Is it true that when leaving a wirehouse you are able to solicit your clients to come with you after you're gone?
CAVEAT #1: Check your contract for details!
Generally you'll have a non-solicitation agreement that says you can't ask your clients to come with you. Mos tof the time you CAN send out what's called a "tombstone letter" which simply states that you are no longer with the firm and giving your new firm and contact information (and that's it). Clients will have to contact you and then you can talk to them again.
CAVEAT #2: Have an attorney read your contract (the b/d you are switching to should have a legal department that will read it for you).
It is a legal nightmare, but your new firm should help you get through it. I have seen a lot of folks come and go and NEVER seen a tombstone letter..... Guys usually quit on Friday around 4:00 and Saturday the clients recieve a letter that says something like "I'm moving to another firm, please sign and return the enclosed transfer documents" (that have been prefilled by the way".
Definately Talk to your new firm's legal dept. before you even think about jumping or you could get stung.
Just as fast as legal can move.Usually within 30 days. Good idea not to spend your waffle dough, then you can simply write out the check and say adios.
Hey...along the lines of this subject... (I asked our transition dept and never did get a straight answer) How long after leaving Edward Jones do you need to wait before outwardly soliciting former clients? With the non-compete is it a year? two? three?
(that is to say those that did not come with you initially)