newly hired financial advisor

[stkj]

What is the name of your state (only U.S. law)? texas
I was recently recruited with a brokerage firm to work as a financial advisor. the biggest selling points were
1.) they did not require minimum production levels to stay an employee-- you could work part-time, etc. and that was fine. It was the best of both worlds being much like independence with a back office support system.
2.) The payouts were higher than the average firm.
Less than two months after my hire date, a memo came out from home office stating that beginning in 2010, advisors making less than $75,000 in GDCs would not remain with the company. Further, the memo stated that for the trailing 12 ending in December 2010, if the total GDCs were less than $150k the commissions would be reduced.
I have really sold my clients on this company, thinking that they were being honest when hired, and now it would be very difficult to leave the company and save face with my clients. I have also already invested approximately $5,000 in equipment and furniture. Do I have any recourse with this firm?

 

[Hot Topic]

Do you have anything in writing with the firm guaranteeing that there will never be a change in terms of employment?

 

[stkj]

no. I don't believe I have ever seen a clause like that in an employment contract. that would be great. it does seem to me though, that given the short time frame of terms of hire/employment and changes of these terms, this would potentially constitute a breach of contract....