• The Broker Protocol

    The Broker Protocol

    Recruiting and Trade Secrets Law in the Financial Industry

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  • Join The Protocol

    Join The Protocol

    The Protocol for Broker Recruiting is maintained at Bressler, Amery & Ross at: Broker Protocol <This email address is being protected from spambots. You need JavaScript enabled to view it.>. You may look there for information on joining. Carlile Patchen & Murphy represents financial firms who wish to join and who also may have questions regarding the operation of the agreement and the recruiting of financial professionals from other Protocol firms. We charge a flat fee of $500.00 for that service. We also have extensive experience in Securities Regulation and Litigation http://www.cpmlaw.com/Practices/securities_law.aspx.

About The Firm

Carlile Patchen & Murphy LLP’s Securities Litigation Practice Group has 25 years experience representing the securities industry and its employees in disputes involving employment agreements, restrictive covenants, unfair competition and trade secrets.

About The Firm

CPM Law

Carlile Patchen & Murphy has served Ohio businesses and the people who own and operate them since 1967. We provide responsive client service and put our clients’ interests first. Clients are never just a file at CPM. They are valued, important, and appreciated. We offer a host of legal services for businesses, from entity formation and ownership interests to financing, tax planning, and operations. We can also assist business owners in the transfer of their business to their employees or a third party.

The Broker Protocol Blog

 

Indiana Advisors Awarded $1.5m for Protocol Misrepresentations

A recent FINRA case, NRP Financial, Inc. v. Walker Bafs Retirement Group, et. al., demonstrated the serious risk firms face in “following” the Protocol without in fact joining the Protocol. In that case, Claimants initially lured Respondents to leave Morgan Stanley, in part by representing that Claimant NRP Financial was a member of the Protocol, and thus that Respondents would be able to move client information regarding Respondents’ former Morgan Stanley pension clients to NRP freely. By the time that Respondents found out that NRP was not in fact a member of the Protocol, Respondents Walker and Bafs alleged that they were forced to abandon almost all of their client base at Merrill Lynch. Ultimately, Respondents Walker and Bafs were awarded more than $1.5 million in compensatory damages and attorneys’ fees.  


Morgan Stanley Suing Broker Who Left For LPL Affiliate

Morgan Stanley wants to prevent Broker Brian Lynch from soliciting clients from the $1.2 billion team he left for LPL Financial affiliate Kathmere Capital Management. The company argued that the Broker Protocol doesn’t apply to Lynch in this case because Kathmere is not a signatory. LPL, however, is a signatory to the Broker Protocol, and Morgan Stanley’s theory that an affiliate is not covered under the circumstances is largely an untested one. The company’s lawyers also argued that because Lynch departed from a team, the Protocol’s protections allowing brokers to take client contact details don’t apply because Lynch is bound by the team partnership agreement. The company alleges that Lynch had agreed in that partnership agreement to take only contact information for the accounts on which he was a “designated joint producer.” More updates on this case to come…

Meet the people behind The Broker Protocol

  • Dennis Concilla heads the Securities Practice Group

    Dennis Concilla practices securities law at Carlile Patchen & Murphy LLP, where he heads the firm's Securities Litigation and Regulation Practice Group. His focus is in the area of securities industry employment arbitration and regulation. Dennis joined CPM in April, 1985. He has been listed in Best Lawyers in America® for several years and The Securities Law Practice Group recently received a top tier ranking from Best Lawyers in America®.

    Read more about Dennis Concilla. | Here are articles written by Dennis.

  • Dennis Concilla heads the Securities Practice Group

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