Leaving Jones - How hard is it?

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Nov 12, 2005 1:27 pm

I am leaving Edward Jones about mid way through my three year period.  I am probably going to be offered a position at a local bank.  What have been other’s experiences leaving Jones within 3 year window?

Nov 12, 2005 1:48 pm

Dog lover,

I left after 18 months with Jones. They came after me for expenses - my new firm paid. The bank should pick this up for you. Some clueless loser from St. Louis, who knows nothing about your clients, will call all of them to dissuade them from following you. Which brings up an interesting point....when I left, several clients got calls from an assigned rep in St. Louis. This individual questioned my investment choices, and made recommendations......completely violating rule 405 KYC. Hmmm, how does that work???

It's a pain in the ass to switch firms, make sure this bank is where you want to be for a good period of time.

Nov 12, 2005 1:49 pm

Thanks for responding.  The bank I am probably going to will not cover costs…at least that’s what I was told.  Several of my clients have already told me they would go with me.  Any ideas if you can negotiate with them?

Nov 12, 2005 2:41 pm

The expenses were negotiated. Jones wanted like 75K, I think they got around 40K. I would think long and hard, if it’s even remotely possible that you would have to come up with money. Unless this bank job is one in a million, it’s not worth paying a lawyer and covering expenses. someone else will probably chime in here, and maybe have some other experiences. Can Jones really go after you personally, expecting 40k from you, go into collection procedures and such??? I don’t know the answer to that. I would hang tight until you are sure. 

Nov 13, 2005 10:21 pm

If I was a bank I would not cover the costs either. They hire you and start $40k in the hole. How do you sell that to your regional bank manager???You would have to be a top producer to expect that. MAybe I'm wrong. For your sake I hope I am...

I left jones after five years...i finished in good standing. I took an excellent position at a credit union.Two days after I resigned I got a certified letter. I thought they were going to thank me for the hard years I gave them. It was a letter threatening legal action if I solicit any of my jones clients to move to my new employment.

I took about 30% of the book anyway. The  crappy ones I left there. The ones that came did so easily. I have not heard anything from JONES and don't expect to.  There are other clients that have called my house asking to move their accounts to me.



Nov 14, 2005 12:21 am

Sounds like they’ll ask for 75K and take less.  Unfortunately, it appears that you’ll need legal counsel to navigate these waters.  Having been in a bank program, my perspective is that you may be trading the  you know for the one you don’t…

Nov 14, 2005 9:08 am

Stop, do not pass GO.  Do not go to a bank.  How can you do the best for your clients at a bank?

Call your local RayJay branch manager.  EDJ reps are coming here in droves.  RJ will help you fight EDJ and maybe pick up your expenses.

Nov 14, 2005 9:26 am

I'm all about being at the best place for my clients sake.........but there are some sweet bank positions.

Nov 14, 2005 10:11 am

Maybeee…  I know you love where you are at RJ, but please… you are sounding like a paid recruiter by answering every post with a go to RJ post.   Being independent isn’t for everyone.  And by the way one local bank program where I am at is Raymond James.

Nov 14, 2005 12:42 pm

That reminds me, I think my Branch Manager owes me some money for the people I have brought in.  And on a totally different note, what is the STRANGEST name you have ever cold called?  Today I called a guy with the first name of SUCKWINDER.  Can anyone top that?