Non-compete from wirehouse to bank

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Jun 7, 2007 3:59 pm

I am thinking about going from the "mother" wirehouse to a bank program. Being in the POA program, i signed a 2 yr contract with the "mother" which says i can't go to the competition for 2 yrs. Does anyone on here know if this extends to include bank programs and if so, how have you been able to get out of your contract? Thanks

Jun 7, 2007 4:32 pm
bjack73:

I am thinking about going from the "mother" wirehouse to a bank program. Being in the POA program, i signed a 2 yr contract with the "mother" which says i can't go to the competition for 2 yrs. Does anyone on here know if this extends to include bank programs and if so, how have you been able to get out of your contract? Thanks



How long do you have on the contract?

Why do you want to leave?

With most firms it includes ANYWHERE that you might transfer your license, but is also at the BOM's discretion.  If you are on good terms with him and he thinks you aren't going to poach your existing clients, you might be ok.

You should consider taking the contract to a lawyer who is knowledgeable in these matters and get his opinion.  It's worth a couple hundred bucks to know where you stand.

Jun 7, 2007 4:37 pm

You'll be okay if you plan on becoming a teller or janitor at the bank. Going as a bank rep, you'll be asked to pay.

Jun 7, 2007 4:45 pm

I would hardly refer to a bank as "competition." People who go to banks are failing. Noone fears them too much. Also, real brokers don't want clients who are stupid enough to go to a bank in the first place.

Jun 7, 2007 4:49 pm

Be nice.

Jun 7, 2007 9:34 pm
Bobby Hull:




I would hardly refer to a bank as "competition." People who go to banks are failing. Noone fears them too much. Also, real brokers don't want clients who are stupid enough to go to a bank in the first place.