"Brokers Gain Secret Weapon to Poach Clients from Old Firms – From FINRA Guidance," Financial Advisor IQ

Articles / Publications

In an article published on April 11 in Financial Advisor IQ, Tom Potter is quoted discussing the aftermath of brokers leaving or being fired from a firm, and how they can or cannot retain their clients.

New guidance issued by FINRA has the potential to give these brokers a new way to help carry their clients with them to their next job. FINRA issued new guidance outlining communication that customers can have with registered representatives that are leaving or have already left.

The new guidance will provide clearer guidelines and more informed customers by expecting broker-dealer firms to clearly communicate with their customers about how their accounts will be handled once the registered representative leaves the firm.

"Most firms and registered reps are more interested in getting or keeping an investor’s business than they are in getting back at the departed rep," Potter says. "And you don’t get or keep a customer’s business by keeping them in the dark."

For the full article, you may click here.

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