Authentic Deal-Making

Merrill Lynch’s Client Transition Program is Under a Harsh Spotlight in Court

Miriam Rozen’s article in Financial Advisor IQ outlines the age discrimination suit filed by a 76-year-old former Merrill Lynch advisor and how wirehouses’ client transition programs are drawing criticism from all sides.

Rozen writes, “Corey Kupfer of Kupfer & Associates in Rye Brook, N.Y., a lawyer who represents advisors, views skeptically the client transition programs and tags them as tools for getting seasoned advisors to forsake control of their accounts at a time when he believes the Protocol no longer applies in many situations.”

“The wirehouses are getting more aggressive finding violations they were happy to overlook once they feel that a book has been transitioned, once they are comfortable that there is another broker advisor that is able to keep that client there,” Kupfer says.

Read the full article here.