A recent publication by a transition consultant offers good, non-legal advice to advisors transitioning from one firm to another.
Consultant Grier Rubeling has developed a comprehensive list of things advisors should consider during their transition process. Rubleling's best practices include communicating with clients the reasons for starting or joining a new firm, clearly explaining their choice of custodian, and providing new contact information. The list of best practices also includes confirming existing client information, managing expectations and asking for patience.
Rubeling notes that it is equally important for advisors to understand the legal aspects of a transition. She notes correctly that firms typically have non-solicitation or even non-compete clauses in their employment contracts. Before communicating anything to a client it is critical, she recognizes, for advisors to receive legal advice as to what legally can be communicated.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
