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Finding a Broker Dealer after a Termination

Finding a broker dealer quickly and strategicly is crucial in eleviating your down time  

In past years, we have seen countless advisors devastated by unexpected terminations by their broker dealers. While most terminations could have been predicted, some come as a huge surprise, leaving the advisor out business, in shock and lost as to what to do next. Few advisors ever expect to be terminated, yet time and time again we’ve seen the worlds of countless advisors turned upside-down. In today’s environment, regulators are under so much pressure to investigate every discrepancy that they tend to err on the safe side to protect consumers, leaving advisors who will eventually be cleared of any wrong doing out of business during the investigation. While terminations can have serious ramifications, there are ways to get back on the right track and up and running with a new broker dealer that suits your needs.

Finding a broker dealer during this time sensitive, stressful time can be very difficult as every broker dealer has different standards as to what type of compliance issue they will bring on.  Finding a broker dealer that is closely matched to your business and your needs under normal circumstances can take months, so finding a new broker dealer in a rushed situation needs to be handled carefully.  Managing your needs while not settling when choosing a broker dealer is of utmost importance.

In our next article in Investment News, we discuss a common case we handled recently that illustrates that even exemplary advisors can be caught off guard by circumstances they were unaware of, and that all advisors need to know what to expect and what to do should they find themselves in this precarious situation.

Please see full story from InvestmentNews here!  Finding a new B-D after termination


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