Brent Burns In the News/ Recent Events

Brent invited to speak at the Practicing Law Institute (PLI): Fundamentals of Broker-Dealer Recruiting, appearing on a panel with Richard Berry, FINRA Director of Dispute Resolution to discuss FINRA Arbitration. (July 23, 2018)

FINRA probes brokerage bank sweep accounts as commissions dwindle
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 sweep account, according to Brent Burns, owner of the Law Offices of Brent A. Burns. “Not one size fits all,” Mr. Burns said. “Each broker should look at their clients’ needs because they may not fit the default.”

FINRA guidance could help departing reps hang onto clients (April 11, 2019)
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.

Teaching attorneys about the Protocol for Broker Recruiting
Brent was invited to Los Angeles to speak on a Panel to teach other attorneys about recent developments related to the Protocol for Broker Recruiting at the Public Investors Arbitration Bar Association's (PIABA) mid-year CLE event: Current Issues in Securities Dispute Resolution. (May 5, 2018)

Brent attends annual Financial Services Recruitment Litigation Conference in Philadelphia (April 20, 2018)

CNBC - Closing Bell
Brent speaks about what firms' withdrawal from Protocol for Broker Recruiting means for advisors and investors (November 28, 2017)

CNBC - Closing Bell: Will firms' withdrawal from pact keep advisers from leaving?
Brent discusses firms leaving the Protocol for Broker Recruiting

THE WALL STREET JOURNAL: Wall Street Fights to Keep Brokers
“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.”

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.

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Attorney Brent Burns assists clients 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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