book with the use of underlings. That's how the best advisory firms do it. The other stuff, well, I guess that doesn't fit well with Jones.
No panty Tuesdays have been received very positively at my office--not really sure what the big deal is.
No panty Tues in my office means we have a bunch of guys scratching....pretty sick, really. We are pushing to get it cancelled---and believe me there's no sexual harrassment there! And the idea of having the goodnight do a specific part of the work while Van picks up $1m+ clients----brilliant, and what every other firm does in their teaming. That's why Van is pushing for $3m producer right now or so I read.
and...Broker24-you are right other firms use underlings to do some of the work, and the underlings get paid $250k per year net for their part.
Does that mean we have to wear them the other six days of the week? Get up that hill and get themmm panties off!
Perhaps Miss Jones might be the best person to answer this question.
What's this "no panty Tuesdays" you speak of?! How does one go about implementing such a policy?
fyi - sexual harrasement in 2001 was a NYSE rules violation. Not reporting a violation is taken more seriously by the regulators.
So why does the "no panty Tuesdays" person have a clean record on FINRA?
They couldn't find the evidence.....or it could have been a concocted lie from some piss poor GP who Van probably told to go f himself....