Mr. Waymire,
yes, we must use our best judgment before we continue to entrust someone with our hard-earned funds, especially if they are leaving for another firm.
DOJ just settled with a few high tech companies for the non-recruiting claims. Will the broker protocol trigger an alert for DOJ to investigate these big financial firms? It is kind of fishy to put something in written on how to divide the client base between companies
Re: Hard choice
Phoenix
4/25/2012 12:56:01 PM
It is a hard choice but the decision has to be taken. Moving might be really helpful if your advisor provided good results constantly. I have also not heard about protocol. Thank you for mentioning it. It is good to know you can turn to such resources in search of information.
Hard choice
tokyogai
4/25/2012 12:34:00 PM
I think it would be a hard choice if my advisor were to move. While my relationship is with him in many ways, all the structure to carry out all the actions come from the place he is. I would want to know what type of deal he made before I coud make a choice as to whether or not to follow.
Re: Good advice
Tenacious
4/25/2012 9:14:20 AM
I'd be very uncomfortable getting a call from my financial advisor after he made a move to a new firm. If he wanted to discuss this with me, I would expect him to do it while he was still at the old firm. And if I said I wanted to stay with that firm, I would expect him to leave my name, phone number and other contact information behind when he left.
It seems like financial advisors would have to tread carefully between encouraging clients to come to the new firm and taking so much client information from the old employer without consent that they risk privacy violations. How do they avoid that conflict Jack?
protocol
driven
4/25/2012 8:22:39 AM
the information about the protocol is very interesting. I had not heard of that before. Jack, would you say most large companies are signatories to it these days?
Good advice
ProfR
4/25/2012 7:44:51 AM
This is good advice. You may also want to ask your present advisor "if you move with him what will change". I know someone whose broker moved and he moved his account to the new firm. Then he needed to have new credit cards issued for his account, some investment he had in funds did not transfer between firms, the new firm had some different ideas on investing, etc. Many of these are small changes but you should know.
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