Leaving EDJ before Can-Sell
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Right there is your problem, and don't feel bad - it's a problem for most very young guys coming out of college. You spent the last 4 years only theorizing and soul-searching. And mostly, finding popularity and a place to fit in. No one here was offended by your questions. We were trying to help you face the real working world, which is NOT what your professors told you it would be (have you ever heard the old adage, "Those who can't do, teach"?) Prospecting is about rummaging through an entire field of weeds looking for one or two flowers. That's it. It's a numbers game. Emotions cannot play a part. To use your own example, you think the guy who shuts the door in your face even thinks about you 10 minutes from now? Nope- he's moved on. But a young guy who wants to be LIKED rather than wants to PROSPECT FOR CLIENTS, will carry that door slam with him all day. My friend, it shouldn't matter to you what we feel, because it doesn't matter to the guy behind the door what you feel. We're trying to give you a sense of the thick skin you're going to need to survive not only this profession, but most of them. If you can't carry on in the face of self-imposed adversity, not only is this business too tough, but I would honestly steer clear of any sales job or self-employment.I am sorry to have offended you all by being a failure, but rest assured, it’s not something I make a habit of. And for those that offered some answers, thank you very much… I now realize everything I have worked for is going to be taken away by a haunting past.
Tooyoung, sorry about your dad. I realize your have gone through a lot. So have many other people. For most what you have gone through just fuels their desire to succeed.
You have to look at your journey and relate it to climbing a ladder/mountain. Would you climb up it 95% of the way and look back and say “wow Ive come far, didnt realize how scared I was so I better climb back down”?
No. You’ve already done the hard parts. You owe it to yourself to soldier on a find TRUE confirmation that you cannot make it…like your boss telling you to take a hike.
Quit now and you surrender your hard work.
You’re right. This isn’t the job for me, and I have tried to come to terms with this. It sucks. But I was trying to find my way out, because for one excuse or another, this isn’t where I belong. It is not the door slams that bother me, it is the few hours that pass where not a single door is opened to me. That’s what begins to eat me alive. After what it took to get here, I finally feel like I need to slow down and enjoy my life a little more than I’ve allowed myself to. And this thought has probably come at a horrible time. I am burnt out, and at this point, just want to sit at a desk and be subjected to someone telling me what to do for a change. Its sad, but a newfound truth. I just don’t think there is a way out that won’t destroy me.
[quote=jtorgerson][quote=snaggletooth]Isn’t it kind of funny to see all these college grads saying they graduated with 4.0’s at the top of their class with some cum laude title? That stuff wouldn’t even impress me at all if I was interviewing them.
I would be willing to bet that the people who have the most people skills and are extremely well-rounded were average students, something around a 3.0. These people are best suited for what we do. The 4.0's will find something, maybe an analyst position, but I have to believe more often than not, they are disappointed in the tough work, made tougher without great communication and people skills on the retail side.[/quote] I think it was Robert Kyosaki who once said: "A" students work for "C" students. "B" students work for the government.[/quote] Probably the only thing Kyosaki has said that I agree with. I don't really like that guy.Congratulations! You found out what you don't want to do. Thomas Edison found 10,000 ways to not make a light bulb. Some here might find this as giving up, but you should consider sitting down with your higher-up and telling him what you've told us. Tell him that you don't want this as a career. Tell him you are leaving the industry to find what you truly want to do. Go find something that makes you happy, work hard at it, and see where your road of life takes you. Just handle this like a man, and I'm sure you won't get "destroyed". Be honest and sincere and leave the industry. If you decide you want to come back in 5 or 10 years, then make that decision at that point.You’re right. This isn’t the job for me, and I have tried to come to terms with this. It sucks. But I was trying to find my way out, because for one excuse or another, this isn’t where I belong. It is not the door slams that bother me, it is the few hours that pass where not a single door is opened to me. That’s what begins to eat me alive. After what it took to get here, I finally feel like I need to slow down and enjoy my life a little more than I’ve allowed myself to. And this thought has probably come at a horrible time. I am burnt out, and at this point, just want to sit at a desk and be subjected to someone telling me what to do for a change. Its sad, but a newfound truth. I just don’t think there is a way out that won’t destroy me.
snaggle, I really appreciate your post. That is exactly how I feel right now. My problem is, with a degree in accounting/finance, I don’t see myself leaving the industry. I know that brokerage is not where I belong, at least not at this stage in my life. But if I go work for Vanguard as someone who does nothing but answer questions on the phone about their funds, doesn’t that still count as “in the industry”? They require a 6 and 63 for the position, so I am assuming that job is something EDJ would come after me for. I would not be selling, but I would be discussing.
I enjoy the markets and almost everything finance-related, which is why I obtained my degree in it. The dilemma I am going through is that I want to work in the industry, but I do not believe I can handle brokerage at this stage in my life. I want to have weekends off, and to be able to hang out with friends, or watch the football game, etc. I haven’t been able to do that for way too long, being in school during the days and working at nights/weekends. At this point, I am willing to settle for 30k a year to sit in a chair answering a phone for a while, as long as I get to smile every so often.
Will they really come after me if I am not selling for another firm? I mean, Vanguard is a mutual fund… they aren’t a brokerage per se, but they still count?
Kid,
Don't feel bad. You just picked the wrong horse. Jones isn't that great of a firm, it is just some place to start. Talk to your trainer, tell him/her where you are. Let them know that you just can't/won't get the job done. They won't want you in the field since it will cost them more money anyway. Maybe you can get a job in the Jones home office. If not, get them to sign a waiver of the contract before you leave. They cannot keep you from making a living, and they won't want to spend more money on a losing proposition. Don't hedge with them, don't lie to them, just let them know that they can continue to pay you the starting pay, or they can let you go penalty free.You have come to just part of what we all go through…that is the journey of life. If you have done your soul searching and concluded that this is NOT where you want to be then that is your choice.
If you have been honest wih yourself , then that is a good thing , now be honest with the employer. If presented in the right way and being honest with them , you may be surprised. I would not attempt to suggest that you are considering another Industry Position....that would be a red flag. Consider other career options , spend some time and learn from both your employment and life experiences.I have a question…
How do Firms like EDJ get away with a $75k clause of recourse no matter the length of service or training? I mean in all reality they probably never even come close to putting that much money into someone in their first year, let alone the first few months. I mean, why don’t the just have you sign a waiver saying that you will owe them $1 meeeeellliioooon dollars if you don’t stay with them for 3 years and work in the industry to make it more clear they are just ripping you off?
Man that sucks. But remember: everybody’s got something. Some people have cancer, some people are missing limbs. I’m willing to bet 90 percent of the people on his board had to work full time (and overtime) to pay for school. Not to down you, but you sound like someone who has never given up. My previous advice stands.
Listen, if you truly dont want to do it anymore, then leave with dignity. Tell them straight up, thank them for the opportunity and try and get a job as an analyst. I think that is the path you should take. There is nothing academically harder than the CFA exam. If prospecting is troubling you now, move forward. This will be hard in a different way.
[quote=tooyoung]I am in desperate need of some guidance.
Hi, I'm Saul4paul,Tooyoung, I am the man who can give you guidance! I am a mans man. People look up to me even though Im only 5 foot. I wear cowboy outfits no matter where I go. Believe it or not , I used to wear a Superman suit when I would go out, to town, to eat, where ever I went. I too was once lost, then I found a man named Ron Paul! Google him. Also you can look arounnd the famous site dailypaul.com. Tooyoung remember, the folks on this board for the most part have been FA's for less than 5 years. They are newbees. Good luck and G_d bless, Attend a church of your choice this Saturday.
TooYoung,
While I think 70k is slightly high, the firm does put a lot into you. Also remember you’re paying for stuff that lead directly to you being hired, a portion of your SST’s salary, your trainers in stl, your flights, hotel, food, your salary, what the GPs would have made if you stayed, etc. But since you havent even done eval/grad, its unlikely they have paid all that much.
Saul- welcome back buddy! i thought you got smashed up in the mosh pit at the Ron Paul rally.
75k does seem high, but here’s my understanding:
The $75,000 is what they can sue you for if you goto a competing firm under a noncompete clause.
They actually estimate $100,000 in training expenses over the next 3 years, which they charge you for on a backward pro-rata basis. For some reason, although I am only a few months in, that means I have to pay more. For every year you work, it goes down by 1/3, and is eliminated at the end of your third year. So, the more they actually spend, the less you owe them, and the less they spend, the more you owe them.
I called one of my bosses and left a message. Here’s the the rest of my life cheers
P.S. Saul4Paul, that was one of the most inspirational posts I have read to-date. Thanks
Keep in mind, you can argue that going to work at a schwab or vanguard is not competition since you would essentially be a salaried order taker, not a competitive salesperson. You would not be making outbound calls nor marketing to obtain new clients. Bottomline, if you aren’t cut out to “sell”, not even Jones would want you, let alone a real firm.
[quote=tooyoung]
I called one of my bosses and left a message. Here’s the the rest of my life cheers
[/quote]
What did you leave on the voicemail ? Your 2 weeks notice ?
[quote=OldLady]Kid - at this point, your best bet is to quit and go find a nice salaried job outside the industry. Jones won’t go after you. I would imagine even if you tried to get hired by a bank in a non-securities job, but “park” your 7, Jones would come after you.
Cancel the interviews - Vanguard won't care if you washed out at EDJ, but they won't pay for those training costs & Jones WILL come after you (they will settle for less than the $75k, but it will still be more than you can or should afford). Another brokerage firm/wirehouse house/insurance company, etc. will view the washout as a kiss of death. I can't imagine any would be willing to pay Jones training costs to get someone who failed. [/quote] I don't think so. Close friend of mine parked his at a bank, even sold a couple mutual funds in a private banker position. They haven't come after him. It's been a year.Haha, I left a message asking him to give me a call back when he gets a few moments to talk…
And as far as the licensing, I have been told that since I have not reached my “Can-Sell” date as of yet, I am not registered yet… meaning no matter what, I am going to lose them one way or another? I had passed the 7 in the middle of may, and the 66 at the end of may. Should I expect to retake them anyway, and since I am not trying to transfer the licensing, would this make a difference in EDJ trying to execute me?
Again, you ladies and gentlemen have been incredibly helpful. I am eternally grateful.
Tooy, dont break up with him over the phone lol.
These things are better handled face to face. You may need a reference one day and you want your last employer to respect you to the utmost.
Its much harder for someone to stick it to you when you look them in the eye…unless he’s a ruthless SOB then you SOL.
While many of the contributors to this forum have been blunt and direct that doesn't mitigate the truth of what they have said. The heart and soul of success in this business is prospecting. With time it transitions to referrals but knocking doors is a necessity.
You need to change your perception of what you are doing. Think of the value you will provide to those persons who are lucky enough to listen to you and follow your advice. I left Jones. If you stay in the industry they will take you to arbitration and you'll end up settling. I am very very happy I left.Just quit! If you spent as much time working on building your business as you did looking for ways out of the system, you might be a success. But from the looks of it, you are just looking for some way to CYA. Having served as a visiting vet and donated my time (weeks) away from my business trying to help folks like you get started, just to have you quit becasue it got a little “lonely” really chaps my hide. You’ve had trainers, mentors, ATL’s, Study for Succes trainers all expend their time and EJ $ to help you and you want to walk cuz it’s lonely. Grow up! Life is hard and it’s not always fair. Take your blanket and your bottle and your silver platter with you to whoever you think is going to hold your hand and coddle you