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Article: Protocol Presents a Hazard for Moving Advisers.(Wealth Management)
- Article from:
- American Banker
- Article date:
- April 24, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Helen Kearney
After eight years at Smith Barney, William Meyer and Marcy LePrell had had enough.
Clients had grown nervous during the barrage of headlines since the company announced a deal in January to join forces with Morgan Stanley, and they had to be reassured their assets were safe after Smith Barney's parent, Citigroup Inc., needed government help.
Looking for a firm that had not been embroiled in the subprime mortgage mess, the pair accepted an offer from Janney Montgomery Scott LLC. But during their first day in their new office in Lancaster, Pa., a call came from its lawyers, saying Smith Barney was accusing Meyer and LePrell ...