Articles Posted in Sunset plans

FINRA recently released Regulatory Notice 22-23 providing guidance on what firms should consider when constructing succession plans for Financial Advisors (“FAs”) who will no longer service their customers do to expected or unexpected life events. The Need for a Plan The Notice begins by listing the various cost/benefits of having…

It has been reported that Morgan Stanley conducted a “nationwide probe” of abuses associated with its Former Advisor Program, a sun-setting plan that allows retired FAs to receive a split of fees and commissions paid by former clients.  Further to this reporting, we conducted a survey of FINRA AWCs issued…