Financial Advisors

As I am in the transition process to another firm... will a ‘letter of warning’ be reported on my u5 ? I was told it would not... but wasn’t sure if anyone out there had a similar circumstance.

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I have this same question!

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No... a letter of warning in my case was given to me because I violated a firm policy. They said case was closed and it would not be reported but if I leave my firm to another I could see a chance that they leave a negative mark on my U5. Anybody have similar experience ?

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What a was letter of warning about and what firm policy? Specifics please. Could be scare tactic. As long as you don’t violate any rules when you move they shouldn’t be able to do that. Just need more info.

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It can if they want to screw with you. It can screw with you more if it’s client related. Can you elaborate on what happened? This is a safe space. Ish.

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No clients were brought into this matter. It was held hush hush and because I was truthful I was able to keep my job. The discretion was in fee based accounts and no clients experienced loses. At this point, no clients even know I was investigated. However, unsure if they will hold it against me when I leave... worries they will give me a bad mark on my u5.

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Wait do you mean like a 2 week notice?

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See comment to FA OP

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I would highly recommend speaking with a securities attorney about your situation. There are a few firms that are notorious for this practice. Send me a message if you want to visit further.

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I should add that I have a good one on retainer. She represented me when I left Edward Jones in 2015, and has represented about a dozen others that I have sent her way, including 6 advisors that have transitioned to my group in the past year. Two of them had similar (or worse) situations. Those two didn’t join my group, but they did leave their firm and go to another independent firm.

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To provide clarity.. it was a minor discretion incident that resulted in a “coaching “ conversation but led to a letter of warning. No clients were involved in the matter and the investigation was closed. It did however go into my employee file. I was told the incident would not be reported on my u4.

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The compliance offer told me verbally that it wouldn’t effect my u4. But I do have the letter of warning in writing which states the investigation is closed.

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