[quote=JAXSON]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.

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.

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.

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.

Spiff I didn’t know you were a trainer who cherry picked an office…

[quote=Starka]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.

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.

You people really knock on doors?  Pathetic.

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

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 ... 

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.

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

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

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.

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?

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.

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.

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.  

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?

If anyone received a repayment for the reimbursement of training cost. email me.