What happens when you resign from a non-Broker Protocol firm? Be prepared to work through some issues.
Non-Broker Protocol breaks can be challenging if you are not prepared for what could happen before, during and after your transition. If you are considering transitioning out of your firm, the first thing you should do is find out if your firm participates in Broker Protocol.
The Broker Protocol is an agreement between firms enabling advisors to leave one for another amicably. The agreement outlines the pieces of client information that the advisor can take with them and dictates the process for leaving and communicating with clients.
Many firms in the industry do not participate in the protocol, which means that there is no predetermined agreement about what you can take when you leave.
In other words, you must assume that you cannot take client information with you or solicit clients. Ultimately what you can and cannot do upon exiting will come down to what’s in your employment contract.