Payout Question

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Feb 18, 2010 10:33 pm

Here is my situation.  I work for a bank (I know, I know).  I opened a wrap account for a client in 2007.  Then we had the option of taking a 2.5% initial payout with a trail in year 3.  I was new and needed the production and took the upfront.  The client made additions up until last year and I was paid the same way.  Last week he wrote me a check for 900k and I simply added it to his account.  I anticipated a huge payout and a good month. 

Without knowing it or anyone else in my territory including my sales manager I don’t have the option any longer.  The wrap account provider and my back office agreed to not accept that option and I would receive and “immediate trail” that starts in September.  They claim that they told us in an email but no paperwork was provided or signed.  The original contract clearly states what I should be paid. 

I don’t know what to do.  I feel stabbed in the back by my own company.  Any advice?

Feb 18, 2010 10:35 pm

I feel like an idiot I just looked at my user name.  Make fun of me for it.  I deserve it.  I would appreciate some advice.  

Feb 18, 2010 10:37 pm

So you’re still getting paid but not the upfront like you did before? Ummm, how is that being stabbed in the back? Just suck it up and move on to the next sale.  

Feb 18, 2010 10:41 pm

I should have been more clear.  I get paid on a grid.  Trails are nice in my model but annuitizing a book is next to impossible.   

Feb 19, 2010 7:32 am

Thanks for the input.  I have a baby coming next month.  I have to eat now.  I’m getting the trail on the old money.  My fear is I annuitized the next brokers book.