What is Protocol for Broker Recruiting?

The Protocol is an agreement signed by various broker-dealer firms to allow the broker to take specific client information when leaving a firm. When brokers transition from one firm to another and both firms are signatories to the Protocol, the brokers may take account information that contains the client name, phone number, email address, and account title of the clients that they serviced while at the firm. Advisors are prohibited from taking any other documents or information, including account numbers. Provided that the departing broker and his/her new firm follow the Protocol, neither can have any liability to the broker’s former firm by reason of the broker taking the above-stated information or soliciting clients serviced by the broker at his/her prior firm. To claim protection under the Protocol, departing brokers should provide a written resignation letter to their branch manager and attach a copy of the retained list of information.

Contact Us For More Information

  • This field is for validation purposes and should be left unchanged.