Branch Closings

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Oct 26, 2006 1:01 am

A week ago, they strolled into our branch and said we are closing the doors.



Is anybody else seeing this go on or are we the lucky winners of the month? This branch was created as basically a start up 1 year ago...went from 1 body to 7 bodies in 6 or 8 months and then whammo. He says the branch was loosing money. Oh really??? I guess things can happen when a new regional manager rides into town.



The remedy was "just drive to the next town...it's only 90 miles away."



Is this a trend?



Has this happened to anybody else out there? Is there any recourse or remedy?



Thanks

Oct 26, 2006 6:19 am
onthemove:

A week ago, they strolled into our branch and said we are closing the doors.

Is anybody else seeing this go on or are we the lucky winners of the month? This branch was created as basically a start up 1 year ago...went from 1 body to 7 bodies in 6 or 8 months and then whammo. He says the branch was loosing money. Oh really??? I guess things can happen when a new regional manager rides into town.

The remedy was "just drive to the next town...it's only 90 miles away."

Is this a trend?

Has this happened to anybody else out there? Is there any recourse or remedy?

Thanks


You could move the ninety miles.  Would you have moved there is the original job offer came from there?  If not then suck it up.


I'm surprised your manager hasn't suggested that the group of you join another firm--that is almost always what happens.  If y'all--the group of you--was worth having there would be competition among the other firms in town to keep you there, and intact.


It's very unusual to actually open a branch with just one person.  Typically somebody is sent into a town to test the waters to see if producers from other firms are willing to join the new office before the office is actually opened--a firm has to have "X" dollars in predictable production in order to justify the expense.  Sometimes it's a huge producer who wants to relocate for personal reasons--Donald Regan, President Reagan's Chief of Staff, was a big deal at Merrill.  When he retired they opened an office just for him in Williamsburg, VA.  There was no logical reason for an office there, the town is very small and there were branches to the west in Richmond and to the east in the Tidewater area.  But he was who he was.  Brokers came to work there because it was there and because he was there--it flourished.


When you get knocked down you get up and you're all the stronger for having been knocked down.

Oct 26, 2006 9:27 am

There are two things that usually happens - some of the FAs will drive the extra distance and stay put.  The others will start shopping around to see what else is available in regards to the competition. 


I have a 20 mi. commute and I hate that!  Best of luck.

Oct 26, 2006 10:51 am
onthemove:

A week ago, they strolled into our branch and said we are closing the doors.

Is anybody else seeing this go on or are we the lucky winners of the month? This branch was created as basically a start up 1 year ago...went from 1 body to 7 bodies in 6 or 8 months and then whammo.


They killed off a branch after only one year? Who even takes a one year lease?



onthemove:


The remedy was "just drive to the next town...it's only 90 miles away."

Is this a trend?

Has this happened to anybody else out there? Is there any recourse or remedy?

Thanks


I know it might not be easy to hear, but it seems to me they've given you the perfect reason to take a check from another firm (assuming there is one in your town) and keep your short drive.

Oct 26, 2006 2:06 pm

Onthemove


What firm are you with?   

Oct 27, 2006 1:13 am

This was actually a branch that had as many as 11 producers 5-7 years ago. Attrition and whatever had it beaten down to 1 person who was refusing to give up.



Then they brought in a BOM that had experience in turnarounds and start ups both. That's how it went from 1 to 7 bodies in a few months. A CA, some rookies etc.



About the lease, evidently, they hadn't had a long term lease in a few years. This is one of the questions I did not ask during my interview process. (Note to self)!!



Now you all can add one more question to your interview arsenal. "How long of a lease does this space have?" Who'd have thunk it.



Would I have moved to that town a year ago? Yes, I actually interviewed there with other firms. When I interviewed there 18 months ago, I only lived 35 miles away and would have drove there for a while, before moving. But, I came here which was 125 miles away from where I used to live, hence the 90 mile drive.



Yes, I am whining and I will suck it up. There are only 2 choices.



Stay or Go!!



Did Yoda say that once?



Thanks for the input!!