Leaving RIA, starting my own - Non solicit?

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Sep 18, 2015 10:40 am

Hi all,

I know the question regarding non-solicits and non-competes have been with wirehouse advisors or b/d advisors leaving for RIA practices.  However, I've build a book (small but still a book) through an independent fee-only RIA and am looking to open up my own shop.  I do not believe I signed a non-soliciation agreement, and if I did, it was technically for another affiliated entity of the RIA that does not provide advisory services, thus my book may not be applied to this agreement.  I guess my question is, if this is case, what type of legal ramifications could I possibly run in to if I prematurely discuss opening up my own shop with my current clients while still employed with my current RIA and what information can be taken?  Also, what type of industry roadblocks may I run into if I start the process of registration and incorporating my firm while still employed at the RIA? Obviously I will eventually consult a legal team but just wanted to test the waters first.  Just a few thoughts.  Appreciate your insight.