April 8, 2022
Louis Diamond Quoted
by Jennifer Lea Reed
If there is a chance for brokers to influence the termination language in their Form U5, they should take it with gratitude, because more often than not there isn’t one, say lawyers and recruiters.
Brokers do have a small window in which they can negotiate a quiet departure in their termination language, but Finra filings suggest that broker-dealer companies keep that window short.
A broker trying assess how much room there is for negotiation first has to recognize there are different rules for brokers who are employees of a company than for those who are independent.
Louis Diamond, a recruiter and president of Diamond Consultants in Morristown, N.J., agreed, but added that not just any attorney will do. “You need a specialist with experience with Finra and employment transitions,” he said. “It has to be a specialist, not the attorney who handled your divorce agreement or your brother-in-law.”
