Who owns the clients in an advice business?BY SIMON GVALDA | FRIDAY, 19 FEB 2021 12:32PM One of the main questions I am asked by employers when recruiting for financial advisers is, can the adviser bring across clients? While this request may seem harmless, it holds ... Upgrade your subscription to access this article
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SACHA BURCHGART
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
FOUNDER & MANAGING DIRECTOR
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A point well made to clearly identify whether the practice is seeking to hire an adviser or buy a book of clients. The ethics that are expected of advisers with clients should also be evident here. Thank you.
Is the real question - 'who owns the relationship with the client?'; and if the answer is the adviser themselves, they may very well have a loyal group of clients who will follow them wherever they go. If however, the clients are entrenched in a relationship with a principal of the firm, or with the firm as a brand, then the ethical question will surely prevail.