[quote=cyaEDJ]I realize this topic has probably been covered dozens of times but hopefully you’ll forgive me and give me some ideas.

Here is the basics of my situation.  I’ve had my can sell date for about 12 weeks and am blowing it out of the water (know it means nothing but know I can do this job at least).  I’m not unhappy at Jones but never took the job knowing I would be here forever.  I also have no mentor and no real training so I’m not loyal to them at this point.

I’ve had another firm approach me and offer me a position.  The payout is much better.  Get an office. Warm leads (not that I will stop prospecting).  No book but to be honest I’ll only leave around 1mm AUM.

I know I made a commitment but what is my risk here? Jones will come after me but how much do people usually settle for?  Any help and I’d appreciate it.



[/quote]

You need a copy of your contract before you do ANYTHING but I’m guessing you lost it.  Your RL will know something is up if you go ask him for it though.  Ask one of the other Seg1’s in your region to look at his contract.  His will look the same as the one you signed.  Also I would not let your BOA know whats going on, and don’t print out all the client info at once.  Make sure you take everything you bought for your office so the new guy won’t have anything to use when he tries to keep your clients at Jones.

Good luck.

I kept my contract.  Don’t have an office yet.  Any idea on how much Jones will come after me for?

Thanks

$75,000

[quote=cyaEDJ] I realize this topic has probably been covered dozens of times but hopefully you’ll forgive me and give me some ideas.Here is the basics of my situation. I’ve had my can sell date for about 12 weeks and am blowing it out of the water (know it means nothing but know I can do this job at least). I’m not unhappy at Jones but never took the job knowing I would be here forever. I also have no mentor and no real training so I’m not loyal to them at this point.I’ve had another firm approach me and offer me a position. The payout is much better. Get an office. Warm leads (not that I will stop prospecting). No book but to be honest I’ll only leave around 1mm AUM.I know I made a commitment but what is my risk here? Jones will come after me but how much do people usually settle for? Any help and I’d appreciate it.

[/quote]



How are you blowing it out of the water but have less than $1MM AUM?



I think if you don’t take clients, don’t go to a big firm(wires,regionals banks etc) then they would probably settle for less than the $75K

I’ve read the wind discussions so I won’t go into details about myself. It’s all relative.

Where do they come up with that 75k figure?  Must be the hard costs like the building because the training had to be worth less than 10k if they outsourced it.

I balked at the $75K number also - I thought the majority of the training was a joke - but Spiff and B24 can give you their opinions as to why that amount is actually a bargain.

I balked at the $75K number also - I thought the majority of the training was a joke - but Spiff and B24 can give you their opinions as to why that amount is actually a bargain.

I liken EDJ training to public education.  It’s really geared towards the lowest
common denominator so those who are quick learners, learn little. I did
think their series 7 program was solid though.



It’s important to note, I have no issues with Jones. The culture seems
good, the people have been nice, and I’m doing well.  They have been
fair to me but when opportunity knocks sometimes you should open the
door. Either way I’ll be happy but feel this position could give me a 2
year boost so giving it a serious look.

Are their horror stories on them going after the full amount and not neg. that # down?

The training may not be worth 75,000, but thats what the contract said when you signed it.  The contract could’ve said 1,000,000 but if you still quit w/in that time period, you’d still be on the hook.  I’ve had several friends get the bill for 75,000.  Most negotiate it down.

Realized what I signed, I read it

Cool, now I just need to sell $4,000,000 worth of long term bonds and I’m golden!

haha, nice.  I hear Jones sells a good amount of A share Am Funds as well.  Maybe try those.

Actually it’s $6,250,000 in long term bonds to net $75K @ 3 pts. 

Just so you know, that wasn’t a Jones created policy.  You didn’t really think it was did you?

Borker, are you retarded?  That came down from left field, one of the government agencies that doesn’t normally inject itself into our realm, trying to remember from the spring regional, but I think it was actually OSHA or some such…

And that is qualified retirement accounts under a business plan.  Send a letter like that out and just wait for your next audit…

[quote=Spaceman Spiff]Actually it’s $6,250,000 in long term bonds to net $75K @ 3 pts. 

[quote=Hank Newbie]Borker, are you retarded?  That came down from left field, one of the government agencies that doesn’t normally inject itself into our realm, trying to remember from the spring regional, but I think it was actually OSHA or some such…[/quote]

I’ve heard other firms allow their advisors to give advice on retirement accounts, I’m lost why we can’t. I think Borker makes a good point although I’d feel silly saying it since I’ve been ignoring the policy anyway.

If it is not coming down from federal regulators, I am either being lied, our legal/compliance department is taking a conservative position, or those "other firms" are just crossing their fingers...