Client Complaint

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Jan 14, 2010 11:06 pm

I am exploring my options with other firms.  However I have a client complaint that is pending on my license. I have 2 questions:


 
1) Once the compliant is resolved would it be difficult to be hired as an financial advisor at another firm if the firm settles.
 
2) With an compliant on my record and if I have my CFP would another firm be willing to hire me?
Jan 15, 2010 3:37 pm

You'll get hired if you have a decent trailing 12 and a product mix that doesn't indicate that you will be a headache down the line.  The firm will settle it because they don't care what goes on your U4.  You're collateral damage- a means to an end.  CFP doesn't mean anything unless your production talks first.  If you're pending complaint looks particularly awful then it might be more difficult but there's always Gunn Allen or Sun America or Oppenheimer and surely more.  There are countless B/Ds and there's always one that will take a chance. 

You might go under heightened supervision for a 6-mos to 2 years with continuous audits and manager meetings but it's worth it if you have something worth working for.

If you're trying to get registered in Florida get ready to wait a loooooooooooooooooooooooooooooooooooooooooooooooooooong time because they want every detail of the pending complaint and they will ignore you and hope that you go broke while you wait and will definitely deny you your right to work based on these unsworn allegations.  We're not afforded the same rights as doctors who have malpractice claims whatsoever.  The regulators consider us scum and so does the public for the most part and that's all that there is.

Good luck in your endeavors and thanks for letting me blow off some steam.

Jan 15, 2010 4:56 pm

The CFP is meaningless.

 
Is the complaint that you stole $500,000 from your client or is the complaint that the client made 37% and they wanted to make 38%?
 
Are you a big producer or a little producer?
 
Big complaint + little producer = no job
Little complaint + big producer = job
Jan 15, 2010 8:04 pm
anonymous:

The CFP is meaningless.

 
Is the complaint that you stole $500,000 from your client or is the complaint that the client made 37% and they wanted to make 38%?
 
Are you a big producer or a little producer?
 
Big complaint + little producer = no job
Little complaint + big producer = job

Nail = Head
 
Exception would be a rising star producer with their CFP.
 
That having been said, I also always found that recruiting managers always had a real boner for my CFA and academic credentials.
Jan 17, 2010 12:40 am

To provide more detail the client stated that I did not place a trade in time and it may cost the firm $20K.  My production level is 200K.