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I've Never Heard Of This, But

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Dec 29, 2005 12:53 am

Here's a situation I've never heard of occurring "in real life", but was wondering if anyone else has seen it. Let's say a broker changes firms and he brings over a client who also has an account at the new firm with another broker. How was this discrepancy resolved? Did the client simply have 2 accounts, one with each broker, at the same firm? Did the two brokers settle it amongst themselves?

I'm sure this has occurred before, but no one I know has gone through this.

Dec 29, 2005 3:26 am

Most likely the borkers will negotiate amongst themselves. Perhaps the splits stay 100% for each respective account, but the clients accounts get aggregated under one statement. Or one FA agrees to relinquish control of their account after one year, with a split negotiated on the revenue for another year or two after that…

Dec 29, 2005 3:29 am

Depends on the size of the firm. At wires you can have as many accounts at as many branches so long as you have the ability to fund them.

Dec 29, 2005 3:20 pm

The client ultimately decides…(1) Maintain 2 accts. with each broker. (2) Consolidate to one acct. (3) Split acct. w/ both brokers. Any firm/br. mgr. that can’t or won’t accom. this, you don’t wanna work with/for.

Dec 29, 2005 11:45 pm

Most of the time, the manager will side with the bigger producing broker. In

my case, the firm let client keep both accounts indepedent as long as the

client wished.