Firms hold all the cards
According to the contract, if I take the upfront money and go to a new firm.
1. I can be terminated at any time.
2. They can go into my account (which of course I will be obligated to keep at the firm) and TAKE THEIR MONEY BACK if they terminate me.
3. I'm not allowed to call my clients for 1 year.
Is this a typical employment arrangement from a major wirehouse?
I don’t know about the taking money out of your account bit, but the rest seems pretty normal to me.