Friday, 25 November 2022 05:58

Recruiters & Executives Gearing Up for FINRA’s Holiday Hiring Pause

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Recruiters and broker-dealer executives are gearing up for one final recruiting push this year before FINRA’s annual pause in registration. Brokers who want to change firms must move before December 22nd. That date is when FINRA halts its registration systems to generate year-end renewal statements. New registration requests for license requests and terminations will stop at 11 p.m. ET on the 22nd and then resume again on January 3rd. In anticipation of the pause, many wirehouse firms have already made plans to transfer licenses well ahead of the December 22nd deadline. For instance, Merrill Lynch set December 7th as its cut-off to prevent any foreseen registration issues. In other words, advisors don't want to be in a situation where have notified their old firms that they’re leaving but are unable to transfer accounts to their new firm. Also adding to the pause in recruiting in December is the preference of advisors to wait until the new year to change firms.

Finsum:Advisor recruiting is expected to temporarily cool down in December ahead of FINRA’s pause in registration on December 22nd. 

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