ML to RIA

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May 8, 2011 2:26 am

Sorry for another post, but I do have another question.

Currently, I am in my second year of the PMD Program at ML. Through connections, I have been offered a position with a local RIA that I am considering accepting. That said, I did sign the standard "no solicit" form and the "repayment of training costs" docs that they have all new employees sign. How realistic is it that they are going yo come after me for the $19k and if not, are they really going to try and enforce the non solicit part? My book is around $10 million and about a third is what I would take with me to the new firm. The rest wouldn't qualify for what we offer (a dozen SMA strategies); the RIA is the portfolio manager for the strategies so we are the asset manager. We don't do anything besides asset management...no financial planning, etc.

Thanks in advance!!!

May 8, 2011 10:38 pm

If you have solid relationships with your clients you will not have to solicit them to move.  It is a loop hole in the system and your clients can choose to work with you at another firm.  Talk with your clients and ask them if you moved to another firm if they would still like to have a relationship with you.

May 8, 2011 11:25 pm

Every client that I would want would definitely move with me. I am not worried about that part as much as the repayment of the $19k. Any answer for that?

May 8, 2011 11:41 pm

If it is in a contract I would assume they are going to try and get you to pay.  If someone contratually owed you 19k would you make sure you get it?