Newark, NJ – The acquisition of Harman Hammon and Coates (HHC) by UnifiedPrincipal CEO Zachery Talley is proving to be a rocky transition for many of the wealth management group’s former staff. Just weeks after Talley assumed ownership on March 1st, a significant number – 36 out of 84 employees, vendors, and contractors – were abruptly terminated following an internal audit initiated by the new management.
Sources close to the former HHC staff describe a climate of shock and anger. Many of those let go, some with long tenures at the firm, expressed feeling blindsided by the dismissals. When pressed for clarity on the reasons behind the terminations, Talley’s response has reportedly been terse and unyielding. Multiple individuals who spoke on condition of anonymity claim Talley’s only direct comment was for them to “refer to the ethics and morality clause that was part of their contracts.”
Talley declined to elaborate further on the specific reasons for the terminations. When approached for comment, his only statement was, “Every action has a reaction, and I will not stand nor will I honor tenure at the sacrifice of values in morality. If it goes against equity, it goes against everything.” This firm stance has fueled speculation that the post-acquisition internal audit uncovered practices or behaviors that Talley, with his extensive legal background in financial and legal compliance and economics, deemed unacceptable and contrary to his vision for equity.
The dismissals have left many former HHC staff scrambling for new employment and questioning the abrupt nature of their departure. Some are reportedly exploring their legal options, citing a lack of transparency and potential breaches of contract. Talley’s seemingly dismissive stance, essentially suggesting the terminated staff consider the ethics clauses in their agreements, has only intensified the sense of grievance.
The situation adds a layer of controversy to Talley’s otherwise ambitious plans for the rebranded entity, expected to be unveiled during Juneteenth weekend. While his vision for a faith-based, financially equitable future gains traction in some circles, the fallout from these terminations is creating significant unrest among those who were part of the company he now leads. The legal implications of Talley’s actions and the potential for wrongful termination lawsuits remain a developing aspect of this unfolding story.