SVB Leaves the Broker Protocol
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As financial advisors continue to scatter in the wake of Silicon Valley Bank 's collapse, SVB Wealth has filed a letter to withdraw from the Protocol for Broker Recruiting in hopes of dissuading more from leaving.?
But several securities attorneys said the First Citizens Bancshares, which agreed to acquire SVB, will still face ongoing attrition.??
SVB wealth advisors have until April 23 to depart the firm before it withdraws from the protocol, which was founded in 2004 as an intra-industry agreement allowing departing advisors to take certain customer information and solicit customers regardless of whether they had agreements that expressly prohibited such conduct.
In Thursday’s letter to Capital Forensics, Inc., a part of J.S. Held , which maintains the protocol, SVB Senior Managing Director George Shehata gave advisors 10 days before the protocol’s protections would expire.
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