Too many times in the past year alone, I have been the recipient of a frantic call from a quality advisor who has just been terminated. In almost every case, what started off as a typical day quickly turned into a nightmare—a termination without notice and a security escort to the door. When that happens, advisors find their entire careers and relationships with their clients in jeopardy.
In this new hyper-compliant environment, advisors are often completely unaware that their activities (or those of their team) are in any way non-compliant in the eyes of FINRA or their firm. By the time they find out that what might have been overlooked by compliance departments in the not-so-distant past is now a termination-worthy infraction, it’s too late.
