A Finra spokeswoman had no comment for this story. Raymond James Financial Inc. also declined to comment and Ameriprise Financial Inc., LPL Financial Corp., Stifel, Nicolaus & Co., and Waddell & Reed Financial Inc. didn't return calls.

Advisors sometimes feel they are put on the hook for company practices. Papike says he has heard from advisors who sold private placement offerings that were approved by their firms and now face customer complaints. They now want to seek new jobs, but Papike has advised them to stay until the complaints are resolved. Another broker-dealer won't want to hire them and deal with the legal headaches, he says.

Papike says he's dealt with several cases in which a broker-dealer has been asked to leave his firm due to production issues, and has several marks on his record. "I say, 'It's probably time for you to be looking for another profession.'"

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