Legacy Client Reassignment Terms and Conditions
PLEASE READ CAREFULLY BEFORE SUBMITTING YOUR REQUEST.
1. DESCRIPTION OF SERVICES
The Firm agrees to fairly allocate and reassign Legacy Client Accounts (“LCAs”) to the Associate based on availability, licensure, and location; if applicable, the wishes of the former associate may be considered. Additionally, the Associate will be given full access to all available client file materials.
2. TERMS OF PARTICIPATION
A. The Associate will contact the legacy clients no later than 30 calendar days from the date of reassignment notification from the Firm.
a. Notification of reassignment will be made by the Firm in writing once the reassignment request for processing has been submitted.
i. Notification of reassignment will be accompanied by a list of LCAs to be reassigned, along with available client contact information.
b. Evidence of notification within the required timeframe must be maintained in the client file, and made available to the Firm for inspection upon request.
B. If applicable, Associate will deliver a copy of their ADV 2B to all legacy advisory account holders within 30 calendar days from the date of reassignment notification from the Firm.
a. Evidence of ADV 2B delivery must be maintained in the client file, and made available to the Firm for inspection upon request.
C. Associate will obtain and/or maintain all licenses and/or certifications required by the applicable jurisdiction(s) for each reassigned LCA.
a. In the event the Associate is unwilling or unable to obtain and/or maintain the required licensure and/or certification for a specified LCA, the Firm will reassign that LCA to another participating associate.
D. Associate understands in the event their affiliation with the Firm is terminated for any reason, any legacy investment accounts assigned to them as part of their participation in the reassignment program will be ineligible for inclusion in a Broker Protocol list of accounts. Additionally, the Associate understands they are prohibited from soliciting, inducing or otherwise enticing any legacy investment account holder to transfer their account away from MML Investors Services, LLC for a period of one calendar year from the effective date of termination.
Please make sure you can comply with these terms and conditions before you submit your request. If you have questions about the program, please contact Jessica Dougherty or Frank Maguire.