28 Oct Client Portability Through The Looking Glass
There is much confusion about what restrictions apply to asset, or client portability, and what the rules are for advisors should their clients choose to follow them when they depart for another firm. In an industry going through change, such as M&A and breakaways, these issues are particularly acute. The following article considers “client portability” – how easily, or not, it is for clients' assets to move with advisors when advisors move from one firm to another. An important term is “solicitation” – a practice that comes with a number of restrictions. With so much change, including M&A and breakaway activity taking...