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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.  |
Investment Advisor August 2010 Thomas D. Giachetti |
The Compliance Coach: Independent Advisors: Don't Violate the Protocol There are two major issues for a registered representative to consider when deciding to leave a firm and go independent. The first is how to leave. The second is appropriate registration and ongoing regulatory complance requirements.  |
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.  |
Investment Advisor June 2007 |
If my Current Employer Chooses to go After me for Leaving, What Can I Expect? Typically, an employer will send a cease and desist letter to the advisor. This letter will remind the advisor that he has certain obligations set forth in the written agreement.  |
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  |
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.  |
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.  |
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?  |
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.  |
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.  |
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.  |
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.  |
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.  |
Registered Rep. October 31, 2008 French & Churchill |
If Bank of America Signs Protocol, It's Business As Usual. If Not, Maybe Not But Merrill Lynch advisors may not know whether BofA will sign it before they have to sign their own retention agreements.  |
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.  |
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.  |
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.  |
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.  |
On Wall Street October 1, 2009 Carri Degenhardt-Burke |
How to Avoid a Bad Match The delicate dance between advisor and manager during the recruiting process can break down at any time.  |
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.  |
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.  |
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.  |
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.  |
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.  |
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.  |
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.  |
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.  |
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.  |
Registered Rep. January 1, 2005 Mindy Diamond |
A Clean Escape, With an Accomplice Brokers tempted to leap at a lucrative job at another firm are often held back by inertia, but in increasing numbers they are finding the powerful force they need to get moving: hungry branch managers.  |
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.  |
Registered Rep. May 26, 2006 Halah Touryalai |
NYSE Cautions Investors on Following Brokers to New Firms The release is part of the "Informed Investor" series developed by the NYSE Regulation to better educate investors. The announcement comes at a time when more reps are choosing to switch firms than at any time since 2002.  |
Registered Rep. October 1, 2002 Jonathan P. Arfa |
First, Hire the Lawyers With heavy investor losses, customer claims filed with the NYSE and the NASD are expected to hit an all-time high in 2002. What should a broker do if they are the target of a complaint?  |
Registered Rep. April 20, 2015 Mindy Diamond |
An Advisor's Guide to Surviving Termination So what do you do to protect yourself?  |
Investment Advisor June 2008 Philip Palaveev |
The New Model: The Fee-Only Broker/Dealer Independent broker/dealers must tackle head-on the causes of their frustration if they wish to survive.  |
Financial Planning November 1, 2011 John J. Bowen, Jr. |
Learn To Let Go The idea of shedding clients and the revenue they bring may sound reckless, especially in an uncertain economic environment. But working with non-ideal clients is holding you back from reaching your full potential.  |
Financial Planning September 1, 2008 John J Bowen Jr |
Time to Say Goodbye Today's most successful advisors recognize a simple but powerful fact of business: It's better to work with a small number of great clients than to serve a huge base of clients who are only mediocre.  |
Investment Advisor November 2006 Thomas D. Giachetti |
Defining Fiduciary What is a financial advisor's true fiduciary duty?  |
Investment Advisor May 2009 Kelli Cruz |
Walk On The trend of wirehouse advisors joining the independent RIA channel has ramped up significantly in the last several years, and is only increasing in the wake of Wall Street's epic meltdown.  |
Registered Rep. February 25, 2013 David Geracioti |
Cold Call with Jeff Spears Each broker leaves for a different reason that is unique to their business or personal situation. The reasons range from a corporate merger, compensation change, loss of a large client to a life event, such as a divorce or children moving out of the house.  |
Investment Advisor September 2008 Philip Palaveev |
B/D or RIA? How to Decide for Yourself To help make the decision between the registered independent advisor and broker/dealer approach, first ask yourself where you belong.  |
Registered Rep. January 1, 2003 Jonathan P. Arfa |
Do-It-Yourself Arbitration When a rep is laid off or changes firms, there's often a disagreement about how much she is due for her final months of work.  |
Financial Advisor May 2006 Andrew Gluck |
New Rule Causes Software Schizophrenia New financial software programs for advisors reflect the difference between fiduciary and suitability requirements.  |
Registered Rep. May 1, 2005 Mindy Diamond |
What About Your Retirement? Brokers often take a shortsighted view of their careers, and this usually turns an effort to convince them to think about their own retirements into an uphill battle.  |
Registered Rep. December 1, 2004 Mindy Diamond |
Packing the Parachute Success in the brokerage industry can be as much about mindset as anything else, so it comes as little surprise that advisors avoid negative thoughts, such as the potential necessity of a quick exit from their practice.  |
Financial Advisor May 2011 Sherri Scordo |
Frontline News Is the broker protocol being eroded... Fiduciary can be marketing tool to get high net worth clients... Americans unconfident about their retirement...  |
Registered Rep. March 12, 2010 Mindy Diamond |
Break Back Brokers Over the last six months, an interesting reverse shift is occurring: the RIA or independent b/d advisor who wants to return to (or go to for the first time) a wirehouse firm.  |
Registered Rep. February 11, 2010 Halah Touryalai |
Victory For Broker in Citi Bonus Repayment Case A former Citi broker doesn't have to pay back the full amount owed on his sign-on bonus, a FINRA arbitration panel rules.  |
The Motley Fool August 2, 2005 Selena Maranjian |
Questions to Ask Your Broker You may be surprised at how your broker makes his money. Here are some important questions to ask your broker or financial advisor, as not all financial professionals operate by the same rules.  |
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.  |
Registered Rep. February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc.  |