1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

Broker with a non compete, layoff? Mort meltdown?

Discussion in 'Banking, Finance, Investments' started by jamiep27, Nov 1, 2007.

Thread Status:
Not open for further replies.
  1. jamiep27

    jamiep27 Law Topic Starter New Member

    Likes Received:
    Trophy Points:
    Six years ago i joined a broker dealer in NY. It has a non compete that basically stated that I could not contact the firms clients after i was no longer employed by the company. I reluctantly accepted the commission only position because i needed a job at the time. I was rushed into signing it without really even being given the chance to read it. Now I am well over a one million dollar producer. During my tenure i raised hundreds of millions of dollars, won many new clients, build a stream of annuatized business of about 500K a year (which was heaviliy encoraged) and developed deeper relationships. Many reps at the firm i do not consider ethical or competant. I recently moved to a Pittsburg branch from NY.

    About one year ago new mgmt came in. We started getting pressure to push internal initiatves and started getting mandates to push mortages/helocs on customers and annuitize our clients into a proprietary higher expensed products. These products contained partners with "special arangments".

    I am still gainfully employed, but my firm has gotten deap in trouble with the mortage mess and am a bit concerned with the solvency. I have also heard rumors that our firm could merger and layoffs are possible.

    Basically, i have deep relationships. My clients rely on me heavily for financial advice and support. I have no means to support myself without my book of clients. I could get laid off, the firm could get into more hot water with the mortage mess, or the pressure from mgnt can get unbearable (it is almost there). In the event any of these events happen. What are my options to continue to service my clientele and transition them or my practice to another firm if it ever came to that. What would be the best venue to break the non compete and what can i do to prepare for these possible outcomes. Thank you kindly in advance. James

Share This Page

Thread Status:
Not open for further replies.