What day to resign?

Friday about 3pm is the best bet.  If your book is large enough and they want to file a TRO (temp restraining order) they are going to have a had time getting one over the weekend. 

Why would you take the chance of letting folks peck at your book when you can have the weekend to solidify who is with you and who is not? It makes no sense why someone who even take the risk.

All the big boys jump ship over a long holiday weekend.. Gives them one more day to ACAT accounts. And I wouldnt underestimate the managers quickness in getting accounts reassigned to other FA's.

I still remember the day a large FA left. He jumped around 10am on a Friday and by 1130am we were calling to keep the clients. About 70% of the assets and 80% of the production stayed.

Friday at 3pm. Preferably at the start of a three day weekend.

Why break tradition?

Why argue with success?

Why give them a leg up?

I recommend slipping a letter under your branch manager’s door at 4:59pm on the Friday before a big holiday weekend.

If you do it too late in the day, there isn’t enough time for your new firm to get your lic. moved.  Remember…the old firm has to acknowledge that they got your resignation.

I might leave on a Thursday if the manager and several other brokers were on vacation that week or taking friday off.  Otherwise... Friday at 3:30, or as soon as most of the brokers knock off early for long holiday weekend.

The best one I ever heard.... the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.

[quote=iconsult100]The best one I ever heard… the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.[/quote]

I heard the same story, except the broker was supposed to be on a flight to some weekend conference ALONG WITH the manager.

The manager boarded the flight and noticed that the broker wasn’t sitting next to him, as planned.  The BOM called his cell, and the broker said “I just slipped my resignation under your office door”.

[quote=JCadieux]

[quote=iconsult100]The best one I ever heard… the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.[/quote]

I heard the same story, except the broker was supposed to be on a flight to some weekend conference ALONG WITH the manager.

The manager boarded the flight and noticed that the broker wasn’t sitting next to him, as planned.  The BOM called his cell, and the broker said “I just slipped my resignation under your office door”.
[/quote]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!

When you resign, your BM and other FAs in the office then become your competition.  Why give them a “10 second head-start” by leaving mid-week as opposed to leaving over a weekend (or three-day weekend) and catching them off-guard so you have the advantage.

joedabrkr:

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
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[quote=joedabrkr]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
[/quote]

Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

What are the reasons behind not wanting other FA's contacting your clients quickly?

I take it if your going to different broker/indy that your clients will or won't follow.  Is it that your fellow FA's will have a chance to bad mouth you or talk client into staying?

[quote=logan]What are the reasons behind not wanting other FA’s contacting your clients quickly?

I take it if your going to different broker/indy that your clients will or won't follow.  Is it that your fellow FA's will have a chance to bad mouth you or talk client into staying?[/quote]

Yes.

logan- did you see jerry maguire? yes it is alot like that. if bob sugar and the rest of the office had been away jerry would have had the jump and moved all/most of his clients. additionally, that is many times why if a firm becomes confident someone is leaving they may terminate that person in order to get a jump on them. the recipe works get a 3-4 day head start while your former colleagues now competitors are playing golf.

[quote=Devil’sAdvocate]

[quote=joedabrkr]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
[/quote]

Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

[/quote]

Joe, have you told us a little fib?

I am in a small boutique office with 14 reps.  One thing that is nice about it is we are all friends.  Every couple years when someone leaves no one calls the departing brokers clients even when the accounts are handed out.  It’s a pretty nice thing and there isn’t much that mgnt can do about it because they arn’t really aware that we don’t go after each others business.       

[quote=Malcolm]I am in a small boutique office with 14 reps.  One thing that is nice about it is we are all friends.  Every couple years when someone leaves no one calls the departing brokers clients even when the accounts are handed out.  It’s a pretty nice thing and there isn’t much that mgnt can do about it because they arn’t really aware that we don’t go after each others business.        [/quote]


This happens quite often when brokers are friends.  One guy will “go light” when chasing a buddy’s book.

He may grab one or two token clients that would be hard to move anyway, then just make a token effort on the rest.

Whenever I hear about this happening with a recent placement, it’s sometimes an indication that the buddy is ready to look for a change, too.

[quote=Devil’sAdvocate]

[quote=joedabrkr]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
[/quote]

Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

[quote=joedabrkr] [quote=Devil’sAdvocate]

[quote=joedabrkr]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
[/quote]

Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

[/quote]

I mis-typed.  I submitted my resignation the Friday morning of Memorial Day weekend. When they woke up my BOM in Hawaii it was quite early out there.  Hence my enjoyment of the whole sordid affair. ;-)  According to a couple of my friends they were running aroudn like a bunch of idiots.
[/quote]

Why would they have been running around, had nobody ever quit before?

Perhaps they were actually jogging around or simply walking quickly. 

Maybe it was Exercise Day in the office.  Once every month we have exercise day here and no one is allowed to walk.  Everyone must jog around the office. 

Man, I'm feeling lazy today.  Need to take a vacation.  I should just go home.  I'm out. 

I resigned the evening of Dec. 21st,1999 (a Tuesday) -- Christmas was on Saturday, so the market was closed on Friday the 24th & was closing at noon on the 23rd!  Half the office was gone for the week for the holidays, and none of my clients wanted to take calls from strangers that close to Christmas.  It was perfect -- 97% of my clients moved with me. 

That’s impressive, to say the least.  What firm did you leave and to which firm did you go?

NASD moved your license that late. I thought they close mid Dec.?

[quote=OldLady]

I resigned the evening of Dec. 21st,1999 (a Tuesday) -- Christmas was on Saturday, so the market was closed on Friday the 24th & was closing at noon on the 23rd!  Half the office was gone for the week for the holidays, and none of my clients wanted to take calls from strangers that close to Christmas.  It was perfect -- 97% of my clients moved with me. 

[/quote]

Excellent info.

The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.

[quote=bankfa10] The best I have heard so far is that a rep held a seminar

the day he resigned for all of his clients with food and drinks the whole nine

yards. dropped his resignation letter in the BOM lap and started the seminar

15 min later. announced to his clients that he was leaving and started doing

ACATS. Had 60% of his clients in 3 hours.[/quote]



Now THAT’S innovative!

bankfa10:

The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.

-------------------------------------------------

 That's the best idea I've heard, for exiting a B/D. Even better, have a wholesaler sponsor the event!

[quote=$$$$$]NASD moved your license that late. I thought they close mid Dec.?[/quote]

You’re correct.  NASD closes around December 20th for the rest of the year.

[quote=Indyone]That’s impressive, to say the least.  What firm did you leave and to which firm did you go?[/quote]

Interesting that there was never a response to this.

Is it another Putsy persona?

hmmmm…I’m starting to see some cracks in the story…

[quote=$$$$$]NASD moved your license that late. I thought they close mid Dec.?[/quote]

I moved it on the last possible day -- I was up & running with the new firm by 11am the next day --

I left Dain Rauscher, now RBC Dain Rauscher and went independent. 

[quote=bankfa10]The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.[/quote]

I doubt this story -- your firm has to file your U-5 before the new firm can submit your U-4 and get you approved.  It would be a really bad idea to hold yourself as registered and have people sign paperwork until you were legal.

While the story has a sweet ring to it…Put…I mean the OldBag…I mean the OldLady is right. If clients signed those ACAT forms before the new firm had your U-4 approved…you would be in violation of some rule which I can’t recall. It is doubtful that the rep could get the necessary approval within the 15min indicated in the story…sweet story though.

The 15 min and have a seminar is not true. he did do the seminar later that afternoon and about 90 min was all LPL took to get me switched over. I faxed my resignation letter with my managers sig on it 5 min after I had her sign and date it with a time stamp. went to kinkos next door and faxed to lpl. This did happen