Best time to Leave a Firm

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Jun 12, 2008 12:22 pm

Doing a little reality testing, and can use your feedback, my brothers and sisters.

  Whats your opinion: when leaving a firm to go Indy, is it worth it to wait for a less "rocky" market? I know, my clients bought me, not my firm, but lets face it, there is uncertainty coming at clients from all directions currently.   How was your experience?  Whats your 2 cents worth?   Thanks kindly!!
Jun 12, 2008 2:49 pm

End of the year and good markets.

Jun 12, 2008 4:53 pm

When your philosophy and the firms’ begin to diverge, it’s time to go independent. Plan well.

I’ll agree with Miss J too, end of the year.

Jun 12, 2008 6:52 pm

End of the year is when I chose to leave -- FINRA closes down for like 2 weeks at the end of the year, so you have to plan appropriately.  The year I left, Christmas was on a Saturday, so the markets were closed on Friday and markets were closing early on Thursday.  Our office had planned a gift exchange and just eating goodies for Thursday morning.  Most of the brokers weren't even in the office.  I packed up and left my resignation letter Wednesday night.  Thursday was the last day for my registration to get moved before the 2 week shut-down.  The branch manager couldn't even start to get my book divided up until the next week, but I was able to contact all my clients almost immediately.  It worked great! 

I'm not sure about good market or bad.  I jumped the end of 1999 (everyone was worried about Y2K and if the computers were going to shut down the economy) and then we had the tech bubble burst and a down market for three years.  None of that mattered to my clients - they followed me and they stayed with me. 
Jun 13, 2008 10:25 pm

I don’t see why the end of the year would be better than the middle of the year.  I just wouldn’t do it in OCT-NOV-DEC because clients may use the “Oh, I’m so busy with the holidays excuse.”

  I DO think that good markets matter.  Right now, none of your clients are that happy.