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Need legal tips for your financial advisor practice? Recent media coverage of an advisor’s transition from RBC to UBS and then back to RBC has shone a light on the legal missteps an advisor can make when moving their book of business to a new firm partner. In this episode, Elite Consulting Partners CEO Frank LaRosa is joined by Brian Neville, Founding Partner of Lax & Neville LLP, for a discussion that puts their substantial combined industry expertise to work and tackles the broad topic of the legal side of transitions, providing advisors with insights that prove practical and actionable.
Topics covered in the conversation include:
*best practices, from a legal perspective, for transitioning a book of business and how to avoid making unnecessary missteps.
*why it is important for an advisor to consider seeking their own legal and consultative counsel during the transition process.
*how to approach clients the right way to ensure a successful move of their account and specific tips on managing client conversations to avoid legal pitfalls.
*regulatory oversight and its impact on the competitive desire to keep accounts.
The importance of understanding the legal side of making a transition is imperative for every advisor considering making a move. Put the knowledge in this episode to use so that you take the right action as you move forward in achieving your practice and career goals through a transition to the right firm partner for you.