EJ Contract

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noob15's picture
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Joined: 2008-05-09

I appreciate all the posts in my old forum inquiring about the goodknight program. Being new with Jones, I am becoming more discouraged by the day. I know that this question has been asked time and again but I can't seem to find one concrete answer. I am strongly considering leaving. I have been through KYC, have not passed both my tests yet (passed the 7, not the 66) and have not reached my can-sell. If I leave I am done with the industry. As I stated before I have not been in sales directly, I thought I could make it and I just don't think it can work out. I don't know what I will do, but no more brokerage. Now my question is for Mr. Spacemanspiff or anyone who knows Jones well. In my situation, am I liable for training costs? I am hesitant to call St. Louis to look at my contract. Being young and stupid, I looked over that once, signed it and figured I would be an instant success. I thought the contract was just a non-compete clause but now I am hearing a lot about payback of training costs. So, since I have not reached eval/grad, and will not continue in the industry, am I liable? Again, I know this has been brought up before, but I think mostly for people who are switching firms. Any info is useful, thank you guys.

noob15's picture
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Joined: 2008-05-09

Also, I would like to add, I know I have opened myself up for criticism and that is fine. I should have been smarter. This is a humbling business and I have more respect for you successful reps. I wish I could make it work. I have tried to fight through it but I will not be able to do it much longer. More due diligence will be done before I accept a position in the future. Thanks guys.

Broker24's picture
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Joined: 2006-10-12

You will not be liable for training costs, for two reasons: one, you did not even pass your 7 and get your license yet; 2, you are leaving the industry. If you were staying in the industry, Jones may have some leverage, but since you are leaving, you are free and clear. And Noob, I would just ignore the crap you are probably about to get from everyone on this forum. You tried it, it obviously wasn't for you. Better to really know that now than 2 years from now. Now go find a good salaried job somewhere.

noob15's picture
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Joined: 2008-05-09

Broker, thank you for the answer. However, I did pass the 7 but not the 66. Sorry, that was a confusing sentence I wrote in the first post. I'm assuming that doesn't change anything because I will not be using my license. If so, if I have to pay for my testing fees that is fine. Am I correct? Thank again, I appreciate it.

rankstocks's picture
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Joined: 2005-02-10

Noob15,
    Don't feel bad about failing.  At least 75% do.  As I have stated before, if everyone was successful, then everyone would be making 50k at this career and no one would be making the big scratch like I make today.  This job is about growing a set and working 12 hour days, 6 days a week, the first 3 years.  If you don't put in the time, you won't make it.  At least you found out quickly.  Too many people hang on for 1-2 years just barely hanging in there before they come to the self-realization that this just isn't for them. 
    I work with Jones, so to answer your question, as long as you do not take an industry related job for a few years after leaving Jones, they won't go after you. 

noob15's picture
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Joined: 2008-05-09

Thanks rankstocks,

one last question I have, and I don't mean to beat a dead horse, but what if I take a position of a credit analyst or a financial analyst. obviously I would be examining financial statements and having at least some connection to the investment world. would jones consider that to be an industry job? because it has absolutely nothing to do with sales my argument would be that i'm not performing the same functions. any thoughts? thanks guys, you have been a big help.

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

I'm taking a shot in the dark here, but I'd have to believe that if the training and licenses you obtained at Jones help you land a position in the financial services industry at a company other than Jones, you'll probably be responsible for the training costs.

Greenbacks's picture
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Joined: 2004-12-21

Bomb the 66
 
That will take care of it!

Catdaddy's picture
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Joined: 2008-04-22

It's all laid out in your contract.  Hopefully you made a copy of it. Rankstocks is 100% correct. Time frame is 2 years.

noob15's picture
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Joined: 2008-05-09

Yeah, thats my next problem. Again, I'm young and stupid, and did not make a copy of that. I can't believe I didn't. I could probably call and ask for it but that doesn't sound to appealing. Is there anyone on here that has it copied and could send one to me?

Catdaddy's picture
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Joined: 2008-04-22

While I'm sure there is a legal way to do that-it sounds like you don't want to spill the beans before you are ready.  Can't guarantee anything but having just signed a contract myself a few months ago with EJ the standard is what has already been previously stated. Bottom line is if you are leaving the industry-no worry. It's only when you want to use the license you received while employed with EJ to continue to stay in the industry but somewhere else.

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