An Attorney’s Advice on Navigating TransitionAn Attorney’s Advice on Navigating Transition
A conversation with David Gehn, head of the Litigation Department at Ellenoff Grossman & Schole.
The acceleration of advisor movement, particularly to the independent space, and the proliferation of a hypercompliant culture within the walls of the big brokerages is keeping people like attorney David Gehn very busy these days.
As the head of the Litigation Department at Ellenoff Grossman & Schole, David has served a wide range of clients, yet it’s his concentration on the financial services market—captive advisors to the largest broker/dealers and registered investment advisors—that makes him well suited to discuss the intricacies of the transition process.
In this episode, David shares his experience in working with advisors through non-broker protocol moves, the challenges of terminations and other contractual matters that can arise even before you consider a move. In his conversation with Mindy, he discusses:
The challenges of the increasingly hypervigilant compliance culture that exists in the wirehouses—and how to make yourself “less vulnerable.”
The battle for control between advisors and their firms—and how to be sure you don’t get even more “locked in” to your firm.
The reality of non-protocol moves—and “what you need to do first” when considering a change.
The “three most feared letters” in a financial advisor’s lexicon—and the steps to take to avoid being slapped with a TRO.
The concerns over asset portability—and how “deep and meaningful” relationships with clients are key to a successful move.
The proliferation of terminations—and how to “prepare” if you think you’re in the crosshairs.
David says that a move is “eminently doable” regardless of protocol status or any post-employment restrictions you may have.
Whether you’re considering a move or not, this episode offers an array of advice for anyone living in a world where compliance takes the lead—and can make or break an advisor’s career.
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Mindy Diamond is president & CEO of Diamond Consultants in Morristown, N.J., a nationally recognized boutique search and consulting firm in the financial services industry.
