Advisorhub writes that LPL is looking at brokers’ use of esignature services such as DocuSign. According to the article, LPL brokers may have misinterpreted the firm’s policies when faced with clients who are not, shall we say, tech-savvy. Even though DocuSign is relatively simple to use, not everyone understands how it works. Perhaps in an effort to accommodate those customers, actions were taken in good faith, but not viewed by LPL as in compliance.
Leading up to, and after, termination, it is important to have someone you can talk to who has been down this road before. An experienced U-5 lawyer can ease some fears and help the newly-unemployed broker get hired at a new firm. The firm has 30 days to file the U-5 termination notice and disclosures. The earlier a broker gets a lawyer involved, the better it usually is in terms of disclosure language because of the luxury of time.
Remember, a firm cannot negotiate U-5 language in exchange for payment on an obligation, nor can the firm threaten worse language unless it is paid. A firm’s obligation is to truthfully describe the circumstances surrounding the broker’s termination. The choice of words is where a lawyer can help.
If you find yourself recently fired from LPL, Morgan Stanley, Merill Lynch or any other brokerage firm, having an experienced lawyer on your side can give you comfort. To find out how I can help, call 561-575-5880 or go to the DobinLaw website.