Edward Jones 75k training
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Hoping some members experienced with the Jones 75k training costs can give me a clear answer on this. Couldn't find my exact situation in the searches I had done.
I started with Jones three weeks ago and am scheduled to take my series 7 on March 7th. While I was interviewing with E.J. I was also discussing joining a team at Merrill Lynch. Now today I was finally able to come to an agreement with the Merrill Lynch team and this is where I would like to go and join the PMD program.
My start date with M.L. wouldn't be until the end of March. My questions are,
1.) If I leave now will Jones want any money back they've paid me/training cost
2.) If I take and pass my 7 then leave Jones at the end of the month will I owe them anything?
I've heard that they can't come after you until you are NASD registered, does that happen at the KYC class?
Thanks in advance, Dan
Do not take the test and expect Edward Jones to go quielty into the night. They will own your ass at that point.
Seriously? No one was stupid enough to be in your situation. You signed a contract to that says you have to be with edward jones for 3 years or repay training costs. You think they will train you and get you hooked up for the series 7 and not care if you leave to ML?
You seem like a guy with no ethics or morals. Prefect for ML.
Ok, I will not be taking the test with Jones. I don't want any complications in my employment with M.L.
Do you think they will want me to return what they have paid me the past month as well as the cost for the online training class?
Dan
Ok, I will not be taking the test with Jones. I don't want any complications in my employment with M.L.
Do you think they will want me to return what they have paid me the past month as well as the cost for the online training class?
Dan
I really doubt they will come after you, but it seems very random what they pursue and what they don't. I think it will matter if you tell them you are leaving for a competitor, or if ML offered some kind of package to get you over.
So many wash out between hire date and can-sell that I can't imagine they bother to chase down all of those guys and try to shake loose change out of them. At this point, all you were was a potential future rep - not even a rookie yet, so I'd personally be surprised if they came after you for anything.
Remember that to actually collect on training reimbursement, Jones would have to drag you into a FINRA arbitration hearing, at a cost of a few thousand bucks in attorney's costs and filing fees, just to officially cry foul and ask for a ruling. If there is a chance to recoup some money, like if ML offered you a signing bonus, it might be worth it to them. Otherwise, you may receive the customary nasty letter from their attorneys, but remember, a form-letter threat and an actual arbitration hearing are completely different matters.
(Now that I think about it, I'm not even sure your case would be heard by FINRA, since you aren't a member of FINRA yet. Others on here may know this better than me.)
Just resign, "pursuing other career options", and go.
Two roads lie before you, o perspective Jones employees:
1: Asking, "Hello ________, this is the Latest Clone to call you from this Edward Jones office right here in Middletown. How would you feel about getting 5% tax free on some of your money?" 40-50 times a day, hoping against hope that somebody buys something and then realizing that a 10k bond sale doesn't amount to crap toward your gross production requirements. Embarassing yourself by door to door panhandling. Drinking vast amounts of green kool-aid. Shoehorning clients into cookie-cutter American Funds a-shares portfolios and then 2 years later churning them into Advisory. "Volunteering" to be a field trainer or helping out in monthly meetings so you can prove to the Home Office that you're a Team Player and praying for the day that the coveted Partnership Offer arrives (or otherwise known as a "high yield corporate bond"...)
2. Doing anything else.
Jones will not come after you in most situations. I left the firm after 2 years and formed my own RIA. My on-boarding contact at TD institutional had never heard of a case where Jones upheld non compete.
Hey Dan,
I'm in a similar situation, are you still with ML? How was/is the PMD program? Do you have any regrets going with ML or do you wish you would have stuck with EDJ? I would like to speak with you more about your experiences.