One of the top reasons that prompts FINRA to investigate financial advisors is the publishing of regulatory or policy-violation allegations following a separation.
Like many other firms, UBS prioritizes a select group of advisors with better production at the expense of the middle and lower level.
Whatever the reason behind your departure, the language that UBS chooses to use, or has used, on your Form U5 strongly impacts your ability to find employment, register in specific states, and pursue certain designations. Many advisors who have a negative Form U5 experience problems with their registration and are forced to defend themselves during an in-depth and costly FINRA inquiry.
Taking proactive measures as soon as a termination occurs will give you the greatest chance of successfully having the language amended and obtaining expungement of the Form U5 in the future, and it can allow you to transition to a new firm, unscathed.
Form U5 Termination Facts
Negative Forms U5 can cause irreparable harm to your name and the business you’ve spent years building. We’ve seen many cases in which firms have used negative disclosures as a retaliatory tool to retain clients and make advisors’ departures as difficult as possible. Regardless of whether the allegations made against you are true, your CRD, IARD, BrokerCheck, and IAPD records will show investor disclosures, and your Forms ADV and CRS will be stained.
If the allegations that were made against you are meritless, false, or defamatory in any way, you may have grounds to sue UBS for damages. AdvisorLaw can help you to evaluate your options regarding false allegations that led to a termination and a Form U5 disclosure.
Through FINRA arbitration, AdvisorLaw has successfully achieved the amendment and expungement of hundreds of Forms U5 containing defamatory-in-nature and meritless language from advisors' public records, including BrokerCheck and the IAPD. You only get one chance to seek expungement of a termination disclosure.
Protect your reputation with the best defense in the industry.
Do you need assistance navigating your departure from a firm?
AdvisorLaw has extensive experience and industry relationships to facilitate a smooth transition to your new firm. We watch your back with attorneys who know this business and can help address the following factors of concern:
- Transition & Recruiting Services
- The Broker Protocol
- Notes-Payable Negotiations
- Noncompete Issues
- Contract Review
- General Consulting
Having proper expertise and representation can make a world of difference when trying to choose your next move. Whether you are changing wirehouses, going independent, or becoming an RIA, AdvisorLaw can defend your interests and maximize your profit.
Your reputation is your greatest asset.
If you’re interested in discussing your case in more detail, please fill out the form below for a complimentary consultation with an attorney.