Broker who brought prostitute to office loses lawsuit

[max_boost]

The money in investment banking is mind blowing

Great post raj2. Gotta shock the noobs and get them in the game and up to speed.

For those who are curious, get on twitter if you wanna mingle with escorts local or far away haha

[Paul]

$460k isn’t great as an IA or even AIA.
Maybe at a smaller firm, but grid cuts would have prolly seen this guy booted from DS anyways, now they have cause.
He can go rebuild his $150M book at NBF

[J-hop]

So weird he would sue for wrongful dismissal. Like really? He thought he’d win? Why would you draw further attention to something the average person would be extremely embarrassed about.

Sounds bad but almost sounds like he got had by some lawyer who saw a big payday

[rage2]

Original thread from 2008: https://forums.beyond.ca/threads/123...work-building-!

10 years to come to a decision. WTF took so long haha.

[gqmw]

Haha he's still happily married, as per his profile at NBF. Good for him.

[Strider]

From the court docs:

[2] The Plaintiff, now age 51, was a vice-president and investment advisor with the Defendant from February 1988 to January 22, 2004 in Calgary. He was successful in his business. He ranked nationally among the company’s top two hundred of fifteen hundred investment advisors in recent years. He managed $125 million of his clients’ capital and earned $424,500 in commissions in the year before his termination. He benefited from several company incentive programmes.

$424k was top 200 out of 1500 IAs at RBC. Has compensation for IAs gone up in the last 10 years? Or are a lot of people full of shit? I know which one I believe.

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Original thread from 2008: https://forums.beyond.ca/threads/123...work-building-!
10 years to come to a decision. WTF took so long haha.

Case was decided in 2006... not sure why anyone resurrected it.

[TomcoPDR]

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Original thread from 2008: https://forums.beyond.ca/threads/123...work-building-!

10 years to come to a decision. WTF took so long haha.

Maybe the legal system needed extra time to cross examine the material witness.

[Paul]

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From the court docs:


$424k was top 200 out of 1500 IAs at RBC. Has compensation for IAs gone up in the last 10 years? Or are a lot of people full of shit? I know which one I believe.

The media was making him out to be some big broker. He’s average at best.
Big brokers do those numbers in a month, not a year. Guys managing only $125M are asked to join up with other brokers or leave the firm.

[msommers]

In that case, I'm 100% ok with being average.

[Strider]

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The media was making him out to be some big broker. He’s average at best.
Big brokers do those numbers in a month, not a year. Guys managing only $125M are asked to join up with other brokers or leave the firm.

You've lost me. He's in the top 200 out of 1500 IAs at RBC (as quoted in the case docs), yet you're telling me he's average at best and would be asked to leave because he's underperforming?
Apparently I don't know the meaning of average. Or are you implying that RBC DS is small potatoes?

Edit: I see what you're getting at:
$217 billion in assets under administration, RBC Dominion Securities is Canada's leading full-service investment and wealth management firm.
So assuming the count of ~1500 IAs still holds true, average per advisor would be $144 million under management. So for the big guys to do that in a month and for him to be Top 200, it's another one of those industries where the top 10% brings in 90% of the dollars and there's 1,000 other guys not even making paltry engineer salaries.

[revelations]

I dont know about this industry specifically, but most of my HNW clients dont 'make' that much on a personal level. Its all funneled through various legal loop holes to make their annual income much less than their corporate take in.

[ExtraSlow]

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$424,000/yr...

I. Am. Pleb Class.

On a somewhat related note, several years ago I once referred to $140k/yr base salary as "big shot money" when discussing career opportunities with someone who wasn't an oil and gas engineer. He sold software or something. I think he felt sorry for me, since he bought the next round of beers.

Six figures is apparently chump change these days.

[schurchill39]

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Case was decided in 2006... not sure why anyone resurrected it.

Because nightshift

[Buster]

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I dont know about this industry specifically, but most of my HNW clients dont 'make' that much on a personal level. Its all funneled through various legal loop holes to make their annual income much less than their corporate take in.

What business are you in? What do you consider HNW (both in terms of annual income and balance sheet). I'm just curious.

[msommers]

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On a somewhat related note, several years ago I once referred to $140k/yr base salary as "big shot money" when discussing career opportunities with someone who wasn't an oil and gas engineer. He sold software or something. I think he felt sorry for me, since he bought the next round of beers.

Six figures is apparently chump change these days.

I thought I'd "better" myself by going back to school and getting out of a field position. Now I work x5 as hard for 1/2 of the money in town.

Turns out money did buy most of my happiness and the months off to enjoy it.

Old lady claims she's happier or whatever

[rage2]

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On a somewhat related note, several years ago I once referred to $140k/yr base salary as "big shot money" when discussing career opportunities with someone who wasn't an oil and gas engineer. He sold software or something. I think he felt sorry for me, since he bought the next round of beers.

Six figures is apparently chump change these days.

If that guy was selling software to enterprise customers, then yea it’s big bucks. Even for a small company like ours back in the day (2003ish) our top sales guy was pulling in 200-300k mostly in commissions.

[revelations]

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What business are you in? What do you consider HNW (both in terms of annual income and balance sheet). I'm just curious.

I do IT support for some high end folks. HNW >10 million assets

While I dont ask how much specifically they make, I know their corps assets and revenue are pretty good and yet they tend to live modestly - in relation. 400k sounds pretty close.

[ExtraSlow]

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Was that wrong? Should I have not done that? I tell you I gotta plead ignorance on this thing because if anyone had said anything to me at all when I first started here that that sort of thing was frown upon, you know, cause I've worked in a lot of offices and I tell you people do that all the time.

[shakalaka]

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Six figures is apparently chump change these days.