Jones new employee contract
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And what is an "alarming rate" LOL Quantify please. You refering to the article they have on this site? And basing your assumptions on that? You bother to follow the link I provided and do the research into the laws governing EMPLOYMENT CONTRACTS?
I'm sorry if you thought you were a slave and couldn't leave. If you didn't know, they outlawed indentured servitude long ago.
Kerho said: "And I guess EJ’s requirement isn’t reading skills? The ONLY piece of advice I have given him is to SEEK AN ATTORNEY. I know big posts are really boring to read therefore skim the 1st five lines and make up the rest in your head.
I think you need to reread his post, he never spoke of staying in the biz, ONLY quitting EJ. "
When and where did you give advice to confused to seek an attorney? By reading the posts and with your expertise in the employee contract arena, it really surprises me that you are not a JD. I hear you giving alot of advice....but not to seek an attorney.
Back to a friendly note....How did your phone interview go and when is your face to face scheduled? Edward Jones would be proud to extend employment to such a cunning person as yourself.
[quote=kerho][quote=Broker7]
Kerko,
Your ignorance is painful. You directing the poster of this thread in a blind manner. You have no knowledge about this situation.
Do you or have you worked for Jones? Have you even seen the contract in question? Do you realize you sign a document stating you will be responsible for training expenses?(I will presume the answer is no by reading your previous posts)
Third, if the law is so clear, how then how has edward jones collected millions of dollars in training cost from brokers that left during the contract period/ violated the non-soliciate clause. According to you, it is not possible by law.
Civil court??? It goes to the NASD arbitrator. (no appeal) Why don't you do a search on this forum before you post another reply.
[/quote]
Hello? did you listen to nothing I posted? LOL I'll say it again:
It doesn't matter what EJ has in their employment contract, you can put anything in there, but it doesnt' mean it's ENFORCEABLE. It is not a business to business to contract, it's COMPLETELY different than a normal contract. A company, whether you have it in your contract or not, can not hold employees responsible for the cost of training them TO DO THEIR JOB.
Like I said, consult a lawyer, they'll say the same thing. EJ is gonna lose, $30k to find out, settle for $25k to be done with it, $5k retainer to respond to their letter, have a nice day.
Now as far as retaining your license and continuing to practice, I can't answer to that but that wasn't the question.
[/quote]
Not that it matters.
[quote=Broker7]Kerho said: "And I guess EJ’s requirement isn’t reading skills? The ONLY piece of advice I have given him is to SEEK AN ATTORNEY. I know big posts are really boring to read therefore skim the 1st five lines and make up the rest in your head.
I think you need to reread his post, he never spoke of staying in the biz, ONLY quitting EJ. "
When and where did you give advice to confused to seek an attorney? By reading the posts and with your expertise in the employee contract arena, it really surprises me that you are not a JD. I hear you giving alot of advice....but not to seek an attorney.
Back to a friendly note....How did your phone interview go and when is your face to face scheduled? Edward Jones would be proud to extend employment to such a cunning person as yourself.
[/quote]
Next week for phone interview and haven't gone further than that. You with EJ? If you are I'd like to pick your brain, I have pages of questions that nobody can answer yet. I'd appreciate your experience and opinion.
Confused,
They will demand the training money paid back if you transfer your license to another b/d. If you don't pay they will file for arbitration. Can they win? Well its never been tested (although even if it had been, there is no such thing as precedent in arbitration). It would cost you $20,000 - $30,000 in lawyer fees to go to arbitration and even if you were as confident as kerho, do you really want to risk losing? Remember arbitration is not the same as civil court, you are at the whim of the arbitrator, and you have limited means to appeal. Even a settlement will cost you over $5K in lawyer fees plus whatever you can get EDJ to settle for.
At this point in your career, you either need to suck it up until you get out from under the financial commitment or go into a different career.
[quote=vagabond]
Confused,
They will demand the training money paid back if you transfer your license to another b/d. If you don't pay they will file for arbitration. Can they win? Well its never been tested (although even if it had been, there is no such thing as precedent in arbitration). It would cost you $20,000 - $30,000 in lawyer fees to go to arbitration and even if you were as confident as kerho, do you really want to risk losing? Remember arbitration is not the same as civil court, you are at the whim of the arbitrator, and you have limited means to appeal. Even a settlement will cost you over $5K in lawyer fees plus whatever you can get EDJ to settle for.
At this point in your career, you either need to suck it up until you get out from under the financial commitment or go into a different career.
[/quote]
Keep in mind though, Jones does not want to Arbitrate either. If you are smart you can settle for much less than the face amount.
[quote=vagabond]
Confused,
They will demand the training money paid back if you transfer your license to another b/d. If you don't pay they will file for arbitration. Can they win? Well its never been tested (although even if it had been, there is no such thing as precedent in arbitration). It would cost you $20,000 - $30,000 in lawyer fees to go to arbitration and even if you were as confident as kerho, do you really want to risk losing? Remember arbitration is not the same as civil court, you are at the whim of the arbitrator, and you have limited means to appeal. Even a settlement will cost you over $5K in lawyer fees plus whatever you can get EDJ to settle for.
At this point in your career, you either need to suck it up until you get out from under the financial commitment or go into a different career.
[/quote]
Thx, that's what I was trying to say LOL
Which is pretty much what everyone else was saying while you were telling them they didn't know doodly squat about labor laws.
[quote=Whomitmayconcer]
Which is pretty much what everyone else was saying while you were telling them they didn't know doodly squat about labor laws.
[/quote]
Nobody was even close until Vagabond posted that. And I stand by my observation of most who responded to his original post know nothing of labor laws governing employment contracts.
[quote=newandconfused]so all of this will happen even if I get fired?[/quote]
This is an FA board, not a labor law board. Seek an attorney who specializes in LABOR LAW to advise you about quitting and what you will owe and how it will probably play out. As far as taking a job with another company and how the non-solicite and non-compete clause will work, he may or may not be an expert in the matter and he may refer you to somebody who deals in those things.
And I hope you understand that this board is just ONE source of information and never act upon what people here say (including me) when it comes to doing something like getting out of a contract which could impact the rest of your life.
[quote=kerho]
[quote=newandconfused]so all of this will happen even if I get fired?[/quote]
This is an FA board, not a labor law board. Seek an attorney who specializes in LABOR LAW to advise you about quitting and what you will owe and how it will probably play out. As far as taking a job with another company and how the non-solicite and non-compete clause will work, he may or may not be an expert in the matter and he may refer you to somebody who deals in those things.
And I hope you understand that this board is just ONE source of information and never act upon what people here say (including me) when it comes to doing something like getting out of a contract which could impact the rest of your life.
[/quote]
Kerho, read the entire thread, read what you have said, you cannot edit it, what's done is done....now for the last time. STEP OFF!
confused,
If you get fired, paragraph 19 of your contract states:
"....you may accept employment without reimbursement to Edward Jones of your training costs..."
[quote=Broker7][quote=kerho]
[quote=newandconfused]so all of this will happen even if I get fired?[/quote]
This is an FA board, not a labor law board. Seek an attorney who specializes in LABOR LAW to advise you about quitting and what you will owe and how it will probably play out. As far as taking a job with another company and how the non-solicite and non-compete clause will work, he may or may not be an expert in the matter and he may refer you to somebody who deals in those things.
And I hope you understand that this board is just ONE source of information and never act upon what people here say (including me) when it comes to doing something like getting out of a contract which could impact the rest of your life.
[/quote]
Kerho, read the entire thread, read what you have said, you cannot edit it, what's done is done....now for the last time. STEP OFF!
confused,
If you get fired, paragraph 19 of your contract states:
"....you may accept employment without reimbursement to Edward Jones of your training costs..."
[/quote]
I never step off nor back down, but thank you for asking.
thanks broker for referencing that paragraph 19 for me, that's crucial since they haven't sent me a copy of mine yet. you're the man and this thread is now officially dead, why didn't you just quote the contract for me about 5 pages ago. lol thanks everybody for your help
I left Jones and I’ve never been happier. I left and went to work for an independent guy. A certified letter showed up at my new office from Jones. They prorated the $75000 and since I was just a few months from my 36 month anniversary of my can sell, I ONLY owed them about $10,000. I called the attorney listed on the certified letter and I got it dismissed entirely by telling him that I would like to talk about the fact that they wouldn’t work with me when my doctor told me I couldn’t work due to an injury and I still had the little guy from St Louis calling about hitting the quota for that month. I was on PIP for just a little while too. When I explained this to the attorney. He told me not to worry about it anymore and I never heard from them again.
I left Jones and I’ve never been happier. I left and went to work for an independent guy. A certified letter showed up at my new office from Jones. They prorated the $75000 and since I was just a few months from my 36 month anniversary of my can sell, I ONLY owed them about $10,000. I called the attorney listed on the certified letter and I got it dismissed entirely by telling him that I would like to talk about the fact that they wouldn’t work with me when my doctor told me I couldn’t work due to an injury and I still had the little guy from St Louis calling about hitting the quota for that month. I was on PIP for just a little while too. When I explained this to the attorney. He told me not to worry about it anymore and I never heard from them again.