AVOIDING A TRO TKO

The past few years have brought a mass exodus of firms leaving the Broker Protocol. With big names like Morgan Stanley and UBS dropping out of the agreement, many have followed suit, upending the financial industry and impacting advisors just like you!

Firms initially joined the Broker Protocol to minimize the litigation that was occurring when advisors would transition from one firm to another. And with so many firms leaving the Broker Protocol, the gloves have come off, and that means the return of Temporary Restraining Orders (TRO). 

Firms will use a TRO to temporarily keep a transitioning advisor from soliciting clients to join them at their new firm, as well as prevent the actual transitioning of clients to the new firm. It doesn’t matter how big or small one’s book of business is − some broker-dealers will flex their muscle and initiate legal action no matter what. Intimidation? Fair play? Many have different opinions.

For transitioning advisors, a TRO can be a TKO and may seem inevitable. In some of the bigger firms’ corners, they are adopting powerful technology that can track any confidential information that a transitioning advisor is trying to take with them. The best way to avoid a TRO is by staying compliant. 

Here are just a few examples of conduct to avoid when leaving your current firm:

  • Storing client information on any personal device
  • Using a personal email when conducting firm business 
  • Removing any client information that is typically kept in a shared folder 

 

A big part of a TRO for financial advisors revolves around the solicitation of clients. Naturally, advisors want their clients to make the move with them. On the other side, firms want the departing advisor’s clients to stay with the firm. As advisors are transitioning out, avoiding these activities can be significant in circumventing or beating a TRO:

  • Criticizing your old firm to former clients 
  • Reaching out to clients after transitioning, asking them to transfer over to the new firm
  • Informing clients about your departure prior to resigning


TROs may seem daunting, but don’t let them take the fight out of you! If you think you have a better chance for success with a different broker-dealer, we are the team in your corner. 3xEquity makes the process easy and is with you every step of the way. We’ll secure you multiple offers within just a few days, all while you stay 100% anonymous.

Click here to conquer your fears and find a new home for your business.

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It’s one of the most important—and personal—questions a financial advisor can ask. Whether it’s frustrations with admin fees, limited platform flexibility, or just a gut feeling that you’ve outgrown your current firm, the decision to move shouldn’t be rushed. The right time to leave isn’t just about market timing—it’s about life timing.

If you’re weighing your options, we recommend this quick read: The Best Time for a Move—a blog and podcast episode that walks through key signals it may be time to explore a transition.

There’s no one-size-fits-all answer. Going independent offers more control, higher payouts, and brand autonomy—but with added responsibilities. Wirehouses provide built-in infrastructure, brand recognition, and turnkey support—but often come with more restrictions and fees.

The real question is: Which model makes the most sense for your business goals and lifestyle?

To make a confident decision, you need to understand the economics behind both paths. Start by securing transition offers from top firms—independent and wirehouse—so you can compare side-by-side.

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Our services are 100% free to financial advisors. We don’t charge you a dime. If you decide to make a move, the new firm pays us a finder’s fee—similar to a recruiter. But unlike recruiters, we’re not tied to any one firm, so we work to find your best fit, not theirs.

Want the full breakdown? Check out our blog post: How We Get Paid

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