Need Step by Step Checklist when Changing Firms

or Register to post new content in the forum



  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Oct 29, 2008 9:23 am

Does anyone know of a comprehensive checklist/timeline of events to follow when you are changing firms???  It would not be too hard to put together, but it would be nice to make sure I am not missing any steps.

  Hang in there you all.  Tough times don't last.
Oct 29, 2008 3:53 pm

Check out FINRA website- go to Protocol, it’s long and ugly.  Any firm seriously courting you will have also prepared a more brief checklist and guidelines. They also have transition teams specializing in this stuff. 

Oct 29, 2008 4:12 pm

Nice Picture. 

Oct 30, 2008 9:19 am

Great response.  Thank you.

Nov 1, 2008 8:38 am

If you do a home office visit, they should spend an hour going over the details.

  What I need to find out is if you leave a Protocol firm and go to a non Protocol firm but follow Protocol, what might your existing firm do to you. The key for WS reps who owe money is when do you pay that note back. Protocol firms say to give them a check when you turn in your notice. I've heard from other reps (I assume who went to non-Protocol firms) who either had their firm pay it off or who are still waiting 5 months later to get notice from WS.
Nov 1, 2008 11:16 am


Insert the usual ‘not an attorney disclaimer’ here, but if you go to an non-protocol firm, there is no agreement your old firm is supposed to abide by, and it would seem far-fetched to expect them to afford you the same terms as protocol firms.  What do they get in return?

I’ve also heard anecdotal stories of folks who left and negotiated a reduced payback of the retention loan.  Perhaps some of those folks will pitch in with their experience here.  I have heard no stories of people leaving and still 5 months later not being ask to repay the retention, so I can’t comment on that. Personally, I left very shortly after receiving the retention, so I decided the risk was not worth the return and simply paid it back with my resignation.  As I hoped, I encountered no TRO or other legal tussle, which probably saved me more than I would have gained by negotiating a fraction of a year’s retention value. 

Your mileage may vary.

Nov 1, 2008 12:54 pm

Good commentary, Morphius. I will be asking any and all prospective b/ds if they are on the list and if not, why not?