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Registered Rep.
October 30, 2008
Churchill & French
Merrill Lynch Says Broker Protocol Still Intact, Clarification Forthcoming Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week -- who must now decide whether to sign it -- are getting assurances from Merrill that it's not as bad as they think. mark for My Articles similar articles
Registered Rep.
October 28, 2008
Merrill Retention Package Angers FAs With "TRO" Language Merrill Lynch financial advisors are worried about one paragraph in the retention contract they received last Friday, October 24 -- very worried. And it has to do with the so-called broker protocol agreement. mark for My Articles similar articles
Registered Rep.
November 4, 2008
Top Merrill FAs Playing Hardball With Retention Package They have taken the first step towards getting changes made by collectively hiring a lawyer, who "ripped the retention contract to shreds." mark for My Articles similar articles
Registered Rep.
November 6, 2008
Bank Of America To Sign Protocol, Herd Still Weighing Options Bank of America intends to sign the so-called "broker protocol," an agreement signed by most of the brokerage firms and RIAs stipulating what client information is acceptable for a departing financial advisor to take without getting sued by the former employer. But when? mark for My Articles similar articles
On Wall Street
December 1, 2008
Frances A. McMorris
Bank of America Gets on Board Bank of America finally gave in and agreed to join the industry-wide protocol in an effort to prevent an exodus of Merrill Lynch financial advisors. mark for My Articles similar articles
Registered Rep.
February 26, 2010
Christina Mucciolo
Some Predict Broker Protocol Overhaul Some lawyers and executives anticipate an overhaul to the broker protocol agreement, which has gotten unruly with the growing number of signatory firms, the rising number of exceptions attached to the agreement and the high rate of advisors switching firms these days. mark for My Articles similar articles
Registered Rep.
June 14, 2012
Mindy Diamond
Broker Protocol Booming As firm-switching among brokers rose to record levels over the past four years, the number of signatories exploded, growing almost 40 fold. Many of the new signatories are RIAs. mark for My Articles similar articles
Investment Advisor
May 1, 2011
Melanie Waddell
Is the Protocol Long for This World? With Wall St. firms carving out 'exceptions,' Patrick Burns asks if a weakened Protocol can survive mark for My Articles similar articles
Registered Rep.
November 14, 2008
Update: 6,200 Merrill FAs Sign BofA Retention At Deadline Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. mark for My Articles similar articles
Registered Rep.
March 28, 2011
Kraus & Freedman
Got Protocol? Despite the large number of firms who are party to it, the broker protocol has certainly not stopped litigation with departing Registered Representatives. mark for My Articles similar articles
Registered Rep.
August 29, 2013
Mindy Diamond
Buying Growth Buying a book of business from a retiring advisor can be a good strategy, but read the fine print, and consider these points. mark for My Articles similar articles
Investment Advisor
January 2010
James J. Green
BAIS Moves Reps to Merrill Banc of America Investment Services (BAIS), Inc., transitioned its registered representatives to Merrill Lynch, and then requested that FINRA withdraw BAIS's broker/dealer registration. mark for My Articles similar articles
Registered Rep.
October 1, 2006
Halah Touryalai
Morgan Joins TRO Pact Morgan Stanley has officially opted to join the inter-brokerage pact, first created in the fall of 2004, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them. mark for My Articles similar articles
Registered Rep.
November 1, 2004
The Fear of Pursuit Nonsolicitation agreements are commonplace in the brokerage industry. However, if you change firms and choose to contact clients, whether you will be pursued is a business decision that your former firm would have to make. mark for My Articles similar articles
Registered Rep.
September 1, 2004
David A. Gaffen
Parting is Such Sweet Sorrow You won't have to steal client addresses and phone numbers any more when switching firms --- that is, if you work for Merrill Lynch, Smith Barney or UBS Securities. mark for My Articles similar articles
Investment Advisor
February 2009
Thomas D. Giachetti
The Skinny on the Protocol The law is fairly clear that a departing advisor should not bring any customer information to a new employer. mark for My Articles similar articles
Registered Rep.
September 13, 2006
Halah Touryalai
Morgan Joins Inter-Brokerage TRO Pact This firm has officially opted to join the inter-brokerage pact, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them -- as long as they are moving to another firm named in the pact. mark for My Articles similar articles
Registered Rep.
October 14, 2010
Kristen French
Merrill Brokers Had "Good Reason" To Leave, And Got $1.2 ml For It Two former Merrill brokers won $1.167 million in an arbitration award from Merrill Lynch for deferred compensation benefits mark for My Articles similar articles
Registered Rep.
November 1, 2002
Jonathan Arfa
Breaking Up Is Hard to Do Brokers partner up for a variety of reasons. Some kind of contract is needed when a partnership between members of a team of brokers is formed, whether it be between a senior broker and junior colleagues or just between two seasoned brokers. Brokers should consider this contract seriously. mark for My Articles similar articles
Registered Rep.
May 12, 2011
Mindy Diamond
Golden Handcuffs Loosen Some advisors who signed retention agreements have already begun looking for a way out, but plan to hold off on the switch for a year or two, until they can pocket more of that retention money. mark for My Articles similar articles
Investment Advisor
June 2007
Thomas D. Giachetti
Look Before Leaping For financial advisors, there are many issues to be reviewed before making a decision to leave your current employer. Experienced counsel should be consulted. Every case has similarities, and every case has differences. mark for My Articles similar articles
On Wall Street
April 1, 2011
Lorie Konish
U.S. Trust Defends Garden Policy, Codifies Processes Bank of America Corp. gave its U.S. Trust advisors notice in February that they were subject to "garden leave restrictions" if they left, sending shock waves through the industry. mark for My Articles similar articles
Registered Rep.
March 1, 2007
Mindy Diamond
Of Myths and Moving: Revisited The thought of changing firms is a big step for any financial advisor. But don't let cloudy thinking get in your way. Make sure you stop paying heed to old Wall Street myths. Don't fear change. Embrace it. mark for My Articles similar articles
Registered Rep.
April 1, 2007
Broker Protocol for All? A judge's decision may make it a lot easier for brokers to leave protocol firms at a time when recruiting wars and transition packages are at their peak. mark for My Articles similar articles
Registered Rep.
March 7, 2011
John Aidan Byrne
No Hardball Garden Leave at Merrill, Krawcheck Tells Advisors Sallie Krawcheck, the head of Bank of America's wealth management business, recently told Merrill's thundering herd that the bank's new "garden leave" employment policy agreement won't apply to them. mark for My Articles similar articles
On Wall Street
April 1, 2010
Howard J. Stock
Back Office Move Has Advisors Up In Arms -- Some Bolt Questions surround what will happen to BAI clients when Merrill moves their accounts from National Financial to Merrill Lynch. mark for My Articles similar articles
Registered Rep.
October 11, 2010
Susan Konig
Advisor Movement Should Pick Up in 2011, Experts Predict Aggressive and lucrative recruitment packages essentially prompted anyone who wanted a big check to move last year, Diamond says. mark for My Articles similar articles
Registered Rep.
September 4, 2013
David Armstrong
Editor's Letter: September 2013 Most advisors decide to move not because they are wooed to greener pastures, but because pain points inside their current environment have become too great. mark for My Articles similar articles
Registered Rep.
August 29, 2014
Mindy Diamond
Ten Years of Myths and Moving Why advisors need to purge common "myths" from their thinking about changing jobs. mark for My Articles similar articles
On Wall Street
October 1, 2012
Lorie Konish
Settlement May Not End Merrill Lynch's Deferred Compensation Woes Exemptions and the chance to opt out have lawyers predicting the $40 million proposed deferred compensation plan settlement will not cease litigation against Merrill Lynch. mark for My Articles similar articles
On Wall Street
February 1, 2011
Alan J. Foxman
Reading The Fine Print Advisors write in for legal advice regarding contracts, client lawsuits, non-compete agreements and other concerns. mark for My Articles similar articles
National Real Estate Investor
January 1, 2005
Rodger D. Young
How to Avoid Legal Battles Over Broker Commissions A recent lawsuit in Detroit stemming from a dispute over a broker's commission reveals the harsh lessons learned about the importance of paying close attention to the commission agreement. mark for My Articles similar articles
Registered Rep.
November 9, 2009
Kristen French
BofA Pressures Merrill FAs To Sell Bank Products Some of Merrill Lynch's 15,000 financial advisors are feeling pressure to sell parent company Bank of America's checking and savings account products -- and they're not happy about it. mark for My Articles similar articles
Registered Rep.
April 1, 2003
David A. Gaffen
Your Book or Your Life! What would you do if you lost your book? Where would you turn for new customers? Where could you be hired? Those are questions that keep many advisors up at night. mark for My Articles similar articles
Registered Rep.
October 27, 2008
John Churchill
Separate BofA Retention Package Targets Top Half of BofA force Only 50 percent, or roughly 1,000 of the 2,000 Bank of America Investment Services financial advisors, will see a retention bonus. mark for My Articles similar articles
Entrepreneur
April 2006
Jane Easter Bahls
The Ex Games Protect yourself against competition from ex-workers -- with a solid non-compete agreement. mark for My Articles similar articles
Registered Rep.
June 6, 2011
John Aidan Byrne
Wall Street Brokerages Set For More Advisor Defections? Switching for big signing bonuses spiked during the recent financial crisis when Wall Street's biggest brokerages merged or were acquired. But it died down a bit after Merrill Lynch and Morgan Stanley offered their financial advisors retention packages. mark for My Articles similar articles
Registered Rep.
June 4, 2009
John Churchill
Merrill Lynch's Dan Sontag Out? Salaried Merrill Brokers? Not so Fast According to a story posted yesterday on Clusterstock.com, a financial blog, Dan Sontag, head of Merrill Lynch's global wealth and investment management unit, is about to be pink-slipped. mark for My Articles similar articles
Registered Rep.
September 15, 2008
Kristen French
Merrill Lynch Sells Itself To Bank of America: Update 3 The biggest question, now that BofA has agreed to buy Merrill Lynch, is what Bank of America will do to hold onto Merrill Lynch's dearest asset -- its approximately 17,000 financial advisors. mark for My Articles similar articles
On Wall Street
November 1, 2009
Thomas Lewis
It's Payback Time on Promissory Notes Firms have been fighting back against defecting advisors. Increasingly one of the most effective weapons in their arsenal is the enforcement of promissory notes. mark for My Articles similar articles
Registered Rep.
October 10, 2008
John Churchill
McCann: Merrill Managers Get No Retention, FA Package Due in Two Weeks Merrill's president revealed that managers will get no retention package and only the top third of financial advisors will be getting a deal. mark for My Articles similar articles
Investment Advisor
August 2009
B/D News Broker/Dealer news: SEC Enforcement... BOA and broker protocol... FINRA surveys retail sales practices... mark for My Articles similar articles
Registered Rep.
March 1, 2008
How to Dance the Wall Street Shuffle There's no such thing as an easy route to independence. But there are some things reps can do to ease the transition. mark for My Articles similar articles
Registered Rep.
April 15, 2009
Kristen French
Bank of America Launches Client Referral Program It's one of several referral programs the bank is putting together as part of its integration with Merrill Lynch, including one that would offer leads from the commercial banking division to certain Merrill Lynch advisors. mark for My Articles similar articles
Registered Rep.
December 11, 2002
Ross Tucker
Merrill Program Seeks to Boost Women and Minority Advisors Executives from Merrill Lynch's global diversity group say the firm has to do a better job in retaining and boosting the performance of women and minority financial advisors. mark for My Articles similar articles
Registered Rep.
July 8, 2011
Jodie Papike
What To Do When You Smell a Storm Coming At Your B/d New technology and today's 24-hour media cycle have put advisors in a much better position to sniff out trouble at their broker/dealer. mark for My Articles similar articles
Registered Rep.
August 25, 2006
Kevin Burke
Merrill Fighting Back Against Recent Defections The recruiting war for top brokers remains fierce. The latest evidence of the fight to win million-dollar producers involves the industry's biggest firms. mark for My Articles similar articles
On Wall Street
September 1, 2012
Bill Willis
Firms Recruit Top Advisors Instead of Developing Their Own Advisors need to feel the love from their firms and their branch managers mark for My Articles similar articles
Financial Planning
August 1, 2007
Dave Lindorff
The Trouble at TD Its board is in turmoil and its advisors are up in arms. Why TD Ameritrade is feeling the heat. mark for My Articles similar articles
Financial Advisor
April 2005
David J. Drucker
Moving On How financial advisory firms are dealing with planners who leave, and take clients with them. mark for My Articles similar articles