Transitioning clients with you

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Apr 25, 2008 10:28 pm

…if that makes sense.

Working at a bank right now, with a seeming majority of high net worth customers/clients, many who have said they would want to do business with me when I become a rr.  That said do you all have advise on how to build my client base now to set myself up well when I go to a wirehouse in about 2-4 months (hopefully).  I certainly don’t want to be illegal, unethical, or anything of the like, but I want to watch out for my own best interests as well as the people that have come to trust me.

Apr 26, 2008 12:40 am

yeah, I’m certainly not violating the law.  I’m definitely getting my ducks in a row though.
Since I don’t know where I’m going I can’t tell them that, but I am open with them about my plans to be licensed, and those that don’t want to invest with the bank or want multiple opinions I will send to contacts at some of the other firms where I know they put in a good word for me.  So it’s letting a few go to put in good words, and keeping some  as well.

…as far as the bank I guess that is one of those all is fair things right…

Apr 26, 2008 7:52 am

Be careful about telling clients about your plans ahead of time.  

While I have no direct experience or special knowledge about working at a bank, this would certainly expose you to risk of legal problems if you were working as a rep at a wirehouse or large regional, as you have a contractual duty of loyalty to your employer as long as you are employed.  That means you cannot legally be doing anything like telling clients of a move until you have legally resigned, at which time the duty of loyalty goes away. 

Of course, then you’ll have the (likely) non-solicit to contend with, but that’s another issue. 

Until you’re sure about this, better to say nothing specific to clients.  Not saying you couldn’t carefully mention hypothetical ways you might one day seek to better serve them, but avoid specifics if you want, as you say, to avoid violating the law.

Apr 26, 2008 12:53 pm

“many who have said they would want to do business with me when I become a rr.”

  Don't count on it.  It's easy to tell someone that they will do business with them when it's not a possibility.  Once you become an RR, the will know that you are brand new in the business and don't know squat.          
Apr 26, 2008 7:28 pm

That’s fair. At least it’s a glimmer of hope that I will be able to build similar relationships quickly as I have at my current position though… but yeah, that’s a good point as much as it’s something I don’t want to hear.

Apr 26, 2008 8:04 pm

Well, if I'm giving you something that you don't want to hear, let me give you something that you do want to hear.  While it is true that those who you know probably won't give you business immediately because they know that you are new, if you handle them in a professional manner, you will get their business in the future.