Leaving EDJ before Can-Sell

11 replies [Last post]
tooyoung's picture
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Joined: 2008-06-18

I am in desperate need of some guidance.

I have just completed EDJ's KYC class, and after a bit of full-time "cold walking", I had a sudden revelation. I have found something in my life that I am fairly certain that I just cannot do. The prospecting method leaves me feeling like an abandoned child, yearning for the attention of a friendly face. This is not something you can be trained to overcome, and no amount of dedication, ambition, or drive will help void this feeling of deafening silence.

After speaking with a good friend/current rep, he informed me of the employment contracts I have signed. Being fresh to the work force after years of education, the shear excitement of being offered a position at Fortune's #4 company to work for had me in a haste to sign all necessary documents and begin training.

After 2 weeks of forcing myself through purgatory, I have officially decided that it is time to move. Personal happiness is worth more than any paycheck, or so I believe at my current stage of life. However, I have some questions that I would like to ask you knowledgeable folk instead of the people at EDJ to deter any red-flaginess until I can plan out how to do this.

As far as I can tell after hours of reading, I have 3 options, and I'd like an opinion on them.

1) I can quit. Does quitting before my can-sell constitute me for the $75,000 charge? I have upcoming interviews with Vanguard (any comments?) and MS (ditto?), so the assumption is that I will be moving to another BD (I assume Vanguard counts? They require a 6 and 63, I hold the 7 and 66 as per EDJ). Also, do I lose my licensing? Obviously I'd rather retain them, as re-taking the exams just seems unnecessary. What else can I expect to happen if I voluntarily lay myself off? I wasn't sure if there is a difference if I have not obtained my can-sell yet. On the bright side, I was able to make this decision early on.

2) I can get fired. How bad would this scar my record? I've heard this voids you of all the fee's, and also allows you to transfer over your license. But there is just something about being fired that doesn't sit well with me. However, to cancel a $75,000 bill, I'd do much worse ;) It seems too good to be true, what am I missing...

3) Someone informed me that I could potentially seek a psychiatrist and obtain a note, claiming an anxiety-disorder perhaps, and using this as grounds for quitting. They said this will legally void me of the charges, and make my exit fairly smooth. However, I think something like this would be put on my permanent records, and may make obtaining a new job fairly impossible (even more so than quitting?)

Situationally, I am 22 years old and fresh out of college. Graduated Summa Cum Laude (but I've been told that's only good for your first interview). So my biggest fear is that if I quit, most firms will look at me as a young failure. My options will be severely limited at that point. I am young, but I have a good head on my shoulders, and I am not remotely afraid of long hours or the pressure of sales quotas. I just happened to run into a debilitating emotion known as utter loneliness. There's just something about wandering the streets for 8 hour's a day without having a friend to smile with every once in a while...

This is my first post, but hopefully I have done enough reading to not sound like a complete newnew, although I am. Look forward to your responses, as I really need to begin to make some decisions.

Thank you all very much!

River_King's picture
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Joined: 2008-05-26

Is there any need to post this twice?

Axle's picture
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Joined: 2008-04-08

I could be wrong, but I think Jones doesn't grant you your license until after Eval/Grad so if you quit or get fired now, you would have to take the tests over again anyway. 

OldLady's picture
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Joined: 2006-11-19

I swear -- why do people post answers when they don't know what they're talking about -- Jones doesn't grant the Series 7 - FINRA does.  I guess I'm just in a cranky old lady mood!!

snaggletooth's picture
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Joined: 2007-07-13

OldLady wrote:I swear -- why do people post answers when they don't know what they're talking about -- Jones doesn't grant the Series 7 - FINRA does.  I guess I'm just in a cranky old lady mood!!
 
A LITTLE bit of knowledge can do A LOT of damage, especially in many aspects of this business.

gvf's picture
gvf
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Joined: 2008-07-01

Like someone else said, you hold the 7 & 66 with FINRA, not Edward Jones.  Once you disassociate yourself from a securities related job, FINRA begins a 2 year count-down on your licenses. Summary: you have a 2 year time frame to get back in the industry without losing your licenses.  (Didn't they teach you that in the Series 7? :P )

newnew's picture
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Joined: 2007-02-23

Getting your Can-Sell date at Jones after Eval Grad is totally a FINRA deal. It has nothing to do with Jones trying to be tricky.

LRT12's picture
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Joined: 2008-07-07

If you leave EJ after 2 yrs do you think a 10k settlement would be agreeable?

Catdaddy's picture
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Joined: 2008-04-22

Respectfully bow out, give your notice and carry on.  Don't burn any bridges by getting fired.  Normally as long as you stay out of the business you won't be held liable for the training costs.  Look at your contract and it spells it out for you.  If you don't have it you can request a copy of it.  Any contacts you would like to pass on???

Morphius's picture
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Joined: 2007-07-21

Catdaddy wrote:Respectfully bow out, give your notice and carry on.  Don't burn any bridges by getting fired.  Normally as long as you stay out of the business you won't be held liable for the training costs.  Look at your contract and it spells it out for you.  If you don't have it you can request a copy of it.  Any contacts you would like to pass on???Take a breath, Catdaddy - this forum will be here tomorrow so you don't have to try and get in all your posts in your first day.It's clear that you are very new to the industry and are relying on your experience in other industries.  With time you'll learn how that can get you into serious trouble, especially with regards to leaving a firm.  For now it's clear you don't even yet know what you don't know.  That is not the ideal platform from which to offer advice.

Checkplease's picture
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Joined: 2008-06-26

What happens if he/she sandbags and just gets terminated....Say they pick up 2 or 3 million in assets and then gets let go...
Can they go to another firm without being concerned about the legal battle?

norway401's picture
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Joined: 2007-10-16

I think that the note from your resident psychiatrist may work!!! Checkplease , great idea , get terminated for nonperformance , no need to be concerned about the legally binding contract you signed. Makes sense to me? Make any sense to you?

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