Starting soon at RJ
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SaySo - "I was told my the recruiting manager at Morgan Stanley that I could be liable up to $40,000 if employed for over 2 years but left before the 3rd anniversary to join another firm like ML or SB.
But if I left b/c the job wasn't for me they wouldn't pursue the money."
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I would highly recommend you get that last statement in writing and/or have it included in your employment contract.
Also, consider that because Morgan Stanley offers numerous varieties of financial products, i.e., investments, insurance, etc., you could be effectively excluded from being employed in any of these areas, if you leave the firm. Example: Want to sell life insurance for a living? Can't, your old employment contract forbids it, as it competes with one of the product lines offered by Morgan Stanley
However, the best advice is to invest a few hundred dollars and have an attorney look over the contract, before signing it.
[quote=SaySo]
I was told my the recruiting manager at Morgan Stanley that I could be liable up to $40,000 if employed for over 2 years but left before the 3rd anniversary to join another firm like ML or SB.
But if I left b/c the job wasn't for me they wouldn't pursue the money.
HOW DOES THIS WORK AT AGE??? Do they have the same contract?
[/quote]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[quote=sienna]
[quote=SaySo]
I was told my the recruiting manager at Morgan Stanley that I could be liable up to $40,000 if employed for over 2 years but left before the 3rd anniversary to join another firm like ML or SB.
But if I left b/c the job wasn't for me they wouldn't pursue the money.
HOW DOES THIS WORK AT AGE??? Do they have the same contract?
[/quote]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[/quote]
Obviously, your friend is on his way out of the business anyway. Banks are for people who can't hack it at a POS like Morgan Stanley.
[quote=annuity guy]
Obviously, your friend is on his way out of the
business anyway. Banks are for people who can’t hack it at a POS like
Morgan Stanley.
And annuity whores are where in the caste system?
Do you have an idea why the only financial professionals on earth who
believe in annuities are those of you who can only pass the licensing
exams that allow you to sell them, but nothiing more?
If you were able to pass Series 7 what would rather sell?
[quote=Put Trader] And annuity whores are where in the caste system?
Do you have an idea why the only financial professionals on earth who believe in annuities are those of you who can only pass the licensing exams that allow you to sell them, but nothiing more?
If you were able to pass Series 7 what would rather sell?
[/quote]
More ignorance spewed by the resident snake, puttynadacrack.
Many wirehouse brokers these days are making their bread and butter money from the sale of VAs. One look at the distribution pie shows this to be true (Source: NAVA).
Now, poor ol' puttyndacrack doesn't understand the annuity concept. Even though he's an old crusty bastard that should be put out of his misery (no put pun intended), he's completely ignorant of history. Annuities have been around since before the birth of Christ.
Roman Legionaires were given a lifetime annuity after 20 years of service. Annuities were the first wealth transfer vehicle used to avoid estate taxes, again in Roman times (the Ulpianus' table, in the 2nd and 3rd centuries, A.D.).
Of course, there's always the Neapolitan banker, Lorenzo Tonti, and his funky bunch. Who do you think would get knocked off first, if this forum's members were participating in one of Lorenzo's favorite investments?
My money's on puttyndacrack, that old fugly bastard wouldn't last a day. If somebody else gets to him first, I'd stand and applaud them for doing the world a service.
[quote=Put Trader] [quote=annuity guy]
Obviously, your friend is on his way out of the business anyway. Banks are for people who can’t hack it at a POS like Morgan Stanley.
[/quote]And annuity whores are where in the caste system?Do you have an idea why the only financial professionals on earth who believe in annuities are those of you who can only pass the licensing exams that allow you to sell them, but nothiing more?If you were able to pass Series 7 what would rather sell?[/quote]
I have a 7. It’s required to sell VA’s. I would rather sell VA’s and UIT’s more than anything else. I’ve sold stock, mutual funds, managed futures, etc…I’ve learned from all of my mistakes. If those other things worked so well, I’d be selling them.
If it matters, I like selling your mother, too. Even though she needs to be pimp slapped once in a while, she is a nice cash cow for me.
[quote=annuity guy][quote=sienna]
[quote=SaySo]
I was told my the recruiting manager at Morgan Stanley that I could be liable up to $40,000 if employed for over 2 years but left before the 3rd anniversary to join another firm like ML or SB.
But if I left b/c the job wasn't for me they wouldn't pursue the money.
HOW DOES THIS WORK AT AGE??? Do they have the same contract?
[/quote]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[/quote]
Obviously, your friend is on his way out of the business anyway. Banks are for people who can't hack it at a POS like Morgan Stanley.
[/quote]
He actually really didn't like the firm. And if you don't like the firm, eventually you should be on your way out. Another broker at Merrill left to go to a bank and was never asked to pay anything back. I was just sharing with everyone that sometimes these firms do hold people liable for the training costs.
[quote=annuity guy]If it matters, I like selling your mother, too. Even though she needs to be pimp slapped once in a while, she is a nice cash cow for me.
Why don’t you show up on the TPG website, where we can share our true feelings about you, in words that best describe you? [/quote]
His mother is still working??? Shame on him for not getting her off the streets!
putty doesn’t have the cajones to join. They don’t make psychotropic drugs strong enough for him to handle the justifiable abuse he’d receive.
[quote=sienna]
[quote=SaySo]
I was told my the recruiting
manager at Morgan Stanley that I could be liable up to $40,000 if
employed for over 2 years but left before the 3rd anniversary to join
another firm like ML or SB.
But if I left b/c the job wasn’t for me they wouldn’t pursue the money.
HOW DOES THIS WORK AT AGE??? Do they have the same contract?
[/quote]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[/quote]How long did he stay at MS?
Hey Logan…great firm, but get an option in your contract to go independent with them in a few years…hopefully that’s standard? They have a very solid indy channel…
[quote=annuity guy]
I have a 7. It’s required to sell VA’s.
That is not true. VAs require either a Series 6 or a Series 7 plus a varialble license issued by the state insurance commission.
One would think that a brain trust such as our annuity whore would know that.
[quote=sienna]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[/quote]Why do you suppose the bank did not just buy his contract?
One wonders why any employer would hire a producer away from another firm if they were not willing to pay off that recruit's obligations to the firm that is soon to be their previous employer.
Doing so would be a very positive signal, failure to do so is about as negative signal as I can imagine.
[quote=Put Trader] [quote=sienna]
Just had a friend leave Morgan and they held him to that agreement. It's something like $300 a month for the next 4 or 5 years. He left to go work for a bank, so I'm not sure if Morgan would have made him pay if he got out of the industry.
[/quote]
Why do you suppose the bank did not just buy his contract?
One wonders why any employer would hire a producer away from another firm if they were not willing to pay off that recruit's obligations to the firm that is soon to be their previous employer.
Doing so would be a very positive signal, failure to do so is about as negative signal as I can imagine.
[/quote]
Put, when you post things like this I begin to wonder about the truth of how long you've been in the business (either that or you're just losing brain cells so don't recall things).
Put, b/ds don't voluntarily buy out a rep's contract. If the losing firm doesn't give the departing rep any problem with leaving, then the gaining b/d doesn't step up to be a good guy and volunteer to fork over money. And, if the losing firm DOES go after the rep, the gaining firm will do all in its power to negotiate as small a payment as possible to settle.
[quote=Duke#1]
Put, b/ds don’t voluntarily buy out a rep’s
contract. If the losing firm doesn’t give the departing rep any
problem with leaving, then the gaining b/d doesn’t step up to be a good
guy and volunteer to fork over money. And, if the losing firm
DOES go after the rep, the gaining firm will do all in its power to
negotiate as small a payment as possible to settle.
Let me write that down, “B/D’s don’t voluntarily buy-out a rep’s contract.” Yeah, I think I’ve got it.
Do you think it would be appropriate for a manager attempting to lure a
broker from another firm to tell that potential hire that if he is
reluctant to switch because of the non-compete agreement that the
hiring firm will negotiate with the other B/D?
Further, do you suppose that if I were to hire you it would send a
postive signal to you if I said that I would pay whatever it took to
satisfy the obligation rather than have you pay it?
Do you suppose that you would feel more loyalty to me if I paid Morgan
Stanley for you instead of watching you send them a check for $300 or
$400 each month?
When one knee-jerk reacts in order to post a disagreement with the
King, they make a jerk of themselves. Go in the john, Duke, and
behold a jerk in the mirror.
[quote=Duke#1]Oh Put, I’m SO sorry I got under your skin so much. [/quote]
Not at all, I just don’t suffer fools glady, but I gladly point out their foolishness.
You’re in luck, I’ll be around to point at you and laugh every time you
open your mouth–or keyboard–and something stupid comes out.
No need to thank me for keeping you on your toes, it’s the least I can do.
[quote=SaySo]
How long did he stay at MS?
[/quote]
Just a little over 15 months.