Moving from 1 state to another?

or Register to post new content in the forum

13 RepliesJump to last post

 

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.
Mar 6, 2007 10:57 pm

I'm new to the business, in production for about 4 months, with one of
the major wirehouses. I'm thinking about moving from the state I'm
currently in to another, across the country. The new area is near where
I'm from and near where my wife is from (~1 hour from each).



Since I'm just getting started, I wouldn't be giving up too much, and
many of my clients and some prospects are from where I would be going
anyway. I would be losing the time though. Since this is my first job
in the industry, I don't really know how things work. Should I try to
move within my current firm, or look for a jod with another firm. I'm
also thinking about trying to get a job as an FA in a bank, since it
doesn't seem like I would have to worry about prospecting as much, and
the lost time wouldn't really matter.



In addition, I signed a contract with my firm which I think is fairly
standard. In general, are the recovery of training expense clauses
enforced?



Any thoughts and advice would be appreciated.

Mar 6, 2007 11:01 pm
kdehs:

.

In general, are the recovery of training expense clauses enforced?


In a word, Yes.


Now, I'm not a manager (thank God) but I can't imagine it being a good thing for your resume` to show you lasted four months at your previous firm, regardless of the explanation. In addition some firms will not view you as a trainee, subsequently you'd forfeit any trainee salary.


Two questions: How old are you and what conditions make this potential move such a viable option, especially after 4 months on a new job?


Mar 6, 2007 11:31 pm

Wow, we've sure gotten a dearth of lost souls the last couple weeks.  Guess this is the place to go when people are lost.

Mar 7, 2007 12:16 am
707SE:

Now, I'm not a manager (thank God) but I can't imagine
it being a good thing for your resume` to show you lasted four months
at your previous firm, regardless of the explanation. In addition some
firms will not view you as a trainee, subsequently you'd forfeit any
trainee salary.


You would definately want to do it within your own firm. In fact you
are lucky to be doing this move with some clients underyour belt.
You'll be able to hit the ground running much faster.


Good luck on the move.

Mar 7, 2007 12:23 am
AllREIT:
707SE:

Now, I'm not a manager (thank God) but I can't imagine it being a good thing for your resume` to show you lasted four months at your previous firm, regardless of the explanation. In addition some firms will not view you as a trainee, subsequently you'd forfeit any trainee salary.


You would definately want to do it within your own firm. In fact you are lucky to be doing this move with some clients underyour belt. You'll be able to hit the ground running much faster.


Good luck on the move.



Good advice but for the record, I'm not the guy on the move after 4 months on job.

Mar 7, 2007 8:03 am

Gad12,


"a dearth of lost souls" You mean a plethora.


"Jose, would chu say I have a 'Plethora' of  Pinatas?"


"Si si jefe! A plethora!"


"Ju don know what a 'plethora' ees, do ju Jose?!"


"No...no jefe"


A dearth is a lacking of. We are not lacking for lost souls here.


I applied for the crying towel concession. They said that giving me the crying towell concession would only encourage me to make more people cry. They thought that might be bad for business (THEIRS, not mine!), wusses!


Antsyguy,


No two ways about it, first choice is to move within the firm, that way you current manager can shift all/most/some of your training costs off to the new branch. But you'll need regional approvals etcetc. Not going to be easy.


You need to look at it as, "Well the worst that can happen is that I wind up starting all over again at a fifth tier firm (fourth teir firm being defined as a better name car dealership).


Wanna rent a towel?

Mar 7, 2007 9:32 am

KDEHS


You need to come up with a very, very good excuse for moving in order to not sound like you are coping out. 


Something like your wife just landed a once in a lifetime job and can't turn it down.  Try and sound like you are very bummed to have to leave.


Dearth, plethora same thing right?   (k, I'm and idiot.)  But there has been a TON of them lately.

Mar 8, 2007 12:09 am

I'm not a lost soul at all, nor am I crying. The reason I'd like to
move is to be closer to our families, for a good, justifiable reason.



Sooner or later we'll move, and I'm wondering if it's better to do it
now, or in a year or two. Both from the perspective of finding a job as
well as starting over building a book, when I've just spent 2 years
doing so.



And if firms try to get the training costs back, what happens when an advisor fails and goes to another firm?




Mar 8, 2007 12:28 am

KDEHS


If you say you have a good reason to leave then great.  I'm not about to question that.  However, the perception from your firm will be that the reason you want to move is that you don't like the way things are going.  You have to really be convincing TO THEM, that your reason to move is not work related.


Having said that, you should try to move now, rather than wait.  Try to move with your firm first, another if that doesn't work.  Why spend a couple years wasting your time.  In addition if you can get on with any decent firm they will agree to cover your training costs owed to the old firm.


If you want to try a bank go for it.  I think it is clear that can be an easier route, although it comes with it's own set of problems. 

Mar 8, 2007 8:26 am

This is what kills me about discussions like this:


"Sooner or later we'll move, and I'm wondering if it's better to do it now, or in a year or two. Both from the perspective of finding a job as well as starting over building a book, when I've just spent 2 years doing so."


After having said


"Since I'm just getting started, I wouldn't be giving up too much, and many of my clients and some prospects are from where I would be going anyway."


You see? Not only are you bleeding information out at a pace that makes the people who took the time to offer you an answer to your question look wrong, you change the facts and the emphasis.


First you said you were building your book in the neighborhood you are moving towards and then leter you are going to have to start over from scratch in two years when you are going to move no matter what.


So which is better? If you can stay for three years and you can bump up your prodo over those years to a respectable number then you can get paid to move and change firms or go indy or whatever. Concentrate of building your book in the area you are moving to, that will make it nigh on impossible for your current branch to hold your clients (because you will have the home team advantage).


If you move out now then you are stuck with the firm you join for a large number of years and when you switch firms the exfirm will have a much easier time of holding your clients .. "All I know is he had a job in Pa.(?), moved out here and then two years later moved again! I don't know about you, but I like the guy running my money to be stable!"


There's your answer. The only other answer is "Go Now!" I doubt you can find a reason for leaving now as good as the reason I gave you to wait two or three years.


Except when you say..."But, my father is dying of cancer and has less than two years left, I want to be there for him!" (wanna rent a towel?) or some other detail that you failed to mention (in which case why are you bothering to ask in the first place)!

Mar 15, 2007 2:08 pm

Changing firms four months in is never the ideal scenario, but it's
better than staying with a firm that is not a fit or sticking with a
local market that isn't working for you.


Yes, this sort of move happens all the time.  I've placed lots of candidates who are looking to relocate and start over.  It's usually an uphill battle (choosing the right manager to approach is a key factor).

If you're having difficulty leveraging your current local connections than relocating may be exactly what you need to jump-start your practice.

Don't worry about the trolls on this board.  Most of their comments are a waste of bandwidth.  If things aren't working for you where you are then don't be afraid of making bold changes to set things right.

Good luck and let us know how it works out.


Mar 15, 2007 4:43 pm
JCadieux:

Changing firms four months in is never the ideal scenario, but it's better than staying with a firm that is not a fit or sticking with a local market that isn't working for you.

Yes, this sort of move happens all the time.  I've placed lots of candidates who are looking to relocate and start over.  It's usually an uphill battle (choosing the right manager to approach is a key factor).

If you're having difficulty leveraging your current local connections than relocating may be exactly what you need to jump-start your practice.

Don't worry about the trolls on this board.  Most of their comments are a waste of bandwidth.  If things aren't working for you where you are then don't be afraid of making bold changes to set things right.

Good luck and let us know how it works out.



Just in case you were including me in your "Don't worry about the trolls on this board.  Most of their comments are a waste of bandwidth.' comment (and even if you weren't).


What's a waste of bandwidth is answereing a question that wasn't asked. "but it's better than staying with a firm that is not a fit or sticking with a local market that isn't working for you." Where did you get the impression that either of these situations existed? The guy did not say he was unhappy with his firm, nor did he say that he was having any difficulty with the local market.


I know you wouldn't make any money if he stays within his firm, which is the advice that all us trolls gave him. Tuff! At least our advice was unbiased and in the best interests of "the client" (the guy with the question). Yours on the other hand... not so much!


Your typical two bit used-car salesman "lemme sell ya what'm gonna do" routine was disgusting to read. It typified all the worst sales practices that the plaid jacket crowd is infamous for! But for some reason, we brokers wind up taking the heat and getting the bum rap.

Jun 24, 2007 9:57 pm

Get a copy of the employment agreement you signed.
Find out if your firm enforces the non-compete clause when
people leave...

I left jones in 1999 and relocated to DFW...they went after me for "training costs" but was able to settle with them.

Get advice before you leave and do anything....