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Anonymous

Edited 19 May 2022

Career

Should I pay $60,000 to break my financial advisor contract bond / lose my job offer in a new company?

Hi all, I've been wanting to transition out of being a Financial Advisor into a full-time Sales role for tech companies. It wasn't easy but I eventually managed to secure a well-paying job offer in a global tech company, and I accepted the offer. But I'm currently faced with a difficult situation.

tldr: As a FA, aside from commissions from closing sales, I also earn a monthly base salary of $2,500 for every month where I hit my targets. But my existing contract with my FA company states that I need to pay back 100% of the base salary I earned, if I were to quit anytime within 6 years. I'm at 2 years right now. I can seek other employment, but the FA company needs a letter from my new employer stating that they are aware that I'm part-time FA.

For context, I have 6 years of experience as a FA and it has been my first job after Poly. I haven't been doing any active FA work for the past months and don't intend to be doing any active FA work anymore. I'm essentially just waiting out this contract that I'm tied to, while doing my best to move into another career.

I spoke to my new employer and explained to them that despite this contract, I won't be doing any FA work anymore and plan to 100% focus on my new career. Things were going well at first, even after they escalated it to their global CHRO for clearance. Even the CHRO said that it can be approved. But I suddenly got notified tonight that my offer was rescinded because dual employment is against their company policies.

It left me distraught and honestly wondering:

  1. Should I just use my own money to break my bond of S$60,000, or should I give up on this company and restart my job search?
  2. If I were to restart my job search, is it a dealbreaker for all larger / global companies if I had my existing FA contract? Are the only companies who might be okay with my situation startups and SMEs?

I really want to work towards transiting into being in a Sales role of a global tech firm, and work my way up this trajectory. This opportunity provides me with the perfect opportunity for the transition – S$6000 base salary before comms, good global brand name, great exposure into tech sales. I'm in my late 20s and planning to propose in 2 years. Time is important to me, and I strongly prefer larger / global firms over SMEs / startups, because I really value the exposure, training and how the former really helps in accelerating this career trajectory.

I'm honestly at a loss and I've exhausted all the options I can think of – speaking to both employers, contacting MAS, asking networks and researching online. Would appreciate advice and perspectives from anyone really. What would you do in my situation?

Discussion (3)

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Robin

01 Jun 2022

Administrator at SG

What if you paid 60k and then found out that the new job is not for you as well?

Megan

23 May 2022

Product Manager at Seedly

Breaking a $60K bond sounds tough, and might make working in your new job feel bad if it doesn't truly live up to your expectations. Since you managed to secure this job offer, perhaps other companies with slightly more flexible policies might be willing to take you in as well given you have the necessary skills - and can accept that you have to serve out this contract term. If I were you, I would keep job hunting or make the best out of the remaining term to cover any potential losses should you choose to break your contract.

  • if you pay $60k and break bond. How long can you make this $$$ back?
  • True that money can always ...

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