Leaving PMD program?
3 RepliesJump to last post
How many of those have left the PMD (ML) program and either gone to another firm or started your own small RIA with your closest clients (family/friends)?
Did you have any issues with ML once you left? I've heard from a couple on here that sometimes ML will ask you pay them back, but many say you never hear from ML again. I looked at my employment agreement recently and in no where did it state I owed them training costs back if I left early or joined another firm; I don't think I would have signed for that. Only thing in there is a 180-day non solicitation rule but those are typically easy to circumvent.
I'm almost LOS 18 months in by the way, and i've realized it's just not a good fit for me.
It was a separate agreement, as I recall. I don’t think every area of the country has advisors sign it, but i’m not sure. My area does. I didn’t sign it and they never made a fuss. When i left i got the usual do-not-solicit letters from the ML lawyers, but nothing about paying back the 38k. I know two other PMDs in my complex that DID sign the letter and they DID get a bill for the money. I don’t know the status of that beyond them receiving a letter, though.