Advisors terminated by their broker-dealer should immediately retain experienced legal counsel.
The broker-dealer has 30 days after termination to file the mandatory U-5. Legal counsel can help you negotiate fair and accurate language for this critical and potentially public disclosure. Moreover, how the U-5 is completed above and beyond the narrative “reason for termination” can be pivotal.
Many advisors fail to appreciate that, for the most part, their broker-dealer can terminate them without cause. But there are contractual and public policy exceptions to this general rule that must be evaluated. Cosgrove Law Group has extensive experience working with financial advisors who have been terminated, including not just U-5 issues, but also issues such as promissory notes and other compensation matters.