Ok, I know the legal gobbly goop but I am looking for a real world answer (do offense Bill).
Doing due dilligance to leave Jones and several recruiters at different B/D's have said that we should not contact clients in anyway. They recommend placing ads indicating where we have moved.
Now I have talked to several people that have moved to LPL and a couple of other B/D's and they sent out letters saying they moved with account transfer forms and when they called they used wording like " Hi, this is your friend ...".
Thoughts, comments, experiences please.
I didnt talk to anyone. Did not want guilt/fear.
My partner tried not to but finally said f-it.
It’s a personal choice. I think I’m rare (maybe stupid).
I have called a lot of books in my day. TONS of peeps are already signed,sealed and delivered on first call.
Don’t get caught. don’t piss off manager too much. they always used to go after people back i the day, with protocol
they are more civilized,
THIS IS NOT LEGAL ADVICE.
I think it is doubtful that you are going to be able to enforce a non-solicit agreement in the current jobs environment in a right-to-work state.
Well, no way will there be any “Pre-selling”. I have always wondered how someone works around that without sounding like a dirtbag “Mr Client, I am leaving EJ and going to Pluto. I would like you to come with me. Please sign here, and here, and here…Initial … and one last signature, press hard, three copies. Great! Oh, BTW, what I just did is unethical, illegaly and will likely get me sued and bared from the industry. So don’t tell anyone. And thanks for trusting me with your business.”
“Mr Client, I have considered leaving EJ to set up my own business.” "I would be in a position to offer my clientel new services, lower fees including discounting, and a greater selection of product to more effectively manage their portfolios."
We feel this is the proper approach, but only with those you trust. Over the years we have had a tremedous amount of experience with this sort of thing.
Most Edward Jones guys call the clients after they leave with little trouble. The key is to leave on a 3 day weekend and get as many calls in as possible before they get people calling your book. If you have a decent sized book they may try to slap a TRO on you but you but hopefully by then you will have a nice part of your book. In my opinion it would be a big mistake not to call right away, time is money.
Does Jones have a strict noncompete you are under? For protocol firms, you should be able to quit, go to your new office, hand them a flashdrive w/ you client’s name, address, and phone numbers and wait for your license to t-fer. That takes 2 hours and you start calling. By the end of the day, the new firm will have letters and acats going out to your clients and you are off to the races. Scarry, but not impossible.