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Edward Jones Employee Contract - Covid

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Aug 31, 2020 3:06 pm

I’ve gone through with the last 14 months with EJones. Due to Covid we aren’t allowed to meet with clients, prospects, anything face to face. The main and only sourcing strategy is LinkedIn which doesn’t work. Other firms are building relationships and gaining clients. This is not what I signed up for and it’s impossible to build my business.

I signed a contract for 3 year, 75k buyout. If I resign will they come after me for the 75k? I have very limited AUM. Not sure I’ll stay in the industry or not. Guidance is appreciated.

Oct 6, 2020 4:52 pm

I left a decade ago, and they didn’t come after me in any way. If you leave the business, you are certainly free. If you do not aggressively solicit your clients you will probably be OK, too. … I spoke to a lawyer who specilizes in this when I left. He took a look at my AUM and basically dismissed my fears. I did wind up taking about $10 million with me but other than a few threatening letters nothing ever came of it. Good luck.