Anyone Hiring brokers under Sup around Tampa?

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Mar 3, 2010 12:37 am

I had moved from a Regional to Merrill and during that time got hit with a NASD 2110 violation. I made the mistake of filling in beneficiary information on a TOD form with the client on the phone, and my SA in my office, after we had received the form back signed but otherwise blank. The client confirmed this to the state. I did not realize that I broke company policy at the time it happened (Sept 2008), as I thought as long as I had client permission and a witness that it was alright. I now understand how serious that can be.
Hard lesson learned. The state wants me under heightened supervision for 2 years. Due to this Merrill permitted me to resign since they would not agree to ES even though they had full disclosure that this complaint was pending when I came on board. I have since met with Chase, 5/3, Wells, Oppenheimer, RayJay, even my old Regional and no one can take me on under ES.  The directors with the state said there are 11000 offices in Florida and I should have no problem getting picked up, but I am 0 for 6 so far. The managers like my personality and production, seem excited about me when when we finish the meeting then once they run it through pre-hire, they say they are not in a position to take someone under ES.
Does anyone know of a place around Tampa that may be an option? I know I made a mistake and I appreciate any helpful advice. My main concern is getting back on my feet as my wife was a stay at home mother with our 2 year old daughter, so having the ability to take care of my family is imperative. If this is posted in the wrong area, please move to where it should be.
My old Regional was bank affiliated and I did $612k in 2009, $566k in 2008. LOS ~ 3 years. Had approx $46MM AUM. Can provide proof of AUM and Production to perspective employer

Mar 3, 2010 1:19 am

Sorry to hear of your situation.  There are not that many jobs where I simple mistake and derail a career like ours. 

Mar 3, 2010 6:31 am

Maybe Gun Allen - but I don't know if you want to jump into that fire.

Mar 3, 2010 10:03 am

I had moved from a Regional to Merrill and during that time got hit with a NASD 2110 violation. I made the mistake of filling in beneficiary information on a TOD form with the client on the phone, and my SA in my office, after we had received the form back signed but otherwise blank. The client confirmed this to the state. I did not realize that I broke company policy at the time it happened (Sept 2008), as I thought as long as I had client permission and a witness that it was alright. I now understand how serious that can be.
Hard lesson learned. The state wants me under heightened supervision for 2 years. Due to this Merrill permitted me to resign since they would not agree to ES even though they had full disclosure that this complaint was pending when I came on board. I have since met with Chase, 5/3, Wells, Oppenheimer, RayJay, even my old Regional and no one can take me on under ES.  The directors with the state said there are 11000 offices in Florida and I should have no problem getting picked up, but I am 0 for 6 so far. The managers like my personality and production, seem excited about me when when we finish the meeting then once they run it through pre-hire, they say they are not in a position to take someone under ES.
Does anyone know of a place around Tampa that may be an option? I know I made a mistake and I appreciate any helpful advice. My main concern is getting back on my feet as my wife was a stay at home mother with our 2 year old daughter, so having the ability to take care of my family is imperative. If this is posted in the wrong area, please move to where it should be.
My old Regional was bank affiliated and I did $612k in 2009, $566k in 2008. LOS ~ 3 years. Had approx $46MM AUM. Can provide proof of AUM and Production to perspective employer

What is a TOD form?    

client signed blank form and you added beni info you got over the phone?  Like an IRA?
thats it?

Mar 3, 2010 10:43 am

Client returned a Transfer on Death Document through my OSJ signed but without the beneficiary information on it. I added the info while on the phone with the client. That is it. But since it was in my prior firms compliance manual, I got dinged. It was in plain writing that the advisor will not alter any signed documents.

Mar 3, 2010 10:53 am

man.  brutal
stresses me out

Mar 3, 2010 12:42 pm

YankeeNole
Knowing what you know now would you have handled the situation different?  What I mean is did you admitt to doing this when they asked?  Would you have hired an attorney before telling them what you did knowing how it turned out?  I think we are all curious because everyone does things like this.  Clients forget to date a signature, you miss a small part of form 39 or 85, you can't call the client in 3 different times to get paperwork done.

Mar 3, 2010 12:45 pm

How did they catch you?

Mar 3, 2010 12:52 pm

did you make them mad when you left?   was it personal to try to bury you?

Mar 3, 2010 4:37 pm
Mar 3, 2010 4:39 pm

1st post and you FAIL.

Mar 3, 2010 7:33 pm

1st post and you FAIL.

 funny
why are'nt you a broker?  
no man love here, but you seem to cool for compliace

Mar 3, 2010 7:39 pm

I wanted to change the world. 
Thanks, I am cool.  And I'm told that everyday.  Honestly I really enjoy the challenge of compliance - I was just wired for it.  And like many Compliance people, I'm not good a schmoozing.
Maybe if I get bored of Compliance, and the timing is right, I will see what all the fuss is about being an Adviser.

Mar 3, 2010 10:26 pm

I wanted to change the world. 
Thanks, I am cool.  And I'm told that everyday.  Honestly I really enjoy the challenge of compliance - I was just wired for it.  And like many Compliance people, I'm not good a schmoozing.
Maybe if I get bored of Compliance, and the timing is right, I will see what all the fuss is about being an Adviser.

Mar 4, 2010 1:05 pm

Thanks for looking out for me.

Mar 4, 2010 4:41 pm

Don't worry...someday you'll be one too.

Mar 5, 2010 9:14 pm

Yankee, good post for the rest of us to chew on and good luck to you. Wish I was close enough to Tampa to help. Again, can you tell us how this blew up? How'd they find out?

Mar 7, 2010 2:58 pm

YankeeNole
Knowing what you know now would you have handled the situation different?  What I mean is did you admitt to doing this when they asked?  Would you have hired an attorney before telling them what you did knowing how it turned out?  I think we are all curious because everyone does things like this.  Clients forget to date a signature, you miss a small part of form 39 or 85, you can't call the client in 3 different times to get paperwork done.

   
 
I certainly learned a lesson from this. Didn't even know it was in the compliance manual until the state showed me. I had already admitted to my old firm, and also to the state. When doing an on the record statement with the state of florida in december, I figured it not best to lie, as I thought I hadn't done anything wrong. Easy enough to learn from it, but a pain in this environment to get picked up under supervision.
Have been TD'd by Wells, Chase, Morgan Keegan, Oppenheimer and 5/3 b/c they cant take anyone under sup.  I am waiting to here back from prehire on MS and Ameriprise. If they say no I have no idea what I will do.
 I also don't know what would happen if I moved to another state, since it was the state of Fl wanting me under sup? Sorry for the delay in getting back on here, wasnt getting any notifications that anyone had replied.

Mar 7, 2010 2:55 pm

How did they catch you?

 
 
I had told my OSJ when I sent the form back in. They said nothing of it for over a year until I tried to move to Merrill.

Mar 8, 2010 9:04 pm

[quote]did you make them mad when you left?   was it personal to try to bury you?[/quote]  I resigned professionally and in person. Even teared up when I did it as I had a good rapport with my manager. I think home office wanted to try and mess with my ability to transfer clients.