Fired for the first time
I was let go due to a internal compliance issue at a top BB. I was on the pwm side. Essentially cold emailed way too much before training and the damage was done. Happend months ago but I guess due to head count was discharged. I know have a blemish on my U5.
Are my chances of getting into a top BB over? Should I make a career change into consulting?
I can spin the termination by showing how proactive and eager I was to raise capital. I have one firm talking to me but the rest went quite after i told them what I happend. I know I maybe should have lied and said I left, but they would have found out anyways by looking at my U5 upon onboarding. When does hiring pick up again? End of feb ? This is for pwm at top BBs
You shouldn’t spin it as being proactive or anything similar for that matter. You clearly violated firm policy that could have greatly backfired, not only against you but against them as well. It makes you seem reckless.
Not sure any BB will give you a shot at this point. If anything, I would just be straight up about it. Admit that you were wrong, and naive, and that you’ve learned from that. The fact that you mention that you should’ve lied just shows a continued lack of judgement.
Not trying to be a dick. But you need to get your act and story together and move up from here.
Good luck.
What I did was reckless, I know it was. And the only reason I brought up that I should have withheld that information was looking through this forum and seeing people debate on telling future employers after. I have been 100% transparent and up front with everyone I have been talking to. I just need to create ethos with my story about what happend. I crushed all of my huddles and was months out in advance. My client did love me as well. This was an internal policy that was violated and I was scared shitless after the first review. I did not do anything to violate the policy afterthat.
He isn’t talking about whether you should be honest or not, but rather what you should say after describing what happened. Good that you stopped doing it. Think PaulEvansLoafers put it best. I would read his comment over and over and focus your story on humility and maturity.
Talk to some recruiters who will have more of an audience with the bank and can advocate for you.
A lot of people have U5 issues. People get through it, but you need to attack it in every way. Have the most sympathetic explanation possible for why it happened, and a good story about what you learned, and anything else about how it won't happen again, and the best case about good things you did at the job. You need all that shit tight because of the U5 weakness. You'll notice I didn't mention spin anywhere; nobody wants spin. A U5 issue is like a DUI . . a lot of people survive it, but not because of spin. Just own it and be great in every other way.
Applied to a bb I used to work at and a old friend who's still there referred me to the manager. Manager thanked me for.providing u5 language early. Has my CV as well.
I'll get my story to be sympathetic and truthful as always. I will iterate what I learned and how I was scared out of my life and will not ever happen again. It will be easy to show the best things I did during the job. Thank you so much for the helpful comment
Not super familiar with the U5, I’m still at my first job. From what I gather, it records any instances of termination (is that all?) within the industry. For this reason, is it always better to quit/resign then be fired (if you hope to get another job in the industry)?
If you’re offered the opportunity to quit/resign? Should you take it/be grateful? Or should you not (because of severance and paid garden leave and stuff)?
If you resign on less than stellar terms your U5 may be officially logged as "permitted to resign" rather than "voluntary resignation" which can still raise red flags for future employers. However, I've also heard that the "permitted to resign" middle option is very rarely used in practice but someone with licensing compliance experience would have to confirm.
I was discharged and that's what will show on my U5. Also 7f1 was checked yes. I think its over for the top BBs..... wow
You're pretty much done in the PWM space. It will be very hard for some reputable firm to give you a shot. But, I think the skillset is PWM can be taken into a lot of other jobs at F500.
How come I have an interview with a top 15 pwm shop next week then after telling them the situation and language on the u5? Minimum account is 10mm and above....
Well, if you have a mark on your record due to compliance, you are pretty much done. You can still get interviews, because the firms interviewing weren't aware of the issue. However, I agree that with others that you can get your MBA and there's a lot of path that you can still be successful in.
Honestly man you just sound arrogant and like a dick. Why are you getting all defensive with people offering advice to you? You messed up you made the mistake and you went against policy. You are making excuse after excuse explaining off what you did. He said it in a "most likely" sense obviously with connections and what not you can get an interview assuming you have high up connections that can vouch for you. Having a well regarded employee vouch for you helps to restore you ethics in the eyes of that employer (good employee vouching for you ethically) So yes, this interview is lucky especially for PWM where they take compliance rather seriously at top shops. Maybe, your referral is just well respected so they are humoring him with your interview with no intent to hire you (this happens all the time) so stop whining and taking this for granted and prep for your interview. Don't make a sympathetic argument own it admit its a mistake and forget the sob story. If this does not work out maybe go back to the F500 advice. Again, "hope" they aren't humoring your referral with no intent to hire.....
Seems like a good time for an MBA...Move to a separate area of banking or even consulting.
I would say that someone else sent an email and you were just copied on it. You thought it was pretty harmless whatever your colleague was doing (just MaKe up a story), but either way you weren’t expecting him to copy you. Email got flagged, and HR and compliance decided to make an example of you all. The lesson that you learnt from it was that one should always be careful of what emails are sent from one’s companies account as you are the guardian of the bank’s reputation. I would just spin like that as if no fault of your own. You told the bank you would resign, but HR said in their books you’d be terminated. So, here you agree to disagree with HR.
I’m sure HR will never go into mundane details of what contents in the email as I don’t think they are legally allowed and will keep your reference factual (terminated due to breach of bank’s internal policies which really could be anything) Just make sure you pick your references that have good words to say about you. If you don’t have a reference whose relatively senior (Associate or above), it’ll be hard
Lol why throw shit at thi guys hes correct. OR say an MD was fired who wasn't performing and you were hired by him and worked under him. No reason to keep you. The truth gets you no where in finance or life in general.
and if they eventually find out?
well you can’t digress much from the real story. There’s a difference between spinning a tale and outright lying. In the case that u say u got fired because your boss was let go, you’re inviting many questions that will be uncomfortable (who was the md bla bla) plus there’s no tale / lesson that you can extract from it for the purpose of consoling your interviewers.
Nobody will find out. You will pick your references and if HR wants to call HR, HR will say that you were fired due to breach.
OP - why don’t you follow what has been laid above here?
This is really helpful, I will soon it this way
Damn son how many emails did you send?
Here in tech sales we blast away with cold emails until we have to call Google or Microsoft to unblock our accounts for spamming way to much.
50 emails
I sent 350 today alone.
Errr ... No. This is real life, not The Apprentice.
I might be missing something, but I don't get exactly what was the issue here? For the firm to file a U5, it means you would already have to registered with the firm in the first place. If that was the case, why would they fire you if you reached out to clients before training? It wasn't like you didn't have your securities license, although I'm sure some overeager summer intern has reached out to clients without a Series 79 / 63 and wasn't fired. Was this a arbitrary policy of the firm or what's the FINRA problem here?
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