It’s 6:30am. Today is the day. You’re moving to the new firm. The contracts are signed. Post dated, of course. The databases & paperwork- Ready for action. The resignation letter is in your locked briefcase. Your laptop is sitting at the new office. You’re moving. Today is the day.
My very first manager used to say “your career will include two moves probably, so make them wisely”. He moved. But now, he’s back at the same firm he left– through a merger. Irony can be so cruel sometimes. And, this is happening to the person I was taking advice from…
Here’s the thing about Fridays on Wall Street. There are certain times when everyone stares at the door on Friday.
On Friday you have until Monday before anything can be filed in court. So, let the games begin. Right?
I mean, Merger Monday, everyone loves that excitement, right?
In the brokerage industry, Monday is different. Do you remember the phone scene in Jerry Maguire? That’s the closest thing I’ve seen to what it’s like when a broker leaves…it’s kill or be killed. And you have until Monday to get it done.
“WE KEEP THESE ASSETS PEOPLE. WE’RE BIG NAME FIRM.”
That was the war cry.
I eventually met with every bulge bracket firm on Wall Street. I was part of a team — we’d be leaving soon. Time to take a check & get some more love (at least for a little while) across the street.
And, of course, tell clients how much better the next place was going to be. In the end, it wasn’t.
It’s all the same. Institutional banks running individual advice. Simple mathematics.
I receive a check for moving your accounts to my new firm. Sometimes promising to stay 14 years, for a big enough payout. And assuming I bring 80% or more of my business, or generate fees for the firm — I make out. I have two years to prove myself. So please. Come with me. I’ve got a lot riding on this. This place is WAY better.
And now, the investment bank has new assets to monetize & here’s the 3 features I know you’ll like. It’s a win/win/(lose).
Yep. You’re for sale. Sold American. An endured slave to your advisor’s promise of a better tomorrow. On Fridays.