Honestly, I’m surprised your firm didn’t cut him loose for substandard production a long time ago.
My firm (a major wirehouse) will keep anyone as long as they are doing at least 300 - 350K.
They don't consider LOS, which I think is wrong. They'll let a really hard-working rep who has been in the biz 5 yrs or so go because they're not doing 300K, but hang on to reps who have been in the biz 15, 20, 30 yrs and barely breaking the 300K mark.
That’s not too bright long-term, but in the short run why would they care how long someone has been at it? They want the guy who brings in more. Maybe you can go back to this guy farther down the road and make an offer on your terms…the only good thing about his book not being “good” is that it might not be as in high demand, and therefore perhaps you can get a better “price” on it later.
Way to hold your ground. The guy was going to use you. If you only did 100k though, you better get movin.