Corporate & Securities Law

Financial Advisor magazine reports that 'marked' advisers are finding it harder to move.  That's because those with multiple blemishes on their records are finding it tougher to move from one broker-dealer to another these days. 

In fact, broker-dealers fear they'll face more frequent audits or other increased scrutiny from regulators if they hire reps with troubled records.  The firms also are less willing now than they were in the past to provide extra supervision to those advisers.  Regulators recently expanded BrokerCheck to provide public access to adviser's records. 

Some advisers feel that they have been wrongly accused for company practices.  For example, some advisers feel that they sold private placements only after they had been approved by their firms, yet now face customer complaints.

Attorneys at SNSFE frequently help reps with language on their Forms U-4 and U-5.  We can help negotiate the language that the firm places on those public records.  We also can assist reps file a comment on their own responding to such postings.  And of course, we can seek legal recourse to remedy any defamatory or inaccurate language appearing on a Form U-5 or other record.  Feel free to contact attorneys at SNSFE.

Source:  Financial Advisor Magazine