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let’s say i take a big transition package from a major like ml or ssb, and 2-3 years go by and i’m struggling. my numbers are below expectations for whatever reason. how patient would they be and would they want some of that upfront back?
The contract will spell out what they expect. Is it a forgivable loan? Forgivable based on production? Forgivable based on AUM? Forgivable based on assets moved? Or a combination?
Make sure you KNOW what they expect before signing.
Hope this helps.
think positive… what if you cross the street and get hit by a car while you are trying to buy milk…
I can appreciate what you're saying Cracker, but to use your analogy, what if the contract stipulates that a car run him over if he can't finish all of the milk?
I've not been in the situation, but my advice would be to talk to a lawyer so you're not going in with your eyes wide shut.
My understanding is that you will feel the pressure. They may not fire you, but it will be uncomfortable.
Most situations I have heard like that involve a large payout cut. Obviously each firm and manager is different. Branch ‘A’ may cut your payout from 35% to 30%, while Branch ‘B’ might just let you go.