Breakaway Advisors- What Should You Do BEFORE You Jump Ship? //

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Transcript: hey everyone this is Leila Shaver with My RIA Lawyer and I've got to tell you I get a lot of questions about Breakaway advisors so today I'm going to tell you the Breakaway advisor some things you absolutely need to know so let's start with first things first what should you be planning to do before you make the jump so before you decide to officially break away from your current firm there are a few things that you need to get your hands on first you want a copy of your employment contract or your independent contractor contract you want to get the copy of that document if you are working for one of these firms that's an Ria and also has a BD affiliate and also has an Insurance affiliate and you've worn all those hats you probably have different agreements or addendums that cover those different roles so you want to make sure you're receiving a copy of all of those documents first and foremost for many of you who are Brokers with broker dealers you may also have forgivable or not so forgivable promissory notes that you have signed for the firm lent you a certain amount of money in exchange for bringing your book of business over um or to offset some marketing costs for you keep in mind those promissory notes become due and payable upon your departure so you want to get a copy of that agreement and you want to understand what is your current balance due under that agreement finally you want to do your due diligence and make sure that you are securing a competent Securities attorney not a business attorney not a real estate attorney not a criminal attorney unless you did some which maybe you need that one but a Securities attorney who understands the rules and regulations surrounding breakaways and can advise you on how to break away without causing a lawsuit in the process so before you break away make sure you're planning ahead and get a copy of those contracts and if you're worried give us a call 770-462-2118