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Barry Champney

Barry is the Chief Compliance Officer of Vanderbilt Financial Group.
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Protocol 101: What All Financial Advisors Needs to Know

Posted by Barry Champney on 10/3/15 11:12 AM

We know it can be scary to move to an Independent Broker Dealer and The Protocol for Broker Recruiting can sometimes be confusing- but it doesn't have to be!  Here's a crash course to help you sharpen your Protocol knowledge about making a move.

Anyone who was a Registered Representative in the 90's or earlier will remember the legal headache that came along with the thought of changing Broker Dealers. The decision to move was fraught with the risks of being sued by your old firm and losing your book of business. In 2001, FINRA created Rule 2140 which allowed clients to transfer accounts from firm to firm in order to follow their advisor when they move. The Protocol for Broker Recruiting of 2004 states that firms who joined Protocol must let RRs retain their client list when they move to another Protocol firm, free from the fear of being sued.

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Topics: Protocol, Financial Advising

Plan of Attack When Firms Close Small Accounts

Posted by Barry Champney on 9/18/15 4:23 PM
Very rarely do we find ourselves in these types of situations- a large mutual fund company decides to close its smallest accounts in order to reduce expenses and increase cost savings. What does that mean for Financial Advisors with clients who's accounts fall into this unfortunate territory? It’s your time to shine! 

A large mutual fund company announced in early September of 2015 that they will be closing accounts that contain less that $500 come November. While this may seem like an unwanted hurdle, it’s actually a great opportunity to flex your advising muscles and remind your clients why they’re happy to have you in three simple steps.


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