By Deborah Aronson – In an industry where firms are offering transition packages at high water mark levels, it’s easy for advisors to get caught up in the economics surrounding a potential move. While a transition package may be among the top things on an advisor’s mind when contemplating a move, bringing up economics on a first meeting is often considered taboo—especially with the new Broker Disclosure Rule on our heels.
Mindy Diamond Quoted – by Andrew M Harris, Bloomberg – Two JPMorgan Chase & Co. units sued six former executives who defected to rival Morgan Stanley, seeking a court order blocking them from enticing clients and co-workers to follow.
By Deborah Aronson – Over the past several years, movement among advisors has risen to record levels and as a result, most firms have the onboarding and transition process down to a science. That said, a change in employment for a financial advisor is unlike a career move in any other industry—there’s no 2-week notice given to your employer and no exit interview to be had.
Mindy Diamond Quoted – By Mason Braswell, InvestmentNews – J.P. Morgan Securities is stepping up its game and hoping that top financial advisers will take notice.
By Mindy Diamond, WealthManagement.com – In the eight years since it was written, 801 firms have signed onto the so-called broker protocol, which defines what kind of client information a departing broker can take with him to a new firm. That, in turn, determines the ease with which an advisor can take his clients, and their accounts, to the new joint. Advisors are allowed to take client names, addresses, phone/fax numbers, email addresses and account names; they can’t take tax ID or social security numbers, client statements, account numbers, or any other financial documentation pertaining to the clients.And they can’t let their clients know about the move or solicit them before they make the switch.
