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Feb 2, 2011 2:41 pm

I was recently approached by another wirehouse about potentially joining a team. I'm going to consult an attorney about the AGE trainee contract. I have a short amount of time left on the contract, but what I'm most concerned about is the non-solicitation part. Does any one have any experience or knowledge about the potential repercussions?

Feb 3, 2011 5:12 am

Ping. I am in a similar situation. I have consulted an attorney. The conclusion I have come to is... AGE/Wachovia/WFA may or may not come after you for training costs. From what I have gathered it depends greatly on the amount of assets you have and how much your manager wants to pursue it.  I know multiple individuals who have left for competitors before their trainee agreements have been completed. None of the advisors that I know who left were pursued for training costs. But, I have read numerous arbitration rulings some of which the FA was found liable to repay training costs for breaching the training agreement.  As far as the non-solicit; If you are going to a wire it is most likely a signatory to the broker protocol, as is WFA. If you follow protocol you should be clear from a TRO.  If you are concerned about training cost you are really rolling the dice. I know that probably doesn't clear things up but, I just wanted to share my experience. 

Bottom line is.  They may seek to recoup whatever training costs are owed. If both firms are part of the protocol, you should be in the clear to move your clients.  Obviously you should consult an attorney on both parts. The other firm should provide an attorney and if they really want you they may agree to pay any training costs you owe.