Anybody have any good advice for leaving Merrill?

I know you can’t discuss you leaving prior to you leaving, but I’ve read different things regarding whether you can speak “hypothetically” speaking?

For instance, can I say to my client before I’ve left something like “Obviously, a lot has gone on at Merrill over the last year.  At this point, I don’t believe it’s the same company that it was when our relationship began several years ago.  Hypothetically speaking, if your financial advisor were to start his own practice elsewhere, how would you feel about leaving Merrill Lynch?”

Also - if I have meetings schedule with my clients for next week, but I hand in my resignation on Friday (ready to go to a new firm that day), can I keep all of those meetings the next week?  So, if that’s the case, is the smart thing to do to schedule tons of client meetings for 2-3 weeks out, and then resign on Friday before all those meetings?

Any other suggestions on best way to leave would be very helpful.  A friend of mine is considering leaving Merrill, and I’m a little new to this sort of thing.

Thanks!

[quote=eman07]  A friend of mine is considering leaving Merrill, and I’m a little new to this sort of thing.



[/quote]

It’s ok…you are among friends…tell your “friend” its ok…


Ok man we all know its you…its ok…we are here to help lol

eman,



I’m going to be making a move shortly and I have had the “hypothetical” discussion with many of my best clients over the last few weeks. It’s funny, in light of all the recent layoffs, some of my clients have actually asked what would happen if I were to leave or get laid off before I even had to bring it up.



What I concentrate on during those discussions is the how much I value the “relationship” and if I were to hypothetically move to another firm and stay in the Advisor role, we could continue the relationship. They would have a choice.



Your good clients will appreciate that you are up front with them and many of them are probably wondering about what would happen if you were to leave anyway. This way, when you jump ship it won’t be a huge surprise to those clients that you already talked with.



As far as meetings are concerned, I would hold those that you have scheduled before you leave but I wouldn’t bother scheduling anymore.   That may hurt you if the Advisor who takes over your book calls them and they were already coming in to see you. They might still hold the appointment with the other Advisor.



Good Luck!

[quote=nestegg]

[quote=eman07]  A friend of mine is considering leaving Merrill, and I’m a little new to this sort of thing.



[/quote]

It’s ok…you are among friends…tell your “friend” its ok…


Ok man we all know its you…its ok…we are here to help lol
[/quote]
Actually, it REALLY is a friend of mine.  I work for an RIA, and am working with this friend to have him come with me to create a new RIA.

Say nothing. I know it is diffiucult, but ethically and morally, not to mention legally, you owe your current employer the duty of loyalty until you leave. This precludes any dialogue with clients about leaving the firm. Your clients will respect this and it can become part of your talk to them after you leave.

Anybody have any good advice for leaving Merrill?

I know you can’t discuss you leaving prior to you leaving, but I’ve read different things regarding whether you can speak “hypothetically” speaking?

For instance, can I say to my client before I’ve left something like “Obviously, a lot has gone on at Merrill over the last year.  At this point, I don’t believe it’s the same company that it was when our relationship began several years ago.  Hypothetically speaking, if your financial advisor were to start his own practice elsewhere, how would you feel about leaving Merrill Lynch?”

Also - if I have meetings schedule with my clients for next week, but I hand in my resignation on Friday (ready to go to a new firm that day), can I keep all of those meetings the next week?  So, if that’s the case, is the smart thing to do to schedule tons of client meetings for 2-3 weeks out, and then resign on Friday before all those meetings?

Any other suggestions on best way to leave would be very helpful.  A friend of mine is considering leaving Merrill, and I’m a little new to this sort of thing.

Thanks!

[quote=eman07]

[quote=nestegg]

[quote=eman07] A friend of mine is considering leaving Merrill, and I’m a little new to this sort of thing.

[/quote]It’s ok…you are among friends…tell your “friend” its ok…Ok man we all know its you…its ok…we are here to help lol[/quote]Actually, it REALLY is a friend of mine. I work for an RIA, and am working with this friend to have him come with me to create a new RIA.[/quote]



Here’s the best piece of advice you could get…



You should set up the firm, sign the protocol, and then have him join you and then give him his ownership interest.



If I were him, I’d lay off the ‘hypothetical’ discussions. You are seriously asking for trouble… especially if you are going to be a standalone RIA with shallow newbie pockets that will be defending that monkey once he separates from ML. You DO NOT want to pay those legal bills… they can be very, very, expensive just to defend - $200k isn’t uncommon.



Again, I’d tell him to STFU. If his clients are coming, they’ll come regardless of whether or not he’s prompted them about the $hit firm ML has become. Anyone who’s been paying attention knows that ML is just as bad as the rest.



C

Your clients are looking to YOU for their advice, not to Merrill Lynch.  Just leave, then contact them afterward, and provide your reasons.  And if they stay at Merrill, they were never really your clients to begin with.

Take the " High Road "…that way when the move happens you are able to pass the smell test from any action they may consider against you.

"I need you to know that I am constantly evaluating my situation to determine whether or not this is the best place for me and my clients for the long term. "



FYI, I just made a move from one wirehouse to another on April 17 and I’ve already moved 85%-90% of my book.

You betta lawyer da hell up.  BAC not gonna take too kindly to you moving THEIR clients. Prepare for a long and expensive fight.  $50-100k should do it.

Is your new firm part of protocol?  If so, the rules are very clear.

dont tell cleints anything.   

You betta lawyer da hell up. BAC not gonna take too kindly to you moving THEIR clients. Prepare for a long and expensive fight. $50-100k should do it.