- On June 19, 2017
“Don’t tell anyone” is the discretion direction Protocol brokers should follow. If the “word” gets out it can lead to your manager to take preemptive action against you through termination or a surprising and sudden compliance issue leading to an unsettled disclosure.
- Don’t tell and solicit clients before you leave. Technically the firm owns the clients and this can lead to an immediate termination.
- Your peers shouldn’t be in your “circle of trust” regarding your decision to move firms. Word can travel fast (and usually does) in advisor communities.
- Be careful with family as well. We had an advisor two weeks away from moving who had to move up the start date because his mother sent an email to his work email address asking if she needs to wait for him to move to that new firm he is joining before she made an investment decision.
- What about your assistant? There are different levels of trust relationships advisors have with their assistants. As a general rule of thumb you are safer to have a confidential conversation with your assistant shortly before you resign. Some attorneys even advise to do so after you resign to avoid raiding issues.
Advisorbox strongly advises advisors engage a Protocol experienced attorney to ensure that all requirements are followed. Advisorbox is not a law firm and does not provide legal advice. This overview is provided for general information purposes only.
Find Protocol experienced attorneys on the Advisorbox Directory.
Find the Protocol website at: http://thebrokerprotocol.com
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