New Leaving Edward Jones

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Feb 22, 2008 11:10 am

Hi everyone. I have a quick question. I am looking to leave Edward Jones. I started training 9 months ago can sell was about 4 months ago(did kyc, evalgrad). I want to leave since I dont think this is the company for me. I do think it is a good company overall, just not for me. My friend has some assets at another insurance/financial firm that he wants me to help him with instead of starting from scratch with edj.  Has anyone in here left in such a short time? Did you get a bill for training cost? Since my numbers been pretty low, i have been threatened of being fired. If I get terminated does that void the contract and void the bill for training? Any advice is appreciated.
 

Feb 22, 2008 11:15 am

Training cost run you around 75K. In addition if you go to the competition they will sue you under the non-compete agreement you signed. (more $$ spent in legal fees) 

 
If you are fired.. They don't care about training costs or non-compete.. You are of NO threat to the firm (in their eyes).
 
Hope that helps.. So bottom line: Start producing or get fired!
 
Miss J
Feb 22, 2008 12:13 pm

You may want to reread that legal document you signed when you joined EDJ.  I'm not sure how they'll react if they figure out that you stopped producing specifically because you want to leave and go join another firm.  They may still go after you. 

 
Just curious, but why isn't Jones the place for you?  Is it the doorknocking?  The phone calling?  The fact that you are probably working from home?  I'm just curious if the job as it was explained to you in the hiring process is any different than what you are really experiencing. 
Feb 22, 2008 12:14 pm

Many of us have been where you are...deciding after a few months of being out of Eval/Grad that we like the industry, but for one reason or the other, Jones just isn't a "fit" for us.

 
From what I can tell, the challenge of surviving in this business is no less difficult at any other firm. I've been with Jones for almost two years, and I am still riding the emotional rollercoaster and wondering when my income will level off. And if you think it's tough now, wait until your salary is gone.
 
I do know (because I have seen it time and time again with my own eyes), that if you can hang in there for 5 years, you'll be working less and earning more than most people you know.
 
This firm allows for tremendous flexibility. I know several guys in their thirties who have been here 10 years and spend more time on the golf course than in the office.
 
If you can tough it out, that's one heck of a trade off for relatively few years of hard work.
Feb 22, 2008 1:00 pm

C'mon borker, do you really think he's listening. 

SRJ, the way I understand it that if you get fired they won't come after you at all. 
 
Otherwise they probably will.  Yes they'll ask for 75k, but will settle for some amount, likely to be less than 10% of that total. 
Feb 25, 2008 12:13 am

SRJ,


    Time to face the music.  70-80% of all advisors fail, so don't hide your head in shame.  My advice is wait until your numbers are bad enough to get fired, and then apply at a credit union or bank.  Your pay will be low, but if you like this line of work, it is really your only choice.  I've literally seen dozens of new brokers fail, and their reasons for leaving are as varied as their backgrounds.  At least you found out a few months after your can-sell, compared to a few years in (probably wouldn't have made it that long anyway).  Joining a friend for a while might sound like fun, but if you don't prospect now, what will change?  Good luck

Feb 26, 2008 12:45 pm

So Im a year and a half in with EJ.  I'm having problems with some company policy.  I have to get fired not to repay the "training fee"??  I think I signed a non-soliciate, but I dont remember the $72000 bill...I would think I would have remembered that.  Time to dig out the contract.

Feb 26, 2008 12:57 pm
Jonesness:

So Im a year and a half in with EJ.  I'm having problems with some company policy.  I have to get fired not to repay the "training fee"??  I think I signed a non-soliciate, but I dont remember the $72000 bill...I would think I would have remembered that.  Time to dig out the contract.

 
If your fired.. THEY DON'T CARE. You are of NO threat to our business. (or so they believe)
 
Miss J
Feb 26, 2008 1:00 pm
rankstocks:

SRJ,


    Time to face the music.  70-80% of all advisors fail, so don't hide your head in shame.  My advice is wait until your numbers are bad enough to get fired, and then apply at a credit union or bank.  Your pay will be low, but if you like this line of work, it is really your only choice. 



 
I was BARELY a Segment 3 producer at EDJ.  My pay last year (1st full year at the bank) I made a little more than what a $300,000 producer would make at EDJ.  AND, someone else paid my advertising, mail, phone, newsletters, seminar costs beyond what the wholeseller pays, cell phone, health insurance, etc. which is worth at least $1,000/month, probably double that if you are doing anything beyond local phone calls and door knocking to bring people in.
 
There are downsides to a bank, but the "fact" that we are underpaid compared to our counterparts, especially at EDJ, isn't one of them.  Underpaid compared to independent is a different story completely, but that's not what we are talking about here.
 
For a $1mm producer, you are probably underpaid at most banks, including this one.  For a producer under $500,000, at least in my system, you are taking home about the same money than you would at EDJ (give or take $10,000 depending on where you hit the grid), and that isn't even counting the value of the referrals, that's just on a straight comparison at different production levels.
 
If you are a $500,000+ producer, and are not independent, then you are giving up too much of your gross to someone else, I don't care where you are.  I get alot of benefits from the bank, as you do from EDJ.  But they are benefits that I can buy myself for less than $300,000.
Feb 26, 2008 1:15 pm

I wonder if getting fired would  be more beneficial to paying for those training fees?? It would take half a year to get fired on production?

Feb 26, 2008 3:43 pm
Jonesness:

So Im a year and a half in with EJ.  I'm having problems with some company policy.  I have to get fired not to repay the "training fee"??  I think I signed a non-soliciate, but I dont remember the $72000 bill...I would think I would have remembered that.  Time to dig out the contract.

 
What policy are you struggling with?  Is it the diversification trip one that says you can't take a person of the same sex with you with whom you are having a non-platonic relationship? 
Feb 26, 2008 3:56 pm
I was BARELY a Segment 3 producer at EDJ. My pay last year (1st full year at the bank) I made a little more than what a $300,000 producer would make at EDJ. AND, someone else paid my advertising, mail, phone, newsletters, seminar costs beyond what the wholeseller pays, cell phone, health insurance, etc. which is worth at least $1,000/month, probably double that if you are doing anything beyond local phone calls and door knocking to bring people in.



There are downsides to a bank, but the "fact" that we are underpaid compared to our counterparts, especially at EDJ, isn't one of them. Underpaid compared to independent is a different story completely, but that's not what we are talking about here.



For a $1mm producer, you are probably underpaid at most banks, including this one. For a producer under $500,000, at least in my system, you are taking home about the same money than you would at EDJ (give or take $10,000 depending on where you hit the grid), and that isn't even counting the value of the referrals, that's just on a straight comparison at different production levels.



If you are a $500,000+ producer, and are not independent, then you are giving up too much of your gross to someone else, I don't care where you are. I get alot of benefits from the bank, as you do from EDJ. But they are benefits that I can buy myself for less than $300,000.

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Feb 26, 2008 3:57 pm

Go get a second job without approval.

 
That way, you could put food on the table and accomplish your goal of getting canned.
Feb 26, 2008 4:07 pm

Um...if you do it without approval, how are they going to know you have a second job?  The idea is good, but the fundamentals are flawed.

Feb 26, 2008 4:15 pm

Trust me, they'll find out.

Feb 26, 2008 4:56 pm
Borker Boy:

Go get a second job without approval.

 
That way, you could put food on the table and accomplish your goal of getting canned.
 
...that's pretty clever...perhaps pole-dancing?
Feb 26, 2008 6:05 pm
Spaceman Spiff:
Jonesness:

So Im a year and a half in with EJ.  I'm having problems with some company policy.  I have to get fired not to repay the "training fee"??  I think I signed a non-soliciate, but I dont remember the $72000 bill...I would think I would have remembered that.  Time to dig out the contract.

 
What policy are you struggling with?  Is it the diversification trip one that says you can't take a person of the same sex with you with whom you are having a non-platonic relationship? 
 
Spaceman,
Dude, its supposed to be a secret...why are you exposing OUR cover........ LOVER
Feb 26, 2008 6:07 pm
Indyone:
Borker Boy:

Go get a second job without approval.

 
That way, you could put food on the table and accomplish your goal of getting canned.
 
...that's pretty clever...perhaps pole-dancing?
 
"failing to disclose of outside activities"   Is that an instant canning...and how will it affect my license?
Feb 26, 2008 7:28 pm
Spaceman Spiff:

Um...if you do it without approval, how are they going to know you have a second job? 


Your compliance department will, periodically, pull your credit report and on the report will be, not only inquiries from potential employers to which you've submitted a job application, but also the list of other employers (if any) for which you currently work.
 
Also, if they uncover the fact that you have an unapproved job and fire you, it may go on your record, making it difficult to get employed at another B/D at some future time.
Feb 26, 2008 10:07 pm

I guess the difference would be if I get employed or go indy..Im sure ML would question the fireing..but I know of several RIA's that would be OK with a fireing.