Quitting As a Financial Advisor: training costs, finra etc

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May 21, 2011 12:03 am

I am wondering what I should do.  A few months ago, I was about 8 months into production 13 months with the wirehouse.   I was at work and had a fainting spell, hit my head and had a fairly serious concussion.  I lost my memory and vision.  I still tried to work, but was told to go on disability until I could get a doctor to sign off on my health.  While on disability it became evident that 1. I won't be able to drive much anymore.  Its dangerous for me to drive and they haven't taken away my license yet, but I was told by a doctor not to drive for 6 months and not to risk driving extended periods of time for about 2 years.  2. I had alienated the clients I had brought in.  Nothing better than being an average new FA, maybe slightly below average, and then being unable to talk or be reached for three months by the people you brought in.  3. No one from work contacted me or called me during the entire time I was out of work (3 months).   Not even a get well card or anything.

Doctor's have recommended I move to another city where they have more specialists to treat the heart condition which caused my fainting spell.  I can't just not have any salary, so I applied to a bank there, finance is the only place where I am qualified to work.  I can function, my memory is alright, but this just would be in investments, just not require me to drive, or have the long hours, build a book,  or have nearly as much responsibility and I would never be alone.  It is also right next to the hospital I would need to go to for exams etc...

I really wonder what I am supposed to do here.  I can't really tell the new company about my medical history.  I am not even sure I can legally tell them and I know for a fact I do not legally have to tell them that I just got off of disability.  2.  I dont want the wirehouse I am working for to come after me.  I need to move about 3 hours away, I was probably 50/50 to make it anyways and now having lost any prospect as well as possibly a decent sized client due to my injury I would probably be 0% chance to make it. 

So I really was wondering what i should do.  I am not taking some higher paid job or anything more glamorous or anything, although they did want me to be licensed at the bank and I got my licenses through the Wirehouse training program.   I am just trying to do whatever is possible to 1. get better, and 2. make a living.  I wrote my boss and told him I wasn't going to return.  This was before the bank offered me a job and I am not sure what else I should do.  (he never wrote me back) I mean I have no idea what to do, if it wasn't for my injury I wouldnt have left and would have kept working till either I made it or I didn't.  Should I just do nothing, the wirehouse knows I quit, the bank knows I am coming, hell I wouldnt mind paying something for my training etc...but I am worried during the FINRA check or something I am going to get screwed somehow.  Any help would be greatly appreciated. 

I am hoping they realize that I am just a bust due to my injury and just let me go get better and re-start a career.  I mean I am not going to a role where I am trying to build a book of business or anything, I wont be within 3 hours of any clients, so I figure its a win win for them, they get rid of me without paying unemployment/they stop paying a failing FA (which I would be not being able to drive, work over 40 hours a week, and having lost any prospects I had made in my first 8 months) and they get to keep the clients I did bring in.  Any chance they just let that happen? 

May 21, 2011 4:43 pm

Have you received a form U-5 or looked on www.finra.org to see if the wirehouse still has you active with them? If the answer to both of these questions is No, technically you are still regeistered with the wirehouse and need to resign in such a manner as they recocnize the fact that you have quit.

If you have a good relationship with your manager an honest conversation with him may be a good start.  He maybe able to give you some guidance on what he or the firm may do.  I wouldn't tell him you have a bank job already, but suggest to him you might want to work at a bank in another town.  Don't worry about tipping him off on your plans as the wirehouse would find out about your registration at a the bank in due time anyway.

Good luck and screw the wirehouse when it comes to taking care of your health.  They would do the same to you.