Fired FINRA Reps - Termination Triage

Getting fired never feels good. It feels even worse when you didn't even see it coming. Once you get over the shock, however, it's important that you take care of a few things right off the bat. It may feel like your life has just shattered into a million pieces, but taking care of a bit of self-triage right off the bat can help you in the long run.

1) Turn in your stuff - really

If you have a company laptop, customer info, or just a giant carton of golf balls from the firm outing last summer, no matter how satisfying you think it will be to imagine your BOM’s face each time you hit one of the balls, the best way to weather a firing is to give the stuff back.

It’s easy for a disagreement about why and whether you should have been terminated to turn into World War III when you have tangible stuff they want back. You’ll be tethered to an expensive, lengthy, emotionally draining arbitration if they decide it’s worth the fight. And that’s going to get in the way of you building a new life at your new firm.

Give it back.

2) Ask to discuss the language that will be used on your U-5

This one is important… When a firm fires a rep, they have to file a U-5 termination of registration statement within 30 days. They can file it sooner. It’s a lot harder to change the language after it’s been filed with FINRA than it is before….

That means that if they intend to say something that you feel is misleading, you’re much better off having a conversation before it gets filed. The U-5 provides information that other firms will see, as well as your future customers who can look it up in BrokerCheck.

This part is where it may be worth hiring a lawyer sooner rather than later. Food for thought…

3) Find out if there is a placement service

Some firms use placement services to help you find your next gig. When you first find out it’s your time to be moving along – especially if you didn’t see it coming – you may be overwhelmed with the information you’re given by HR. Placement services can get lost in the shuffle. It may be one little page shoved in the folder of stuff you’re given. Or if you received termination information electronically, it could be easy to miss.

Ask.

Those services can help you polish up your resume and your LinkedIn profile to make it easier for you to move on to the next chapter in life.

4) Understand your rights to contact clients

Ever hear of “the Protocol?” If not, check it out. Many firms have signed onto the Protocol, which sets forth the rules when it comes to communicating with your past clients. Many firms have taken themselves out of the Protocol, too. So check to find out if the firm you’re leaving and the firm you’re going to are a part of it.

If not, well, where do you turn? Ask the firm you’re now, ahem, leaving for a copy of the employee handbook that you likely agreed to at the outset. Also ask them for any guidance, agreements, etc. that govern your responsibilities.

Taking clients, unforgiven promissory note balances, and not giving stuff back are the three top reasons why reps end up in arbitration or court battles.

5) Dust yourself off, and pick yourself up

Getting fired sucks. I’ll be honest with you. But it has happened to some pretty impressive people. People who have gone on to do some pretty amazing things in life. But only after picking themselves up after feeling they got the stuffing kicked out of them.

I’ve dealt with Fired FINRA Reps over the course of the last twenty years. Some have gone on to find the most satisfying career they never could have imagined after a devastating job loss. A few have had to … try a couple more times to find the right fit. But every single one I’ve worked with has landed in a better place. Some have remained licensed and just changed firms, others shifted their registration and became something else, while yet others changed industries altogether – going to FinTech, BioTech, and even the mortgage industry.

They’ve all ended up in a better place. And you will, too.

Remember what called you to the industry to begin with. And question how you can keep your focus on realizing those big dreams you had when you started out, tapping into your passion, and giving your future clients the best you have to offer.

You can do this! And hire a lawyer sooner rather than lawyer if you think you need one. You’ll be glad you did. If you want to chat about your individual situation, click here to book a call.