Financial Industry Regulatory Authority Inc. emphasized that it would probe bank sweep programs in which brokers put uninvested customer money into accounts at affiliated banks or into money market funds. . . . With Finra peering over their shoulders, brokerages will have to do more than automatically put customer cash into a...
Brent quoted in Investment News - FINRA's new guidance makes it easier for client's to find and follow their Registered Reps during transitions. This will likely weaken the effect of non-solicitation agreements and blur the distinction between Protocol and Non-Protocol firms.
Brent discusses firms leaving the Protocol for Broker Recruiting
“This is [Wall Street] waving the white flag,” said Brent Burns, a New Jersey-based attorney who represents financial advisers. The biggest brokerages “are trying to stem their losses by putting up a fence.”
"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 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...
FINRA: From 2013-14, firms seeking the balance on unpaid loans from ex-brokers won 93% of the time.
Brokers can now be permanently disbarred in cases of 'aggravated' circumstances.
Those contacts are essentially the adviser's client list
New proposal would make discovering bonuses for moving a do-it-yourself proposition for investors