Need Help - Enhanced Supervision

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Jan 31, 2010 5:22 pm

I worked at a Large Regional for 2+ years and was a $600k producer. I moved to Merrill in September, but my license got hung up with the state unexpectedly, due to a signature discrepancy on an item my firm previously had closed and denied, but marked as pending on my U5.

 
I just cleared the state after 4 months of them doing a review, but got hit with failure to follow company protocol due to clients occasionally dropping their return mail back to me at the bank branches instead of mailing it back to our OSJ. They said I should have followed protocol better to ensure that clients signatures are authentic. They did not find that I did anything else though. They want me to be under enhanced supervision for 2 years for breach of protocol.
 
Due to this supervision need Merrill just let me go - via permitted to resign last week. Is it possible to get picked up at another firm that would have to put me under enhanced supervision. If so, any recommendations are appreciated while I can still move my book of clients over that have been waiting at the Regional for me to get running. My attorney says someone will pick me up, but seems like a risk for a manager to hire someone they don't know.
 
Thank you
Jan 31, 2010 8:57 pm

I have been an FA for almost 3 years. Yes I was a $600k producer. I covered multiple branches, and knew how to work with those branches better then most FA's within the firm since I had worked as a bank manager for the bank side for 3 years prior to me being an FA. While working in the bank I became series 6, 63 and life/annuity licensed. I did $205k in revenue as a bank manager, before deciding to concentrate solely on investments as an FA. Assets and revenue can be provided to any firm that would be interested.



Since I came from a regional I did not get the 300% bonus. I was given over $500k though with back end bonus bogies over the next 5 years. The upfront was based on income from my last paystub YTD.
Jan 31, 2010 9:00 pm

Not all my clients will be moving after these 4 months. However, my largest clients I have kept in contact over this process and can still move them to a new firm.





 
I am kinda glad how it worked out, as most of my clients would not have been used to the higher fees / annual fees that Merrill had embedded in their accounts compared to what they were charged by me at the regional firm.
 
 
Feb 3, 2010 12:14 pm

I was enticed with the check to pay off things and find a place to hopefully be at for the remainder of my career.