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Brent Burns In the News


Morgan Stanley dumps broker recruiting protocol
"Investors have long relationships with brokers, although firms like to think the relationship is with the firm, and sometime it is," said Brent Burns, an industry attorney. "But most of the relationship is with the adviser. Watch all the ads on TV — the broker is at the wedding, he's there when the baby is born." "Now Morgan Stanley is saying, you can't take or service the client," he said. "I think brokers will still leave Morgan Stanley and clients will contact them. Will Morgan Stanley then go after the advisers? And will the other firms follow?"

WSJ Wealth Advisor Briefing: Morgan Stanley's Protocol Exit
“The fear is who’s next,” said Brent Burns, a New Jersey-based attorney who represents financial advisers. “If anyone was on the fence, this may push them over. I expect a lot of recruiting” in the coming days, he said, with some advisers making the jump to the independent channel. While it remains to be seen if rivals follow suit, observers say the big four brokerages — UBS and Wells Fargo, in addition to Morgan Stanley and Merrill Lynch — tend to move in lockstep. For example, firms followed UBS’s lead in pulling back on poaching bonuses in the wake of the Labor Department’s fiduciary rule, which in part mandates “reasonable compensation.”

THE WALL STREET JOURNAL: Vonnegut: 'Harrowing' Fight for Brokers Who Take on the Firm
FINRA: From 2013-14, firms seeking the balance on unpaid loans from ex-brokers won 93% of the time.

THE WALL STREET JOURNAL: FINRA Strengthens Broker Penalty Guidelines
Brokers can now be permanently disbarred in cases of 'aggravated' circumstances.

OnWallStreet: Rare Win: How One Advisor Beat Morgan Stanley in Arbitration
"A good branch manager would say to his advisors, 'Don't say anything about the departing broker. Stay positive, don't go negative.'"

THE WALL STREET JOURNAL: Taking Your LinkedIn Client Contacts to a Rival Firm
Those contacts are essentially the adviser's client list

REUTERS: COMPLY-Brokers' legal woes can trigger sticky conversations

Cliffview Pilot: Heroes honored in Leonia for saving Overpeck heart attack victim
Brent Burns, among those honored by Bergen County Executive Kathleen Donovan, State Senator Loretta Weinberg and Leonia officials for bringing a man who collapsed in Overpeck Park in Leonia back to life.

InvestmentNews: FINRA puts onus on clients to find broker recruitment incentives
New proposal would make discovering bonuses for moving a do-it-yourself proposition for investors

THE WALL STREET JOURNAL: Brokers Face Pay Disclosures
Rules Would Require Defectors to Inform Clients of Signing Bonuses, Easy Loans.

THE WALL STREET JOURNAL: Making the jump ahead of bonus-disclosure rule

InvestmentNews: Schwab wins $957K award from RBC
Panel rules that broker violated terms of employment agreement


Attorney Brent Burns assists clients with their Securities Litigation, Securities Arbitration, Brokers in Transition, Broker Employment Disputes and Hedge Fund Litigation matters throughout the New York City Metro area. We represent all of Manhattan and the surrounding area, including but not limited to Brooklyn, Queens, Staten Island, Yonkers, Bronx, Westchester, Long Island City, Sunnyside, Astoria, Ridgewood, Flushing, Jersey City, Hoboken, Union City, Weehawken, Secaucus, North Bergen, Nassau County, Suffolk County, Hudson County, NY, NJ.



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