It is important to immediately report potential grievances to the Prosperity Network OSJ. This includes both written and verbal potential grievances. There are possible fines and possible loss of E&O coverage when a potential grievance/complaint is not reported in a timely manner.
Please note, even if you feel there is no merit to the grievance, it must still be reported. Cetera’s compliance team is required to report all written grievances to FINRA, even if the client changes their mind and withdraws their complaint. Only Cetera’s compliance department can determine if a verbal or written grievance/complaint has merit and/or needs to be filed or reported to FINRA.
Time is of the essence. Some items must be reported to FINRA within 30 days of receipt. If you receive incoming correspondence that has words such as “unhappy”, “concerned”, “upset”, etc. it must be immediately reported to the Prosperity Network OSJ. In addition to putting a copy of the incoming correspondence into Pinpoint you must also call or email the Prosperity Network OSJ to report the potential grievance. If you receive a potential grievance verbally, please immediately notify the Prosperity Network OSJ by phone or email.
Please note that grievances regarding service issues, timeliness, and responsiveness are also required to be reported to the Prosperity Network OSJ. Service issues are the most common complaints reported to FINRA.
Reminders:
- It is prohibited to attempt to negotiate or settle any customer complaint without involving Cetera’s compliance department.
- Everything in email is discoverable. Do not treat email as a casual conversation.
- Call to discuss potential complaints, if possible.
Resources: Attached is a Complaint Handling Job Aid for your convenience
Please contact the Prosperity Network Compliance Team with any questions: compliance@prosperityadvisors.comor 913-529-5500 Option 2.
Internal Use Only
Attachment: 'Handling a Client Complaint' Job Aid