Firms hold all the cards

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Dec 31, 2006 9:18 am

According to the contract, if I take the upfront money and go to a new firm.

1. I can be terminated at any time.

2. They can go into my account (which of course I will be obligated to keep at the firm) and TAKE THEIR MONEY BACK if they terminate me.

3. I'm not allowed to call my clients for 1 year.

Is this a typical employment arrangement from a major wirehouse?

Dec 31, 2006 7:36 pm

I don’t know about the taking money out of your account bit, but the rest seems pretty normal to me.