For financial advisors looking to move their practice to a new firm, making the transition is rarely a simple process. With so much at stake, there is a long list of complexities and considerations that must be taken into account, from compliance issues and fiduciary responsibilities, to professional ethics and legal and procedural obligations. Understanding that process and handling the move with strategic deliberation is critical to mitigating risk and minimizing liability.
While securing the services of an attorney experienced in this specialized space is strongly advised in order to successfully navigate the minefield of potential issues during a transition, it’s also important for financial professionals to educate themselves about the dos and don’ts.
With that in mind, here are the top five considerations for financial advisors to keep in mind before, during, and after a transition. Following these five suggestions can help you limit the risks and potential liabilities of a transition and allow you to begin your new position focusing on your clients, looking forward and not in the rear view mirror.