Over recent years, the heightened sense of vulnerability has been a continually growing concern for advisors at the big firms.
While the rules haven’t changed, the response by firms has. And in a big way.
Hyper-vigilant compliance departments have been issuing pink slips to advisors at all levels—often without warning—for minor “non-sales or non-client-related” practice violations.
And that’s the scenario that the guest on this show ran into.
Jeff Boudjouk started his career in the financial services industry in 1997 with Morgan Stanley. A decade later, he transitioned to UBS, where he and partner Anthony Landi built a solid business generating $2.4 million on $350 million in assets.
Then in December 2017, his world turned upside down.
Jeff was called into a meeting in the conference room with his manager and regional director. There Jeff was told he was being terminated.
No warning. No red flags.
While there is an incredible back story to share, the good news is that there is a happy ending. In 2018, Jeff and his partner Anthony found a new home in independence with Kestra Private Wealth Services as Northeast Investment Group, moved over more than 85% of their assets, and are currently managing over $400 million.
In this episode, Jeff shares—with complete candor—the details of this incredible journey with Mindy Diamond, including:
- An accounting of the day he was terminated—and the first steps he took after leaving the building.
- The mental preparation for the next phase of his business life—and what he did to keep things moving forward.
- The arbitration claim he filed—and how, ultimately, he had the charge expunged and was awarded a settlement from UBS.
- The choice to go independent with Kestra PWS—and how their business differs today from their tenure at UBS.
- And most importantly, Jeff offers a cautionary story for those who play by the rules but find themselves caught up in a world where compliance is the dominating force—sharing sound advice on protecting yourself and your future.
Jeff’s situation is one that can happen to any advisor. That is, everyone is vulnerable, and as he put it, “No one is bulletproof.” It’s an incredibly important story—one that all advisors need to be aware of.
Download a transcript of this episode…
