Financial advisors who may be thinking of leaving a wirehouse to start their own registered investment advisory using a custodian or working with a broker-dealer would be well-advised to check if both their old firms and new affiliated companies have signed onto the industry’s Broker Protocol.
Under the protocol, which was developed by FINRA and signed by more than 800 firms, client public contact information such as name, address, phone number, email address and account title can be taken when a broker leaves a firm but not client portfolio information. Moreover, departing advisors can't solicit the clients until after they have left the old firm.
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