As more financial advisors strike out on their own to build an independent practice, they can easily overlook a big part of the move: finding the right office space.
The process is challenging for any new business, but for financial advisors leaving larger firms, there are unique issues that need to be carefully considered. Finding an office that fits their day-to-day physical needs is only half the battle.
Here are three ways emancipating financial advisors can avoid common pitfalls that crop up when seeking new office space as part of a transition plan.
First, don't breach your duty of loyalty or any confidentiality clauses with your current firm.
If an advisor has a client in the areas of commercial real estate business, office furniture, interior decorating, it may feel completely natural for the advisor to ask for help locating in creating their new office space. Unfortunately, this kind of disclosure their intentions may very likely violate the advisor's duty to his or her employer.