Last week, I raised the issue of junior advisors leaving their firm and taking some of the clients with whom they work. Because this situation is widespread (and possibly more the norm than the exception) I suggested that in the best interests of the clients, the independent advisory profession should establish guidelines for how such a transition should be made, in an orderly and responsible fashion.
I received a number of responses, but only one–Morris Armstrong–had the temerity to post his. Because he nicely captured what I believe is a widely held position on the subject, and because the issue itself warrants far more serious treatment than it's received in the profession to date, I'd like to explore what Morris had to say in more detail.
