How to Change Firms the correct way

No such list exists.  I have run a small firm for many years and seen the increasing complexity of the dos and don'ts when bringing in new brokers, be careful. 

I wonder why on earth you would be going to a firm that can't help you with this?  What other shortcomings do they have?  Perhaps you should reconsider this particular move.

It depends on whether your old firm and new firm are both signatories to the "Protocol".  If they both are, then there is a very well-defined procedure in order to stay compliant.  If either one of them is not, then there is no one specific procedure; it depends on how your employment agreement at your old firm is worded, and in that case, you should probably consult with an attorney experienced in these matters.

You might get some better advice, if you offered a wee bit more in details. 18 months ago I switched from major bank bd, to indy. Like you, I came here looking for ideas, tips. The very fact/proof that you are trying to do the right thing, might actually help you, if you did wind up in arbitration. But, you need to provide some better details to get some good advice. Also, if you do hire a lawyer right now, they'll give you the "nothing is certain" line. Not saying you shouldn't have council, but that is what they'll tell you. 

I have a perfectly clean U4, and everything else.  Leaving because it is a great opportunity.  Lawyers don't know crap.  Heck, have you seen how many are quitting and trying to become FAs.  Come on now, this can't be some huge secret.  How are you supposed to do it the right way if it is not layed out somewhere?

You have a great deal to learn about regulatory matters!

Seriously, how great of an opportunity can it be if they can't offer ANY transition support?  You must be chasing a monster payout.  Two months and you'll be wishing you went somewhere with some support.  Good luck!

Seriously, why do you people post if you have nothing to say?  Regulatory matters???  No I don't see I am what is called a "producer" .

Stay where you are folks if that is what you want, I am moving on.

I think it goes like this:

1. Resign from the firm you're with, don't take anything with you.

2. Run a lot of advertisements in places your clients might see them. Send a generic notice to clients, but I'm not sure how you'd know who or where to send them.

3. Hope they contact you to move their accounts/plans.

I'm not trying to be funny, and I think anyone from the new firm will tell you the above, on the record.

all this advice and $2.50 will buy me a coffee at Starbucks.

For someone who won't even spring for $2.50 for some advice, you seem awfully picky about the quality of the advice you're getting ITT.

Hire a competent lawyer and do not read any further.

I believe the "Protocol" goes something like:

aahhhh come on.  We brought over a 1 million producer from MS and they brought in TONS of boxes and files.  If you think people leave without at least a little more client information than that you are crazy.

That is my understanding. If you can point me to a reputable source detailing this information please do. Otherwise your MS guy broke protocol. Especially if they brought client files from another captive firm that employed this person.

EVERY broker we brought over brought TONS of files in boxes.  I personally witnessed at least 3 transitions with client information.  This is a big firm and reputable too.  They just pretend they don't know about it.

you really don't need "tons of files". You don't need anything.

In reality, you are permitted to take only the standard information available through normal channels - addresses, phone numbers. No account numbers, no history. And why should you need anything more than that?

See PM for more.

[quote=maybeeeeeeee]

EVERY broker we brought over brought TONS of files in boxes.  I personally witnessed at least 3 transitions with client information.  This is a big firm and reputable too.  They just pretend they don't know about it.

[/quote]

We moved to a large firm.  the lawyers gave us this speech on protocal.  

They gave us a written outline of the rules.  That is the official line.  

Then everyone winks at you.      The rules are there and everyone breaks them. 

No one goes after each other unless you do something way off base.    

[quote=Jennifer Nettles]

[quote=maybeeeeeeee]

EVERY broker we brought over brought TONS of files in boxes.  I personally witnessed at least 3 transitions with client information.  This is a big firm and reputable too.  They just pretend they don't know about it.

[/quote]

We moved to a large firm.  the lawyers gave us this speech on protocal.  

They gave us a written outline of the rules.  That is the official line.  

Then everyone winks at you.      The rules are there and everyone breaks them. 

No one goes after each other unless you do something way off base.    

[/quote]

Thanks Jennifer.  Finally someone who knows the business and her stuff.  Do you still have the written outline of the rules?  How did your transition go?

We got 90% plus of our clients.

Its a gut wrenching, horrible MF experience.

first week=lving hell

second week=worse

third week=a little better then hell

forth week=hell minus a bit more then above (3ed week)

fifth week=a tiny sliver of light

sixth week=head coming some what out of a%^

7-present=slow,nasty return to normalcy....  

any questions?

(ps:  protocol stuff:  be smart.  

lay low.  plan well.   shut mouth  

don't be a dick  (dont burn bridges) 

bring what you need to move book.    

Congrats on your move Jenni

There is a good reason why big firms don't generally go after departing reps, that go to other large firms. Think about it... But that isn't what this discussion was all about, now was it?

[quote=BigFirepower]

There is a good reason why big firms don't generally go after departing reps, that go to other large firms. Think about it... But that isn't what this discussion was all about, now was it?

[/quote]

no idea what this means.

are you doing meth?

[quote=howsaboutashoeshine]

Congrats on your move Jenni

[/quote]

sup mel?

[quote=Jennifer Nettles]

[quote=BigFirepower]

There is a good reason why big firms don't generally go after departing reps, that go to other large firms. Think about it... But that isn't what this discussion was all about, now was it?

[/quote]

no idea what this means.

are you doing meth?

[/quote]

The reason why they don't pursue reps, is because it is a "game". Trouble is, both sides can play it, and they are well capitalized. When a firm sees an undercapitalized opponent, that is when they attack, or when there is clear proof of violation of the law, like USTSA. I know a bunch about this stuff, and am actually currently named in a case. I've transitioned from wire to wire, from bank to bank, and bank to indy. What experience in comparison do you have, that warrants such a pathetic response?

Maybeee should not be comparing apples to oranges. He's not going from a large firm to a large firm. He's admitted that he is going to a small firm, with no resources to defend himself.

and that's why I gave the list best I remember and well you read what Maybeeeee and Jennie gave... a big goose egg. The OP thanks you both NOT

So many guys in this business are "so smart" "know a bunch" they think they are smarter than EVERYBODY.  Egotistical fools.  Mama's boys.  Jenni offered real good advice. 

young boys , dumb boys, full of sh** boys

Her advice, was that the rules are treated with a wink. Yeah, and you call that good advice? I know a guy in a case like that, where the "boxes of stuff" got returned to the former employer, the rep lost his job after the arbs awarded 300k to the former firm, and he needed to move to another state in order to get a job in the biz. This was a guy approaching a million back in about 2001.  

Seriously, your response is as immature and pathetic as they come. ND listed exactly what the protocol rules are, and I've got experience in many scenarios, including the one you are TRYING to avoid. And you're throwing rocks at us? Whatever...

BTW, better hope your reply #12 doesn't get picked up in an ARB case. Of course, you're probably "smart enough" to have never gone on RR forums from your work computer....

The only young, dumb, full of sh** person is yourself, and you've clearly proved it.

[quote=BigFirepower]

Her advice, was that the rules are treated with a wink. Yeah, and you call that good advice? I know a guy in a case like that, where the "boxes of stuff" got returned to the former employer, the rep lost his job after the arbs awarded 300k to the former firm, and he needed to move to another state in order to get a job in the biz. This was a guy approaching a million back in about 2001.  

Seriously, your response is as immature and pathetic as they come. ND listed exactly what the protocol rules are, and I've got experience in many scenarios, including the one you are TRYING to avoid. And you're throwing rocks at us? Whatever...

BTW, better hope your reply #12 doesn't get picked up in an ARB case. Of course, you're probably "smart enough" to have never gone on RR forums from your work computer....

The only young, dumb, full of sh** person is yourself, and you've clearly proved it.

[/quote]

stfu.  tool

Angry disjointed medicated licensed sales assistant....

[quote=maybeeeeeeee]

[quote=Jennifer Nettles]

[quote=maybeeeeeeee]

EVERY broker we brought over brought TONS of files in boxes.  I personally witnessed at least 3 transitions with client information.  This is a big firm and reputable too.  They just pretend they don't know about it.

[/quote]

We moved to a large firm.  the lawyers gave us this speech on protocal.  

They gave us a written outline of the rules.  That is the official line.  

Then everyone winks at you.      The rules are there and everyone breaks them. 

No one goes after each other unless you do something way off base.    

[/quote]

Thanks Jennifer.  Finally someone who knows the business and her stuff.  Do you still have the written outline of the rules?  How did your transition go?

[/quote]

What the eff do you need a written outline of the rules for...? It'll just be used against you as evidence of your culpabiltiy when you guys get done winking at each other...

[quote=BigFirepower]

Angry disjointed medicated licensed sales assistant....

[/quote]

your a jackoff

send me contact info and i'd be more then happy to walk you thru this.  [email protected]

Hello Maybeeee,

I recently left one protocol firm for another.  The new firm provided me with 'The Protocol' document, which I followed:

"When RR's move from one firm to another and both firms are signatories to this protocol, they may take only the following account information: Client Name, address, phone number, email address, and account title of the clients they serviced while at the firm, and are prohibited from taking any other documents or information  Resignations will be in writing delivered to the local branch management and shall include a copy of the client information that the RR is taking with him or her.” (there is a lot more to ‘The Protocol’, including a special expedited ACAT process if you follow the rules, but this is the gist of it).

Following 'The Protocol' dose not prohibit the losing firm from pursing other agreements (Loans, Promissory Notes, etc;), but it does provide some cover from being sued for soliciting former clients.

Like everyone else, I’ve watched other brokers leave with boxes of information, but for my own piece of mind I decided to follow the rules.

In my case the losing firm and branch manager has done (is doing!) everything they can to make life difficult.  Hopefully that won’t be your experience, but even in a 'rosy & winky' scenario transitioning is tough!  Give yourself one less thing to worry about and follow 'The Protocol'. 

Your ‘soon to be’ new firm can provide you a copy of 'The Protocol' (if they can’t this should be a RED FLAG).  I can send over the version I have if need be.

[quote=BigFirepower]

Her advice, was that the rules are treated with a wink. Yeah, and you call that good advice? I know a guy in a case like that, where the "boxes of stuff" got returned to the former employer, the rep lost his job after the arbs awarded 300k to the former firm, and he needed to move to another state in order to get a job in the biz. This was a guy approaching a million back in about 2001.  

Seriously, your response is as immature and pathetic as they come. ND listed exactly what the protocol rules are, and I've got experience in many scenarios, including the one you are TRYING to avoid. And you're throwing rocks at us? Whatever...

BTW, better hope your reply #12 doesn't get picked up in an ARB case. Of course, you're probably "smart enough" to have never gone on RR forums from your work computer....

The only young, dumb, full of sh** person is yourself, and you've clearly proved it.

[/quote]

you have NO idea how immature can get you PRISS.  You also have no idea how to manage assets and generate assets.  In fact, I can see you right now at your computer pencil neck.  got all your calling cards in a row and you are having spaghetti o's out of the can at your desk.  dreamer. 

some people got it and some don't .  face it .

[quote=volunteer78]

Hello Maybeeee,

I recently left one protocol firm for another.  The new firm provided me with 'The Protocol' document, which I followed:

"When RR's move from one firm to another and both firms are signatories to this protocol, they may take only the following account information: Client Name, address, phone number, email address, and account title of the clients they serviced while at the firm, and are prohibited from taking any other documents or information  Resignations will be in writing delivered to the local branch management and shall include a copy of the client information that the RR is taking with him or her.” (there is a lot more to ‘The Protocol’, including a special expedited ACAT process if you follow the rules, but this is the gist of it).

Following 'The Protocol' dose not prohibit the losing firm from pursing other agreements (Loans, Promissory Notes, etc;), but it does provide some cover from being sued for soliciting former clients.

Like everyone else, I’ve watched other brokers leave with boxes of information, but for my own piece of mind I decided to follow the rules.

In my case the losing firm and branch manager has done (is doing!) everything they can to make life difficult.  Hopefully that won’t be your experience, but even in a 'rosy & winky' scenario transitioning is tough!  Give yourself one less thing to worry about and follow 'The Protocol'. 

Your ‘soon to be’ new firm can provide you a copy of 'The Protocol' (if they can’t this should be a RED FLAG).  I can send over the version I have if need be.

[/quote]

Now that actually was very good information.  Thanks.  You know I was thinking how good it would be to leave all that crap behind.  Hey rules are rules Mr. Client "It had to stay in the files at my old firm"  Have a great and prosperous final quarter of 2010.