Layoff Impact On Your U-4?

or Register to post new content in the forum

14 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Dec 22, 2008 10:31 am

I'm LOS 2 with Merrill, and management has given me a date several weeks into 2009 when I must either resign or be terminated.  I'm aggressively interviewing with banks and have two interviews lined up.  So far, 90% of my clients have said they would move with me.  But here's my dilemma regarding the U-4.


If I resign, I've been told it will spare my U-4 from the black mark of being terminated.  But assuming the worst, can you collect unemployment if you've voluntarily resigned?  Or do you have to be terminated to collect?
 
Dec 22, 2008 10:39 am
Fundrzr:

I'm LOS 2 with Merrill, and management has given me a date several weeks into 2009 when I must either resign or be terminated.  I'm aggressively interviewing with banks and have two interviews lined up.  So far, 90% of my clients have said they would move with me.  But here's my dilemma regarding the U-4.

If I resign, I've been told it will spare my U-4 from the black mark of being terminated.  But assuming the worst, can you collect unemployment if you've voluntarily resigned?  Or do you have to be terminated to collect?
 




Unemployment? No wonder you failed.

Dec 22, 2008 11:09 am
Hank Moody:
Fundrzr:

I'm LOS 2 with Merrill, and management has given me a date several weeks into 2009 when I must either resign or be terminated.  I'm aggressively interviewing with banks and have two interviews lined up.  So far, 90% of my clients have said they would move with me.  But here's my dilemma regarding the U-4.


If I resign, I've been told it will spare my U-4 from the black mark of being terminated.  But assuming the worst, can you collect unemployment if you've voluntarily resigned?  Or do you have to be terminated to collect?
 




Unemployment? No wonder you failed.

 

Hank may sound harsh but he's exactly right. You obviously have an "employee" mindset.
You may be a better fit in a bank setting selling loans or credit cards while collecting a full array of employee benefits.
Dec 22, 2008 11:37 am

Fundrzr:

I'm LOS 2 with Merrill, and management has given me a date several weeks into 2009 when I must either resign or be terminated. 

<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />


 


Since you are LOS 2 I assume that you have graduated from the POA program.  Why is ML giving you a termination date?  Is your production not high enough?  Has anyone else at ML experienced this type of ultimatum?


 


--WM

Dec 22, 2008 12:08 pm

Fundrzr-

 
Don't resign!  Stay until they carry you out.  They are telling you to resign so they won't have to pay the unemployment.  It is not a "black mark" on your U-4 if you have been terminated by a firm that is laying employees off by the masses.  What a joke, MER was minutes away from going out of business themselves until BAC step in.  You did not fail, hang in there.
Dec 22, 2008 1:03 pm

What will they put on your U4? What comments to go with termination?

Dec 22, 2008 4:12 pm

you do not want a termination on your U-5. wait till the last minute and resign, you might still be able to qualify for unemployment.

 
get into a bank program so you can make some real $
Dec 22, 2008 4:43 pm

Or maybe put the pedal to the metal and start producing.

Dec 22, 2008 5:24 pm
Gaddock:

Or maybe put the pedal to the metal and start producing.

 
Good Idea!!! They already told him he has 3 weeks.  What do you suggest he does? Sell everything and put clients into B shares or an annuity for one last paycheck?  I would say for sure, sit there until they fire you.  It means nothing to get fired from there or anywhere else right now.  Tell your new employer," I did what was right for my clients and sat on their money in money market and a company who was 10 hours away from bankruptcy told me that I did not produce enough...and they suddenly let me go".  Someone will hire you, guaranteed.
Dec 22, 2008 5:30 pm

i think you can collect unemployment if you are layed off.  But call your unemployment office.

Dec 22, 2008 8:27 pm
fritz:
Gaddock:

Or maybe put the pedal to the metal and start producing.

 
Good Idea!!! They already told him he has 3 weeks.  What do you suggest he does? Sell everything and put clients into B shares or an annuity for one last paycheck?  I would say for sure, sit there until they fire you.  It means nothing to get fired from there or anywhere else right now.  Tell your new employer," I did what was right for my clients and sat on their money in money market and a company who was 10 hours away from bankruptcy told me that I did not produce enough...and they suddenly let me go".  Someone will hire you, guaranteed.




Yeah. Tell them that. Noone will ever guess that it was ML getting rid of a piker. And firms REALLY love it when guys with minds of their own don't go with the flow. Great advice. They'll NEVER figure it out.

Dec 22, 2008 9:14 pm
Hank Moody:
fritz:
Gaddock:

Or maybe put the pedal to the metal and start producing.

 
Good Idea!!! They already told him he has 3 weeks.  What do you suggest he does? Sell everything and put clients into B shares or an annuity for one last paycheck?  I would say for sure, sit there until they fire you.  It means nothing to get fired from there or anywhere else right now.  Tell your new employer," I did what was right for my clients and sat on their money in money market and a company who was 10 hours away from bankruptcy told me that I did not produce enough...and they suddenly let me go".  Someone will hire you, guaranteed.




Yeah. Tell them that. Noone will ever guess that it was ML getting rid of a piker. And firms REALLY love it when guys with minds of their own don't go with the flow. Great advice. They'll NEVER figure it out.

 
Are you labeled a "piker" for life after 2 years? 
Dec 22, 2008 11:12 pm
fritz:
Hank Moody:
fritz:
Gaddock:

Or maybe put the pedal to the metal and start producing.

 
Good Idea!!! They already told him he has 3 weeks.  What do you suggest he does? Sell everything and put clients into B shares or an annuity for one last paycheck?  I would say for sure, sit there until they fire you.  It means nothing to get fired from there or anywhere else right now.  Tell your new employer," I did what was right for my clients and sat on their money in money market and a company who was 10 hours away from bankruptcy told me that I did not produce enough...and they suddenly let me go".  Someone will hire you, guaranteed.




Yeah. Tell them that. Noone will ever guess that it was ML getting rid of a piker. And firms REALLY love it when guys with minds of their own don't go with the flow. Great advice. They'll NEVER figure it out.

 
Are you labeled a "piker" for life after 2 years? 



He'll be a piker until he becomes a producer. If it's not happening now, it probably won't happen after 2 years.

Dec 23, 2008 4:46 am

I know someone doing this right now. He resigned and is collecting. He also knows a couple people from Morgan who did this around the same time when the entire trainee class in the branch was cut. Your manager will TELL you you're not entitled to it, although you will likely receive it if you were asked to resign for any reason other than gross misconduct.