Transfer to Edward Jones
22 RepliesJump to last post
Interested in hearing about the $$ being offered to transfer to Edward Jones ? Send me a private message.
RJM–Get off the RIA/Indy forum–I would lose all respect for any Indy that went to Jones!
Look at their new contracts. Should you leave, they will f**k you over. I talked to a couple of new transfers to Raymond James from Jones and they were livid. One of them wrote Jones a $100M check and the other was ready for a class action lawsuit. It has gotten much worse for the newer Reps there.
IndyEDJI am currently in the recruiting process with EJ and I don’t know what
to expect. They’re talking about providing me with training for 11
months and helping me to open up my own office in my area. I know
starting up my own business will be hard. I need to know if anyone is
familiar with their program
See the button in the upper right labeled "search"?I am currently in the recruiting process with EJ and I don’t know what to expect. They’re talking about providing me with training for 11 months and helping me to open up my own office in my area. I know starting up my own business will be hard. I need to know if anyone is familiar with their program
With all of the brokers leaving? It's possible, especially a transfer broker. Jones is bleeding advisors left and right in my area.I call BS. Nobody is on the hook for 100K at Jones.
With all of the brokers leaving? It's possible, especially a transfer broker. Jones is bleeding advisors left and right in my area.[/quote] Huh? How the hell could Jones call you on the carpet for 100K? Last I checked, 75K was the maximum they ever tried to claim, and it scales down every month until 3 years. And even then, almost everyones settles for less. This just doesn't add up.[quote=B24]I call BS. Nobody is on the hook for 100K at Jones.
B24 - I get it, I know I was only on the hook for $75k, but I wasn’t a transfer broker. Can you imagine what they are locking transfer brokers in at?
And I know that people usually settle for less, that doesn’t mean they don’t start higher.
I’m just saying it might, might be a new rule. Not that it is. I just wouldn’t discount it all together.
They aren’t “locking” transfer brokers in at anything. It’s not an upfront check like it is at some other firms. I know there are variations at different firms, but typically there is a signing bonus that is a forgivable loan for 3-6 years. Not so at Jones.
For instance, let's say you're a guy at ML with a T12 of $250K and a book worth $50 mil. If you move to Jones, and ended the year at only $25 mil in assets and you only did $200K instead of $250K. According to the calculator your income potential is $168K. That's a net figure. So, if I use a 35% payout figure, then that's like $480K gross. Here's the important part...you can walk away at the end of the year if you want. It's a true bonus, not a forgivable loan. Anyone saying they wrote Jones a check for $100K is LYING. Or stupid. Probably both.They don’t lock transfer brokers in for longer. Fact. I’m not defending Jones, I’m just saying stop spreading silly rumors. I have not heard of a single person EVER actually paying even 75K, let alone 100K, transfer or new/new.
Not to say that it doesn't happen, but it certainly is not common. We just had a guy leave our region...he did a Goodknight, was doing really well, seemed to be liking it....1 month after Jones leased an office, spent 30 or 40 grand to build it out (or whatever the cost was), he leaves to go to a bank. So Jones just spent, I don't know, 125K on this guy over a 2 year period to see him walk away to a bank (office build out, lease costs, salary, bonuses, benefits, training costs like airfare, hotel, testing and licensing fees, etc.). The guy never even told his GK veteran, his mentor, his RL, nothing. Wouldn't even return calls. To this day nobody even knows the deal. He's young, obviously doesn't understand the "don't burn bridges" concept in business. Could have, at the very least, said "hey this ain't for me, I just can't prospect". And maybe BEFORE Jones spent 50 grand on a new office. So I have to ask, why would Jones NOT go after this guy for some reimbursement? Why do I seem annoyed? Because that's my profit sharing dollars. Yes, they could try to fill the office, but it would have to be with another newbie, since there are virtually no assets there (and I assume they will just revert back to the GK office). So they have to turn around and spend another 40 or 50 grand to pay and train another newbie to HOPEFULLY succeed in that office. Now granted, this is an extreme case of timing, as most people either leave before they ever get their office, or at least give the ole' college try for a few years. But he waited until he was done with his Goodknight plan and right after the office was built out, and right around when the salary ran out, which was about 18 months into his employment (I don't know exactly how long he was with us). It just gives you the sense that he was chasing the salary and easy money until it ran out and he had to actually WORK. I don't blame anyone for leaving Jones. I know the B/D model (at any firm) is not for everyone. But if someone is going to totally take advantage of a firm, it ain't gonna be free. Incidentally, I have NO idea what they are going after him for (if anything). I don't even know if he is keeping his license. All I know is that he went to a bank.The source was pretty good of a EDJ broker transfering to Raymond James. She could not tell me the actual amount of the check written to EDJ but the initial legal request from Jones was for 100M. They are going after a TRO and the 17% of Trailing twelve gross. FWIW.
IndyEDJIt is unreal the Jones bashing on this site. I am embarrassed that I used to pile on when I was with Jones.
Indy,
Sounds like a guy in my area. He left after his contract was up to go to RJ and he has been hit with a bill for training costs. He (and I) thought 3 years and you could make your own decision but I guess you are always on the hook for training. He hasn't settled yet so I don't know the final price but still, he was out over 36 months?I left after month 33 and there was no problem–just one letter a year ago telling me to not solicit. I called all the proper people at jones (as I was leaving) to explain, thank them for their support, and say that “hey you never know down the road…”. Seemed to work.
[quote=JAXSON] Indy,
I call BS yet again. I can’t believe the BS on this site sometimes. After your 3 years, the only thing you will get is a letter reminding you of the 1 year non-solicit.
I have to agree with B24. Although they send you more than one letter from their pet law firm.