Changing firms and new firm wants me to sign a non-solicit...must I?

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Oct 21, 2010 5:57 pm

Looking to move from wirehouse to bank and will not be transferring many assets to the bank. I was in management at wirehouse and gave up most of my book years ago, and now must go back into production from square one since manager jobs cut.

The ban wants me to sign a one year non-solicit should I leave their employ. How is this typically handled and how does protocol affect it. If I sign it and then go to a protocol fir, can i take assets, or will the non-solicit apply. What do most olks do and are non-competes still the industry standard even with protocol.

Thanks in advance!!!....I never changed firms before!

Oct 26, 2010 8:31 pm

Personally, I would never sign a NC.  I would have legal council look at it and find a way out.  I would look at the competition and find out what thier practices are.  I can't speak for banks, but I moved to Stifel this year and there was not hint of a non-solicit. 

No matter how much you love the company and trust the firm or management, I can tell you that times change and mergers happen and before you know it you are working for Satan (AG Edwards to Wells...).  If you have signed a strong non-solicit, you are officially a slave.  You spend 10 years building a huge book and are essentially a love slave at the mercy of your horny master who will periodically call you into his room for some special attention.  You have not choice but to smile and tell yourself that it is like this everywhere. 

It is too hard to build a book.  You never want to be in a position to have not choices.  If the bank won't budge, go somewhere else. Period.

Oct 31, 2010 11:15 pm

Its basically non-negotionable, and the same at most industries if you are in sales. You firm doesn't want to loose clients - or make it easy for you to take them. They will go with you - if you are why they are there.