Leaving Merrill Lynch

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Mar 27, 2009 1:30 am

I joined merrill lynch in January '08. I received 150k cash, 50k stock signing bonus.  I now wish to leave ML, do i have a non-compete? how much will i have to pay back?

Mar 27, 2009 6:45 am

Give them the stock back.

Mar 27, 2009 9:14 am

Mar 27, 2009 9:33 am

If they ask for the money, just tell them that as a dutiful taxpayer you have more than adequately repaid them.

Mar 27, 2009 9:44 am
juiceb:

I joined merrill lynch in January '08. I received 150k cash, 50k stock signing bonus.  I now wish to leave ML, do i have a non-compete? how much will i have to pay back?




Read your contract, Einstein.

Mar 27, 2009 10:44 am

Read the fine print in the contract. Technically you are now an employee of Bank of America so any non-compete you signed with Merrill could be void.

Mar 27, 2009 2:36 pm

You will owe back what you got for coming and you may have a non-compete for your clients. merrill is great at screwing its advisors like that.

Mar 27, 2009 9:38 pm

Get a lawyer.  Seriously.

Mar 27, 2009 10:13 pm
Bank of Amerrill:

Read the fine print in the contract. Technically you are now an employee of Bank of America so any non-compete you signed with Merrill could be void.



Highly unlikely that Merrill would put a producer on a contract that was not assignable...

Mar 27, 2009 10:58 pm
Bank of Amerrill:

Read the fine print in the contract. Technically you are now an employee of Bank of America so any non-compete you signed with Merrill could be void.





my contract stated that any change in ownership would transfer my contract to the new company.

Mar 28, 2009 1:37 pm

Get a lawyer. There are a number that follow these boards, but you can PM me if you want a referral.

Mar 28, 2009 7:58 pm
san fran broker:

Get a lawyer. There are a number that follow these boards, but you can PM me if you want a referral.

 
If you are leaving the business you dont need a lawyer.  If you are leaving and have no money there is nothing they can or will do.