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Proper Departure Conduct

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Dec 4, 2008 2:50 am

I guess this is more of a protocal issue, but what could really happen to an advisor who leaves a firm that is part of protocal?  If an advisor leaves ML (or any major player for that matter) and the bank that just bought them (BofA) is part of protocal, then how is it any different than it was 6 months ago.  In other words, can BofA come after me more aggressively than ML would have before the aquisition?  If it matters, I did not sign the retention contract.  Should I worry about people showing up with search warrants or anything?

Dec 6, 2008 3:18 am

Well, the day of reckoning w/ GM bonds seems to be approaching. I've sold Ford, GM and FMC, as well as GMAC.  I suspect a debt restructuring is fairly imminent and assume litigation/arbitration against advisors is likely.

Anyone heard of advisor's losing personal property in arbitration?  Can a client sue me individually, cival court?

I suspect judges aren't going to take property/money away from thousands of advisors across the country that sold bonds that defaulted as the economy imploded. We've got defaults and rescues in all corners of the markets right now and so I don't think a judge would hold me personally responsible for GM/Ford but there's still a sense of concern on my part.