It’s common for wirehouse advisors to be on teams and if you are, there are different aspects to consider.
- If you are on a team, and the team is moving together to a new firm, it is more difficult to keep the move under wraps. Team members should discuss with each other the importance of confidentiality throughout the process.
- If you plan on leaving your team behind, it can get more complicated as typically several team members can be involved in different points in supporting the client base.
- If you’re currently on a soon to be “left behind” team you’ll want to find your team agreement. The agreement should spell out client rules and usually are restrictive to a departing team member. The team agreement should also be given to your legal council advising you on Protocol.
- If there is not a written team agreement and you have been on the team less than 4 years then Protocol only protects the clients you brought to the team. If you have been a producing advisor on a team for 4 years or more, all team clients are fair game.
- It’s not unusual for a team agreement to prevent you from soliciting clients other team members brought to the firm, however, you may still be able to contact those clients to inform them of your departure and new firm.
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.
For more on Broker Protocol, click the button below to read the Advisorbox Broker Protocol Blue Paper.
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