It's a huge career move to break away from a large wirehouse or Registered Investment Advisor (RIA) to start your own firm. As you make this transition, you may be surprised when your employer asks you to repay your signing bonus. You might wonder, "What? They can do...
Break Away From The Pack
Practice Migration
3 things to review in your contract before transferring firms
The financial advisor world is a competitive landscape. Due to the number of confidential clients and trade secrets, firms are strict in implementing restrictive covenants in their employees’ contracts. These agreements aim to protect the interests of the firm, the...
Should you take the leap and join a breakaway firm?
An established wirehouse career is a product of years of hard work, expertise and customer service. Because of this, it’s usually expected for an accomplished financial advisor to stay with their firm. However, some advisors move to Registered Investment Advisors...
Don’t let your words doom your next move
Once you have decided to pull the trigger on your current firm, you must tread very carefully to avoid breaking any laws or breaching your employment contract. You certainly don’t want to wind up out of a job or worse, unemployable in your field. To learn how to...
What is poaching for a breakaway financial firm?
Breakaway registered investment advisors in the financial industry are professionals who leave a larger firm to set up their independent practice. While making the move can offer greater autonomy and potentially more lucrative opportunities, it also raises ethical and...
Communicating with clients when you’re leaving a financial firm
If you’re leaving your financial advisory firm and starting your own, it can be complicated to determine if you’re allowed to take your clients with you. It may depend on the contract that you signed and the manner of your exit. But one thing that is true is that...
3 points to remember when you leave your firm
Brokers who decide they’re going to leave the firm they’re currently with must ensure they’re appropriately doing things so they don’t violate any laws. They also have to review the terms of their contract to determine what terms are present there. One of the most...
Will restrictive covenants stop you from starting your own firm?
There are always risks when you decide to form a newly registered investment advisor (RIA) entity. You may have a hard time bringing in clients, and you may work much longer hours than you do as a salaried employee at someone else's business. However, if your efforts...
How to build your client base for your new financial firm
Opening a financial firm requires clients to be successful. Even if you take clients with you from your former position, you must take steps to find new clients to continue to grow. Finding effective ways to grow your client base can be challenging, but some tips can...
Signs it’s time to leave your firm
As an investment advisor with a large firm, you’ve probably enjoyed some sense of stability. This might be the career you’ve dreamed of, but suddenly you want more. If you’re thinking about leaving a big-name firm, you should be sure that it’s really what you want. ...