Your not a writer for Yachting anymore?

You are a 1099 and the support has been pretty good…a little slower during tax season but well above what I was used to with my previous B/D.  Read the old thread on here somewhere called Raymond James vs. LPL, learn all you can quickly, do a due diligence trip to the home office, and jump this summer during slow season.  What else you wanna know?

Dudley:   I left EDJ years ago and had a great relationship with the company just like you.  I was successful, had excellent relationships "I thought" with everyone.  Did the visiting vet thing, worked with new trainees in St Louis, did call sessions in my office and on and on.  Started from scratch out of my house until I got an office and was green for my entire five years except for about a four month period of time during my first year. 

When I left I even sent thank you notes to all the people who helped me through the years.  With that said, they got as nasty as can be when I left. They tried to get a TRO, they lied to my clients about me, they did every single thing they could to ruin my business when I left.  I am not joking when I say I was even put on a witness stand and cross examined by two of their attornies.  Thankfully I had strong legal support on my side.  So do not think that just because all is good now that things wont change when you leave.  Just protect yourself the best you can and prepare for the worst even though it is likely things wont be as bad for you when you leave.

A very promenent GPs relative took over my office and my RL was and still is a huge prick.  That is my reasoning behind my situation which is different than yours.  But just beware. You will be going to war for your clients and do not expect them to be honorable.  COUNT ON THEM LYING TO YOUR CLIENTS ABOUT EVERYTHING FROM YOUR INTEGRETY TO YOUR REASON FOR LEAVING.  COUNT ON IT. 

Prep your clients and be ready.  I hope you take every dime out of your office when you leave.  Best of luck!        

For those who may have left Jones in the last year or so, what kinds of grief have you gotten from Jones (non-compete threats, TRO, etc.)?  Aside from the grief of the temporary rep calling clients and trying to sell them Putnam Voyager, of course.

Any thoughts from anyone else?

if you go indy go to Commonwealth.

[quote=working capital]

if you go indy go to Commonwealth.

[/quote]

Why them instead of LPL or one of the others?

[quote=Dudley Dawson]Any thoughts from anyone else?[/quote]

There are alot of good people who work at Jones but when you leave you will see the evil that comes out of the greedy pricks (especially the GP's). I left 2 years ago and opened up an indy office directly across the street from my Jones office and when the xfer broker contacted my customers they would say we don't know were he is or were he went but your money is safe here. A very unprofessional group of people, also you won't realize what is really going on at Jones until you leave. Good luck.......

F Ted and the drones

I think it would be most important to match your new B/D to the type of practice and business you want to run.  There are a dozen good indy b/d out there, but you need to do a good job breaking down your revenue (fee based, commissions, life, annuity) and see which b/d's have the most support for the line of work you do the most of.  Your answer may be LPL, but I would do a lot of investigating first. 

And don't tell yourself that you will mold your practice to fit your new indy b/d.  That kinda defeats the purpose of going indy.  Stick to what your good at, but find a higher payout and support for that type of business.

I left EDJ 6 months ago and had a great relationship with the company just like you.  I was successful, had excellent relationships "I thought" with everyone.  Did the visiting vet thing, worked with new trainees in St Louis, did call sessions in my office and on and on.  I started from scratch.  I recruited 17 people to Edward Jones in my 8 years at the firm. 

The problem came when I left.  Jones held my U-5 for 30 days.  They lied to my clients.  They said that "He had some problems with the IRS and that's why we had to let him go."  They told my clients that, "Edward Jones was an ethical company and he did something unethical and that's why we had to let him go."  The RL and the Area Leader lied to the rest of the region.  They lied to my BOA to try and keep her at EDJ.  They lied to the transitional rep who came into replace me. 

I had to get an attorney to write a "cease and desist" letter to the IR,RL, and Area Leader.   Once the letter went out to the individuals involved; the lying stopped. 

It was unfortunate that they had to stoop to such unprofessional tactics to try and keep the clients at Jones. 

So to put it bluntly, Jones purposely withheld my U-5 for 30 days.  They lied to my clients and peers.  They were slapped with a cease and desist and they did. 

My advice, when you go to LPL, is to accept the fact that they will say and do anything to keep the assets at Jones.  In my case they failed miserably.  I have transferred 72% of my assets in 6 months.  I have made more money in 6 months than 10 months at Jones.  My BOA that came with me loves where she works and is excited that she is allowed to use email to answer client questions.  I also put my office 2 steps away from the Edward Jones Office I was in.  My clients did business with me not with Edward Jones. 

I don’t even know Holder and I detest the little weasel.  I hope you make his legal life miserable someday.

[quote=spikedkoolaid]

I left EDJ 6 months ago and had a great relationship with the company just like you.  I was successful, had excellent relationships “I thought” with everyone.  Did the visiting vet thing, worked with new trainees in St Louis, did call sessions in my office and on and on.  I started from scratch.  I recruited 17 people to Edward Jones in my 8 years at the firm. 

The problem came when I left.  Jones held my U-5 for 30 days.  They lied to my clients.  They said that "He had some problems with the IRS and that's why we had to let him go."  They told my clients that, "Edward Jones was an ethical company and he did something unethical and that's why we had to let him go."  The RL and the Area Leader lied to the rest of the region.  They lied to my BOA to try and keep her at EDJ.  They lied to the transitional rep who came into replace me. 

I had to get an attorney to write a "cease and desist" letter to the IR,RL, and Area Leader.   Once the letter went out to the individuals involved; the lying stopped. 

It was unfortunate that they had to stoop to such unprofessional tactics to try and keep the clients at Jones. 

So to put it bluntly, Jones purposely withheld my U-5 for 30 days.  They lied to my clients and peers.  They were slapped with a cease and desist and they did. 

My advice, when you go to LPL, is to accept the fact that they will say and do anything to keep the assets at Jones.  In my case they failed miserably.  I have transferred 72% of my assets in 6 months.  I have made more money in 6 months than 10 months at Jones.  My BOA that came with me loves where she works and is excited that she is allowed to use email to answer client questions.  I also put my office 2 steps away from the Edward Jones Office I was in.  My clients did business with me not with Edward Jones. 

[quote=joedabrkr] [quote=spikedkoolaid]

I left EDJ 6 months ago and had a great relationship with the company just like you.  I was successful, had excellent relationships "I thought" with everyone.  Did the visiting vet thing, worked with new trainees in St Louis, did call sessions in my office and on and on.  I started from scratch.  I recruited 17 people to Edward Jones in my 8 years at the firm. 

The problem came when I left.  Jones held my U-5 for 30 days.  They lied to my clients.  They said that "He had some problems with the IRS and that's why we had to let him go."  They told my clients that, "Edward Jones was an ethical company and he did something unethical and that's why we had to let him go."  The RL and the Area Leader lied to the rest of the region.  They lied to my BOA to try and keep her at EDJ.  They lied to the transitional rep who came into replace me. 

I had to get an attorney to write a "cease and desist" letter to the IR,RL, and Area Leader.   Once the letter went out to the individuals involved; the lying stopped. 

It was unfortunate that they had to stoop to such unprofessional tactics to try and keep the clients at Jones. 

So to put it bluntly, Jones purposely withheld my U-5 for 30 days.  They lied to my clients and peers.  They were slapped with a cease and desist and they did. 

My advice, when you go to LPL, is to accept the fact that they will say and do anything to keep the assets at Jones.  In my case they failed miserably.  I have transferred 72% of my assets in 6 months.  I have made more money in 6 months than 10 months at Jones.  My BOA that came with me loves where she works and is excited that she is allowed to use email to answer client questions.  I also put my office 2 steps away from the Edward Jones Office I was in.  My clients did business with me not with Edward Jones. 

[/quote]

Hey spiked Rock ON!  I hate the whole cult mentality....sounds like you hardly need my help, but if there's anything I can do PM me, ok?

Joe
[/quote]

If they were saying things like, "He had an IRS problem and we had to let him go" you should sue them.

I rather doubt it was that flagrant.  I suspect that the calls were no more specific than, "We had to let him go, and will miss him.  He is a very pleasant fellow."

Nothing specific but the phrase "We had to let him go" can be interpreted as "for cause" or "for his own good."

As for holding your U-5 for thirty days--the NASD allows thirty days and a lot of firms take thirty days.  There should be no problem with you continuing your business while the paperwork crosses in the mail.

Regarding the U-5.  Every broker who ever transitions out of a firm for any reason should request that the previous employer mail them a copy of the U-5 to their home address.  You need to know what was given as your reason for leaving and try to get it changed if it has the slightest tone of negativity to it.

Unless you really are a sleazeball you'll find a former employer is quite friendly with you--we never know when our paths will cross again and a favor might be needed.  It never pays to make enemies.

[quote=NASD Newbie]

If they were saying things like, "He had an IRS problem and we had to let him go" you should sue them.

I rather doubt it was that flagrant.  I suspect that the calls were no more specific than, "We had to let him go, and will miss him.  He is a very pleasant fellow."

Nothing specific but the phrase "We had to let him go" can be interpreted as "for cause" or "for his own good."

As for holding your U-5 for thirty days--the NASD allows thirty days and a lot of firms take thirty days.  There should be no problem with you continuing your business while the paperwork crosses in the mail.

Regarding the U-5.  Every broker who ever transitions out of a firm for any reason should request that the previous employer mail them a copy of the U-5 to their home address.  You need to know what was given as your reason for leaving and try to get it changed if it has the slightest tone of negativity to it.

Unless you really are a sleazeball you'll find a former employer is quite friendly with you--we never know when our paths will cross again and a favor might be needed.  It never pays to make enemies.

[/quote]

NASD Newbie,

Have you ever worked for ej and left them for another firm?

You've been proven wrong about legal actions before so what makes you an expert in this situation.  You are absolutely cluesless about "the only firm that does what's in the customer's best interest" is capable of doing to it's ex brokers.

If you would only read some of the previous posts by those of us on the "dark-side" (ex-ejers) you'd realize that what you responded to very true.  you are a blow hard in the first degree. go play dressup with your little mutt and leave retail matters to the guysa in the trenches, wtf do you know being in the ivory tower as you state. Go start rumors on GOOG so you can play your precious options.... don't comment on what you have absolutely NO clue about the difference between your pal Bachmann may state and what truely happens....

Mr. Newbie,

First of all,

In California, we are not allowed to record someone's phone conversations without their permission.  I was able to record the Investment Representative on the phone with one of my former clients saying the exact words I wrote in my previous post.  I wouldn't have believed it either until I heard it come from her mouth.  I was incensed and that's why we had to get a "cease and desist" against Jones.

The reason I don't think I will sue Jones is my attorney says you have to prove that I had a loss of income because of what they told clients about me.  The problem with that is, my clients saw through the BS and I have actually increased my pay by going to LPL.

You are right about the NASD allowing 30 days for transferrance.  But I think it's pretty unprofessional after I recruited 17 IR's to that firm.  Generated $400,000 in profit over the past 8 years.  I did nothing but help that firm grow.  I will now make sure that those people I recruited see the ACTUAL Jones.  I also have a goal to expose the dirty tactics that a "CLEAN" firm allows to go on behind the scenes. 

This is the forum I have chosen to air those grievances.  It's been therapeutic for me.  I look forward to the one year mark when my non-compete is lifted.  I have decided to play by the rules on my end because Jones chose not to.
 

I have no doubt that Jones brokers were calling this soul's clients in an attempt to keep them.

What I am saying is they did not say he had issues with the IRS or anything else that could be libelous.

I am not an attorney, but I doubt that you have to prove a loss of income to win a libel case--a loss of reputation would be enough.

Isn't it convenient to claim that you heard it yourself, apparently because you were listening in on a phone call to a client.  It would be fun to know exactly how that happened.

Did you just happen to be at a client's home or office when a Jones broker called, and that Jones broker just happened to be the rogue broker type who would say something like you had IRS problems shortly after the client was motioning for you to pick up the phone and listen in.

Seems less plausible than getting hit by ligtening on a clear day.

Jones would not have the great reputation with clients and the ten thousand or so brokers who are very happy there if even 10% of the crap you whiners who failed there spew on this forum.

Or maybe one of the clients felt duty bound to let him know what was being said about him.

You're still a moron, Putsy.

[quote=NASD Newbie]

I have no doubt that Jones brokers were calling this soul's clients in an attempt to keep them.

What I am saying is they did not say he had issues with the IRS or anything else that could be libelous.

I am not an attorney, but I doubt that you have to prove a loss of income to win a libel case--a loss of reputation would be enough.

Isn't it convenient to claim that you heard it yourself, apparently because you were listening in on a phone call to a client.  It would be fun to know exactly how that happened.

Did you just happen to be at a client's home or office when a Jones broker called, and that Jones broker just happened to be the rogue broker type who would say something like you had IRS problems shortly after the client was motioning for you to pick up the phone and listen in.

Seems less plausible than getting hit by ligtening on a clear day.

Jones would not have the great reputation with clients and the ten thousand or so brokers who are very happy there if even 10% of the crap you whiners who failed there spew on this forum.

[/quote]

that right newbie you know everything as you know bachmann.

ej would NEEEVERR stoop to what us "dark-siders" claim.

Dudley Dawson,

    To address one of your concerns, rumor has it a couple fee based platforms are being considered at Jones other than the limited SMA's they have now.

    The first considered is a ETF platform with a 1% wrap.  The second is a prefered fund platform with the load waved, the 12b-1 waved and a 1% wrap. 

    Patience is a virtue.