2 Weeks Notice

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May 18, 2009 1:18 pm

I'm going to be switching firms and wanted to get some insight on what the protocol is. Is it necessary to give 2 weeks notice when leaving a wirehouse?

May 18, 2009 2:35 pm


 
Think about it?
They will not even give you 30 seconds before they walk you to the door. Wirehouses are as low as you can go on how they treat employees. I can think of few employers that treat people worse and you want to give them 2 weeks!
 
Good luck.      
May 18, 2009 2:45 pm

I have a great manager who treats everyone in our office with respect. That may not be the norm. I've never left a wirehouse before so I am just curious if the traditional 2 weeks notice is the norm.

May 18, 2009 3:07 pm

I've never heard of a two week notice in this industry.  From their side of the table once you've decided to leave, you're a liability.  How much could you copy and take with you in a two week time span?  How many clients could you call and tell that you're leaving?  Why would they want you around for those two weeks when they could get someone in your desk to try to keep as many of your clients as possible. 

 
Everything I've ever seen, heard, or read says you walk into your managers office on a Thursday or a Friday before a holiday weekend, toss your resignation letter on his desk, and hope you don't do anything on the way out that would cause them to sue you for anything.  
 
With all due respect, your manager treats you with respect because you work there and he is responsible to you.  Once that relationship is severed the rules may change in a heartbeat. 
May 18, 2009 3:09 pm

Good to know. Thanks Spiff.

May 18, 2009 3:14 pm

You need to speak with the transition team at the place you are going to be working. They can help you answer any questions that you have about your impending departure.

May 18, 2009 4:07 pm
jamesbond:

You need to speak with the transition team at the place you are going to be working. They can help you answer any questions that you have about your impending departure.

 
+1
Your transition team will have some VERY specific instructions for you to follow, even as far as having a letter of resignation already boilerplated for you to use.  Don't worry about 2 weeks...you won't get 2 minutes once you pull the trigger, so go ahead and take your "Tee Ball Coach of the Year" plaque off the wall and empty the change out of that useless little compartment in the center drawer of your desk.  Good luck!  It's not so bad once you're in motion. 
May 18, 2009 6:43 pm

Don't for the Uzi for added effect. 

May 18, 2009 6:56 pm
Bank of Amerrill:

I'm going to be switching firms and wanted to get some insight on what the protocol is. Is it necessary to give 2 weeks notice when leaving a wirehouse?


How long have you been at a wirehouse?

May 18, 2009 8:06 pm
iceco1d:
jamesbond:

You need to speak with the transition team at the place you are going to be working. They can help you answer any questions that you have about your impending departure.



Best advice ever. 



I would consult a lawyer that's experienced in broker transitions.  Although the transition team at your new firm may provide some insight, they are going to be more concerned with protecting their firm - not you.

May 19, 2009 5:36 pm

Get a list of instructions from the Transition Team at your new firm.  Ask them for specific details regarding what you can and can not take from your present firm.  Make sure that all regulatory, administrative and contractual obligations at your old firm are taken care of.

Submit your resignation letter at 5pm before a Holiday Weekend.  Then spend the weekend contacting as many of your clients as you possibly can.  Get your ACAT packages to as many of your clients as soon as possible.

With luck, your clients will have your ACAT package in front of them before your accounts have been distributed to other brokers at your previous firm.

As soon as you submit your resignation letter it becomes a sprint to get to your clients.   More than likely, your current firm will not even let the door hit you on your way out.  If you have left personal effects in the office, you will have to negotiate a time to come back in to retrieve them and you will be supervised while you do it.

I have seen all of this happen many times.

Good Luck !

May 21, 2009 1:27 pm

I left bankofamerillwide a couple of months ago and would be happy to share my experience with you if you want to send me a PM.