Resolving Employment Concerns for Financial Professionals
Those who choose to work in the financial services industry face a range of complex rules and regulations. If you are under investigation by your firm, terminated for cause or considering voluntarily leaving your firm, it is imperative that you hire counsel to advise you properly and to protect your record.
When you are terminated for cause or when you resign while under investigation, your firm will likely be required to disclose the nature of the investigation and/or termination on your Form U4 or Form U5. This disclosure will be accessible by other financial services firms through the Central Registration Depository portal (CRD) and/or the Investment Adviser Registration Depository portal (IARD). Often, these disclosures are also viewable by the general public through FINRA’s BrokerCheck portal and/or the SEC’s Investment Adviser Public Disclosure portal. These disclosures may also lead to a regulatory inquiry.
Many times, financial professionals who are considering, or have left, a firm will have post-employment obligations. Some of these obligations are set forth in agreements with the advisor’s firm, while others are required by law or regulations. The failure to consider these obligations can result in litigation that will hamper your ability to conduct business at your new firm. Having qualified counsel to guide you is therefore essential.
- Wrongful discharge and discrimination.
- Internal investigations.
- CRD, IARD and Form U-4 and U-5 disclosures.
- Defamation and slander.
- Misappropriation of confidential information and trade secrets.
- Wage and hour regulations.
- Disability analysis and accommodation.
- Sunset and other retirement programs.
- Leave administration.
- Deferred compensation.
- Performance, discipline and terminations.
- Dissolution of partnerships and teams within financial services firms.
- Non-compete and non-solicitation covenants.
- Promissory and forgivable notes.
- Garden leaves.
- Whistleblower counsel.