Need some advice

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jun 4, 2009 4:14 pm

Hello,

 
I've been lurking a bit, have learned a lot, but have a specific question.  I work for a firm that is the hot topic around here most of the time.  I suppose I stupidly signed my contract without understanding the full weight of the non-compete clause.  Took the "opportunity" during intitial few weeks to work in a town that in reality does not have to capital for a second branch (many issues could be argued here--maybe I didn't DK enough, wasn't stealthy enough to take clients from the competition, the list could go on and on, however, that is not the issue I am wanting to get answers on here.)  Bottom line, I am not meeting numbers in the commissions column, so I will be let go.  I have already heard the "think about it and let me know tomorrow if this is something you want to keep trying to do," and I swiftly responded to the person I was chatting with that I was not resigning, a three year non-compete was a long time and a lot could happen in three years, and it was quite possible that I would go to the competition.  There's the background. 
 
Here is my question:  I am going to stick around and work like I have been for the next few weeks until I hear from the appropriate people that I am terminated.  Unless nothing short of a miracle happens, I will get the ax.  If I choose to go to another firm, will they come after me for the 65K or so even if I am terminated?  The language of the contract looks to me that they might be able to (but I did not have a previous career in law.)  If not, and I am only charged for the "training costs for my S7 & S66" and retain an attorney, will they settle for less than the 10K or so that I have heard is the norm?  (I am getting an attorney--not too many securities attorneys where I live, but I am shopping.)  I know there is another post somewhere on this forum that is similar, but the info is a bit piecy and I am just looking for an answer all in one place. 
 
Thanks in advance!
 
Jun 4, 2009 4:33 pm

The cold fact is you no other full service firm will take you if you are cut for sub par production. Jones has the lowest sales goals in the industry. Sorry, but those are the facts. Consider another line of work or maybe a call center type job for a firm.

Jun 4, 2009 8:25 pm

If you get axed you are free to go wherever you want. Even if you quit you will not have to pay the 75k they will threaten you with. If you are that close to being fired, read the paper in your office until they fire you and then go work elsewhere. Just because you haven't been able to sell mutual funds and 30 yr bonds, door to door in 2008/2009, during the worst stock market in history doesn't mean you can't succeed in this business. There are other options.

Jun 4, 2009 9:04 pm
Open4Suggestions:

Hello,

 
I've been lurking a bit, have learned a lot, but have a specific question.  I work for a firm that is the hot topic around here most of the time.  I suppose I stupidly signed my contract without understanding the full weight of the non-compete clause.  Took the "opportunity" during intitial few weeks to work in a town that in reality does not have to capital for a second branch (many issues could be argued here--maybe I didn't DK enough, wasn't stealthy enough to take clients from the competition, the list could go on and on, however, that is not the issue I am wanting to get answers on here.)  Bottom line, I am not meeting numbers in the commissions column, so I will be let go.  I have already heard the "think about it and let me know tomorrow if this is something you want to keep trying to do," and I swiftly responded to the person I was chatting with that I was not resigning, a three year non-compete was a long time and a lot could happen in three years, and it was quite possible that I would go to the competition.  There's the background. 
 
Here is my question:  I am going to stick around and work like I have been for the next few weeks until I hear from the appropriate people that I am terminated.  Unless nothing short of a miracle happens, I will get the ax.  If I choose to go to another firm, will they come after me for the 65K or so even if I am terminated?  The language of the contract looks to me that they might be able to (but I did not have a previous career in law.)  If not, and I am only charged for the "training costs for my S7 & S66" and retain an attorney, will they settle for less than the 10K or so that I have heard is the norm?  (I am getting an attorney--not too many securities attorneys where I live, but I am shopping.)  I know there is another post somewhere on this forum that is similar, but the info is a bit piecy and I am just looking for an answer all in one place. 
 
Thanks in advance!
 



Isn't working like you "have been" the problem?

Jun 8, 2009 12:29 am

Normally you will not have to pay anything if they fire you, but if there is some uncertainty ask an attorney for help.  It may be worth the $300.  Some of the advisors I spoke to from ML did not have to pay anything when they were terminated.  Also was this $65K a draw or a salary... They have two very different meaning in the eyes of the courts.  If it is a draw, then it is essentially a loan.  Here you may have to pay it back.

Also think about one of the other posts... if you do not have some assets it will be hard for someone to pick you up.  If someone does, you will be in the same situation.  No easy answer. 

Good Luck.
ash
www.FAfreedom.com&nbsp; - The Breakaway Experts
609-945-7100 x 101