When I explain to advisors they likely will want legal advice regarding navigating their departure from their current firm, I sometimes hear a range of responses:
- “My buddy left the firm last year, and I’m just going to follow what he did.”
- “I’m already independent, so none of that applies to me.”
- “I made a transition 7 years ago, so I already have it figured out.”
In reality, most advisors, regardless of their current affiliation model, have at least one (if not multiple) reasons to need such advice: non-solicits, non-competes, Reg SP, broker protocol, deferred comp, forgivable loans, RSUs, taking team members with them, etc.
On this episode (#145) of the Transition To RIA question & answer series I explain why and how such legal advice is part of a typical transition.
Come take a listen!
P.S. Prefer video? You can find this entire series in video format on Youtube. Search for the TRANSITION TO RIA channel.
Show notes: https://TransitionToRIA.com/when-do-you-need-legal-advice-as-part-of-an-ria-transition/
About Host: Brad Wales is the founder of Transition To RIA, where he helps financial advisors between $50M and $1B understand everything there is to know about WHY and HOW to transition their practice to the Registered Investment Advisor (RIA) model. Brad has 20+ years of industry experience, including direct RIA related roles in Compliance, Finance and Business Development. He has an MBA and has held the 4, 7, 24, 63 & 65 licenses. The Transition To RIA website (TransitionToRIA.com) has a large catalog of free videos, articles, whitepapers, as well as other resources to help advisors understand the RIA model and how it would apply to their unique circumstances.
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