Protocal Signatory question

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Oct 19, 2009 3:27 pm

Anyone know what a firm needs to do to remove itself from being a signatory to protocal? How must it notify the advisors?


Oct 19, 2009 7:05 pm

i dont understand question

Oct 19, 2009 8:40 pm

Not sure they are required to notify the advisors.  However, I would guess that the Firm an FA would be going to would be required to determine if the Firm they are hiring from is a protocol Firm.  It only makes good business sense because if you are recruiting an FA who is not from a protocol Firm there are a whole lot of different aspects of a transtion to keep in mind (potential legal fees, non-competes, client information claims, etc.).  If the FA is from a protocol Firm, the transition gets much more clear.

Oct 20, 2009 5:57 am

The firm withdrawing from protocol needs to provide the other signatories with 10 days notice.  That’s the only requirement.

Oct 20, 2009 7:49 am

Reg S-P and the courts sometimes create a form of protocol-like protections for advisors and clients.

Why withdraw?