Leaving EDJ-training costs?

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Jul 31, 2008 3:57 pm

I am currently employed as an FA at Edward Jones and would like to leave to take a job as a bank broker.  I have been with them for 13 months and my office is set to open.  I should be excited, but I am out of funds and need to move on before I end up in debt.  The model is not for me and the pay is not getting it done.  I need to know about the training costs reimbursement.  It says $75k, but I can hardly get by now.  Does anyone have any experience with this and what steps should I take? 

Jul 31, 2008 4:14 pm

search the forum.  there are a lot of posts regarding this topic if you look around.

Jul 31, 2008 4:22 pm

Here we again!!! No offence but if you have searched the topic you will find a very wide array of opinions on the topic. Or if you are ready to have an office perhaps the best thing is to keep moving forward and get over the hump.

The other option is to get ready to write a cheque.   JUST ONE GUY"S OPINION
Jul 31, 2008 4:23 pm

Or get the bank to write the check…

Jul 31, 2008 4:29 pm

From searching the posts, I can see they will come after me, but what am I realistically looking at paying.  I really doubt I am going to be able to get a bank or another BD to write a $75k check.  I have no problem writing the check, but I will not have anything in the bank to cover it.  I just did not know if there was anyone out here that had gone thru the same experience.  Let me know. 

Jul 31, 2008 4:32 pm

I have no problem writing the check, but I will not have anything in the bank to cover it. 

  Thats Funny!
Jul 31, 2008 4:36 pm

Holy  so your formal education has moved you to the level of being able to WRITE A CHEQUE correctly and knowing that you do not have the money to cover it?

May I ask ....... and you advise other people on how to manage their financial affairs? Get out of the business and find a very nice safe and secure job. And live happily ever after.
Jul 31, 2008 4:44 pm

Think he just meant that if he had the money he'd pay EDJ, but it did kinda sound like he has no problem boucing a 75k check.

Jul 31, 2008 4:46 pm

Or getting a Background Check

Jul 31, 2008 4:51 pm

Sorry for the joke, just needed some advice.

Jul 31, 2008 4:56 pm

Advice - look at your contract. Discuss with your RL and at the same time contact your solictor. Their Legal Department will no doubt be having some discussions with you. Refer them to your Solicitor. Be prepared to WRITE A CHEQUE of xxxx amount.

Jul 31, 2008 10:01 pm

Thanks for the input.  If anybody comes across this with a similiar experience let me know.  I would love to know how it turned out for you.

Jul 31, 2008 10:39 pm

You can figure on settling for around 10 to 25 cents on the dollar from what I’ve read around here.

Jul 31, 2008 11:41 pm

I think the contract states that after month 13 you can knock off about $9,700 from the $75k each quarter.  So you’d be looking at around $65k.  BUT, from what I’ve read on this board they’ll settle for much less.