Do I Need a Lawyer?
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I left my firm a couple of weeks ago - on good terms. I decided this business wasn't right for me and took a sales position in a total different industry.
Because I have a fairly big book which was staying at the firm, I offered to stay a few weeks to help transition - meet with my manager to go over pending items, call my clients if they wanted to explain the situation and intro the new broker. I figured what client is going to be inclined to stay - the one who gets a call saying "your broker left, don't know what happened, I'm your new broker. No, I don't know anything about the cost basis project that was being worked on for you..." or the one who gets a call from me saying "I've decided to leave the industry, but Joe Smith will be your new broker. You'll really like him, and I've filled you in on all the work we have pending".
Long story short, I was told to pack my bags and leave then and there. I told them they were making a mistake, and the clients would be the ones who got hurt - i.e., I had an appt. the next day with my largest client at her home. What would happen when no one showed up? The next day I had a 2 mil client coming in to review our cost basis project - what would happen when they drove an hour to get there and found out 1) I wasn't there and 2) no one knew anything about the cost basis project. So after that little example, I was "allowed" to go into my office for an hour and type up everything I had pending.
My branch manager was out of town, so I gave my written resignation letter to my Operations Manager. I thought in the interest of time, since my manager was to be out the next day also, I'd better just get it to the next in line. In that meeting, I was told that Regional had authorized payment to me for any trades up to the end of that day, whether or not they had settled.
Well, long story short, my NET for March was well over 6K. Friday night when I got home, there was my direct deposit statement from the firm - which showed that they had deposited $300 for my entire commission month in March.
I'm trying not to overreact, and immediately sent an email to my Branch Manager. This has caused quite a hardship for me though. My husband and I were at the bank Sat AM and had to take a loan so that we could pay our regular bills AND our taxes that this check was earmarked to pay.
If I don't hear back Monday from my Branch Manager, what's my recourse? Unfortunately I didn't get anything in writing about what they said they'd pay me. I trusted them - HAH! I figured I've given them 9 years of service, I'm leaving a big book, going to a total new industry, why would they try and screw me. But to me, this is money I earned while employed there, and seems like outright theft?
Can anyone comment??? (except about me being naive - I already know that)
I gotta ask the obvious…Why would someone with a large book and making decent money leave for another industry?
I gotta ask another question…Why would someone with 9 years call themselves “newrookie?”
Also, with a big book and 9 years on the job, how is it that you are only making 6,000 in March. Also, how can missing one paycheck cause you to not be able to pay your bills?
Your post smells fishy.
[quote=remotecontrol]Why would someone with 9 years call themselves “newrookie?” [/quote]
Don’t assume that length of service is the same thing as time in production. She may have started as a sales assistant or other support role.
Unfortunately I didn’t get anything in writing about what they said they’d pay me.[/quote]
You said in another post (Account Distribution Policies)<span =“lgText”> that you work at a major wirehouse. I really doubt that your comp plan isn’t in writing somewhere.
I’d suggest you start by getting a copy of the compensation plan. Your corporate HR department can probably help you there.
Read the plan carefully and then try to work it out with your firm before calling a lawyer. It may just be an error.
I’m an HR person myself, and I’d be very surprised if your HR generalist wasn’t willing to help you.
Your post smells fishy.[/quote]
I agree, but let's help her out anyway on the off chance that she's for real.
And Newrookie: don’t put anything else in writing, whether in email or regular mail, without first consulting an attorney.
Get a lawyer to help get soem of the money they owe you, and help if they get nasty.
New Rookie- Before getting a lawyer, just check your local Labor Laws. If you are in California, you can just file a claim with the Labor Board. They are very effective in getting money to -even when owed by way of commission. “He who shakes the tree gets to gather the fruit.”
She's blowing smoke... If she was so concerned about her 'plight', dont you think she would have responded at least once to the many attempts to gather more info and help her out?????
Newrook- go away.........
Blarmston- Hey what makes you assume Newrook is a “she”? Because they made referrence to a “husband”? What if it’s Robert Lalicki or Reid Beyerlein of EDJ- you know those guys who made headlines by networking only the folks who play on the same team?
'cause she PM’ed me her measurements… Impressive, but I suggested she may want to step into a 24 Hour Fitness from time to time…
Thank you…curious to know who is talking about the two gentlemen that started that group.