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.