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Jul 10, 2007 1:23 pm

I have been an active reader of this forum for some time but now is the time I need some advice.


I was terminated from "the best company to work for in America" in the financial services industry for being overly intoxicated at the regional meeting.  Now what to do?  I will stay in the industry but need assistance as to where to go.  My thoughts are to go independent (LPL or Wachovia).  I have had phone calls from other brokerage house already but do not really know what to do.


I have 5 years of experiernce and a very profitable book of business that belongs to the company of course.


If terminated, do I have to be concerned about a non-compete clause? With the buyout of AGE does Wachovia make sense right now?  Advantages/Disadvantages to LPL?


I am sure there are others here that have gone through this and would appreciate input.


 

Jul 10, 2007 1:41 pm

What did they put on your U5?

Jul 10, 2007 2:21 pm

That sucks...sorry.  Five years of business is a lot to leave behind.


What about claiming you're an alcoholic and entering rehab or someting.  I don't know but my question is can one be fired for an addiction? 


I would be thinking LPL.  Best of luck. 


Jul 10, 2007 2:32 pm

Are you sure that you got fired for being intoxicated as opposed to intoxication being an excuse to fire you?


Something tells me that a well-liked successful producer would not lose their job over this.

Jul 10, 2007 2:42 pm

What did you do, barf on Jim Weddle's wingtips?

Honestly I'm with anonymous....I smell a troll...

Jul 10, 2007 2:50 pm

Advice? Go have four fingers of the best single malt you can find! Better yet, make it a double! Don't let this business interfere with your drinking.

Jul 10, 2007 3:11 pm

He's probably not a troll.  Jones is pretty hard line on stuff like that.  He wouldn't be the first to get termed.  However, it was probably not his first offense (my apologies to New Life if it was).  We have guys in our region that get really drunk every year, but don't lose their jobs.  He had to have done something else while he was drunk to bring the full force of HR down on him like that.


New Life - In answer to your question, yes, you still have a non-compete clause (I checked Jonesnet for you).  If it were me, I'd go indy.  If your book is that profitable and it will go with you you might as well get a bigger payout.  If you like the corporate backing have lunch with all the recruiters you care to stomach.  Pick whichever you think offers your clients the best platform and you the most opportunity for growth.   

Jul 10, 2007 3:19 pm
New life:

I was terminated from "the best company to work for in America" in the financial services industry for being overly intoxicated at the regional meeting.


Geez...what's next?!! Assuming there's nothing else you aren't telling us, why don't they fire all the fat reps for going through the buffet line three times?!!!


LPL or RayJay appear to attract a fair number of EDJ reps.  LPL has a lower production minimum ($125K VS 250K).  Here's the best advice you'll get...TIME IS MONEY.  You need to find a new firm ASAP and get your license transferred and start talking to your clients.  Every second that passes, you are losing clients and credibility.  The reps I've seen make the most successful jumps were those had had prepared well, walked out, and got relicensed with their new firm the same day.  Obviously, you can't do that, but YOU MUST MOVE QUICKLY.


...and you might want to swear off the sauce for awhile...for a variety of reasons...

Jul 10, 2007 3:23 pm
Malcolm:

That sucks...sorry.  Five years of business is a lot to leave behind.


What about claiming you're an alcoholic and entering rehab or someting.  I don't know but my question is can one be fired for an addiction? 


I would be thinking LPL.  Best of luck. 




You can't be fired for an alleged addiction. You can be fired for observable and measureable misbehavior.

Jul 10, 2007 3:43 pm

I agree with Indyone.  You have to find a place to hang your hat quickly.  You have to be getting calls from clients asking about why another rep is calling them.  The quicker you get transitioned over to another b/d, the better.

Jul 10, 2007 3:49 pm

New Life.  Control yourself. Just because the booze is free doesn't mean you need slurp it up and get out of hand.  Save that kind of activity for home.    Seriously you must have been doing a repeat performance for them to fire you for being drunk.  They wouldn't just can you for the first time you got drunk.


However, as Indyone says.  Find a new B/D immediately and begin contacting your clients.  EDJ is right now calling everyone and insinuating all kinds of bad things about you.  Be proactive.

Jul 10, 2007 3:50 pm

I still want to know what they put on his U5.


Amended: Exceeded two beer limit at regional meeting. Dismissed!

Jul 10, 2007 3:57 pm

 how can  the company be rated "the best company to work for in America" if you can't get smashed at a regional meeting?


what is being put on your U5 is a very good question.


you gotta tell us what happend...did you have a fight with someone (verbal or physical)?

Jul 10, 2007 4:33 pm

New life- I know this is going to be hard for you to grasp but EDJ treats its employees like crap. Unfortunately, you know this first hand. They can take up to 30days to file your U5. So your only option right now is not to interview with anyone. Go into rehab, and get your life straight. This is a wake up call. Hire an attorney, and have your friends and family call your old office and record what they say about you. Collect unemployment. You may never know the true reason they terminated you chances are they will be something non descript on your u5 like conduct unbecoming a financial advisor non securities related. This industry is unfair to the registered rep. It's like working for the mafia. They can put whatever they want on your U5 and you can challenge it, but you will most likely loose. Take your money out of profit sharing payoff your bills. Join AA. your status with Jones is your going to get divorced. You can fight for your clients. But there comes a point in all divorces where the anger is self defeating. Change towns, change occupations if you can. You will be able to get over Jones sooner. Best of Luck

Jul 10, 2007 5:37 pm

If you have to get a disease, alcoholism is a good disease to get.


I smell a troll.  There are plenty of drunks in this business.  Drug addicts, Sex addicts you name it.


Maybe they fired him for being stupid.  Cause that is just stupid.

Jul 10, 2007 6:38 pm

Geeze advisor1, leave town? That's a tad harsh in'it? Change occupations?


The lesson here is, alway have a copy of your book (at very least names and phone numbers) somewhere outside of the office. In the past five months I've had two guys talking to me who had not one shred of a book when they were unexpectedly terminated (everybody else knew they were likely to get term'd by these two were particularly stoopid).

Jul 10, 2007 6:38 pm

How do I find out what they put on my U-5??


I am sure there is something else behind this but can only go on what has been said to me.  I did talk to the person that reported my behavior and she said that she was sorry that she was only concerned about my welfare.


NO. I am not going to take a month off to seek rehab.  The problem is NOT with my consumption on a daily basis.  I was having fun as everyone was on that Saturday night. Maybe I went over the top but that happens.  I have seen fist fights in which no one gets terminated.


My question is what to do next?  If Indy is the route how do I proceed?  I can not see myself working for the local bank.  Which company has the best platform for a former Jones broker?  Am I going to be slapped with a non-compete as soon as I move?  Do I get a 24 license or hook up with someone to be my manager?


This is a frustrating situation and I do appreciate comments. 

Jul 10, 2007 6:43 pm

Find a local indy and hook up there ASAP (best if you know/like the guy. Let him know upfront that he is a way station.) Consolidate your book around you and then you can make a deal somewhere.



Jul 10, 2007 6:49 pm

I have seen fist fights in which no one gets terminated.


First of all, you probably shouldn't have popped the regional leader in the snoot (he probably deserved it) and grabbed his wifes boobs.  Just kidding.  I hope.


Whomit has the ticket.  Check the yellow pages for any indy firm and explain the situation.  You should be calling any of the clients you can right now and explaining that you have made a career decision to move onward and upward.


Jul 10, 2007 7:12 pm

you're asking for help, but you're not telling us what really happend.