Independence Day questions

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gad12's picture
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Joined: 2006-12-06

Typical leaving stories usually include leaving at noon on Friday.  I understand Friday, but why noon?  Why not five after everyone is gone and may not even figure out you're gone till the following week.
 
If I did leave at noon (or five), do you think it would be a good idea to give my BOA the day off so she couldn't start calling clients till the following week as well.

FreeFromJones's picture
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Joined: 2006-11-29

Gad,
If I remember correctly, you're leaving Jones.  I recommend leaving on Friday afternoon.  You need to leave enough time to fax your resignation to your area leader.  I simply called and told mine that I needed her fax number.  She asked "are you resigning?"  I replied yes.  She said , "are you staying in the business?"  I replied yes.  She reminded me of the non-compete (hah!!) and provided me the number.  before I could walk out the door at 4:30, my Rl had called.  I recommend giving your BOA the day off so you have all the time you need to clean out your stuff.  Then I'd go see her if you can to explain the situation. 
Go!!! You'll be glad you did!!

babbling looney's picture
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Joined: 2004-12-02

Plus if you leave on a Friday afternoon it might just delay the calling from St Louis to your clients for a few hours depending on what time zone you are in.
The second they know you are gone, they will be calling your clients and insinuating that you left under some sort of a cloud (ooooh you are sooooo baaaad) but not to worry their money is safe with EDJ and do they want to buy a bond, do they have CDs at the bank, when are they due and that they should sell some funds and buy something else.   Do not waste anytime in contacting the clients you want to keep!!!!!
Another reason for letting your BOA go home early on Friday is that it will give you the opportunity to back your car/truck up to the front door and load everything that is yours in the office into it.  Bring a friend to help you.  I took everything that didn't come in the Jones in a Box kit or that was brand labeled with Jones on it or was illegal to take. 
I had pity on my BOA, who I really liked, and didn't mess with her desk and left the TP and the coffee pot.  But I took EVERYTHING else.  Hanging files, binders, folders..... just dumped the contents into a box for the next guy to figure out.  Stapler....check.  Paperclips...check.  Plants, check.  Pictures....yep. Plastic brochure holders that I paid for..got em.  my own furniture and decor items....Whiteboard and markers.....yep.  EVERYTHING.

doberman's picture
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Joined: 2005-02-22

babbling looney wrote:
I had pity on my BOA, who I really liked, and didn't mess with her desk and left the TP and the coffee pot.  But I took EVERYTHING else.  Hanging files, binders, folders..... just dumped the contents into a box for the next guy to figure out.  Stapler....check.  Paperclips...check.  Plants, check.  Pictures....yep. Plastic brochure holders that I paid for..got em.  my own furniture and decor items....Whiteboard and markers.....yep.  EVERYTHING.

I'll have to ride around on Friday afternoons to see if there are any U-Hauls backed-up to EDJ offices.

troll's picture
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Joined: 2004-11-29

gad12 wrote:Typical leaving stories usually include leaving at noon on Friday.  I understand Friday, but why noon?  Why not five after everyone is gone and may not even figure out you're gone till the following week.
 
If I did leave at noon (or five), do you think it would be a good idea to give my BOA the day off so she couldn't start calling clients till the following week as well.You need to resign early enough that your new firm can request your licenses transferred from the NASD, and your old firm can acknowledge you resigned and release the licenses.  If you don't complete that process then technically you cannot legally call your clients over the weekend, while your former colleagues can!That, I think, might really SUCK!

troll's picture
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Joined: 2004-11-29

joedabrkr wrote:
gad12 wrote:Typical leaving stories usually include leaving at noon on Friday.  I understand Friday, but why noon?  Why not five after everyone is gone and may not even figure out you're gone till the following week.
 
If I did leave at noon (or five), do you think it would be a good idea to give my BOA the day off so she couldn't start calling clients till the following week as well.Consider asking your new firm what they would recommend.  Your BOM and any transition folks should know how to handle this...You need to resign early enough that your new firm can request your licenses transferred from the NASD, and your old firm can acknowledge you resigned and release the licenses.  If you don't complete that process then technically you cannot legally call your clients over the weekend, while your former colleagues can!That, I think, might really SUCK!

gad12's picture
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Joined: 2006-12-06

Thanks for the info guys, cleared up my questions.  As interesting as this board is at times, it can be of great help to some of us less experienced people.

$$$$$'s picture
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Joined: 2006-11-10

Your former firm can hold up your license for up to 30 days.

troll's picture
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Joined: 2004-11-29

$$$$$ wrote:Your former firm can hold up your license for up to 30 days.True, but as a matter of standard industry practice firms usually release it the same day because they don't want to be hassled when the transfer is going the other way.

FreeFromJones's picture
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Joined: 2006-11-29

gad12,
When I left Jones, they released my license the same day.  They don't want to be saddled with the liability if any should arise.
Good Luck!!

babbling looney's picture
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Joined: 2004-12-02

joedabrkr wrote: gad12 wrote:
Typical leaving stories usually include leaving at noon on Friday.  I understand Friday, but why noon?  Why not five after everyone is gone and may not even figure out you're gone till the following week.
 
If I did leave at noon (or five), do you think it would be a good idea to give my BOA the day off so she couldn't start calling clients till the following week as well.
You need to resign early enough that your new firm can request your licenses transferred from the NASD, and your old firm can acknowledge you resigned and release the licenses.  If you don't complete that process then technically you cannot legally call your clients over the weekend, while your former colleagues can!That, I think, might really SUCK!
Sure, you can call them.  You just can't discuss investments in anyway, but you can inform them that you are in the process of changing broker dealer affiliations.  Let them ask you questions. 
Once you are completely transfered, shoot out a "tombstone" announcement to your prior clients and put an advertisement in the paper about where you now are and how wonderful your new B/D is and the services you will be able to offer.  You just can't suggest that they move with you or solicit them to move.
By the time you have made the decision to move, I would hope that you have a firm committment from the new firm and your paperwork on their end is ready to go. They are going to expidite the transfer as fast as they can. 
I had already gotten compliance approval for the mass letter and advertisement while I was still at Jones from the new firm. I downloaded the letterhead logo and used that since my official stationary hadn't arrived yet.  I was ready to launch as soon as I heard the go ahead from my new firm.

bspears's picture
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Joined: 2006-11-08

Listen, there is no GOOD or best time to leave.  THe clients who are going to transfer will, and the ones who don't understand you're the one handling their investments and not Edward Jones..will stay. THe day you leave doesn't matter.  Get organized, prepared as best you can and move.  DO it the correct way...the way LPL instructs you to.;..believe me they move EDJ's reps all the time.  I believe if your worried about what day or can I touch base with my clients before some bozo in St Louis can, then you need to be contacting you clients more often to build better relationships.  Have faith in your relationships, have confidence in why your moving and put the hours in after the move. 

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