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memphis 
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 Posted: Mar/21/2023 at 10:43am |
 Nathan Explosion wrote:
how does resign v fired reflect on U5 and getting hired on at new firm? |
You're not going to get a mark if you're terminated for lack of production. And if you wash out within a year or so without a disclosure, let's be honest, it's a safe assumption that's why.
Edited by memphis - Mar/21/2023 at 10:44am
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NajaESG
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Posted: Mar/21/2023 at 11:15am |
- Training Costs. If you are unlicensed upon executing this Agreement and your employment with Edward Jones is terminated by you or Edward Jones within three (3) years of the date of this Agreement, you agree to reimburse Edward Jones the reasonable cost of the training Edward Jones provided to you, and it shall not be a defense that you received training prior to becoming employed at Edward Jones. You agree that the reasonable cost of training is $50,000.00 and you agree to reimburse Edward Jones the same. In the event that you take a leave of absence from Edward Jones, whether said leave is taken as a matter of right or negotiated by you and Edward Jones, said time taken as leave shall not count toward the three (3) full years of employment to Edward Jones. You further agree that the reimbursable amount bears a reasonable relationship to the liquidated damages Edward Jones would suffer from a breach by you and that Edward Jones will suffer demonstrable loss as a result of your breach. There shall be no reduction in the amount of training costs owed by vou in the event your employment is terminated during the first (1st) year of employment.
Your obligation shall be reduced by $6,250.00 for each full quarter year of service beginning the thirteenth (13th) month of your employment with Edward Jones and you must be employed by Edward Jones for each full quarter year in order to have training cost obligations reduced according to the provisions of this Section. Satisfaction of this training cost obligation after three (3) full years of employment does not excuse you from abiding by and complying with all other obligations imposed upon you by this Agreement, including, without limitation, the obligations identified in Sections I||(c), V, and VI(b).
Edited by NajaESG - Mar/21/2023 at 11:16am
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NajaESG
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Posted: Mar/21/2023 at 11:17am |
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Anyways, not sure what I should do now to identify a good opportunity
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Gray
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Posted: Mar/21/2023 at 11:28am |
NajaESG wrote:
Anyways, not sure what I should do now to identify a good opportunity |
Check with Truist and Mission Square. A couple of my friends who washed out at EJ are doing very well at these two places. Mission Square is a different kind of opportunity, in that they focus on retirement plans for local government operations. Truist, you would be a junior behind the scenes advisor. Both places, you aren’t responsible for getting the clients. Both opportunities might give you the confidence to go back to being a primary FA.
Edited by Gray - Mar/21/2023 at 11:29am
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B24
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Posted: Mar/21/2023 at 12:29pm |
NajaESG wrote:
- Training Costs. If you are unlicensed upon executing this Agreement and your employment with Edward Jones is terminated by you or Edward Jones within three (3) years of the date of this Agreement, you agree to reimburse Edward Jones the reasonable cost of the training Edward Jones provided to you, and it shall not be a defense that you received training prior to becoming employed at Edward Jones. You agree that the reasonable cost of training is $50,000.00 and you agree to reimburse Edward Jones the same. In the event that you take a leave of absence from Edward Jones, whether said leave is taken as a matter of right or negotiated by you and Edward Jones, said time taken as leave shall not count toward the three (3) full years of employment to Edward Jones. You further agree that the reimbursable amount bears a reasonable relationship to the liquidated damages Edward Jones would suffer from a breach by you and that Edward Jones will suffer demonstrable loss as a result of your breach. There shall be no reduction in the amount of training costs owed by vou in the event your employment is terminated during the first (1st) year of employment.
Your obligation shall be reduced by $6,250.00 for each full quarter year of service beginning the thirteenth (13th) month of your employment with Edward Jones and you must be employed by Edward Jones for each full quarter year in order to have training cost obligations reduced according to the provisions of this Section. Satisfaction of this training cost obligation after three (3) full years of employment does not excuse you from abiding by and complying with all other obligations imposed upon you by this Agreement, including, without limitation, the obligations identified in Sections I||(c), V, and VI(b). |
Somewhere I heard that these are unenforceable. Maybe it was a specific state (I would bet on Cali), but I thought I heard this.
In any case, I doubt they are going after someone that left due to underperformance but stayed in the industry.
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missionshooter
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Posted: Mar/21/2023 at 1:44pm |
helado wrote:
You should've let them fire you for non-production and that $60k for training wouldn't be enforceable. |
THIS.
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Our purpose is to partner for a positive impact- to improve the lives of our clients and colleagues, and together, better our communities and society.
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SometimesNowhere
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Posted: Mar/21/2023 at 3:09pm |
SometimesNowhere wrote:
NajaESG wrote:
In other news, Passed My SIE and 7, working on my 66 now. |
RIP your career |
I knew it
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I Miss Jim
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Posted: Mar/21/2023 at 6:10pm |
B24 wrote:
NajaESG wrote:
- Training Costs. If you are unlicensed upon executing this Agreement and your employment with Edward Jones is terminated by you or Edward Jones within three (3) years of the date of this Agreement, you agree to reimburse Edward Jones the reasonable cost of the training Edward Jones provided to you, and it shall not be a defense that you received training prior to becoming employed at Edward Jones. You agree that the reasonable cost of training is $50,000.00 and you agree to reimburse Edward Jones the same. In the event that you take a leave of absence from Edward Jones, whether said leave is taken as a matter of right or negotiated by you and Edward Jones, said time taken as leave shall not count toward the three (3) full years of employment to Edward Jones. You further agree that the reimbursable amount bears a reasonable relationship to the liquidated damages Edward Jones would suffer from a breach by you and that Edward Jones will suffer demonstrable loss as a result of your breach. There shall be no reduction in the amount of training costs owed by vou in the event your employment is terminated during the first (1st) year of employment.
Your obligation shall be reduced by $6,250.00 for each full quarter year of service beginning the thirteenth (13th) month of your employment with Edward Jones and you must be employed by Edward Jones for each full quarter year in order to have training cost obligations reduced according to the provisions of this Section. Satisfaction of this training cost obligation after three (3) full years of employment does not excuse you from abiding by and complying with all other obligations imposed upon you by this Agreement, including, without limitation, the obligations identified in Sections I||(c), V, and VI(b). |
Somewhere I heard that these are unenforceable. Maybe it was a specific state (I would bet on Cali), but I thought I heard this.
In any case, I doubt they are going after someone that left due to underperformance but stayed in the industry.
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Bland v Edward Jones was the court case. Jones agreed to waive the training reimbursement for some terminated FAs, and lowered the reimbursement cost from $75k to $50k moving forward. The case was also the genesis for all the DEI nonsense we have to put up with now.
I agree with B24 and would be very surprised if EJ pursued it in this instance. EJ generally doesn’t enforce it unless an FA jumps ship and takes a lot of their clients with them. (Based on anecdotal observation). If you were close to being terminated for lack of production, it’s hard to see them trying to enforce this. Hope you land on your feet, Naja.
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NajaESG
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Posted: Mar/21/2023 at 7:50pm |
Thanks everyone. Had a promising interview with Merrill who said they want to make an offer, working on an interview with a local bank advisor group, talked with fidelity today, and have interview with Prudential tomorrow and a hybrid ria as well. The Merrill/Bank/Fidelity options seem pretty attractive.
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