What happens to comissions/fees/bonus after you leave one firm for another?

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Jan 22, 2011 11:34 am

I will shortly be changing firms after a long search.  The date I am leaving is Jan 31. I have not told my Branch Manager yet.  By contract, I am required to give 5 days notice.  Just received client fees for first quarter of 2011.   Does anyone know:

What happens to the January client fees I recieved this month.  We charge client fees quarterly in advance.  I know my firm will reimburse the fees to the clients, but will the firm be responsible after I leave or will they send me a bill for the money back?

What happens to mutual fund trails that i earned that come in after I leave?

What happens to the 2010 bonus I will receive from a 401k in April of this year?

No matter what my pr*ck of a Branch Manager does to me, which may be awful.  I want to do the right thing.  I want to rest my head on the pillow knowing that I did not hurt my clients.  I even want to pay the pr*ck any monies I rightfully owe him.  I think he has more than one screw loose, so who knows what he will do when I turn in my resignation letter.  What are your thoughts?

Jan 22, 2011 12:02 pm

First of all, what kind of firm do you work for? 5 DAYS NOTICE? When i was at the wire, before i went indie, if you resiegned, you needed to go into the BM office with your coat and your keys in your hand because they escorted you out the door, practically in handcuffs, like a criminal.

You will get your 401k match, thats DOL rules

You should be able to keep your fees, although if the clients go with you, they may ask for them back. I would tell them to kiss ass. If your clients don't go with you, they wont get the fees rebated.

With the MF trails, if your clients go with you, the trails go with you too.

Jan 22, 2011 4:09 pm

We bill in advance for one quarter.

Jan 24, 2011 11:48 am

Make sure you have good legal counsel on your OWN dime helping you with this. Pennies are worth dollars regarding the subject matter you describe. Trails you are SOL on, and if your fees are front loaded, they'll want them back. Make sure you really know your employment contract. I left in 09, been a legal issue ever since...

Feb 7, 2011 6:56 pm

[quote=BigFirepower]

Make sure you have good legal counsel on your OWN dime helping you with this. Pennies are worth dollars regarding the subject matter you describe. Trails you are SOL on, and if your fees are front loaded, they'll want them back. Make sure you really know your employment contract. I left in 09, been a legal issue ever since...

[/quote]

They come after you for fees from clients that are paid in advance?  how?  I heard they charge the branch back.