Break Away From The Pack

Should you get assistance when leaving your financial firm?

On Behalf of | Nov 13, 2023 | Employment Matters |

As a financial professional, are you thinking of leaving your firm and starting your own? Maybe you believe that there are plenty of potential clients and you would be able to give them better services if you had fewer cases and you just worked for yourself. Maybe you’ve always wanted to work on your own and you have gotten what you need out of your current job with a larger financial firm, now that you have gained valuable experience and industry connections.

Either way, you know that you’ll have to prepare in advance and that you may need legal guidance and assistance when leaving your current firm. When is it time to seek out this assistance?

Every situation is unique

No two financial advisors are in exactly the same situation, so you’ll have to consider the unique details of your own case.

Perhaps you have an employment contract and you just want to know how to break that contract. Maybe that contract stipulates whether or not you have to give notice to the financial firm before you leave or what penalties you’re going to be facing if you leave prior to the contract’s expiration date. Every employment contract is different and you can quit your job, but it may be important to ensure that you’re taking all of the proper steps when you do so, even if you’re quitting on the spot.

Yet, some people plan ahead for six months or even a year before they leave their firm. If you are in this position, you may not want to make any rash decisions and you may have complex questions about what will happen to your client portfolio or what type of financial obligations you have. You may even be interested in the legal details of setting up your new firm – structure, licensing, etc. – so seeking legal guidance will then be about more than just breaking your current contract. As there are many steps to take to set yourself up for future success as you branch off on your own, being as proactive as you can is important.

What comes next?

Some people only need a few days to iron out the details of their contract. Others need months to set up a comprehensive plan for their new firm. No matter where you stand on this spectrum, just be sure that you are well aware of the legal steps you’ll need to take as you move forward. If you can seek legal guidance proactively, do so.