Wirehouse non-solicit of my clients (employment agreement negotiable?)
In reviewing an employment agreement at a wirehouse it has a non-solicit for one year. Has anyone had any luck negotiating that out as a newbie? How heavily is it enforced? I know about the Protocol, etc., but interested in how this clause works in practice. I am an attorney, so I don't need a layman's legal opinion. The language is pretty clear. Just looking for insight on real world handling and success in negotiating it out at the outset.
Its not negotiable. Its also hardly enforced. If you end up getting fired (90% within one year), its rarely enforced as they have little regard for your skills. If you go to a firm in the protocol - no problem, but only after the first 2 years - prior they may try to charge you for training costs. If you leave and try calling other FAs accounts - they will enforce it. If/when you leave, just don't be a jerk, tell the branch manger what a great guy he has been, but it just wasn't working out for you. Its you, not him or the firm. (like breaking up!). The branch manager has 80% of the say if they enforce the non-compete. The above was my experience at UBS and Smith Barney. Banked based firms will go after you - as they see the clients as theirs - they gave you the referal....
Thanks TickTock. Much appreciated. Anyone else support or conflict with that in their experience?