WFA Training reimbursement
I left AG Edards/ Wells Fargo after 2 years in as a new advisor for a competitor. They are asking for the training reimbursement. I guess I might have to go to arbitration. My argument is since they greatly reduced the commissions under 10k in productions that they made it where I couldn't reasonably fulfill the 5 year obligation and if they would have kept the compensation as it was I would have stayed and fulfilled my 5 year obligation.
Is this a good argument and should I get a lawyer since it would wind up in arbitration?
Talk to a lawyer if you feel they made the contract difficult or impossible to perform. Also be aware of when you left and how long you have owed them this money.
Most lawyers can answer these basic questions and review the contract with in an hour or so and your cost(s) will likely be minimal.
Had the same issue when I left Merrill. I talked to a lawyer and he actually suggested I call Merrill directly to plead my case since I left on good terms. They dropped the claim and just had me sign a 1 year no-solicit agreement. Your agrument won't hold up if you go to arbitration. Best to try and settle outside of court.
You signed a contract that is 100% transferable in a merger(s) FYI. The contract is enforced on a complex basis. You can beg for forgiveness with the manager you had. If you make a case that you are just trying to feed your family they may have mercy on you. Almost always the firm you went to will negotiate the payment for you i.e. pay it off as part of your package.
Didn't you and the new firm talk about this?
They gave you a choice to take a flat 48% or the new schedule for the duration of your first five years on conversion and you obviously declined. Not to mention that year one it was $5k then 50%, year two $6k then 50%, year 3 $7k then 50% etc. etc.
Dude I hate to say it but if you were oblivious to all of this where was your head? I'm not sure this isn't a trolling thread.
I wouldn't give a lawyer one red cent as he can't do squat. Your claim is simply not true. Does one even go to arbitration over an employment contract dispute?
If you're down and out I wish you the best. If you didn't make it at AGE why would it be different anywhere else?
If you are for real GET ON THE F-ING PHONE!!
I have a 'slightly' similar question.
I did about three years starting with AG, through the Wachovia days, and ending with Wells. The straw that broke the camels back for me was the Wells Fargo scrub system which all leads now need to be washed through before the FA can contact them. The system eliminates anyone that has a Banking, Mortgage or Credit Card relationship with Wells - those folks are the exclusive domain of Wells Fargo Investments (the guys in the bank branches).
We have a heavy Wells influence in my little corner of the world and when I scrubbed my lists it eliminated (literally) over 80% of my potential dials in a 50 miles radius. In a 25 mile radius it was worse, I was left with under 300 numbers to dial, which I tore through in about a day and a half. I’m a cold caller, I was before I came to AG and was further trained by in the black art by St. Louis, I love it. In the days before they killed Gryphone, I called out of the whitepages 250-350 dials a day. So I expanded my radius and even started cold walking businesses and neighborhoods and was starting to get traction there, but then was called into my managers office and reprimanded for prospecting to clients with Wells bank accounts.
Anyway, long story short (too late) it was apparent to me that I couldn’t expand my business by dialing the phone and knocking on doors, and my manager had no practical advice. So I decided it was time to go, and made the move to an Indy.
I’m being pursued over Training Expenses and I am wondering if anyone has any experience in defending themselves in this type of a situation. It wasn’t me that changed, it was the rules of the prospecting game.
It sounds like you have a justified reason for pleading your case to me. I am definitely not a lawyer though. I would recommend contacting a lawyer and sharing this information with him. That is of course you have all the documentation that backs your side of the story up, for example, do you have your original contract and any amendments that came as the dictators changed? Do these amendments state that the changes in policies and procedures are "iron clad" and "non-negotiable"? Look through all your legal documents and look for warning signs of these changes. Good luck with your case.