How does Rule 3012 apply the definition of a producing manager in the following scenarios?
• A producing manager who services retail accounts vs. only “institutional accounts” • A. While the method of supervisory oversight and review may differ as a matter of firm policy depending on the type of business being conducted, the rules apply to producing managers regardless of the nature of the accounts they service. • Someone who only services a few accounts for family and friends • A. The number of accounts or the fact that a manager services only accounts belonging to family and friends is not relevant for determining whether a manager is a producing manager. Nor is there a minimum amount of revenue or customer account activity that must occur for a manager to be considered a producing manager. The relevant factor is whether the producing manager is servicing customer accounts or the accounts depend on the manager for certain services. Firms should be aware that even if the accounts are assigned to a registered representative, if the manager is the person who handles and/or ma
