DO they go after you for training fees
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[quote=rrbdlawyer]
Vagabond:
I would respectfully disagree with your comments that it "costs peanuts" to file an arbitration. Let me explain.
[/quote]The basic rule is that in any situation involving lawyers, when the smoke clears the lawyers are the only real winners. The economic costs of lawsuits (in terms of money spent, opportunity costs, risks, potential recovery, potential appeals) typically mean that it is not in the firms best interest to go after anything except for the most open-shut cases, and even then it may not be a good idea.
The best advice a lawyer can ever give you is to stand pat.
Hello! Long time reader first time to post. My wife just left Jones about 4 months ago, prior to the three year time limit, she was 6 months short of it. This is after half of the class she "graduated" with had already left prior to their 3 year term AND left for other agencies.
We got a really nice letter from their legal department saying we owed over $25,000...NOBODY else got any notifications from EJ's legal goons. The really funny thing about the letter is that it specifically stated that the fee could be "arbitrated" (substitute that word with negotiated). It amazed me how hit and miss they are for going after people. We feel we were picked because my wife's regional leader had lost several reps over the past months making him look like the total weiner...er...winner he is.
Luckily her new employer said "screw that" and got their attorney on it and $25+ became less than $4,000. The new firm paid it. Edward Jones holds that carrot out on a stick in front of it's people but rarely do people make the money that they claim is possible.
As far as the new company? They appreciate her and she has made more money in four months than she did the last 8 months at Jones.
There is life outside that bubble folks!
Did she go wirehouse, bank, indy?
[quote=repspouse]
Hello! Long time reader first time to post. My wife just left Jones about 4 months ago, prior to the three year time limit, she was 6 months short of it. This is after half of the class she "graduated" with had already left prior to their 3 year term AND left for other agencies.
We got a really nice letter from their legal department saying we owed over $25,000...NOBODY else got any notifications from EJ's legal goons. The really funny thing about the letter is that it specifically stated that the fee could be "arbitrated" (substitute that word with negotiated). It amazed me how hit and miss they are for going after people. We feel we were picked because my wife's regional leader had lost several reps over the past months making him look like the total weiner...er...winner he is.
Luckily her new employer said "screw that" and got their attorney on it and $25+ became less than $4,000. The new firm paid it. Edward Jones holds that carrot out on a stick in front of it's people but rarely do people make the money that they claim is possible.
As far as the new company? They appreciate her and she has made more money in four months than she did the last 8 months at Jones.
There is life outside that bubble folks!
[/quote]So, what happens if I decide that I cannot cut it in this industry and go back to school, thus leaving the industry. Would a firm still go after me for training repayment?
So when is the earliest that you can leave Morgan Stanley without have to repay the training fees?
Probably not. I know a few guys that I started with that left the business, and none of them received anything from the firm for repayment of cost. And I remember when I signed the agreement during hiring that they told me the repayment was just to prevent us from getting the training and salary, then jumping ship to another firm. They didn't care if we left the business.
[quote=23456]So, what happens if I decide that I cannot cut it in this industry and go back to school, thus leaving the industry. Would a firm still go after me for training repayment? [/quote]
That's kind of a pointless question to ask. If you aren't in the business yet and are already asking that question, don't bother starting, you'll probably fail. And if you're already at MS and asking that question, then why didn't you read the contract you signed?
[quote=wadsworth]So when is the earliest that you can leave Morgan Stanley without have to repay the training fees? [/quote]
i just left ML yesterday and was in the same siutation as Hunter. I'm going to work in a bank program where i feel i will like the culture better. I spoke with my POA coach yesterday about my concerns and why i wanted to leave. I also mentioned to him that i hadn't said anything before because of the repayment of the training cost. He told me not to worry about that because they would only come after me for training if i was going to work for another wirehouse. He said that if i were to go work for a bank or insurance company, they won't come after me and let me go with no problems.
Surprisingly enough, an hour or so after i left the office, i got a call from the resident director asking if there was anything he could do for me not to want to leave. I reiterated my feelings about working in the wirehouse arena and he said he understood and mentioned that if i ever wanted to come back, to give him a call.
Nice of him to say, but i HIGHLY doubt he meant that..LOL. Anyways, i am free to go work outside of the "mother".
I'll bet you five dollars and a fish taco that if you start submitting ACTA's to ML and start moving over accounts, that you will be getting a nice letter in a couple weeks... With a request for repayment of some of your training costs...