New Leaving Edward Jones
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.
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 JYou 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.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.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.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
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 JSo 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.
[quote=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.
[/quote] 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.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?
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?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.
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.[/quote]
Go get a second job without approval.
That way, you could put food on the table and accomplish your goal of getting canned.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.
Trust me, they’ll find out.
[quote=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.[/quote] ...that's pretty clever...perhaps pole-dancing?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? [/quote] Spaceman, Dude, its supposed to be a secret...why are you exposing OUR cover........ LOVER[quote=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.
[quote=Indyone][quote=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.[/quote] ...that's pretty clever...perhaps pole-dancing?[/quote] "failing to disclose of outside activities" Is that an instant canning...and how will it affect my license?[quote=Spaceman Spiff]
Um...if you do it without approval, how are they going to know you have a second job? [/quote]
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.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.
I had the same thoughts as you around year 2, did alot of research, after weighing the pros and cons…decided to coast thru year 3 and them make my step to indy, and avoided battling the company attorneys… From several instances that I have seen and heard, it’s possible to get a job in this industry as long as you have your 7, there was a broker who was a high producer that got fired for forging signatures (for commissionable profit), after getting hammered by NASD (now finra),
he was soon hired by a major wirehouse.I have an appointment with a wirehouse soon. I know of an FA that had his contract bought out by them… I wonder though if the contract can be cut in half…and my share is about $20K, if I should just go indy. I was already licensed and brought over substantial AUM to an existing EJ office.
So, you didn’t go through S7, 66, KYC, Eval/Grad, PDP, and all that jazz with Jones? You took over an already existing office?
The main beef with Jones and guys leaving in the first three years is all the money they spend to build an office for you and train you. If you were a transfer broker who took over an existing office, they probably don't have all that much invested in you. Since they don't give up front money, there's nothing there. Just a thought.Spaceman,
I have been a broker for 13 years. Got offered a nice office..I liked it and took the position w/o researching the Jones philosophy. Already had my licenses.. had to do the classes along with seg 2,3. I'm scheduled for 4 class next month. The issue was with options, as well as many many FSpends and PEND messeges..I blow an hour a day answering.. Everything I do is above board..but when I sell a stock in 2-30 days....I get hammered. Buy and hold does not work for my advisement, so I need to go elsewhere. Sorry about blowing steam..the client loss was just the final straw.. Seriously, how any FS do you have to answer in a week??[quote=Jonesness]I have an appointment with a wirehouse soon. I know of an FA that had his contract bought out by them… I wonder though if the contract can be cut in half…and my share is about $20K, if I should just go indy. I was already licensed and brought over substantial AUM to an existing EJ office.[/quote]
You mentioned earlier you weren’t really sure if you had signed a non-compete or non-solicit, or if there was some $72K figure - you were going to dig out your contract. Now you’re speculating about splitting your 'share.'
You really need to read your contract to be very clear on EXACTLY what terms you agreed to when you joined EDJ. What specifically does your contract say?
Morphious,
I think it was the standard contract. I looked for it last night, and it is also not at my office. Before I call HR (as recommended by a kind forum member), i am going to get everything ready, as I know that calling HR for my contract is an automatic red flag. By scanning this forum, it looks like a prorated amount..and then about 1/2 that will be the fina requested amount.. if that is the case, indy might be better than wirehouse for me.why do you say that?
??please complete your thought.
What is "that?"[quote=Jonesness]Morphious,
I think it was the standard contract. I looked for it last night, and it is also not at my office. Before I call HR (as recommended by a kind forum member), i am going to get everything ready, as I know that calling HR for my contract is an automatic red flag. By scanning this forum, it looks like a prorated amount..and then about 1/2 that will be the fina requested amount.. if that is the case, indy might be better than wirehouse for me.[/quote]Gotcha. You're right asking for a copy of your contract will be a red flag, but you definitely want to be clear on your contract before you act, as your potential liabilities may influence your decision or at least the timing. So it may be the lesser of two evils.
One key point - beyond whatever wording Jones typically uses for standard non-compete or non-solicit clauses - involves the critical issue of repaying training costs. If I understand you correctly that you came to Jones already licensed with an established book, you should not have even been asked to sign a contract with training costs repayment. And I believe Jones does not pay upfront money (forgivable loans), so I can't really imagine why you would owe any real money to get out. You may be free and clear from that $ standpoint - not that Jones or any b/d will make it easy on you.
But you won't be able to be sure of that important point just going off of what the standard contract might say. You're really going to need copies of any/all employment agreements you signed to do that.
Good luck.
[quote=Jonesness]
Spaceman,
I have been a broker for 13 years. Got offered a nice office..I liked it and took the position w/o researching the Jones philosophy. Already had my licenses.. had to do the classes along with seg 2,3. I'm scheduled for 4 class next month. The issue was with options, as well as many many FSpends and PEND messeges..I blow an hour a day answering.. Everything I do is above board..but when I sell a stock in 2-30 days....I get hammered. Buy and hold does not work for my advisement, so I need to go elsewhere. Sorry about blowing steam..the client loss was just the final straw.. Seriously, how any FS do you have to answer in a week??[/quote] More and more it seems like. I get an FSPend for EVERY mutual fund sell I do. I've been getting them for some bonds I've traded recently. Typically, maybe a couple a week on average. Jones is a buy and hold kind of company. Our region just lost a guy to LPL because he ran a biz like yours. Jones isn't for everyone. If I were you, I'd take my clients and go indy.[quote=Jonesness]??please complete your thought.
What is "that?"[/quote]Morphious,
Thanks for your insight..you reinforced the direction I am going. After my meeting with the wirehouse, I will be able to decide either them or indy, I need to set up an lpl and RJ meeting to see if they can assist in moving. If I cannot find my contract tonight, the HR phone call will be the last thing I do before I quit. Getting fired may still not be out of the question though.“fired for not following co policy” could be public info for any future prospect OR B/D to access forever
Spaceman,
I got a pending last week asking for my FS to be more specific, my field supervisor wants me to write an essay for each transaction. I knew when I started that it might not be a fit, I cleared my advising style with my RL and he has backed me up, but FS is always on my back about much of nothing. Oh well....I'm definitely on my way out...hopefully I can make my move without causing too many wavesthere are brokers of fired for sexual harrassment, discretionary trading, fraud, but they go on to another company..I definitely do not condone any of that...I'm a clean sheet for now.. I probably will not go that route, but who knows, the starbucks across the street is hiring“fired for not following co policy” could be public info for any future prospect OR B/D to access forever
Compliance is a pain in the a** everywhere. The difference is at EDJ, the failed broker that is your compliance officer had only 2 years of industry experience before he washed out, and he only gets paid $40,000-50,000 to be your “supervisor.” Guess what kind of quality that attracts.
I don't agree with my compliance officer all of the time, and will readily admit (and even tell him on occasion) that he is frequently being a pain in the a** over trivial matters. However, overall he is much better informed than FS was at EDJ. He also has experience with a couple of different firms, so he hasn't been indoctrinated into the idea that the only proper investments are 30 year bonds and A share mutual funds, neither of which are ever appropriate to sell.[quote=Jonesness]Morphious,
Thanks for your insight..you reinforced the direction I am going. After my meeting with the wirehouse, I will be able to decide either them or indy, I need to set up an lpl and RJ meeting to see if they can assist in moving. If I cannot find my contract tonight, the HR phone call will be the last thing I do before I quit. Getting fired may still not be out of the question though.[/quote]OK, even though you didn't specifically address the question of training costs in your answer I'm going to assume you have this liability since you're still implying it's an issue. Several further points for you.
As you interview with the wirehouse and the indy b/ds, make sure you ask up front about their absorbing any costs you may incur to leave EDJ. Depending on your production they should certainly pick up those costs if you negotiate it.
Second, I would not wait to ask for the contract as the last thing. The information contained in there is too central to PLANNING what you want to do and when. Otherwise it's 'ready, shoot, aim!' If you ask for a copy well before a move things can cool down again before you actually do move.
Finally, be very careful about this getting fired on purpose route. The indys you mention are still b/ds and all file U5s when a rep leaves, so whatever they write is likely to follow you as a disclosure item on your U4 as long as you remain a registered rep. Depending on exactly why you would be fired, this could also remain a disclosure item even if you go full RIA with no b/d. This information is available not only to potential new b/ds, who may understand, but to the general public as well - who may be spooked away from you because of it. I'd be VERY careful about considering that route if I were in your shoes.
You moved once without doing your homework. Don't make that same mistake again!
[quote=Jonesness]
Spaceman,
I have been a broker for 13 years. Got offered a nice office..I liked it and took the position w/o researching the Jones philosophy. Already had my licenses.. had to do the classes along with seg 2,3. I'm scheduled for 4 class next month. The issue was with options, as well as many many FSpends and PEND messeges..I blow an hour a day answering.. Everything I do is above board..but when I sell a stock in 2-30 days....I get hammered. Buy and hold does not work for my advisement, so I need to go elsewhere. Sorry about blowing steam..the client loss was just the final straw.. Seriously, how any FS do you have to answer in a week??[/quote] I get about one FSPend a month. But as I think I mentioned once, I am really of the buy and hold, assett allocation philosphy, which happens to fit nicely with Jones.REALLY?! Wow, I've heard some goofy things on this forum, but that one takes the cake. Did you purposefully write that 30 year bonds and A share mutual funds are NEVER appropriate to sell? I would guess then that C shares or fee based or ETFs are the ONLY way you do biz?…so he hasn’t been indoctrinated into the idea that the only proper investments are 30 year bonds and A share mutual funds, neither of which are ever appropriate to sell.
JONESNESS- I went to Jones fully licensed as well. Brought some assets with me. Left after 12-13 months. Took 90% of my clients with me. They did not say a word. I even went through the 3 trips to Tempe for training. As long as you came licensed you should be fine.
ironhorse, did you take over a significant office? Did you have no training cost to worry about? WHat about the non-soliciate? feel free to post or PM
thanksEJ4now,
I had 1 or 2 trades to document for compliance A MONTH prior to EJ..I had no idea FS's are failed brokers..now I understand when they do not understand why!That’s a first, Jones FSD worrying about a trade that wasn’t placed at EDJ.
In all fairness to the FSD's, not all of them are failed brokers. There are some for sure. Mine, however, has never been an advisor. The ones who were FAs, in my experience, have been better than the ones who weren't. The ones who weren't don't get it at all. And you can't get them to see beyond what their guidelines say.As a Bank broker...Spiff!
REALLY?! Wow, I've heard some goofy things on this forum, but that one takes the cake. Did you purposefully write that 30 year bonds and A share mutual funds are NEVER appropriate to sell? I would guess then that C shares or fee based or ETFs are the ONLY way you do biz?[/quote] When I reread what I typed, I realized I wasn't clear. I thought maybe it you would still understand what I meant, but apparently not, which is my fault. Spiff, what I meant was that IN THE EYES OF FS, it is never appropriate to EXIT a position in an A share or a 30 year bond, those investments are meant to be held forever. Obviously I was exaggerating, but I think you get the idea. FYI, I do think that 30 year bonds are rarely (although not never) in the client's best interest. As for A shares, probably 50% of my business is A share mutual funds. As for FS being failed brokers, that is a knock on the position in general, not just at EDJ. However, my experience was that many of the FS reps at EDJ were under 35 and had a couple of years recent experience as an FA, and then they "decided that they would enjoy the compliance end of the business more," and were willing to take the massive paycut that was involved. Frankly, I think my compliance officer is probably overpaid, but at least it is a legitimate career choice, whereas at EDJ it is more of a waypoint to something else.[quote=EDJ4now] …so he hasn’t been indoctrinated into the idea that the only proper investments are 30 year bonds and A share mutual funds, neither of which are ever appropriate to sell.
I thought that statement sounded a little out there. Especially for a former EDJ guy. You are right. FS believes that you should never, under any circumstances liquidate an A share position. You should always do an internal exchange. Well, I don’t agree. One thing I’ve learned about FS is that they don’t give a rip about performance. They only look at holding period and commissions paid. I’ve sold the gains on some positions that the clients have held for 8-10 years and still have to answer the FSPend.
The FSD position is a definitely a way in the door at the home office for an FA. Probably because it pays pretty well. For some guys I know that went there it was a raise. I thought about that position years ago when I was still in the home office. Back then they traveled a week a month doing branch audits. I don't think they do anymore. I don't really know that I'd enjoy sitting at a desk all day, talking to people about their trades, getting letters signed, having meetings, etc. Wait...that's what I do now. Maybe I'll have to revisit that position.Spiff, you would make a good FS. You seem level headed. Before I moved from Jones, I received alot of FSpnds, a few asking why I moved funds from firm name to the fund company. That is a red flag, if you indys know what I mean, but easy to answer.
Don't forget, not making it as a FA does not correlate much to inteligence level. All it means is that they are not good at Sales and/or working in front of people.
The knock may be that they don't have proper prior experience, but it doesn't mean they are incompentent.[quote=Dark Knight]
Don't forget, not making it as a FA does not correlate much to inteligence level. All it means is that they are not good at Sales and/or working in front of people.
The knock may be that they don't have proper prior experience, but it doesn't mean they are incompentent.[/quote] It frequently means an utter lack of an understanding of the sales experience. The guy I have now is probably more intelligent than most FA's. So much so, that he can spend an hour analyzing a $10,000 trade, and coming up with a half dozen questions that need answered by me via email (my version of FSPend). The responses and follow up are always supposed to be the #1 priority, even if I have a full slate of appointments. I get to it when I can, but I'll be damned if I'm going to drop everything just so he can check me off of his list. He's a bright guy (maybe even smarter than me if that's possible ), but he couldn't sell a life preserver to a drowning man, at least not with examining every possible angle, weighing the pros and cons, etc., a process that would take longer to do than our poor hypothetical drowning man can keep his head above the water. Like I said, the FS problem is not just at Jones. But at least with this guy they are intelligent questions, even if he does go overboard at times.I was terminated by EDJ. But since I “insist” on keeping my Series 7 (which by the way I had for years before starting with EDJ) they will NOT let the training costs drop. EDJ is very serious about these training costs, if you stay in the business even in a support role with your Series 7 they WIll come after you. Not a fun experience by a long shot. I wish I had never accepted the job with Edward Jones. A huge company, with tough lawyers equals a horrible experience.
Broker 64, How do you mean they will not let it drop? did they send you a letter for payment or was it a notice to appear in court? If they let you go i don’t beleive they can successfully get the cost back in court especially if they did not pay for your license training. Something is missing here
Yes, I got the letter for $65,000! Explained to their lawyer I was terminated but allowed to resign. So I talked to one securities lawyer (who would cost $500 an hour) and he said keeping my U4 as voluntarily resigned has to be worth something and his thought was it could be resolved in a couple phone calls. And might be zero but probably closer to $5,000. EDJ might seem like the nice little mom & pop local brokerage firm, but really they are this huge corporate machine and you’re just a number to them. You have to sign the contract to be hired, you must go through their required training to be employed, and beware if it doesn’t work out (even if you were already were licensed for years before joining the green machine). They WILL come after you for their training costs if you “insist” on keeping your Series 7.
This might sound stupid and may very well be,If a person let his 7 expire after leaving than retook the test (was not that hard) would the last broker even be aware that the new issued license is at another b/d?
Well, I left after 2 years… I got my bill for $46,875 in training costs. I’m now an analyst at a tactical money management firm (No more clients!). Because I’m not “engaged in the sale of securities or insurance”- I disputed the bill. Just got my letter informing me that they’ve chosen not to pursue me unless I my job description changes in the future. I included with my response to the attorney a copy of my new contract that specifically stated I’m not responsible for solicitation of clients which probably helped.
If you don’t piss off Jones when you leave, they don’t come after you. My training class had 4(out of 10) people leave after they passed the 7 & 66 and went to a variety of places(ML,SB,Wachovia,Indy) and they all used the same excuse,“If you don’t fire me and release me from my contract, I will sit here and do nothing.” They all got release and nothing on their record that any firm cares about. They all got a letter one week later from some law firm in St Louis, with a cease and desist letter(although most of them had not done anything yet) and a copy of their contract they signed. A year later they still have gotten nothing and their respective employers/bds have gotten nothing.
In the contract it says, $75k if you leave within 3 years of “can-sell” date AND maintain your license with a different firm selling securities or insurance.
Pro-rated $9375 per full quarter of employment after the first 13 months.I’m left wondering… if you’re new to the business, are we really in an economic environment where you want to find the least damaging way to ditch your current employer for another firm?
When your new firm does a round of layoffs, how do you think it will reflect when they take a look at your file and see “fired from Edward Jones for moonlighting/not producing/not following firm policy”?
Hope you get some AUM quick.
Hello,
I was hoping someone could help me with my dilemma. I've worked at EJI for about 6 months. Completed the training, and have just started my 7 weeks of door-to-door. I have not yet gone to Eval/Grad which means that I haven't been licenced (I think). If I quit and goto work at another firm, can EJI still come after me for that $75,000 as stated in the contract? The reason I ask is the contract that states, "Upon execution of this Agreement and upon registration with Investment Dealers Association of Canada....." and I am not licenced. Any help would be GREATLY appreciated!Yes, they can and I wouldn’t blame them a bit.
I would also like to mention, this isnt my choice. They're forcing me to resign and I keep saying I wont do it. I am just looking for options since I would like to stay part of the securities industry.
[quote=rockhorse]
I would also like to mention, this isnt my choice. They’re forcing me to resign and I keep saying I wont do it. I am just looking for options since I would like to stay part of the securities industry.
[/quote]Why are they forcing your to resign? Tell the truth.
I went on an allowed, self-diagnosed sick leave for a few weeks. I call to come back to work, and they say I can’t return without a doctor’s note. So my only option is to provide documentation, or to resign.
I like EJI a lot, and I really want to continue my employment with them. So I really don't know what to do. I would also like to mention that they've asked me to resign 3-4 times over the past two days. Which I have continued to decline.[quote=rockhorse]I went on an allowed, self-diagnosed sick leave for a few weeks. I call to come back to work, and they say I can’t return without a doctor’s note. So my only option is to provide documentation, or to resign.
I like EJI a lot, and I really want to continue my employment with them. So I really don't know what to do. I would also like to mention that they've asked me to resign 3-4 times over the past two days. Which I have continued to decline.[/quote]Am I being punked?
Nope. Care to ellaborate?
[quote=rockhorse]
Nope. Care to ellaborate?
[/quote]Nope.
Why would another firm take you as a broker after you fail at the easiest firm out there?
Awesome thanks for reading my posts and giving me non-bias opinions. Very professional of you.
[quote=rockhorse]
Awesome thanks for reading my posts and giving me non-bias opinions. Very professional of you.
[/quote]Failureboy, there’s no such thing as a “non-bias” opinion. Bias is what make them opinions in the first place. I didn’t even state an opinion. I asked a question. Here’s an opinion…I’ll bet they’re asking you to resign because they see in you what I see in you - a loser. Now, THAT’S an opinion!
Well someone hates the world.
[quote=rockhorse]
Well someone hates the world.
[/quote]I don’t hate Australia.
Why even post on here if you’re not going to offer any advice? But just put people down? I didn’t fail at Edward Jones. They failed at giving me the support that I required. I passed all my tests, made all my contacts, but was hurdled by an unfortunate illness. Get rid of your selective reading process and actually focus on the issues.
[quote=rockhorse]Why even post on here if you’re not going to offer any advice? But just put people down? I didn’t fail at Edward Jones. They failed at giving me the support that I required. I passed all my tests, made all my contacts, but was hurdled by an unfortunate illness. Get rid of your selective reading process and actually focus on the issues.[/quote]
Son, I can’t offer advice without getting my questions answered. Try this…call all of the firms in your area and tell them that your old firm failed to give you the support that you required and that you would like an interview. If they press you on what happened, just tell them that you took a self-approved extended sick leave, but it wasn’t bad enough to go to the doctor.
I’ve answered all your questions, and you’ve only returned with meaningless sarcastic comments.
Rock, your story isn't adding up. If you've been with Jones for six months and are just not getting to branch training, there are a few months in there unaccounted for, with no doctor's note. It doesn't look to me that you have any leverage or any real options in this biz, especially in this economic market.I’ve answered all your questions, and you’ve only returned with meaningless sarcastic comments.
How can they sue me for training costs (even though im not licenced) after they force me to resign?
[quote=rockhorse]How can they sue me for training costs (even though im not licenced) after they force me to resign?[/quote]
If they have you knocking on doors, you’re licensed.
He hasn't been to Eval Grad so he's not licensed. You can knock on doors in training but you are only allowed to introduce yourself and ask for a phone number.[quote=rockhorse]How can they sue me for training costs (even though im not licenced) after they force me to resign?[/quote]
If they have you knocking on doors, you’re licensed.
He hasn't been to Eval Grad so he's not licensed. You can knock on doors in training but you are only allowed to introduce yourself and ask for a phone number. [/quote][quote=Hank Moody] [quote=rockhorse]How can they sue me for training costs (even though im not licenced) after they force me to resign?[/quote]
If they have you knocking on doors, you’re licensed.
A door to door salesman with nothing to sell? Can it get worse than that?
You're asking the wrong people about the training reimbursement. My guess would be that they come after you for something if you voluntarily quit and go to another firm. If Jones fires you, then I don't believe they would have any ground to go after you.
What's the story with this "approved, self-appointed sick leave"? I've heard a lot of things in my time at Jones, but that's a new one. And obviously if they're asking you to resign and/or get them a doctor's note, then the powers that be (BTW, the same ones who will be deciding whether or not to go after you for training costs) didn't quite agree with you. If you want to work for Jones so badly, go get the silly note. I would expect that any employer would want a legitimate reason for letting you come back to work. I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue. Something doesn't add up here.[quote=Spaceman Spiff]
I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue. Something doesn't add up here.
[/quote] They did it in "good faith". And I'm not lying about any of this. The fact is, I cant provide a sick note, and I WONT quit. So I am just waiting to see where things go.Syphillis, while not curable, can be controlled with the right meds. It does, however, make thought processes a little odd. I'm betting you had this problem flare up for a few weeks and now you are better. (I seen an episode of House where this was the case) I would breakdown and tell your RL(he probably has it also) and he could make a few phone calls and make this go away. Then you can get back to door to door harrassment and make Edward D Jones proud...you're on your way sailor.
I like how you threw in the House referrence to throw off any doubts about your speaking from personal experience.
[quote=rockhorse][quote=Spaceman Spiff]
I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue. Something doesn't add up here.
[/quote] They did it in "good faith". And I'm not lying about any of this. The fact is, I cant provide a sick note, and I WONT quit. So I am just waiting to see where things go.[/quote]You were sick for several weeks and didn't see a doctor? Why were you really missing?
[quote=iceco1d][quote=bspears]
(I seen an episode of House where this was the case)
[/quote] please tell me this was just an accident, and not your actual usage of grammar...i gave you much more credit than this in the iq department...[/quote] Really? Why?Hey Hey Hey…I try to throw out a funny and all I get is two dic wads making remarks. I love how you losers jump on grammur and speelllinng. I will tri to slowed down a litle so you two gay loovers will not tri and juimp me frm behinde.
I’ll give credit where it is due. It was funny. The syphillis, not the grammar.
[quote=Spaceman Spiff]I’ll give credit where it is due. It was funny. The syphillis, not the grammar. [/quote]
Spyphilis, you spelled syphilis wrong.
Well, that's two of you that have evidently had a script written for that illness. Do you think? No, surely not.[quote=Spaceman Spiff]I’ll give credit where it is due. It was funny. The syphillis, not the grammar. [/quote]
Spyphilis, you spelled syphilis wrong.
This thread is hilarious!!! WHAT WAS THE "SELF-DIAGNOSED" ILLNESS?
Well, that's two of you that have evidently had a script written for that illness. Do you think? No, surely not. [/quote][quote=Hank Moody] [quote=Spaceman Spiff]I’ll give credit where it is due. It was funny. The syphillis, not the grammar. [/quote]
Spyphilis, you spelled syphilis wrong.
Can't you just give credit where it's due?
I caught the Spyphilis remark. It was pretty funny too.
[quote=Spaceman Spiff]I caught the Spyphilis remark. It was pretty funny too. [/quote]
Thank you.
I’m not sure what is funnier, a newbie asking for advice from Bobby or the syphillis stuff.
[quote=Sam Houston]
This thread is hilarious!!! WHAT WAS THE "SELF-DIAGNOSED" ILLNESS?
[/quote] Acute Depression, keep laughing.How did you overcome it?
Mine dates back to October 9, 2007, and I can't seem to shake it.[quote=rockhorse]I went on an allowed, self-diagnosed sick leave for a few weeks. I call to come back to work, and they say I can’t return without a doctor’s note. So my only option is to provide documentation, or to resign.
I like EJI a lot, and I really want to continue my employment with them. So I really don't know what to do. I would also like to mention that they've asked me to resign 3-4 times over the past two days. Which I have continued to decline.[/quote] OK, so what your trying to tell us is that you're mad at Jones because they won't let you come back to work without a doctor's note for a self-diagnosed bout of acute depression. So, when you started this leave of absence for this self-diagnosed bout of acute depression, who gave you permission to do so? Did you just decide yourself to stop working one day? Did someone from Jones sign off on your absence? Did they not explain that you would need a letter from a doctor to return to work? How do they know that you weren't taking a disallowed vacation to the Bahamas for two weeks and are really just telling them that you were home "sick"? What's the big deal about going to your doctor and getting a note that says you're good to come back to work? Perhaps the rules in Canada are different than here in the States, but we don't just get to declare that we're taking a leave of absence for a self diagnosed illness. We might have sick days that we can use, but if it's going to be something longer than that we typically have to have some documentation BEFORE we take the days. And we have to have a doctor sign off that we're OK to come back to work. My suggestion: Get the stupid doctor's note or just quit. If I were you I'd pick the latter. My LP will thank you for it.[quote=Borker Boy]How did you overcome it?
Mine dates back to October 9, 2007, and I can't seem to shake it.[/quote] That's easy. Move all your American Funds to tax free bonds. You'll be back to normal before the middle of the summer. That will be $5000 for my unprofessional diagnosis of your self diagnosed illness. You can pay me out of your HSA.[quote=Borker Boy]How did you overcome it?
Mine dates back to October 9, 2007, and I can't seem to shake it.[/quote]Mine dates back to infancy. My mom had cube-shaped nipples.
[quote=Broker64]Yes, I got the letter for $65,000! Explained to their lawyer I was terminated but allowed to resign. So I talked to one securities lawyer (who would cost $500 an hour) and he said keeping my U4 as voluntarily resigned has to be worth something and his thought was it could be resolved in a couple phone calls. And might be zero but probably closer to $5,000. EDJ might seem like the nice little mom & pop local brokerage firm, but really they are this huge corporate machine and you’re just a number to them. You have to sign the contract to be hired, you must go through their required training to be employed, and beware if it doesn’t work out (even if you were already were licensed for years before joining the green machine). They WILL come after you for their training costs if you “insist” on keeping your Series 7. [/quote]
So if you get fired, you lose your Series 7? (what about 66 and L&H insurance?)
and how exactly does “being terminated but allowed to resign” happen? I thought it was either or.
You don’t lose your S7 simply because you get fired. You can go apply at another firm and tell them you’re S7 licensed. If you don’t go to another firm who will hold your license, then after a while your license will lapse.
Terminated, but allowed to resign is a nice way of telling you you're fired, but we don't need to send you off like that, so we'll allow it to look like your decision. It'll look better on his resume if it looks like his idea to leave.[quote=Spaceman Spiff]
Terminated, but allowed to resign is a nice way of telling you you're fired, but we don't need to send you off like that, so we'll allow it to look like your decision. It'll look better on his resume if it looks like his idea to leave. [/quote]Well thats nice of em...I think. I wonder if being "terminated but allowed to resign", is a way for them to still legally pursue you for 75 g's. IF "terminated but allowed to resign" = you terminating the employment , then you're still on the hook. Screw that I'd take a little blemish on my resume instead.
"F-you, F-you, F-you, you're cool, and F-you, I'm out"
Broker 64: Whats the latest, any updates?
It doesn't matter about your resume if you are already set to go to another firm. The other firm obviously knew there would be something..
when you left jones did they come after you for any reason?
Here is the bottom line. When you start with Jones (at least in my case), they didn’t disclose anything about years and years of door-knocking. So i take the job, train for several months and get my courses done. By this time and had done research and asked around as much as I could about the job and found out that door-knocking played some kind of role.
So we go into head office for a week of "sales training" - this was ONE FULL WEEK of door-to-door knocking training. Half of the class was pissed when we found out we had to door knock for 20-40 hours/week to become successful. My advice. Take the job, take the free training. Quit before your can-sell date. They'll have no way of tracking your future employment if you're not licensed. Talk about lack of disclosure, they might as well just merge with Primerica.Rock, are you kidding me? You didn’t know that Jones wanted you to doorknock until you went to “sales training”? I find that VERY hard to believe. I went through like 5 interviews before I got hired (screen, phone, face-to-face in a branch, etc.), and a discussion on doorknocking was a major part of EVERY interview. Not only that, we were all required to actually DOORKNOCK BEFORE we even got hired (those silly surveys).
I think you are full of sh1t.[quote=rockhorse]Here is the bottom line. When you start with Jones (at least in my case), they didn’t disclose anything about years and years of door-knocking. So i take the job, train for several months and get my courses done. By this time and had done research and asked around as much as I could about the job and found out that door-knocking played some kind of role.
So we go into head office for a week of "sales training" - this was ONE FULL WEEK of door-to-door knocking training. Half of the class was pissed when we found out we had to door knock for 20-40 hours/week to become successful. My advice. Take the job, take the free training. Quit before your can-sell date. They'll have no way of tracking your future employment if you're not licensed. Talk about lack of disclosure, they might as well just merge with Primerica.[/quote]During which trimester was your mom exposed to agent orange?
Back in my home office days, I was always suprised when someone came to class and was shocked that we were going to practice doorknocking. It’s such a major part of the Jones business building process, I couldn’t imagine anyone not knowing that Jones FAs do that. However, that was many years ago and things have changed. If you come to STL or Tempe for KYC and are suprised that doorknocking is a part of the curriculum, you must have been stoned all the way through your hiring process.
Rockhorse, you can’t come onto this forum where half of us are ex or current Jones people and know exactly what you have been through.
They tell you about door knocking from the begining. It shouldn't be a surprise.. you kncok for 8 weeks and then never have to do it again..whoa 2 months that is so long... You are an idiot don't come back..The doorknocking was undersold to me as well. I balked about joining them, and was given a GK and told that with that I wouldn’t need to doorknock much. Boy was I wrong. I was with them for about 14 months - long enough to figure out what it takes to be successful doing things the EJ way and long enough to know there was a better way for me to make a living.
Its people like this that give Jones the bad name and shows their obvious lack of disclosure. Who can honestly tell me that EJ advisors only door-knock for 8 weeks? I met with a local broker at his office (he'd been with Jones for about 2 years) who was late for our appointment because he was out door-knocking. If you guys are going to lie, at least make it believeable.It shouldn’t be a surprise… you kncok for 8 weeks and then never have to do it again
Rock,
Everyone's situation is different. For some people with no network, no book, and starting from scratch, just like cold-calling, you might have to do it for longer. Other people have a network, maybe have a referral source(s) they tap into, focus on seminars, whatever. I doorknocked heavily for maybe 6 months. But very few people doorknock for 2 years. I live in a community of about 6,000 people, so it's fairly easy to hit most of the area in a short amount of time. If you live in metro STL, where there are, I don't know, a million people, you could doorknock forever and not hit everyone. So it is all relative to where you live and how you want to prospect. But once you are off that 17-week goal thing, you can cold-call or do whatever you want to do. Because at that point, the firm only cares about production, not how you get it.Here’s an interesting tidbit.
Before I went to St. Louis, I was told that I would spend a few years knocking on doors (2-3 or maybe even 4-5 if we hit some bad markets). I was told to expect it and that it would be hard.
Flash forward to Sales Training and the Senior ATL (who was smoking hot by the way - I’m not sure she ever wore underwear) told us that, “You only doorknock until PDP”.
Needless to say, since I chose to only doorknock when my Field Trainer was with me, I’m not sure how everyone else took this.
Well this same ATL was giving classes on Training the Field Trainer in our region (too bad I was married, could have been a good night). And she told the region that people only needed to doorknock until PDP.
Man you should have seen the uproar. I thought these old-timers were going to lose a couple of bricks!
Needless to say, there is no consistency in what new trainees are told. I would suspect that some have been undersold, others oversold. Some may think you only need to doorknock for 8 weeks, while others have been told by their field trainers to never stop. I knew a field trainer who told their trainees that doorknocking was a waste of time, but if they ever told anybody, he would deny it.
Morean,
When I started in the business in '01 - I tried the door knocking. It was the first week of March - colder than shit. I lasted about 30 minutes - gave up and went home. Figured there had to be a better way. Save myself from getting flat feet by going after CPAs - never door knocked again - except to help my daughter to sell girl scout cookies.I hear you - It was actually hot as balls when I doorknocked. First day out after my field trainer left, a friend of mine saw me walking (while he was driving in his air conditioned car). He told me after he picked me up that he was wondering, “what kind of dumbass is out here ina suit”.
Screw that! Never had much luck with the CPAs, but I did manage to eke out an existence and exhaust my savings while I was at Jones. But I guess if I had doorknocked more I would still have that savings! Although somehow I doubt it. Probably just would have wasted more time.
Hate to bump an old thread and seemingly continue to beat a dead horse but I’m unknowledgeable and come for help/advise.
I'm currently with Jones and have completed everything except for eval/grad, if I understand correctly I'm not considered licensed yet until after eval/grad. If I'm fired from Jones as opposed to quitting and wish to join another firm (Jones just isn't for me), what is the experience from others of Jones coming after you for training costs? Also what is required to keep the series 7 current so no lapse or retesting is required. Please excuse my lack of intelligence here and thanks in advance for any help/advice.Don’t solicate accounts and don’t transfer your license then they don’t have time to f*** with you. If you want to keep something then you have to pay for it.
When I started with Jones, I was told that if one followed the formula you couldn’t fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn’t have any idea about how the real world operates.
Appreciate the responses, please educate me further, if I don't transfer my license this means I will have to take the exam again correct ? ThanksDon’t solicate accounts and don’t transfer your license then they don’t have time to f*** with you. If you want to keep something then you have to pay for it.
That's very odd. I doorknocked maybe a thousand doors (I never counted) for about 6 months. I opened my first 100 accounts and at least $5mm AUM off doorknocks. Now, some of them took literally years to turn into clients, but those ended up being my best clients. I actually got a call from the other day from a guy I doorknocked 3 years ago and never spoke to again. I heard stories about that happening, but figured it was a fluke. Well, happened to me.When I started with Jones, I was told that if one followed the formula you couldn’t fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn’t have any idea about how the real world operates.
[quote=Starka]When I started with Jones, I was told that if one followed the formula you couldn’t fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn’t have any idea about how the real world operates.
That’s very odd. I doorknocked maybe a thousand doors (I never counted) for about 6 months. I opened my first 100 accounts and at least $5mm AUM off doorknocks. Now, some of them took literally years to turn into clients, but those ended up being my best clients. I actually got a call from the other day from a guy I doorknocked 3 years ago and never spoke to again. I heard stories about that happening, but figured it was a fluke. Well, happened to me.[/quote]
What’s really odd is that you stopped after it worked so good for you. I suppose you just couldn’t handle all of the business.
At any rate, all of my KYC class is gone from Jones now. Curiously, none that I ever kept in touch with had any luck with door knocking either. It could be that the areas are just saturated with Jones kids. That was certainly the case in my area.
Oh well…I moved on to bigger and better things anyway.
Starka, good observations. I live in an area that has very, very few Jones offices. I think maybe 60 or so in my entire state, and like 6 or 7 in my county of 250,000 people. My county also borders another state, so I pull clients from that state also. So there is virtually no Jones competition for me. In fact I wish we had a few more offices just for exposure of the name.
As far as stopping when it worked - my specific town only has about 6500 people (like 3000 households), so it did not take that long to doorknock everywhere. And most people work in my area (not many retirees), so I was pretty much left with nights and weekends to doorknock. In addition, I found that although I was able to open lots of accounts from doorknocking, they obviously weren't all that big. Yes, I landed a handful of acounts over 500K from doorknocking (over time), but the majority of them were the stay-at-home moms, that had the his-and-her rollovers, his-and-her Roths, and a few random stock or somethign, which all added up to about 50 grand at the end of the day. So, did I make tons of money doing it? Not really. Did it give me lots of practice on people that I could just give a simple American Funds presentation to for the few little IRA's they have? Yup. I imporoved their investements, didn't blow them up, practiced, got some accounts and relationshpis going, learned along the way. Hey, we all start somewhere. Then I found that I could capture more meaningful relationships through seminars and networking, so that has been my primary vehicle the past 2 years.Appreciate the responses, please educate me further, if I don't transfer my license this means I will have to take the exam again correct ? Thanks [/quote][quote=JAXSON]Don’t solicate accounts and don’t transfer your license then they don’t have time to f*** with you. If you want to keep something then you have to pay for it.
You can't take an exam for a license you already hold. Since EJ sponsored you they hold it for you. If you transfer it to another broker/dealer (because a broker/dealer must hold it for you) EJ will have to fill out a U-5 form and then they will require reimbursement for the training expenses. If you don't transfer the license nor try to transfer accounts, they see you as no threat and will not waste their time. After the licenses expire in a couple years you can take the exam again, but will need to be sponsored by a broker/dealer. I have heard EJ negotiating the training expenses. All I can suggest is....<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
A) Find a place to transfer them and see what happens
B) Call home office and ask to speak with the legal department and start negotiating
For others in your situation repost what you find out if different then above.
As a former trainer, you're an idiot. The trainers didn't write the stuff they were teaching you. It was formulated by GPs who were successful advisors and they, over time and trials, created the recipe. Kind of like your history teacher who could tell you that the pilgrims landed on Plymouth rock, but didn't actually sail with them. You didn't have to do the job to teach people how to do it. But, you're right in that most of them hadn't ever been a Jones FA before. As a current Jones FA who still gets business from doorknocking, you're an idiot. Possibly even a liar. You know, in every Jones office there's this off white rectangular plastic box. Inside it has a lot of wires. Some of those wires are attached to little greyish buttons. Some are attached to this bigger wire that plugs into the wall. Most of us call it a t-e-l-e-p-h-o-n-e. You have to pick it up and call some of those people you surely met while you were supposedly ringing the thousands of doorbells. I have a really difficult time believing that out of all the doorknocking you did you didn't get a single client out of it. I guess it could have happened. I've never had anyone open an account at the door. So, if I never call my prospects back after that first contact, I wouldn't have ever opened an account from a doorknock. But wait, you said you followed the formula to a the letter. So, my only conclusion is that either you were really bad at the doorknocking, or you didn't exaclty follow the recipe to the letter.When I started with Jones, I was told that if one followed the formula you couldn’t fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn’t have any idea about how the real world operates.
OK, I gotta ask, who was your trainer? I've never heard an ATL tell anyone that you'll only doorknock through PDP. I've met a lot of ATLs that could have fit your description. PM me if you don't want to share that name. Or give me a time frame and I can make some guesses if you don't remember her name.Here’s an interesting tidbit.
Before I went to St. Louis, I was told that I would spend a few years knocking on doors (2-3 or maybe even 4-5 if we hit some bad markets). I was told to expect it and that it would be hard.
Flash forward to Sales Training and the Senior ATL (who was smoking hot by the way - I’m not sure she ever wore underwear) told us that, “You only doorknock until PDP”.
Needless to say, since I chose to only doorknock when my Field Trainer was with me, I’m not sure how everyone else took this.
Well this same ATL was giving classes on Training the Field Trainer in our region (too bad I was married, could have been a good night). And she told the region that people only needed to doorknock until PDP.
Man you should have seen the uproar. I thought these old-timers were going to lose a couple of bricks!
Needless to say, there is no consistency in what new trainees are told. I would suspect that some have been undersold, others oversold. Some may think you only need to doorknock for 8 weeks, while others have been told by their field trainers to never stop. I knew a field trainer who told their trainees that doorknocking was a waste of time, but if they ever told anybody, he would deny it.
Spiff I didn’t know you were a trainer who cherry picked an office…
Yeah those Training ladies are real hot... Mine(I won't mention her directly) her dad was a RL and so was her uncle...[quote=Starka]When I started with Jones, I was told that if one followed the formula you couldn’t fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn’t have any idea about how the real world operates.
As a former trainer, you’re an idiot. The trainers didn’t write the stuff they were teaching you. It was formulated by GPs who were successful advisors and they, over time and trials, created the recipe. Kind of like your history teacher who could tell you that the pilgrims landed on Plymouth rock, but didn’t actually sail with them. You didn’t have to do the job to teach people how to do it. But, you’re right in that most of them hadn’t ever been a Jones FA before.
As a current Jones FA who still gets business from doorknocking, you’re an idiot. Possibly even a liar. You know, in every Jones office there’s this off white rectangular plastic box. Inside it has a lot of wires. Some of those wires are attached to little greyish buttons. Some are attached to this bigger wire that plugs into the wall. Most of us call it a t-e-l-e-p-h-o-n-e. You have to pick it up and call some of those people you surely met while you were supposedly ringing the thousands of doorbells.
I have a really difficult time believing that out of all the doorknocking you did you didn’t get a single client out of it. I guess it could have happened. I’ve never had anyone open an account at the door. So, if I never call my prospects back after that first contact, I wouldn’t have ever opened an account from a doorknock. But wait, you said you followed the formula to a the letter. So, my only conclusion is that either you were really bad at the doorknocking, or you didn’t exaclty follow the recipe to the letter. [/quote]
But Spiff, you’re a self proclaimed Jones lickspittle, so who cares what you believe?
Just a very short and sweet comment. Does nobody read a " CONTRACT " anymore? You are given a Contract both parties are to agree with the Terms and Conditions.
No agreement .... no contract. Either sign it or find an Agreement or Firm that provides an agreement that you are able to live and abide by.....very simple. Finally , if there are dollars on the line and other ramifications to the contract.....contact your lawyer.You people really knock on doors? Pathetic.
Kinda like you posting on threads that are 18 mos. old, I guess.
My trainer was smoking hot too ... she was featured in the videos, had curly hair. Typically she was the housewife in the videos, at home while her husband was working. What a memory ...
Well I'll be. My trainer was also hot. Hmmmmm? Someone in St. Louis knows whats important.
From my class of 11 there are only 2 left and they both got offices early on. Just FYI.
I was hired in fall of 2010 and my contract says you only owe if your or jones terminate your employement AND you join competing company using ur licenses or insurance.
So its not if you just decide if its not for you right?
I talked to the legal department and she said its just how it says. if you join another company.
I've got to find out what the truth is. Im considering doing something else
I was hired in fall of 2010 and my contract says you only owe if your or jones terminate your employement AND you join competing company using ur licenses or insurance.
So its not if you just decide if its not for you right?
I talked to the legal department and she said its just how it says. if you join another company.
I've got to find out what the truth is. Im considering doing something else
Hunter- Let me get this right.. You talked to the Edward Jones's "Legal Department" about how to get out of your EJ's contract? If so, expect to get sh*t canned real quick bud.
If my BOA asked me how can she quit without having to put in a two week notice, I would fire her ass pronto. They aren't going to allow you to suck up anymore base salary while you sit at home and contemplate quiting.
If you leave jones after your can sell date if its not for you, do they come after you for the training costs, even if you dont join another firm?
If you don’t transfer your license then they could care less were you went. They understand you need to work but they would prefer to be reimbursed if you choose to keep your license.
Hello,
I am looking to become an Internal Wholesaler at a Mutual Fund Company where I would need my licenses. I've been with Jones since 11/2009. This side of the business is not for me. At the mutual fund company, I wouldn't be engaged in solicitation of clients, nor would I be a Financial Advisor.
Will Jones come after me for training costs?
I figure that it's not engaged in selling securities or insurance, so I would assume no. Please let me know either way as soon as you can.
Will they really fire or "red flag" you if you ask HR for a copy of your contract? I signed my paperwork at a Jones office, read it very thoroughly, did not get a copy (which is my own fault) but still do not recall the exact details of the training reimbursement. For some reason I believe mine was 75k and 12 months after can-sell it reduces by 15k a quarter... I signed on in 2008 and should be in the clear. I believe I deserve to know where I stand, whether I leave or not, without being reprimanded for a wanting a copy of contract I'm bound to.
Bill, I've often wondered about the legality of a firm requiring all employees to sign an agreement like this, but then taking action only against some of them. Is this not selective prosecution of the employment contract? Surely that violates the spirit (and possibly the laws) of fair and equal treatment of employees, and subjects the firm to counter-claims of discrimination.
Though it happens everywhere, having just left Jones, for example, I can assure you that their repayment contract states three conditions that will trigger training repayment:
1) Your employment with Jones ends within 3 years of can-sell (it does NOT specify whether the separation is voluntary or involuntary, nor does it give any reasons or conditions - it just says, without further explanation, "if your employment ends" before the third anniversary of the can-sell date), and;
2) You retain your licenses, and;
3) You either get employment or go indy and remain in the industry.
I cannot see how a firm can, with a straight face, look at an arbitrator and say, yes, we hired Employee A and Employee B using the same selection criteria, forced both of them to sign the exact same repayment contracts as a condition of employment, and reminded them both that they are always to consider their employment At-Will. Our costs on Employee A and B were the same. They received the same training. The chances for success for both were the same. We took a calculated risk on both of them and extended the same employment offer with the same employment conditions.
But now that employment has ended for both, we only seek to punish Employee A. We didn't want Employee B, and he was an at-will employee, so we kicked him out. But Employee A had the audacity to realize that he didn't want us, so, by Christ, he's gonna PAY.
I know several ex-Jonsers who left in the last 3 years. Some quit and stayed in the industry, some were let go and switched firms, and I went indy. Jones didn't contact most of them at all, but threatened others with arbitration. They went for broke to squeeze the full amount out of some, and settled others for anywhere from 10% to 50% of their supposed training fees.
That seems grossly disciminatory on its face. Am I wrong?
If anyone received a repayment for the reimbursement of training cost. email me.
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