Correction: 1 year non-solicit

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May 9, 2009 7:12 pm

left large wire.  4 days later, after calling all clients, received a letter from law firm with a copy of non solicit of which i had signed (of which i do not remember doing):

  For a period of one year following termination of employment for any reason, you will not solicit or attempt to solicit, directly or indirectly, any of firms customers who were serviced by you, or whose names became known to you, while in the employ of firm.  For purposes of this provision, the term "solicit" includes initiation of any contact with customers for the purpose of conducting business with or transferring accounts to any other person or fim that does business in any line of business in which firm is engaged.   Also says: Immediately prior to your departure from firm you were witnessed initiating a large number of customer printouts.  these customer printouts are unaccounted for and are believed to have been improperly removed by you.   Accordingly, demand is hereby made for your compliance with the terms of your Agreement and the immediate return to your former firm branch office of any and all firm customer information removed or retained by you, in any form.   Be advised that if the above demands goes unheeded, it will be presumed that you do not intend to honor your contractual obligations to firm and legal action to enforce same may be instituted without further notice.   (these files were printed out, but were left in office)   Advise please: 1.  What to do? 2.  I would appreciate advice.   Thank You
May 9, 2009 7:21 pm

I think you were with UBS then.  Get an attorney.  Where did you leave the print outs and what did you print?  Just curious.

May 9, 2009 7:24 pm

TaKe dump, don’t wipe, finder copier, make copies, coat fingers in chocolate sauce, handle copies, mail copies to said large wire.

May 9, 2009 7:25 pm

I'd also assume that your time period for transferring accounts just got shorter...You can still get 70% - 80% in two weeks.  Also, the inherited accounts that UBS assigned to you will come at a much smaller rate anyway

May 9, 2009 7:31 pm

printed out client profile. then decided not to  take, smartly. left in office, with the knowledge of sales assistant there.

May 9, 2009 8:01 pm

I am guessing you didnt follow protocaol when you left…ie giving thema  printout of what info you took. Did you not go to a protocol firm. Why do you have a non compete if you were not under a forgivable loan or trainee?

May 10, 2009 8:47 pm

no judge in america will allow a non-compete to stand if protocol is followed…the argument would go something like this:

You mean you let someone go from your wirehouse to another wirehouse and ignored the non-compete, but someone can’t go anywhere and ignore the non-compete? Its either good or no good - make up your mind. That’s why NONE of these non-compete situations that i’m hearing of are making it to court…

Follow protocol. If you have, then printing off customer information to develop a sheet of protocol information is acceptable - tell them you filled out the information, then destroyed the information.

I would respond with “here is a list of my protocol clients, no information was taken improperly, so take me to court if you have an issue”…

May 10, 2009 9:21 pm

Most firms have switched to non-solicit because those are easier to enforce and so wide spread it covers what they initially wan’t the non-compete to cover.

May 10, 2009 9:35 pm

I thought this was your “friend’s” problem.

May 10, 2009 10:21 pm

what the dif?

May 10, 2009 10:23 pm

You’re right, so why would you initially say “My friend…”?

  What else are you lying about?
May 11, 2009 12:15 am

Who cares? Quit being a d*** and help him out. Otherwise quit trolling his thread

May 11, 2009 8:11 am

OK - here’s my advice:

  A) Hire an attorney, because you have no clue what you're doing, and looking for advice on a message board isn't going to get you much.   Or   B) Punch yourself repeately in the head for posting this a 4th time.  Then, go back and re-read the advice given in all your posts.   You can do both, but if you start with B, you may forget to do A.  YMMV.
May 11, 2009 8:49 am

Get a lawyer pronto.  Best advice you’ll get.  End of story.

May 11, 2009 12:35 pm

left large wire. 

Where did you go?  This answer has quite a bit of bearing on what you should do.
May 11, 2009 11:17 pm

went indie

May 11, 2009 11:50 pm

The language of the letter sounds very much like the work of a Mr. Christopher Pickett of EDJ fame.  PM me if I’m right and you want to hear more…

May 12, 2009 7:58 am

went indie

“Indie” means nothing from a legal standpoint.

Assuming (which is all anyone can do with what you’ve told us so far) that you mean you joined an independent b/d as a rep, is your new b/d a member of the Recruiting Protocol?

Did you get any legal counsel on your move either from your new firm or your own attorney?

Do you have copies of the actual agreements you signed at your old b/d?

For that matter, do you have copies of any agreements you signed at your NEW b/d?

May 12, 2009 1:11 pm

Wow–You finally made the shift.  I got two letters.  I ignored them both.  Ultimately we settled.  I made 5X my best year with my previous B/D after I went independent in my first year.  Be wise about what you put into writing. You can use the information which would be publicly available in a telephone book to contact your clients.  Move quickly to contact your clients.  Blue skies are ahead.  You’ll never regret leaving.

May 12, 2009 3:15 pm


Advise please: 1.  What to do? 2.  I would appreciate advice.   Thank You[/quote]   I would get an attorney to work this out.  If you work for an Indy now, they should have a list of preferred securities attorneys that they will recommend.  Your former firm will be going after the 17% of trailing 12 months gross that is the average for breaking a non compete agreement.  Write it off as a business expense and get on with moving your book.  You are in a much better place now.   IndyEDJ