Bankruptcy

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Oct 4, 2008 11:56 am

Anybody know what the deal is if a financial advisor files bankrupcty?  Does it bar you from the industry?

Oct 4, 2008 1:31 pm

I do not think so. I recently xfered a client and his broker had a bankruptcy on his record.(Though he was Primerica and that could make a difference)

Oct 4, 2008 1:58 pm

The answer is "no".

Oct 5, 2008 7:08 am

It doesn't bar you from the industry, although it is a required U4 disclosure which may result in some firms electing not to take the liability. That being said, I know reps at major wires (or what were major wires a couple weeks ago...) who have a BK.