What day to resign?

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Oct 24, 2006 1:15 pm

We all have heard resign on Fri but what about wed or thurs. Any experience? I bet it would take my manager until late thurs or Fri to hand out all my accts

Oct 24, 2006 1:49 pm

Friday about 3pm is the best bet.  If your book is large enough and they want to file a TRO (temp restraining order) they are going to have a had time getting one over the weekend. 

Oct 24, 2006 2:07 pm

Why would you take the chance of letting folks peck at your book when you can have the weekend to solidify who is with you and who is not? It makes no sense why someone who even take the risk.

Oct 24, 2006 2:37 pm

All the big boys jump ship over a long holiday weekend.. Gives them one more day to ACAT accounts. And I wouldnt underestimate the managers quickness in getting accounts reassigned to other FA's.


I still remember the day a large FA left. He jumped around 10am on a Friday and by 1130am we were calling to keep the clients. About 70% of the assets and 80% of the production stayed.

Oct 24, 2006 5:12 pm

Friday at 3pm. Preferably at the start of a three day weekend.


Why break tradition?


Why argue with success?


Why give them a leg up?


Oct 24, 2006 8:34 pm

I recommend slipping a letter under your branch manager's door at 4:59pm on the Friday before a big holiday weekend.

Oct 24, 2006 9:29 pm

If you do it too late in the day, there isn't enough time for your new firm to get your lic. moved.  Remember...the old firm has to acknowledge that they got your resignation.

Oct 24, 2006 11:55 pm

I might leave on a Thursday if the manager and several other brokers were on vacation that week or taking friday off.  Otherwise... Friday at 3:30, or as soon as most of the brokers knock off early for long holiday weekend.


The best one I ever heard.... the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.


Oct 25, 2006 11:26 am
iconsult100:

The best one I ever heard.... the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.



I heard the same story, except the broker was supposed to be on a flight to some weekend conference ALONG WITH the manager.

The manager boarded the flight and noticed that the broker wasn't sitting next to him, as planned.  The BOM called his cell, and the broker said "I just slipped my resignation under your office door".

Oct 25, 2006 2:14 pm
JCadieux:
iconsult100:

The best one I ever heard.... the manager left the office on Thursday around 1:00  prior to memorial day weekend for a family reunion or something.  (he supposedly had a 4:00 flight) The broker quit at 3:30.  The accounts were distributed by 10:00 Tuesday.



I heard the same story, except the broker was supposed to be on a flight to some weekend conference ALONG WITH the manager.

The manager boarded the flight and noticed that the broker wasn't sitting next to him, as planned.  The BOM called his cell, and the broker said "I just slipped my resignation under your office door".



My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!

Oct 25, 2006 2:22 pm

When you resign, your BM and other FAs in the office then become your competition.  Why give them a "10 second head-start" by leaving mid-week as opposed to leaving over a weekend (or three-day weekend) and catching them off-guard so you have the advantage.

Oct 25, 2006 8:12 pm

joedabrkr:

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
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Oct 25, 2006 8:23 pm
joedabrkr:



My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!


Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

Oct 25, 2006 8:41 pm

What are the reasons behind not wanting other FA's contacting your clients quickly?


I take it if your going to different broker/indy that your clients will or won't follow.  Is it that your fellow FA's will have a chance to bad mouth you or talk client into staying?


Oct 26, 2006 9:28 am
logan:

What are the reasons behind not wanting other FA's contacting your clients quickly?

I take it if your going to different broker/indy that your clients will or won't follow.  Is it that your fellow FA's will have a chance to bad mouth you or talk client into staying?


Yes.

Oct 26, 2006 9:47 am

logan- did you see jerry maguire? yes it is alot like that. if bob sugar and the rest of the office had been away jerry would have had the jump and moved all/most of his clients. additionally, that is many times why if a firm becomes confident someone is leaving they may terminate that person in order to get a jump on them. the recipe works get a 3-4 day head start while your former colleagues now competitors are playing golf.

Oct 26, 2006 10:16 am
Devil'sAdvocate:
joedabrkr:



My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!


Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.



Joe, have you told us a little fib?

Oct 26, 2006 11:00 am

I am in a small boutique office with 14 reps.  One thing that is nice about it is we are all friends.  Every couple years when someone leaves no one calls the departing brokers clients even when the accounts are handed out.  It's a pretty nice thing and there isn't much that mgnt can do about it because they arn't really aware that we don't go after each others business.       

Oct 26, 2006 1:42 pm
Malcolm:

I am in a small boutique office with 14 reps.  One thing that is nice about it is we are all friends.  Every couple years when someone leaves no one calls the departing brokers clients even when the accounts are handed out.  It's a pretty nice thing and there isn't much that mgnt can do about it because they arn't really aware that we don't go after each others business.       




This happens quite often when brokers are friends.  One guy will "go light" when chasing a buddy's book.

He may grab one or two token clients that would be hard to move anyway, then just make a token effort on the rest.

Whenever I hear about this happening with a recent placement, it's sometimes an indication that the buddy is ready to look for a change, too.

Oct 26, 2006 1:57 pm
Devil'sAdvocate:
joedabrkr:



My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!


Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.



I mis-typed.  I submitted my resignation the Friday morning of Memorial Day weekend. When they woke up my BOM in Hawaii it was quite early out there.  Hence my enjoyment of the whole sordid affair.   According to a couple of my friends they were running aroudn like a bunch of idiots.