We have a team, I am junior junior member. My middle partner has been alerted that an internal review has turned out not in his favor, he is being asked to chose between termination and resignation. (The allegations against him are misrepresented, and he believes they are an exaggeration of the events that lead to this point). Assuming he choses to resign, what steps should he take. We are familiar with protocol, which the firm operates under, and is a wire house. The accounts are in a split number, so the clients will not be open season for other advisors at this firm. They will remain with the current team.When should he leave the resignation letter? We know what to say.... "John has decided to resign effective immediately and pursue other opportunities within the industry."
What steps should be taken to prevent damage to the U-5/reputation of my brother?
Where should we seek representation
and what should the attorney do and what is the time line?
How should we present the situation to management at the firm/firms he wishes to transition to?Given the suddenness of this situation, we have not had time to prepare. We were blindsided. The rest of the team was not even given a notice that this was happening, the possibility of termination, or anything until the decision was made. The senior partner was out of the loop even though my partner asked that our senior partner be involved. He is young and did not realize, in talking to the firms lawyers, he was potentially incriminating himself. The results of the investigation/review completely misrepresent and exaggerate the actions of my partner... Who feels he was not able to present his side of the story.
How are we to handle the process of talking to the clients that had a better relationship with him - and the ones that he wants to take with him to the next firm? Do's and don'ts here would be helpful. We want to play by the rules while giving him the best opportunity to take his accounts with him.
Bot***** *****ne - we want him to land on his feet, head high, with as little damage done to his reputation as possible and have the abbility to retain his portion of the team's book with his new venture. Please advise. thank you.