Industry News
SVB Private to withdraw from broker protocol
Sam Bojarski / Apr 19, 2023
First Citizens, the new owner of Silicon Valley Bank, said it is trying to protect its clients by leaving an industry agreement that protects breakaway brokers.
Advisors in the RIA division of Silicon Valley Bank (SVB) will soon lose a key industry protection from litigation that targets job hoppers.
First Citizens Bank, which said on March 27 that it was acquiring SVB’s assets after the bank’s collapse, confirmed on Tuesday that SVB’s wealth management business is withdrawing from the broker protocol – an agreement that governs the use of client data when advisors move between firms. The news was first reported by RIABiz.
SVB Private, the wealth division at the former bank, is withdrawing from the protocol effective April 23, according to First Citizens.
‘SVB Private is withdrawing from the broker protocol as a step to help ensure that our clients and data are protected,’ a First Citizens spokesman told Citywire. ‘It is important to us that our clients continue to receive the same high level of service that they have always received at SVB Private.’
The broker protocol was first established in 2004 by three major wirehouses to set ground rules for...
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Apr 11, 2025
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