Although they were discreet, management at the well-known wirehouse discovered their plan. “The regional director called and asked to meet with me to discuss the rumors that I was unhappy and looking to leave,” Altman said. “I did not want to meet with my supervisor so we ended up walking out a week early.”
Because Altman resigned under broker protocol resignation, he avoided litigation, which is the biggest risk that antsy advisors face when breaking away from a wirehouse in search of freedom and flexibility in their own RIA.
Mega Teams Of Breakaway Advisors Challenge The Industry
February 9, 2017
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Moves by producers large and small are fraught with legal risks including being discovered by employers before a resignation can take place. That is why having a good recruiter is so essential. It is certainly possible to buy investments without an advisor, too, but not very wise...so FAs need to be smart.