New Leaving Edward Jones

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madedjrep's picture
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Joined: 2009-01-15

when you left jones did they come after you for any reason?

rockhorse's picture
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Joined: 2008-12-16

Here is the bottom line.  When you start with Jones (at least in my case), they didn't disclose anything about years and years of door-knocking.  So i take the job, train for several months and get my courses done.  By this time and had done research and asked around as much as I could about the job and found out that door-knocking played some kind of role. 
 
So we go into head office for a week of "sales training" - this was ONE FULL WEEK of door-to-door knocking training.  Half of the class was pissed when we found out we had to door knock for 20-40 hours/week to become successful.
 
My advice.  Take the job, take the free training.  Quit before your can-sell date.  They'll have no way of tracking your future employment if you're not licensed.
 
Talk about lack of disclosure, they might as well just merge with Primerica.

B24's picture
B24
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Joined: 2008-07-08

Rock, are you kidding me?  You didn't know that Jones wanted you to doorknock until you went to "sales training"?  I find that VERY hard to believe.  I went through like 5 interviews before I got hired (screen, phone, face-to-face in a branch, etc.), and a discussion on doorknocking was a major part of EVERY interview.  Not only that, we were all required to actually DOORKNOCK BEFORE we even got hired (those silly surveys).
I think you are full of sh1t.

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

rockhorse wrote:Here is the bottom line.  When you start with Jones (at least in my case), they didn't disclose anything about years and years of door-knocking.  So i take the job, train for several months and get my courses done.  By this time and had done research and asked around as much as I could about the job and found out that door-knocking played some kind of role. 
 
So we go into head office for a week of "sales training" - this was ONE FULL WEEK of door-to-door knocking training.  Half of the class was pissed when we found out we had to door knock for 20-40 hours/week to become successful.
 
My advice.  Take the job, take the free training.  Quit before your can-sell date.  They'll have no way of tracking your future employment if you're not licensed.
 
Talk about lack of disclosure, they might as well just merge with Primerica.During which trimester was your mom exposed to agent orange? 

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

Back in my home office days, I was always suprised when someone came to class and was shocked that we were going to practice doorknocking.  It's such a major part of the Jones business building process, I couldn't imagine anyone not knowing that Jones FAs do that.  However, that was many years ago and things have changed.  If you come to STL or Tempe for KYC and are suprised that doorknocking is a part of the curriculum, you must have been stoned all the way through your hiring process. 

Squash1's picture
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Joined: 2008-11-19

Rockhorse, you can't come onto this forum where half of us are ex or current Jones people and know exactly what you have been through.
 
They tell you about door knocking from the begining. It shouldn't be a surprise.. you kncok for 8 weeks and then never have to do it again..whoa 2 months that is so long...
 
You are an idiot don't come back..

ManOnTheCouch's picture
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Joined: 2009-02-03

The doorknocking was undersold to me as well.  I balked about joining them, and was given a GK and told that with that I wouldn't need to doorknock much. Boy was I wrong.  I was with them for about 14 months - long enough to figure out what it takes to be successful doing things the EJ way and long enough to know there was a better way for me to make a living.

rockhorse's picture
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Joined: 2008-12-16

Squash1 wrote: It shouldn't be a surprise.. you kncok for 8 weeks and then never have to do it again
 
Its people like this that give Jones the bad name and shows their obvious lack of disclosure.  Who can honestly tell me that EJ advisors only door-knock for 8 weeks?
 
I met with a local broker at his office (he'd been with Jones for about 2 years) who was late for our appointment because he was out door-knocking. 
 
If you guys are going to lie, at least make it believeable.

B24's picture
B24
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Joined: 2008-07-08

Rock,
Everyone's situation is different.  For some people with no network, no book, and starting from scratch, just like cold-calling, you might have to do it for longer.  Other people have a network, maybe have a referral source(s) they tap into, focus on seminars, whatever.  I doorknocked heavily for maybe 6 months.  But very few people doorknock for 2 years.  I live in a community of about 6,000 people, so it's fairly easy to hit most of the area in a short amount of time.  If you live in metro STL, where there are, I don't know, a million people, you could doorknock forever and not hit everyone.  So it is all relative to where you live and how you want to prospect.  But once you are off that 17-week goal thing, you can cold-call or do whatever you want to do.  Because at that point, the firm only cares about production, not how you get it.

Moraen's picture
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Joined: 2009-01-22

Here's an interesting tidbit.

Before I went to St. Louis, I was told that I would spend a few years knocking on doors (2-3 or maybe even 4-5 if we hit some bad markets). I was told to expect it and that it would be hard.

Flash forward to Sales Training and the Senior ATL (who was smoking hot by the way - I'm not sure she ever wore underwear) told us that, "You only doorknock until PDP".

Needless to say, since I chose to only doorknock when my Field Trainer was with me, I'm not sure how everyone else took this.

Well this same ATL was giving classes on Training the Field Trainer in our region (too bad I was married, could have been a good night). And she told the region that people only needed to doorknock until PDP.

Man you should have seen the uproar. I thought these old-timers were going to lose a couple of bricks!

Needless to say, there is no consistency in what new trainees are told. I would suspect that some have been undersold, others oversold. Some may think you only need to doorknock for 8 weeks, while others have been told by their field trainers to never stop. I knew a field trainer who told their trainees that doorknocking was a waste of time, but if they ever told anybody, he would deny it.

maddog's picture
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Joined: 2006-11-22

Morean,
 
When I started in the business in '01 - I tried the door knocking.  It was the first week of March - colder than shit.  I lasted about 30 minutes - gave up and went home.  Figured there had to be a better way.  Save myself from getting flat feet by going after CPAs - never door knocked again - except to help my daughter to sell girl scout cookies.

Moraen's picture
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Joined: 2009-01-22

I hear you - It was actually hot as balls when I doorknocked. First day out after my field trainer left, a friend of mine saw me walking (while he was driving in his air conditioned car). He told me after he picked me up that he was wondering, "what kind of dumbass is out here ina suit".

Screw that! Never had much luck with the CPAs, but I did manage to eke out an existence and exhaust my savings while I was at Jones. But I guess if I had doorknocked more I would still have that savings! Although somehow I doubt it. Probably just would have wasted more time.

Evan09's picture
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Joined: 2009-03-11

Hate to bump an old thread and seemingly continue to beat a dead horse but I'm unknowledgeable and come for help/advise. 
 

I'm currently with Jones and have completed everything except for eval/grad, if I understand correctly I'm not considered licensed yet until after eval/grad.
 
If I'm fired from Jones as opposed to quitting and wish to join another firm (Jones just isn't for me), what is the experience from others of Jones coming after you for training costs?
 
Also what is required to keep the series 7 current so no lapse or retesting is required.
 
Please excuse my lack of intelligence here and thanks in advance for any help/advice.
 

troll's picture
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Joined: 2004-11-29

Don't solicate accounts and don't transfer your license then they don't have time to f*** with you. If you want to keep something then you have to pay for it.

Starka's picture
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Joined: 2004-11-30

When I started with Jones, I was told that if one followed the formula you couldn't fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn't have any idea about how the real world operates.

Evan09's picture
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Joined: 2009-03-11

JAXSON wrote:Don't solicate accounts and don't transfer your license then they don't have time to f*** with you. If you want to keep something then you have to pay for it.
 
Appreciate the responses, please educate me further, if I don't transfer my license this means I will have to take the exam again correct ? 
 
Thanks

B24's picture
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Joined: 2008-07-08

Starka wrote:When I started with Jones, I was told that if one followed the formula you couldn't fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn't have any idea about how the real world operates.
 
That's very odd.  I doorknocked maybe a thousand doors (I never counted) for about 6 months.  I opened my first 100 accounts and at least $5mm AUM off doorknocks. Now, some of them took literally years to turn into clients, but those ended up being my best clients.  I actually got a call from the other day from a guy I doorknocked 3 years ago and never spoke to again.  I heard stories about that happening, but figured it was a fluke.  Well, happened to me.

Starka's picture
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B24 wrote: Starka wrote:When I started with Jones, I was told that if one followed the formula you couldn't fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn't have any idea about how the real world operates.
 
That's very odd.  I doorknocked maybe a thousand doors (I never counted) for about 6 months.  I opened my first 100 accounts and at least $5mm AUM off doorknocks. Now, some of them took literally years to turn into clients, but those ended up being my best clients.  I actually got a call from the other day from a guy I doorknocked 3 years ago and never spoke to again.  I heard stories about that happening, but figured it was a fluke.  Well, happened to me.

What's really odd is that you stopped after it worked so good for you. I suppose you just couldn't handle all of the business.

At any rate, all of my KYC class is gone from Jones now. Curiously, none that I ever kept in touch with had any luck with door knocking either. It could be that the areas are just saturated with Jones kids. That was certainly the case in my area.

Oh well...I moved on to bigger and better things anyway.

B24's picture
B24
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Joined: 2008-07-08

Starka, good observations.  I live in an area that has very, very few Jones offices.  I think maybe 60 or so in my entire state, and like 6 or 7  in my county of 250,000 people.  My county also borders another state, so I pull clients from that state also.  So there is virtually no Jones competition for me.  In fact I wish we had a few more offices just for exposure of the name. 
 
As far as stopping when it worked - my specific town only has about 6500 people (like 3000 households), so it did not take that long to doorknock everywhere.  And most people work in my area (not many retirees), so I was pretty much left with nights and weekends to doorknock.  In addition, I found that although I was able to open lots of accounts from doorknocking, they obviously weren't all that big.  Yes, I landed a handful of acounts over 500K from doorknocking (over time), but the majority of them were the stay-at-home moms, that had the his-and-her rollovers, his-and-her Roths, and a few random stock or somethign, which all added up to about 50 grand at the end of the day.  So, did I make tons of money doing it?  Not really.  Did it give me lots of practice on people that I could just give a simple American Funds presentation to for the few little IRA's they have?  Yup.  I imporoved their investements, didn't blow them up, practiced, got some accounts and relationshpis going, learned along the way.  Hey, we all start somewhere.
Then I found that I could capture more meaningful relationships through seminars and networking, so that has been my primary vehicle the past 2 years.
 
 

troll's picture
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Joined: 2004-11-29

Evan09 wrote:JAXSON wrote:Don't solicate accounts and don't transfer your license then they don't have time to f*** with you. If you want to keep something then you have to pay for it.
 
Appreciate the responses, please educate me further, if I don't transfer my license this means I will have to take the exam again correct ? 
 
Thanks
 

You can't take an exam for a license you already hold. Since EJ sponsored you they hold it for you. If you transfer it to another broker/dealer (because a broker/dealer must hold it for you) EJ will have to fill out a U-5 form and then they will require reimbursement for the training expenses.  If you don't transfer the license nor try to transfer accounts, they see you as no threat and will not waste their time. After the licenses expire in a couple years you can take the exam again, but will need to be sponsored by a broker/dealer. I have heard EJ negotiating the training expenses. All I can suggest is....<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
A) Find a place to transfer them and see what happens
B) Call home office and ask to speak with the legal department and start negotiating
 
For others in your situation repost what you find out if different then above.

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

Starka wrote:When I started with Jones, I was told that if one followed the formula you couldn't fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn't have any idea about how the real world operates.
 
As a former trainer, you're an idiot.  The trainers didn't write the stuff they were teaching you.  It was formulated by GPs who were successful advisors and they, over time and trials, created the recipe.  Kind of like your history teacher who could tell you that the pilgrims landed on Plymouth rock, but didn't actually sail with them.  You didn't have to do the job to teach people how to do it.  But, you're right in that most of them hadn't ever been a Jones FA before.    
 
As a current Jones FA who still gets business from doorknocking, you're an idiot.  Possibly even a liar.  You know, in every Jones office there's this off white rectangular plastic box.  Inside it has a lot of wires.  Some of those wires are attached to little greyish buttons.  Some are attached to this bigger wire that plugs into the wall.  Most of us call it a t-e-l-e-p-h-o-n-e.  You have to pick it up and call some of those people you surely met while you were supposedly ringing the thousands of doorbells. 
 
I have a really difficult time believing that out of all the doorknocking you did you didn't get a single client out of it.  I guess it could have happened.  I've never had anyone open an account at the door.  So, if I never call my prospects back after that first contact, I wouldn't have ever opened an account from a doorknock.  But wait, you said you followed the formula to a the letter.  So, my only conclusion is that either you were really bad at the doorknocking, or you didn't exaclty follow the recipe to the letter.   

Spaceman Spiff's picture
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Moraen wrote:Here's an interesting tidbit. Before I went to St. Louis, I was told that I would spend a few years knocking on doors (2-3 or maybe even 4-5 if we hit some bad markets). I was told to expect it and that it would be hard. Flash forward to Sales Training and the Senior ATL (who was smoking hot by the way - I'm not sure she ever wore underwear) told us that, "You only doorknock until PDP". Needless to say, since I chose to only doorknock when my Field Trainer was with me, I'm not sure how everyone else took this. Well this same ATL was giving classes on Training the Field Trainer in our region (too bad I was married, could have been a good night). And she told the region that people only needed to doorknock until PDP. Man you should have seen the uproar. I thought these old-timers were going to lose a couple of bricks! Needless to say, there is no consistency in what new trainees are told. I would suspect that some have been undersold, others oversold. Some may think you only need to doorknock for 8 weeks, while others have been told by their field trainers to never stop. I knew a field trainer who told their trainees that doorknocking was a waste of time, but if they ever told anybody, he would deny it.
 
OK, I gotta ask, who was your trainer?  I've never heard an ATL tell anyone that you'll only doorknock through PDP.  I've met a lot of ATLs that could have fit your description.  PM me if you don't want to share that name.  Or give me a time frame and I can make some guesses if you don't remember her name.

Squash1's picture
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Joined: 2008-11-19

Spiff I didn't know you were a trainer who cherry picked an office...
 
Yeah those Training ladies are real hot... Mine(I won't mention her directly) her dad was a RL  and so was her uncle...

Starka's picture
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Joined: 2004-11-30

Spaceman Spiff wrote: Starka wrote:When I started with Jones, I was told that if one followed the formula you couldn't fail. So I followed the formula to the letter. I rang, literally, thousands of door bells. The result? Zero. Zip. Nada. Not one single account from door knocking. If others are having success at it, more power to you. For my money, the trainers didn't have any idea about how the real world operates.
 
As a former trainer, you're an idiot.  The trainers didn't write the stuff they were teaching you.  It was formulated by GPs who were successful advisors and they, over time and trials, created the recipe.  Kind of like your history teacher who could tell you that the pilgrims landed on Plymouth rock, but didn't actually sail with them.  You didn't have to do the job to teach people how to do it.  But, you're right in that most of them hadn't ever been a Jones FA before.    
 
As a current Jones FA who still gets business from doorknocking, you're an idiot.  Possibly even a liar.  You know, in every Jones office there's this off white rectangular plastic box.  Inside it has a lot of wires.  Some of those wires are attached to little greyish buttons.  Some are attached to this bigger wire that plugs into the wall.  Most of us call it a t-e-l-e-p-h-o-n-e.  You have to pick it up and call some of those people you surely met while you were supposedly ringing the thousands of doorbells. 
 
I have a really difficult time believing that out of all the doorknocking you did you didn't get a single client out of it.  I guess it could have happened.  I've never had anyone open an account at the door.  So, if I never call my prospects back after that first contact, I wouldn't have ever opened an account from a doorknock.  But wait, you said you followed the formula to a the letter.  So, my only conclusion is that either you were really bad at the doorknocking, or you didn't exaclty follow the recipe to the letter.   

But Spiff, you're a self proclaimed Jones lickspittle, so who cares what you believe?

norway401's picture
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Joined: 2007-10-16

Just a very short and sweet comment. Does nobody read a " CONTRACT " anymore? You are given a Contract both parties are to agree with the Terms and Conditions.
No agreement .... no contract. Either sign it or find an Agreement or Firm that provides an agreement that you are able to live and abide by.....very simple. Finally , if there are dollars on the line and other ramifications to the contract.....contact your lawyer.

California Broker's picture
Joined: 2010-09-24

You people really knock on doors?  Pathetic.

Kaner's picture
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Joined: 2010-06-17

Kinda like you posting on threads that are 18 mos. old, I guess.

LockEDJ's picture
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Joined: 2009-07-06

My trainer was smoking hot too ... she was featured in the videos, had curly hair. Typically she was the housewife in the videos, at home while her husband was working. What a memory ...   

Finfan's picture
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Joined: 2010-12-15

Well I'll be.  My trainer was also hot.  Hmmmmm?  Someone in St. Louis knows whats important.From my class of 11 there are only 2 left and they both got offices early on.  Just FYI. 

hunter26's picture
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Joined: 2011-02-08

I was hired in fall of 2010 and my contract says you only owe if your or jones terminate your employement AND you join competing company using ur licenses or insurance. So its not if you just decide if its not for you right?I talked to the legal department and she said its just how it says. if you join another company.I've got to find out what the truth is. Im considering doing something else

hunter26's picture
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Joined: 2011-02-08

 I was hired in fall of 2010 and my contract says you only owe if your or jones terminate your employement AND you join competing company using ur licenses or insurance. So its not if you just decide if its not for you right?I talked to the legal department and she said its just how it says. if you join another company.I've got to find out what the truth is. Im considering doing something else 

Who do you know's picture
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Joined: 2010-12-08

Hunter- Let me get this right.. You talked to the Edward Jones's "Legal Department" about how to get out of your EJ's contract?  If so, expect to get sh*t canned real quick bud.     If my BOA asked me how can she quit without having to put in a two week notice, I would fire her ass pronto.  They aren't going to allow you to suck up anymore base salary while you sit at home and contemplate quiting.

hunter26's picture
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Joined: 2011-02-08

If you leave jones after your can sell date if its not for you, do they come after you for the training costs, even if you dont join another firm?

N.D.'s picture
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Joined: 2009-07-14

If you don't transfer your license then they could care less were you went. They understand you need to work but they would prefer to be reimbursed if you choose to keep your license.

jonesbroker09's picture
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Joined: 2011-02-26

 Hello,I am looking to become an Internal Wholesaler at a Mutual Fund Company where I would need my licenses.  I've been with Jones since 11/2009.   This side of the business is not for me.  At the mutual fund company, I wouldn't be engaged in solicitation of clients, nor would I be a Financial Advisor.Will Jones come after me for training costs?  I figure that it's not engaged in selling securities or insurance, so I would assume no.  Please let me know either way as soon as you can. 

Quickster's picture
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Joined: 2011-09-20

Will they really fire or "red flag" you if you ask HR for a copy of your contract? I signed my paperwork at a Jones office, read it very thoroughly, did not get a copy (which is my own fault) but still do not recall the exact details of the training reimbursement. For some reason I believe mine was 75k and 12 months after can-sell it reduces by 15k a quarter... I signed on in 2008 and should be in the clear. I believe I deserve to know where I stand, whether I leave or not, without being reprimanded for a wanting a copy of contract I'm bound to.  

inlandTX's picture
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Joined: 2008-08-25

Bill, I've often wondered about the legality of a firm requiring all employees to sign an agreement like this, but then taking action only against some of them. Is this not selective prosecution of the employment contract? Surely that violates the spirit (and possibly the laws) of fair and equal treatment of employees, and subjects the firm to counter-claims of discrimination.Though it happens everywhere, having just left Jones, for example, I can assure you that their repayment contract states three conditions that will trigger training repayment:1) Your employment with Jones ends within 3 years of can-sell (it does NOT specify whether the separation is voluntary or involuntary, nor does it give any reasons or conditions - it just says, without further explanation, "if your employment ends" before the third anniversary of the can-sell date), and;2) You retain your licenses, and;3) You either get employment or go indy and remain in the industry.I cannot see how a firm can, with a straight face, look at an arbitrator and say, yes, we hired Employee A and Employee B using the same selection criteria, forced both of them to sign the exact same repayment contracts as a condition of employment,  and reminded them both that they are always to consider their employment At-Will. Our costs on Employee A and B were the same. They received the same training. The chances for success for both were the same. We took a calculated risk on both of them and extended the same employment offer with the same employment conditions.But now that employment has ended for both, we only seek to punish Employee A. We didn't want Employee B, and he was an at-will employee, so we kicked him out. But Employee A had the audacity to realize that he didn't want us, so, by Christ, he's gonna PAY. I know several ex-Jonsers who left in the last 3 years. Some quit and stayed in the industry, some were let go and switched firms, and I went indy. Jones didn't contact most of them at all, but threatened others with arbitration. They went for broke to squeeze the full amount out of some, and settled others for anywhere from 10% to 50% of their supposed training fees.That seems grossly disciminatory on its face. Am I wrong?

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