An ethics question

[Advisor]

I work in an independent agency. I am leaving to go to a completely different job out of state. The owner of the agency has told me he wants a list of all accounts I placed with a certain broker. He doesn't like the broker and wants to move everything. He had one disagreement over a submission and ended up losing the account to someone else. He blames the broker and now refuses to work with him on anything, even though this broker is quick, helpful and has very good markets. I liked the broker a lot and did exceptionally well over the few years I worker with her.

I am uncertain if I should alter him to the fact that the owner is going to transfer all the business. There are some very large accounts she will lose if this happens. Part of me says give her a heads up so she can try to hold onto it. The other part of me says stay out of it and let each party do what they want. I haven't said anything and don't plan to. However, I am very curious as to how others (all of you) view this subject.

What would you do?

[SFOInsuranceLady]

This can be your ethical situation or your current employer's ethical situation. Better to keep it his ethical situation by not saying a word to the Broker. This is your employer's business and he has every right to
move his book of business as he sees fit. How he goes about it is his business. By "leaking" the information to the Broker, however noble it is to give her a "heads-up' to try to keep the business, could cause repurcussions for you even though you are moving to a new job, out of state. Are you absolutely sure that your boss is only retaliating because of one piece of lost business? To move a large book of buisness because of sour grapes over one client would be a travesty - not to mention so much work moving it. If he keeps this up, he may start losing clients as they may be tempted to shop for themselves.

[scott]

You are bound by a fiduciary duty to your employer. This duty follows you after you leave.

[kevinraz]

Advisor, what would the broker be able to do anyway? Move it to another agent? Cut rates? Something else?

If your prior agent is going to move the business there's not much that can be done. Your broker will pick up the signals when renewals start heading south and then try some damage control.

Keep silent on the issue.

[Advisor]

Thanks for your views. For the record, I have not said anything and do not plan to. I was only curious as to the views others might have on the subject. I wouldn't change my position on the matter unless I had some incredibly overwhelming reason to do so. I don't see that happening.

I do think it's very unfortunate that the broker is losing the book over one issue. That really is all it's about. I, however, have had a very good working relationship with the broker and must admit I feel bad for her. She works very hard to do the best she can. She's well known in the area and highly regarded. She'll be fine though. Everyone moves on.

[grandcanyonquotes]

I agree with the consensus here - your job is not to get into who moves what account where. The broker would seem to have the right to do what he or she wants with a book that they own. http://www.choicearizona.com