Office Transfer--easy does it?
So, I need to transfer offices. Anyone know how difficult this is? Esp, SB brokers. Or is it better to just switch firms to the new locale? What steps need to be taken, etc...?
Why do you need to switch offices… I think switching firms would be challenging in this enviroment(unless you are massive producer(probably not since you want to move offices))…
I am transferring because my wife is going to Medical school, but also realize I don’t want to interrupt my business so I am feeling around.
Generally, moving branches in the same firm, if there’s a good reason to do so (yours seems to fit that description), isn’t a problem at a wire. You should go to your manager and tell them your situation. They should work out some kind of arrangement with your new office.
Then you should take the check and move to another firm, as it will be a much bigger problem to retain you accounts from the new branch. Hahahaha
Its easy - they just move your accounts all on one day, in bulk. Your clients get new account numbers and the month of the move they get two statements - the old a/c with a zero balance and the new account showing the assets transferred. The biggest hassle is that your email may not function for a couple of days, but nothing worse than that.
In this day of Madoff, just make sure you warn your clients to expect a zero balance statement.