goRIA Podcast Episode 6: The DO's and DON'Ts when you transition your book
Mar 6, 2024
Brian Hamburger, founder of the Market Counsel and Hamburger Law Firm, shares his expertise on transitioning from broker dealers to independent advisory firms. He discusses crucial DOs and DON'Ts to ensure a smooth shift. The conversation covers the complexities of advisor transitions, the role of tailored strategies, and maintaining client relationships through social media. Hamburger emphasizes the need for strong personal convictions in decision-making and the challenges posed by remote work dynamics, highlighting the importance of discretion and alignment with personal values.
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Episode notes
Begin With Destination, Not Tactics
- Start by identifying your destination, needs, goals, and objectives before tactics.
- Seek objective counsel and be vulnerable during exploration to evaluate independence properly.
Protocol Protections Vary By Firm
- Protocol membership isn't binary in practice because firms vary how they apply it across divisions and employees.
- Enforcement and practical freedom to move depend on firm practices and negotiated terms.
Follow Protocol Rules And Map Clients
- When using the protocol, stick to allowed contact data (the "Christmas card" items) and follow all protocol requirements.
- Map which clients are eligible for solicitation and use different tactics for ambiguous cases.