The relationship between financial advisors and clients is built on trust. Introducing a new advisor to your clients is a crucial step that needs to be executed with thoughtfulness and tact. If you manage it poorly, you risk alienating your clients. They may decide to take their business elsewher...
Many financial advisors dream of a breakaway. They work for major firms, but they know that they would rather run their own. They would prefer to have fewer clients and to be fully in charge themselves, which can sometimes make each account vastly more lucrative. Some advisors even have a client ...
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 your clients do have the option ...
When businesses work with others, each party typically expects something in return for the service or product provided – and contracts are the only way to make sure that everybody upholds their end of a bargain. A contract helps each party understand their responsibilities and legal obligations i...
At some point, you may consider whether or not it's beneficial to bring in another professional to join your firm. Having another knowledgeable professional on your team may seem like a positive step forward for your business's continued growth and success. Before deciding to move ahead with a ne...
Perhaps you're thinking of breaking away and starting your own investment firm. Maybe this has always been your goal and you were just getting experience working at a larger firm. Or perhaps you assumed you would work for this firm for a long time, but now you're starting to think that it would b...
Investing can be a complex and challenging process, and that's why many individuals and businesses turn to Registered Investment Advisors (RIAs) for professional guidance. As an RIA, it is crucial to establish trust with clients by providing high-quality services while adhering to regulatory comp...
Working in the investment or finance sector can be very lucrative and also very challenging. People have to balance technical prowess and market expertise with the curation of their professional relationships. Oftentimes, working as an employee at a finance company or investment firm means accept...
Some types of insurance are necessary for those starting just about any kind of business. For example, you need general liability insurance in case a client slips in a spill and breaks a hip. You need workers' compensation insurance in case the person who trips is one of your employees. You may ...
For investment professionals, reputation is everything. Clients must be able to trust you to make the best decisions for their assets. These days, that trust can disappear in minutes with one viral social media post. You likely remember such a post on Twitter a few years ago that showed a white ...
You're interested in “breaking away” and starting your own wealth management firm. You know that this is going to bring some challenges. You need to determine what legal steps to take to set up the firm, for example. You'll also have complete control over operations, which means there are many de...
When you break away and start your own firm, you can expect to face many new responsibilities. For example, if this is your first time as a leader, you must develop a way to manage your employees effectively. Contrary to popular belief, workers in all industries thrive when they have direction an...
If you are thinking about starting your own financial advising firm or an RIA, it is important to consider the ways in which your company's use of intellectual property (IP) can potentially make or break your brand. Your business will be operating in a competitive market. As a result, you'll like...
Forming a Registered Investment Advisor (RIA) can be a complex process that requires careful planning and attention to detail. Unfortunately, as with any business venture, there are common mistakes that can derail the success of an RIA. With many potential pitfalls in your path to success, it is ...
When you're starting a new business, it's only natural that you want to hire people who have a lot of energy and are committed to seeing the business grow and thrive. For many new business owners in the financial, tech and other industries, that means bringing in relatively young people in their ...
Over the last couple of years, employment agreements that restrict the speech and activities of employees – particularly once they've left a company – have started to fall. From non-disclosure agreements (NDAs) that prevent people from talking about sexual harassment, discrimination and other wro...
If you are a registered investment advisor (RIA), whether working as an individual or a firm, for a client(s), you have several duties to observe, which were included in your contract. Besides, the companies significantly benefit from working with you. Thus, it may not be easy to leave one. Howev...
If you are interested in launching your own financial advising enterprise, it is important that you take the time to proactively seek legal guidance concerning intellectual property issues. Intellectual property is an area of law that many new business owners don't adequately contemplate until th...
Those who have achieved success in the financial industry are often in a position to negotiate better compensation packages than those with average performance and those who are new to the profession. Unfortunately, the best and brightest in the financial field often end up severely limited in th...
If you're starting your own firm, you're likely being careful to adhere to any non-compete and/or non-solicitation agreement you signed with your former employer. You're certainly not reaching out individually to any of your former clients or other clients of that company to bring them on board. ...
When you sign up for an insurance policy, you are taking steps to ensure that you are covered for any financial losses that might arise if disaster strikes. On the other hand, the insurance company promises to show up and provide the monetary support necessary to get you back on your feet. But wh...
Making the decision to leave your current firm and take up a role at a new practice is one that comes with lots of considerations. It can be hard to recognize your own worth when it comes to negotiating salary and benefits. It's important to remember that you've been hired for the experience you'...
Working for a financial firm can be an extremely rewarding experience. You get to help people invest their money and grow their wealth. However, there may come a time when you feel like you're ready to start your own business. So, should you leave your financial firm and strike out independently?...
The Federal Trade Commission (FTC) serves a very important role in the modern economy. It helps guide and also enforce economic policy. When it announces major plans, businesses and professionals often benefit from listening. As a financial professional who works for a powerful business but dream...
You've worked in the financial sector for many years and have gained invaluable experience. You've always planned to establish your own firm and recently you made this a reality. Everything started out well, but you've been having issues with a disruptive employee in the last few weeks. What's t...
Breakaway Partners is committed to answering your questions about RIA Formation, Practice Migration, Financial Industry Dispute Resolution, Employment Issues, and Business & Commercial Litigation issues in California. We offer consultations, and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.