Legal Advice for Advisors Looking to Change Firms – Breakaways

Experienced Advice

Making the transition from one brokerage firm to another or to an RIA can be a complicated issue. With concerns over maneuvering within the subtleties of the Protocol for Broker Recruiting, non-compete agreements, non-solicitation agreements, garden leave provisions and promissory notes, having an experienced attorney at your side can smooth the transition and help you avoid costly litigation.

The Law Offices of Brent A. Burns offers highly experienced representation for investment advisors transitioning from one firm to another, or for brokerage firms looking to protect their own interests. Having experience with both sides of these situations, we can help you understand what options are available to you or your company and how to protect yourself before litigation begins.

If you are considering leaving your current firm, or you have a former employee that has already left and you need help enforcing the terms of his or her contract, call 201-768-2700 or e-mail our office today to learn more about how we can help you.

Important Information for Brokers & Advisors – Why Hire an Independent Attorney?

Lawyers retained by financial services firms to help represent financial advisors in their transition generally represent the firm as well. These attorneys arguably have an inherent conflict of interest in these situations. Even if independent counsel is provided by the firm, conflicts of interest may still arise. 

Our representation stresses the importance of contract language, and we will examine your contract to find out what terms are applicable in your situation and what terms are enforceable in your jurisdiction. We will help to navigate your departure from your current employer and will negotiate with your prospective employer to resolve issues before you leave.

We have the experience you need to help you leave your current firm. With so many financial and contractual concerns, having the right counsel can be key to a smooth transition.

Important Things to Remember

Switching firms can be a complex issue. With so many things to consider, it is important to remember how an independent attorney can help you:

  • Contrary to common belief, contracts with your new firm are frequently negotiable. We can help you review the proposed contract terms and negotiate on your behalf. Careful contract negotiation at the beginning of the relationship can eliminate problems if and when you want to leave the firm.
  • An independent review about the company, its policies, and how aggressive they may be in tracking down the broker if he or she leaves in regards to money or clients, can help you determine the best course in your case.
  • You can confidentially discuss the details of your transition and what to do about certain client information you may wish to take.

Assisting With Regulatory Issues

Our firm offers comprehensive support for individual brokers who are the subject of regulatory inquiries including: responding to inquiries from regulators, representation at on-the-record hearings before FINRA or the SEC, negotiating with regulators on your behalf, or negotiating your U5 language with your former firm.

Contact Us for Experienced Advice

Contact our office to discuss your transitional concerns today.

Attorney Brent Burns assists clients throughout the New York City Metro area. We represent all of Manhattan and the surrounding area, including but not limited to Brooklyn, Queens, Staten Island, Yonkers, Bronx, Westchester, Long Island City, Sunnyside, Astoria, Ridgewood, Flushing, Jersey City, Hoboken, Union City, Weehawken, Secaucus, North Bergen, Nassau County, Suffolk County, Hudson County, NY, NJ.