5 Proven Steps to Ensure I Retain Assets After Termination
If you’ve been terminated as a financial advisor, here are 5 proven measures you can do to try to retain assets under your management:
1. Communicate with your clients. Reach out to them as soon as possible and explain the situation. Provide them with your contact information and let them know that you’re still available to help them with their investments.
2. Provide your clients with transfer instructions. If your clients want to move their assets to another advisor, provide them with the necessary paperwork and instructions to make the transfer as smooth as possible.
3. Follow all the proper procedures. Check your firm’s policies and procedures and make sure you’re following them correctly.
4. Seek legal advice. Consult with an attorney who can advise you on your rights and options in your specific case.
5. Be professional. Even if you disagree with the termination, it is important to be professional in all your interactions with your former firm and clients.
Keep in mind that in certain situations, the firm or the compliance department will freeze the assets under your management, or the clients may be instructed to move their assets to another advisor, and in these cases, it might be difficult for you to retain any assets under your management. It’s important to act fast and reach out to a third-party consultant in order to provide neutral advice from experience.