Wirehouse non-solicit of my clients (employment agreement negotiable?)

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Oct 8, 2010 4:46 pm

In reviewing an employment agreement at a wirehouse it has a non-solicit for one year.  Has anyone had any luck negotiating that out as a newbie?  How heavily is it enforced?  I know about the Protocol, etc., but interested in how this clause works in practice.  I am an attorney, so I don't need a layman's legal opinion.  The language is pretty clear.  Just looking for insight on real world handling and success in negotiating it out at the outset.

Oct 10, 2010 1:48 am

Its not negotiable.  Its also hardly enforced. If you end up getting fired (90% within one year), its rarely enforced as they have little regard for your skills. If you go to a firm in the protocol - no problem, but only after the first 2 years - prior they may try to charge you for training costs. If you leave and try calling other FAs accounts - they will enforce it.  If/when you leave, just don't be a jerk, tell the branch manger what a great guy he has been, but it just wasn't working out for you. Its you, not him or the firm. (like breaking up!). The branch manager has 80% of the say if they enforce the non-compete.  The above was my experience at UBS and Smith Barney.  Banked based firms will go after you - as they see the clients as theirs - they gave you the referal....

Oct 11, 2010 3:21 pm

Thanks TickTock.  Much appreciated.  Anyone else support or conflict with that in their experience?