Training costs Arbitration

or Register to post new content in the forum

46 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 10, 2007 4:40 am

Every time I try to be nice to dad, he beats up mom. I think that's why he is so mean here.

Apr 30, 2007 3:37 am

Booby Hull is another pansy that is simply enjoying the anonymity of the Internet.  You can't catch me.....cuz' you don't know who I am and you can't find out either.....nanannybooboo.  Freakin' idiot couldn't wipe his own ass in a combat zone.

Now, your question, usacav, it is my belief that Jones simply uses this $75,000 figure to scare the unknowing recruits into believing that they cannot leave inside of three years.  Don't even THINK about leaving....we'll break your butt in arbitration.  That's what they want to get across with the contract.  Jones, in particular, typically settles for 10% of what they sue for.  I've spoken to several that were taken to arbitration and this was the case each time when the judgement came down.  The degree to which you are pursued may also depend on what you do when you leave.(i.e. calling clients, sending letters and transfer paperwork, etc.)  Good luck with it.

It's amazing that a guy asks a question and all he gets is a bunch of smart-a$$ed, cynical, sarcastic responses.  This site used to be a lot better than this.  You fools should find something better to do with your time like play hide the sausage or something with your brother.

Apr 30, 2007 12:02 pm

[quote=bailingonjones]

Booby Hull is another pansy that is simply enjoying the anonymity of the Internet.  You can't catch me.....cuz' you don't know who I am and you can't find out either.....nanannybooboo.  Freakin' idiot couldn't wipe his own ass in a combat zone.

Now, your question, usacav, it is my belief that Jones simply uses this $75,000 figure to scare the unknowing recruits into believing that they cannot leave inside of three years.  Don't even THINK about leaving....we'll break your butt in arbitration.  That's what they want to get across with the contract.  Jones, in particular, typically settles for 10% of what they sue for.  I've spoken to several that were taken to arbitration and this was the case each time when the judgement came down.  The degree to which you are pursued may also depend on what you do when you leave.(i.e. calling clients, sending letters and transfer paperwork, etc.)  Good luck with it.

It's amazing that a guy asks a question and all he gets is a bunch of smart-a$$ed, cynical, sarcastic responses.  This site used to be a lot better than this.  You fools should find something better to do with your time like play hide the sausage or something with your brother.

[/quote]

Thank you for your kind words.

May 1, 2007 2:50 am

[quote=bailingonjones] You fools should find something better to do with

your time like play hide the sausage or something with your brother.

[/quote]



That’s the funniest thing i’ve heard today…except for my post on Weekend

Jokes. Some folks have waaaaaay too much time to kill. Well done.
May 3, 2007 3:54 pm

I left Jones about three years ago and immediately received the two registered letters demanding I not contact my clients and pay Jones a shade less than $20k.  I was, to say the least, worried.  I responded to the demand letter saying I wasn't going to pay the money. 

I didn't hear anything from Jones for about 15 months and then I got a letter from the NASD saying I needed to make arrangements to attend an arbitration hearing.  I found an attorney and spoke with the Jones attorney and we struck a settlement which both of us felt was fair.

Since leaving Jones, and going Independent, I am making a much better than industry average income.  Yes, I work harder than I did as an "employee" but I'm much happier than ever. 

The important thing to remember is to focus on building your business and don't let this distract you from success.  This is a great business.

Sep 25, 2010 3:50 am

You are all morons and should leave the business.

I have been in the business for over 20 years with 4 BDs in the greater Los Angeles area.  I have NEVER heard of another BD charging training costs if a salesperson (not "advisor"...EDJ does not charge fees for advice, it charges commissions for sales) leaves...until a friend showed me his agreement with EDJ.  Also, this practice appears illegal in the State of California.  I would report them to the California Department of Labor Standards Enforcement if they threaten you, or in advance of your resignation.  If you're not in California, check with your state.  The EDJ "employment contract" states that any provision that is in conflict with any laws is void. 

Wake up and smell the coffee.  If someone is recruiting you to work out of your home, knock on doors, pay for your own training, and have the audacity to hold yourself out as a financial advisor when you really don't have anyone supervising your activities on a daily basis while messing around with people's life savings, then you are too stupid, unethical and/or irresponsible to be in this business.  Go and work for a multi-level marketing scam, or buy a get-rich-quick program that you saw on an infomercial selling "cash-flow notes". If you don't interview with at least 4 firms after researching at least 20 or more online, no one should trust you to research investment options for them.

That being said, I didn't ask all of the right questions when I started either.  But if you feel that your firm is not treating you ethically, it is your duty to protect your clients (it's not about you) from your firm because (newsflash) this is a business built on trust and integrity!  If they pull this nonsense on you, they will pull it on your clients (go to finra.org and read the brokercheck report on EDJ). You have to leave.  So take your integrity pill and do the right thing.

The firm I am with pays new Advisors while training, provides them with some leads, pays for their CFP classes, and allows them (with very tight supervision and support) to sell financial planning services and treats the compensation the same as any product sale.  While they have productivity requirements (they don't pay you to believe in the power of your dreams), they do not require them to be in any particular product or service, so you can be objective in your recommendations. And they don't send you a bill if it turns out not to be a fit.  They share responsiblity for failures as well as successes.  Not easy to get hired here, and this is not an advertisement so I won't say the name and will not respond to inquiries.  If you do your research you will find them.  If you have a clean U5 and have performed up to standard with your previous company, they will consider you.

Later, losers.