• You have discovered an entrepreneurial spirit within yourself, and with that growing confidence, you have decided to go out and start your own practice (or possibly merge with like-minded people).
• You might have begun to focus on your family more, and you simply cannot continue to work the same hours you always have.
Finding The Right Firm And Making The Transition
After you have looked at the pros and cons of changing firms and made your decision to leave, it’s time to do homework. You will have to be realistic about the kind of firm you want to join and the expectations your new colleagues would have.
People leaving their firms face the same complications and emotions people do when leaving bad marriages: anticipation, separation anxiety and potential financial hardship, not to mention the contractual obligations.
Ken’s predicament was compounded not only by legal restraints but also by an inefficient market. He understood he no longer fit at his firm, but he didn’t know where to go. Unfortunately, there is no Match.com for advisors.
To overcome fear and anxiety in such a situation, you must gather knowledge and stay focused on the positive. Transitions can be extremely successful if you take a few operational issues into account as you plan your departure:
• You should educate yourself on all the legal requirements. Understand all your restrictive covenants.
• You must respect and honor your current employment and obligations. And you should do what’s best for your existing clients.
• You should talk to others who have made similar moves. What worked for them and what didn’t? What can you learn from their experiences? Recognize that the transition will need your focus for a year.