Related Posts
Bowl Leader
Additional Posts in Financial Advisors
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
Sign Up to see all discussions
- Discover what it’s like to work at companies from real professionals
- Get candid advice from people in your field in a safe space
- Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.
"" is an unusual email domain. If correct, please proceed to the next step
Messaging rates may apply
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
New to Fishbowl?
Download the Fishbowl app to unlock all discussions on Fishbowl.
Share
Embed this post
Copy and paste embed code on your site
Preview
Download the
Fishbowl app
Scan your QR code to download
Fishbowl app on your mobile
Sign up for free to view this conversation on Fishbowl
Sign up for free to continue using Fishbowl
Messaging rates may apply
It’s a grey area! I left EJ 3 years ago, you can call and inform of your departure, give updated contact info, tell why you’re leaving etc…just don’t ask them to come with. Once they initiate with the “so how do I move my assets” and so on you’re free to solicit. One thing to be careful of is that EJ has a record of everything you print and such so don’t just print off your client list and resign the next day. Also, make sure you aren’t making the “I’m leaving calls” until you have resigned or they will terminate you.
But what about our partnership offering !!? Jk. One piece of advice is once you move the account have the client sign a non-solicit letter to cover your ass as well. It’s usually quick and e-sign eligible from your new firm.
LP is a fucking joke. The only people making any money off partnership is the GP’s.
Where are you going?
The American wire houses have lost their luster.
Mentor
No! You still have to call and inform them. We have a script that was provided by our attorneys that works really well.
Where are you heading?
Not to mention they would have to prove a negative if they find the info on public forms. EJ’s legal team would want proof he did not take client info.
I’ve seen firms go as far as subpoena personal cell phones. If that happened, they better hope no contact details were in there or any text conversation to/from clients.
Non-compliance with turning over the records can result in being barred by FINRA.
Technically yes but you can push the envelope.
Explain why you made the move, why it would be better for them and state that you would love to continue working with them.
Community Builder
Before you make the move… seek guidance from the new firms counsel or strongly suggest reaching out a legal firm that specializes in transition. I work as a transition consultant & can suggest some referrals if you would like. I will send you a DM.
Community Builder
In great hands
I agree with everyone who recommends legal counsel.
That being said, what you've described likely is actionable by your former employer. "Non-solicit" means you can't ask for business from your former firm's clients. Doesn't matter that you obtained their information from a public forum; it's what you do with that information that matters.
On the other hand, if a former client finds you on a public forum and contacts you to take over their account, that's likely OK because you didn't solicit the business, but it would require detailed notes, records, and disclosures that prove the business relationship was entirely at the client's behest and not yours.
I had success informing my clients I’m not only where I went, but expressed to them that while I was at my previous firm I really enjoyed working with them and was wondering if I might work with their friends and family and whether they were willing to share that information. I never asked prior clients for their business. However, invariably I was asked if I would consider doing business with them. Again, I would ask prior clients, “are you asking me to be your advisor?“ When they appeared dumbfounded, I would explain to them I was not soliciting their business but if they wanted me to be their advisor that was a choice they had to make on their own.
Now keep in mind I live in a very small town and really can go door to door or talk to my ex clients at the grocery store, Library, or any one of my children’s activities. I don’t have to have my Client information on my phone or anywhere else where I might be compromised in a no solicitation agreement. A larger city and this may not work.
EJ lost a lawsuit a while ago for refusing to tell clients where their advisor went. Now after an advisor leaves, they send a letter letting them know you left as well as what firm you went to. If they reach out to you first because of that, it should be fair game. I would confirm with a lawyer to be sure based on your jurisdiction.
Any specific reason why you are leaving Jones? I hear it’s a good company to work for.
See reply to first comment