Transitioning to a new firm is a stressful process, even if you have ample time to plan and prepare for the break. Depending on the type of firm you are leaving, you may not be able to prepare much. “Nonamicable breaks,” or transitions from firms that don’t allow advisors to take any client data, require you to publicly source client information first, before reaching out to let clients know you have left the firm.
If you are leaving an independent firm where you have ownership over your clients and data, you have a lot more flexibility around how you can prepare for your break. If it’s possible, I recommend giving yourself six months to prepare for the transition. Your objective during that time frame will be twofold: to review and organize all of your client data and to solidify a game plan for moving accounts once clients have agreed to come with you.
In this blog, I will provide you with several best practices and steps you can take prior to resigning that will ensure you hit the ground running once you are registered with your new firm.