Jean is a wealth manager who has recently switched jobs and moved to the London office of a French bank. Jean has more than 10 years of experience as a wealth manager and strong, long relationships with several clients. Most of his clients are based in the Middle East. Jean is eager to start onboarding clients and is putting pressure on his new employer to cut corners and simplify the process. He argues that the onboarding process should be automatic since the clients already held accounts with his previous employer – a US bank with offices in London – so Jean’s previous employer had already reviewed the clients’ information and profiles. Furthermore, and in order not to waste time, Jean says that he should be allowed to informally manage the portfolios of his clients which are still held with his former employer until the clients are fully onboarded. Discuss the approach of John in the context of regulatory guidelines and professional standards.
Jean is a wealth manager who has recently switched jobs and moved to the London office of a French bank.
Jean has more than 10 years of experience as a wealth manager and strong, long relationships with several clients. Most of his clients are based in the Middle East.
Jean is eager to start onboarding clients and is putting pressure on his new employer to cut corners and simplify the process. He argues that the onboarding process should be automatic since the clients already held accounts with his previous employer – a US bank with offices in London – so Jean’s previous employer had already reviewed the clients’ information and profiles.
Furthermore, and in order not to waste time, Jean says that he should be allowed to informally manage the portfolios of his clients which are still held with his former employer until the clients are fully onboarded.
Discuss the approach of John in the context of regulatory guidelines and professional standards.
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