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Jun 27, 2005 6:38 pm

You are fired for not hitting your AUM goals for first year?<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

 Had first interview, taken all tests for RJ and going on second interview shortly. My AUM for first year is 4 mill, if I do not hit that number - fired.

As such have questions on following-

Will I be able to continue to work in field or does RJ make you sign a non-compete type of agreement for certain period of time?

Will I owe the company back for training?

If I continue in field will I be able to bring the clients I brought into RJ over to next firm

What position are you in as far as other companies are concerned?

Many applications ask if you have ever been fired as such will another firm even take a chance on you? 

Basically if I don't hit my numbers that first year with RJ do most doors close with other firms?

Plan on working tail off however like to know the negative side also. 

Jun 27, 2005 7:01 pm

[quote=logan]

You are fired for not hitting your AUM goals for first year?<o:p></o:p>

 Had first interview, taken all tests for RJ and going on second interview shortly. My AUM for first year is 4 mill, if I do not hit that number - fired.

As such have questions on following-

Will I be able to continue to work in field or does RJ make you sign a non-compete type of agreement for certain period of time?

Will I owe the company back for training?

If I continue in field will I be able to bring the clients I brought into RJ over to next firm

What position are you in as far as other companies are concerned?

Many applications ask if you have ever been fired as such will another firm even take a chance on you? 

Basically if I don't hit my numbers that first year with RJ do most doors close with other firms?

<>Plan on working tail off however like to know the negative side also.  [/quote]

There are legal prescedents that hold that non-compete agreements are a form of slavery--most firms are very very very careful about enforcing them.  Put yourself in RJ's shoes---does it make sense that they could win a case if they terminate your employment with them then bar you from working for anyone else?

Now, if you leave them......

Ditto reimbursement for training--they're canning you, that's enough.

Can you take your book elsewhere?  Courts routinely rule that that is up to the client.  You have to be very careful not to solicit their moving their assets to your new firm BEFORE you leave voluntarily.  Again if they can you they would have a hell of a time preventing you from actively soclicting your clients.  For that matter they cannot prevent you from prospecting among any other broker's clients.

There are NASD rules that say that a broker can be responsible for any cause of action by a client for two years following their leaving the business for any reason--so what could happen, theoretically, is a client who you left behind files an arbitrtion demand and you suddenly find yourself finding it very convenient to be cooperative with RJ.

How do other companies view somebody who was fired by a fellow broker/dealer?  Well, it's certainly going to be a topic of a lot of conversation--both between you and whomever you're talking too but also up and down the chain of command.

Decision makers know that people get cut free--it happens in their own firms too.  It is understood that everybody has a reason (excuse) for their failure--that reason will be listened to and considered.  It will be a classic selling opportunity--be sure to NOT blast your former firm, or anybody on its team.

I think a great line is to explain that as it turned out several of those who you felt would become clients already had accounts with RJ so you were blocked from having them as a client--but that means that you're going to have to open some accounts pretty quickly.  It can't be that all of those big accounts that you were disappointed were already with RJ decided to stay there in spite of your freedom to open them where you are.

But all this talk is negative--not a good way to go into the business planning what to do when you get fired.
Jun 27, 2005 8:30 pm

Nice post Put.   I’m serious…



If you got fired I think you would be able to switch to another firm
with lower hurdles, but not a bigger firm with bigger hurdles. 
Obviously if you can’t bring in 4 mill a year with RJ, Smith Barney or
Merrill is not going to expect you to be able meet their 7.5 mil/year
hurdle so they won’t hire you.  Not sure what firms out their have
hurdles lower than 4 mill/year, maybe indy or something. 



Like you mentioned though just work your ass off and you won’t have to worry about it.  GOOD LUCK!!!