As 2017 draws to an end, we just reached our internal goal and a huge milestone in the industry of obtaining our 100th FINRA expungement award this year for our financial advisor clients.
We thank all of the advisors, brokers, and wealth managers that took a chance on us in our early days and helped us achieve the only equitable resolution to the many meritless allegations that FA's receive on their Form U4, Form U5 and BrokerCheck profiles.
There is no other firm advocating only for, and protecting the livelihood of, advisors in this industry.
50% of the attorneys currently represent investors in bringing these bogus claims, the other 50% of attorneys give half-hearted defenses to investor complaints that end up in settlement checks for the customer and a new disclosure on the FA's BrokerCheck profile. In FINRA's zeal to protect the investor, even at the cost of their own constituents, absolutely no one but AdvisorLaw is actually advocating solely on behalf of the financial advisor.
You know we've been doing good work when FINRA is now proposing to take away the expungement option for financial professionals due to us. We will continue to fight for advisors to have the option to prove their innocence in meritless customer dispute disclosures, frivolous criminal disclosures, and expunging inflammatory U5 Employment Separation After Allegations disclosures as we move into 2018.
If you haven't already done so, please make your voice heard with FINRA by emailing your comments on the proposal to firstname.lastname@example.org (reference Notice 17-42). Having a transparent record of all customer disputes on BrokerCheck is a great concept, but it has to be fair.
We at AdvisorLaw look forward to helping you continue to clean up these nuisance claims in 2018 and preserve your rights to the minimal due process you're afforded by your own industry regulators.
Executive Vice President
This blog is our ongoing effort to inform and educate FINRA licensed professionals about the evolving regulatory ecosystem in which we operate.