New Leaving Edward Jones

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Broker64's picture
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Joined: 2008-02-07

Yes, I got the letter for $65,000! Explained to their lawyer I was terminated but allowed to resign. So I talked to one securities lawyer (who would cost $500 an hour) and he said keeping my U4 as voluntarily resigned has to be worth something and his thought was it could be resolved in a couple phone calls. And might be zero but probably closer to $5,000.   EDJ might seem like the nice little mom & pop local brokerage firm, but really they are this huge corporate machine and you're just a number to them. You have to sign the contract to be hired, you must go through their required training to be employed, and beware if it doesn't work out (even if you were already were licensed for years before joining the green machine). They WILL come after you for their training costs if you "insist" on keeping your Series 7.     

yooper's picture
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Joined: 2008-03-27

This might sound stupid and may very well be,If a person let his 7 expire after leaving than retook the test (was not that hard) would the last broker even be aware that the new issued license is at another b/d?

jmhatlanta's picture
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Joined: 2008-09-24

Well, I left after 2 years... I got my bill for $46,875 in training costs. I'm now an analyst at a tactical money management firm (No more clients!). Because I'm not "engaged in the sale of securities or insurance"- I disputed the bill. Just got my letter informing me that they've chosen not to pursue me unless I my job description changes in the future. I included with my response to the attorney a copy of my new contract that specifically stated I'm not responsible for solicitation of clients which probably helped.

Squash's picture
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Joined: 2008-08-08

If you don't piss off Jones when you leave, they don't come after you. My training class had 4(out of 10) people leave after they passed the 7 & 66 and went to a variety of places(ML,SB,Wachovia,Indy) and they all used the same excuse,"If you don't fire me and release me from my contract, I will sit here and do nothing." They all got release and nothing on their record that any firm cares about. They all got a letter one week later from some law firm in St Louis, with a cease and desist letter(although most of them had not done anything yet) and a copy of their contract they signed. A year later they still have gotten nothing and their respective employers/bds have gotten nothing.

norcalstoppy's picture
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Joined: 2008-12-11

In the contract it says, $75k if you leave within 3 years of "can-sell" date AND maintain your license with a different firm selling securities or insurance.
 
Pro-rated $9375 per full quarter of employment after the first 13 months.

6160's picture
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Joined: 2008-12-03

I'm left wondering... if you're new to the business, are we really in an economic environment where you want to find the least damaging way to ditch your current employer for another firm?When your new firm does a round of layoffs, how do you think it will reflect when they take a look at your file and see "fired from Edward Jones for moonlighting/not producing/not following firm policy"?Hope you get some AUM quick.

rockhorse's picture
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Joined: 2008-12-16

Hello,
 
I was hoping someone could help me with my dilemma.  I've worked at EJI for about 6 months.  Completed the training, and have just started my 7 weeks of door-to-door.  I have not yet gone to Eval/Grad which means that I haven't been licenced (I think). 
 
If I quit and goto work at another firm, can EJI still come after me for that $75,000 as stated in the contract? 
 
The reason I ask is the contract that states, "Upon execution of this Agreement and upon registration with Investment Dealers Association of Canada....."  and I am not licenced.
 
Any help would be GREATLY appreciated!

Hank Moody's picture
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Joined: 2008-11-10

Yes, they can and I wouldn't blame them a bit. 

rockhorse's picture
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Joined: 2008-12-16

I would also like to mention, this isnt my choice.  They're forcing me to resign and I keep saying I wont do it.  I am just looking for options since I would like to stay part of the securities industry.

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:I would also like to mention, this isnt my choice.  They're forcing me to resign and I keep saying I wont do it.  I am just looking for options since I would like to stay part of the securities industry.Why are they forcing your to resign? Tell the truth.

rockhorse's picture
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Joined: 2008-12-16

I went on an allowed, self-diagnosed sick leave for a few weeks.  I call to come back to work, and they say I can't return without a doctor's note.  So my only option is to provide documentation, or to resign.
 
I like EJI a lot, and I really want to continue my employment with them.  So I really don't know what to do. 
 
I would also like to mention that they've asked me to resign 3-4 times over the past two days.  Which I have continued to decline.

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:I went on an allowed, self-diagnosed sick leave for a few weeks.  I call to come back to work, and they say I can't return without a doctor's note.  So my only option is to provide documentation, or to resign.
 
I like EJI a lot, and I really want to continue my employment with them.  So I really don't know what to do. 
 
I would also like to mention that they've asked me to resign 3-4 times over the past two days.  Which I have continued to decline.Am I being punked?

rockhorse's picture
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Joined: 2008-12-16

Nope.  Care to ellaborate?

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:Nope.  Care to ellaborate?Nope. Why would another firm take you as a broker after you fail at the easiest firm out there?

rockhorse's picture
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Joined: 2008-12-16

Awesome thanks for reading my posts and giving me non-bias opinions.  Very professional of you.

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:Awesome thanks for reading my posts and giving me non-bias opinions.  Very professional of you.Failureboy, there's no such thing as a "non-bias" opinion. Bias is what make them opinions in the first place. I didn't even state an opinion. I asked a question. Here's an opinion...I'll bet they're asking you to resign because they see in you what I see in you - a loser. Now, THAT'S an opinion!

rockhorse's picture
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Joined: 2008-12-16

Well someone hates the world.

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:Well someone hates the world.I don't hate Australia.

rockhorse's picture
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Joined: 2008-12-16

Why even post on here if you're not going to offer any advice?  But just put people down?  I didn't fail at Edward Jones.  They failed at giving me the support that I required.  I passed all my tests, made all my contacts, but was hurdled by an unfortunate illness.  Get rid of your selective reading process and actually focus on the issues.

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:Why even post on here if you're not going to offer any advice?  But just put people down?  I didn't fail at Edward Jones.  They failed at giving me the support that I required.  I passed all my tests, made all my contacts, but was hurdled by an unfortunate illness.  Get rid of your selective reading process and actually focus on the issues.Son, I can't offer advice without getting my questions answered. Try this...call all of the firms in your area and tell them that your old firm failed to give you the support that you required and that you would like an interview. If they press you on what happened, just tell them that you took a self-approved extended sick leave, but it wasn't bad enough to go to the doctor.

rockhorse's picture
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Joined: 2008-12-16

I've answered all your questions, and you've only returned with meaningless sarcastic comments. 

buyandhold's picture
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Joined: 2008-09-23

rockhorse wrote:I've answered all your questions, and you've only returned with meaningless sarcastic comments. 
 
Rock, your story isn't adding up. If you've been with Jones for six months and are just not getting to branch training, there are a few months in there unaccounted for, with no doctor's note.
It doesn't look to me that you have any leverage or any real options in this biz, especially in this economic market.
 
 
 

rockhorse's picture
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Joined: 2008-12-16

How can they sue me for training costs (even though im not licenced) after they force me to resign?

Hank Moody's picture
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Joined: 2008-11-10

rockhorse wrote:How can they sue me for training costs (even though im not licenced) after they force me to resign?If they have you knocking on doors, you're licensed.

buyandhold's picture
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Joined: 2008-09-23

Hank Moody wrote: rockhorse wrote:How can they sue me for training costs (even though im not licenced) after they force me to resign?If they have you knocking on doors, you're licensed.
 
He hasn't been to Eval Grad so he's not licensed. You can knock on doors in training but you are only allowed to introduce yourself and ask for a phone number.

Hank Moody's picture
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buyandhold wrote:Hank Moody wrote: rockhorse wrote:How can they sue me for training costs (even though im not licenced) after they force me to resign?If they have you knocking on doors, you're licensed.
 
He hasn't been to Eval Grad so he's not licensed. You can knock on doors in training but you are only allowed to introduce yourself and ask for a phone number. A door to door salesman with nothing to sell? Can it get worse than that?

Spaceman Spiff's picture
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Joined: 2006-08-08

You're asking the wrong people about the training reimbursement.  My guess would be that they come after you for something if you voluntarily quit and go to another firm.  If Jones fires you, then I don't believe they would have any ground to go after you. 
What's the story with this "approved, self-appointed sick leave"?  I've heard a lot of things in my time at Jones, but that's a new one.  And obviously if they're asking you to resign and/or get them a doctor's note, then the powers that be (BTW, the same ones who will be deciding whether or not to go after you for training costs) didn't quite agree with you.  If you want to work for Jones so badly, go get the silly note.  I would expect that any employer would want a legitimate reason for letting you come back to work.  I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue.  Something doesn't add up here. 

rockhorse's picture
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Joined: 2008-12-16

Spaceman Spiff wrote:
I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue.  Something doesn't add up here. 
 
They did it in "good faith".  And I'm not lying about any of this.  The fact is, I cant provide a sick note, and I WONT quit.  So I am just waiting to see where things go.

bspears's picture
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Joined: 2006-11-08

Syphillis, while not curable, can be controlled with the right meds.  It does, however, make thought processes a little odd.  I'm betting you had this problem flare up for a few weeks and now you are better.  (I seen an episode of House where this was the case)  I would breakdown and tell your RL(he probably has it also) and he could make a few phone calls and make this go away.  Then you can get back to door to door harrassment and make Edward D Jones proud...you're on your way sailor.

Spaceman Spiff's picture
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Joined: 2006-08-08

I like how you threw in the House referrence to throw off any doubts about  your speaking from personal experience. 

Hank Moody's picture
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rockhorse wrote:Spaceman Spiff wrote:
I can't believe that they actually OK'd a sick leave without a doctor's note explaining the issue.  Something doesn't add up here. 
 
They did it in "good faith".  And I'm not lying about any of this.  The fact is, I cant provide a sick note, and I WONT quit.  So I am just waiting to see where things go.You were sick for several weeks and didn't see a doctor? Why were you really missing?

Spaceman Spiff's picture
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iceco1d wrote:bspears wrote:
  (I seen an episode of House where this was the case) 
 
please tell me this was just an accident, and not your actual usage of grammar...i gave you much more credit than this in the iq department...
 
Really?  Why?

bspears's picture
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Joined: 2006-11-08

Hey Hey Hey...I try to throw out a funny and all I get is two dic wads making remarks.  I love how you losers jump on grammur and speelllinng.  I will tri to slowed down a litle so you two gay loovers will not tri and juimp me frm behinde. 

Spaceman Spiff's picture
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Joined: 2006-08-08

I'll give credit where it is due.  It was funny.  The syphillis, not the grammar. 

Hank Moody's picture
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Spaceman Spiff wrote:I'll give credit where it is due.  It was funny.  The syphillis, not the grammar.  Spyphilis, you spelled syphilis wrong.

Spaceman Spiff's picture
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Hank Moody wrote: Spaceman Spiff wrote:I'll give credit where it is due.  It was funny.  The syphillis, not the grammar.  Spyphilis, you spelled syphilis wrong.
 
Well, that's two of you that have evidently had a script written for that illness.  Do you think?  No, surely not. 

Sam Houston's picture
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Joined: 2008-12-01

This thread is hilarious!!!  WHAT WAS THE "SELF-DIAGNOSED" ILLNESS? 

Hank Moody's picture
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Spaceman Spiff wrote:Hank Moody wrote: Spaceman Spiff wrote:I'll give credit where it is due.  It was funny.  The syphillis, not the grammar.  Spyphilis, you spelled syphilis wrong.
 
Well, that's two of you that have evidently had a script written for that illness.  Do you think?  No, surely not.  Can't you just give credit where it's due?

Spaceman Spiff's picture
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Joined: 2006-08-08

I caught the Spyphilis remark.  It was pretty funny too. 

Hank Moody's picture
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Spaceman Spiff wrote:I caught the Spyphilis remark.  It was pretty funny too.  Thank you.

Incredible Hulk's picture
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Joined: 2006-03-24

I'm not sure what is funnier, a newbie asking for advice from Bobby or the syphillis stuff.

rockhorse's picture
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Joined: 2008-12-16

Sam Houston wrote:
This thread is hilarious!!!  WHAT WAS THE "SELF-DIAGNOSED" ILLNESS? 
 
Acute Depression, keep laughing.

Borker Boy's picture
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Joined: 2006-12-09

How did you overcome it?
 
Mine dates back to October 9, 2007, and I can't seem to shake it.

Spaceman Spiff's picture
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rockhorse wrote:I went on an allowed, self-diagnosed sick leave for a few weeks.  I call to come back to work, and they say I can't return without a doctor's note.  So my only option is to provide documentation, or to resign.
 
I like EJI a lot, and I really want to continue my employment with them.  So I really don't know what to do. 
 
I would also like to mention that they've asked me to resign 3-4 times over the past two days.  Which I have continued to decline.
 
OK, so what your trying to tell us is that you're mad at Jones because they won't let you come back to work without a doctor's note for a self-diagnosed bout of acute depression.  So, when you started this leave of absence for this self-diagnosed bout of acute depression, who gave you permission to do so?  Did you just decide yourself to stop working one day?  Did someone from Jones sign off on your absence?  Did they not explain that you would need a letter from a doctor to return to work?  How do they know that you weren't taking a disallowed vacation to the Bahamas for two weeks and are really just telling them that you were home "sick"?  What's the big deal about going to your doctor and getting a note that says you're good to come back to work? 
 
Perhaps the rules in Canada are different than here in the States, but we don't just get to declare that we're taking a leave of absence for a self diagnosed illness.  We might have sick days that we can use, but if it's going to be something longer than that we typically have to have some documentation BEFORE we take the days.  And we have to have a doctor sign off that we're OK to come back to work. 
 
My suggestion:  Get the stupid doctor's note or just quit.  If I were you I'd pick the latter.  My LP will thank you for it. 

Spaceman Spiff's picture
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Borker Boy wrote:How did you overcome it?
 
Mine dates back to October 9, 2007, and I can't seem to shake it.
 
That's easy.  Move all your American Funds to tax free bonds.  You'll be back to normal before the middle of the summer. 
 
That will be $5000 for my unprofessional diagnosis of your self diagnosed illness.  You can pay me out of your HSA.

Hank Moody's picture
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Joined: 2008-11-10

Borker Boy wrote:How did you overcome it?
 
Mine dates back to October 9, 2007, and I can't seem to shake it.Mine dates back to infancy. My mom had cube-shaped nipples.

regrep23's picture
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Joined: 2008-02-16

Broker64 wrote:Yes, I got the letter for $65,000! Explained to their lawyer I was terminated but allowed to resign. So I talked to one securities lawyer (who would cost $500 an hour) and he said keeping my U4 as voluntarily resigned has to be worth something and his thought was it could be resolved in a couple phone calls. And might be zero but probably closer to $5,000.   EDJ might seem like the nice little mom & pop local brokerage firm, but really they are this huge corporate machine and you're just a number to them. You have to sign the contract to be hired, you must go through their required training to be employed, and beware if it doesn't work out (even if you were already were licensed for years before joining the green machine). They WILL come after you for their training costs if you "insist" on keeping your Series 7.     So if you get fired, you lose your Series 7? (what about 66 and L&H insurance?)and how exactly does "being terminated but allowed to resign" happen? I thought it was either or.

Spaceman Spiff's picture
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Joined: 2006-08-08

You don't lose your S7 simply because  you get fired.  You can go apply at another firm and tell them you're S7 licensed.  If you don't go to another firm who will hold your license, then after a while your license will lapse.   
 
Terminated, but allowed to resign is a nice way of telling you you're fired, but we don't need to send you off like that, so we'll allow it to look like your decision.  It'll look better on his resume if it looks like his idea to leave.   

regrep23's picture
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Spaceman Spiff wrote:
 
Terminated, but allowed to resign is a nice way of telling you you're fired, but we don't need to send you off like that, so we'll allow it to look like your decision.  It'll look better on his resume if it looks like his idea to leave.   Well thats nice of em...I think.  I wonder if being "terminated but allowed to resign", is a way for them to still legally pursue you for 75 g's.  IF "terminated but allowed to resign" = you terminating the employment , then you're still on the hook. Screw that I'd take a little blemish on my resume instead. "F-you, F-you, F-you, you're cool, and F-you, I'm out"Broker 64:  Whats the latest, any updates?

Squash1's picture
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Joined: 2008-11-19

It doesn't matter about your resume if you are already set to go to another firm. The other firm obviously knew there would be something..

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