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What day to resign?

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Oct 26, 2006 7:53 pm

[quote=joedabrkr] [quote=Devil’sAdvocate]

[quote=joedabrkr]

My BOM was on vacation in Hawaii, so I resigned around 10 am on the morning of Memorial Day.  They called him and woke him up in his hotel room.  A few of my accounts were handed out before the end of the day, but it was damn near worth it to know that they dragged him out of bed to give him the news!
[/quote]

Joeboy, Memorial Day is a holiday, it's the third day of a long weekend.  If you went into the office to resign you found nobody there.

[/quote]

I mis-typed.  I submitted my resignation the Friday morning of Memorial Day weekend. When they woke up my BOM in Hawaii it was quite early out there.  Hence my enjoyment of the whole sordid affair. ;-)  According to a couple of my friends they were running aroudn like a bunch of idiots.
[/quote]

Why would they have been running around, had nobody ever quit before?

Oct 26, 2006 8:23 pm

Perhaps they were actually jogging around or simply walking quickly. 

Maybe it was Exercise Day in the office.  Once every month we have exercise day here and no one is allowed to walk.  Everyone must jog around the office. 

Man, I'm feeling lazy today.  Need to take a vacation.  I should just go home.  I'm out. 

Nov 20, 2006 1:19 am

I resigned the evening of Dec. 21st,1999 (a Tuesday) -- Christmas was on Saturday, so the market was closed on Friday the 24th & was closing at noon on the 23rd!  Half the office was gone for the week for the holidays, and none of my clients wanted to take calls from strangers that close to Christmas.  It was perfect -- 97% of my clients moved with me. 

Nov 20, 2006 2:17 am

That’s impressive, to say the least.  What firm did you leave and to which firm did you go?

Nov 20, 2006 10:51 am

NASD moved your license that late. I thought they close mid Dec.?

Nov 20, 2006 5:23 pm

[quote=OldLady]

I resigned the evening of Dec. 21st,1999 (a Tuesday) -- Christmas was on Saturday, so the market was closed on Friday the 24th & was closing at noon on the 23rd!  Half the office was gone for the week for the holidays, and none of my clients wanted to take calls from strangers that close to Christmas.  It was perfect -- 97% of my clients moved with me. 

[/quote]

Excellent info.

Nov 21, 2006 11:16 pm

The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.

Nov 22, 2006 12:11 am

[quote=bankfa10] The best I have heard so far is that a rep held a seminar

the day he resigned for all of his clients with food and drinks the whole nine

yards. dropped his resignation letter in the BOM lap and started the seminar

15 min later. announced to his clients that he was leaving and started doing

ACATS. Had 60% of his clients in 3 hours.[/quote]



Now THAT’S innovative!

Nov 22, 2006 12:32 am

bankfa10:

The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.

-------------------------------------------------

 That's the best idea I've heard, for exiting a B/D. Even better, have a wholesaler sponsor the event!

Nov 22, 2006 3:56 am

[quote=$$$$$]NASD moved your license that late. I thought they close mid Dec.?[/quote]

You’re correct.  NASD closes around December 20th for the rest of the year.

Nov 22, 2006 4:32 am

[quote=Indyone]That’s impressive, to say the least.  What firm did you leave and to which firm did you go?[/quote]

Interesting that there was never a response to this.

Is it another Putsy persona?

Nov 22, 2006 4:38 am

hmmmm…I’m starting to see some cracks in the story…

Nov 22, 2006 6:42 am

[quote=$$$$$]NASD moved your license that late. I thought they close mid Dec.?[/quote]

I moved it on the last possible day -- I was up & running with the new firm by 11am the next day --

I left Dain Rauscher, now RBC Dain Rauscher and went independent. 

Nov 22, 2006 6:45 am

[quote=bankfa10]The best I have heard so far is that a rep held a seminar the day he resigned for all of his clients with food and drinks the whole nine yards. dropped his resignation letter in the BOM lap and started the seminar 15 min later. announced to his clients that he was leaving and started doing ACATS. Had 60% of his clients in 3 hours.[/quote]

I doubt this story -- your firm has to file your U-5 before the new firm can submit your U-4 and get you approved.  It would be a really bad idea to hold yourself as registered and have people sign paperwork until you were legal.

Nov 22, 2006 5:05 pm

While the story has a sweet ring to it…Put…I mean the OldBag…I mean the OldLady is right. If clients signed those ACAT forms before the new firm had your U-4 approved…you would be in violation of some rule which I can’t recall. It is doubtful that the rep could get the necessary approval within the 15min indicated in the story…sweet story though.

Nov 22, 2006 5:50 pm

The 15 min and have a seminar is not true. he did do the seminar later that afternoon and about 90 min was all LPL took to get me switched over. I faxed my resignation letter with my managers sig on it 5 min after I had her sign and date it with a time stamp. went to kinkos next door and faxed to lpl. This did happen