So what do you think? Have you ever gone through the process of separating one broker-dealer from another or to an independent RIA? Any more advice you want to add? Or negative experiences as a warning to others? Please share your thoughts in the comments below! On the other hand, while an outgoing broker can add his business to the list of brokerage newspapers, there is no way to force an existing broker to join the list if he has not yet done so. While the explosion of the list of members of the broker protocol means that most companies have decided that this was an attractive compromise as a broker recruitment protocol – the ability to recruit brokers without fear of litigation in exchange for the risk of recruiting brokers – companies that do not necessarily seek to recruit in the first place cannot be added to the list. This means that a broker is „stuck” in such a business with the terms of the company`s existing employment contract, including non-solicit and non-compete clauses (to the extent that they are otherwise enforceable by state law) and has no way of using the brokerage protocol. „The consultant has the connections and, from our point of view, there will be a new migration to independence,” said Robert Moore, CEO of Cetera Financial Group Inc., a large network of independent brokers. „In companies that come out of the protocol, we see no impeddle to us having good consultants and providing them with better solutions.” „The consultants` concerns about leaving on Friday and being sued on Monday are justified,” said Dennis Gallant, a securities industry advisor. „Consultants don`t want to argue over clients. Many think that even though their company has not yet left the protocol, if it does in the future, they do not want to work there. Some people in the yarn house look and think beyond the limits of the plate. UBS Wealth Management Americas with about 6,000 consultants and Citigroup Global Markets Inc. with nearly 1,000 left the agreement at the end of last year. They have not yet filed known lawsuits against their outgoing brokers. Author: Robert D. Conca, Esq., Partner, Jacko Law Group, PC.

Publisher: Michelle Jacko, Esq., Manager Partner, Jacko Law Group, PC.