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Brent Burns
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Communities and Collections
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Will other firms withdraw from the Protocol for Broker Recruiting? I thought Merrill Lynch would have dropped out already.

Listen to my brief interview on Closing Bell back in November of last year.

#brokersintransition

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Simplified Arbitration can be a great cost-effective way to resolve your dispute for about $350 in FINRA fees.

If an investor or financial services employee has a dispute with a FINRA registered firm and the alleged damages are $50,000 or less, excluding interest and expenses, the claimant can bring a claim under FINRA's Simplified Arbitration Rules. These cases are decided by one arbitrator.

See my blog post on the New York State Bar Associations - Securities Litigation and Arbitration Blog. #brokersintransition

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UBS loses TRO attempt. Most likely, the case will now either settle or go to FINRA arbitration.

#brokersintransition

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As Broker Dealer look for ways to tie down brokers, brokers need to very careful to actually read updated polices, contracts, deferred compensation plans and employment contracts.

http://www.wsj.com/articles/brokerages-brace-for-a-wave-of-departures-1452162603

#brokersintranstion   #finra  

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"buried in the documents that govern the transfer of books of business from retiring adviser to successor is language that makes it clear that this transitioned business is NOT subject to the protocol."  I think it is also critical to review any partnership agreements VERY closely.  

So who "owns" the clients?  I thought the 13th amendment abolished slavery, but better look at your contracts just in case.
#brokersintransition  

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Remember to review your non-competes and paper everything up with your new firm.

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The author is correct in that it is very important to retain experienced counsel early in the process.  This is not something you should respond to  yourself.

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Comment on Proposed Rule to Require
Delivery of an Educational Communication to Customers of a
Transferring Representative ( FINRA Reg. Notice 15-19)

#brokersintransition #finra  

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