- What Does the Transition Package Look Like? – What does a typical transition package look like for an advisor of your size? It’s important to dig into what money is available on a forgivable and non-forgivable basis. What is the term of the note? Does it vest over five years? If something changes, what is my obligation to repay the note? You also want to find out what the financial transition looks like. For instance, if I get sued by my former firm, who will cover that cost and what is my financial obligation? Caution: I generally recommend discussing this later in the discussion – bringing it up early on is a turnoff.
- What Kind of Legal Backing Will I Have? – Does the firm have legal services available or leverage external attorneys advisors can be referred to? What is the firm’s experience in dealing with my current legal department? Do you know how they are going to respond when I leave?
- What Kind of Transition Support Will I Have? – Most broker-dealers have dedicated transition teams in place to support advisors during a transition. The transition team is there to help walk you through the process and allow you to focus on your clients, but you want to ask about the specifics. How much support will they provide in terms of all of the required paperwork? Will they help locate office space and set up necessities such as phone and internet? Will a representative of the transition team visit your office to assist with the transition, if needed?
- Does the Firm Have Service Measures? – You also want to get into the areas of support the broker-dealer provides once you are on board. Does the firm have a specific service team or a number I can call with questions? What are the firm’s average response times? What percent of my questions will be resolved on the first point of contact? Make sure you are comfortable with the level of service the firm offers on a day-to-day basis.