Jumping ship is never EASY. The proprietary nature of contracts and noncompete clauses can deter even the best advisors from making a move. But attention to detail and a proper attorney remain the best tools for those who just can't take the bureaucracy of a big bank.

Jim and Joe, partners at one of the major banks, called one of my recruiters about three months ago. They had been referred by a former employee. The partners have been with the institution for about 14 years and each produces around $400,000. The two realized the recruiting carrot of having them work with "a private banker" to open up new brokerage accounts simply doesn't work. Fourteen years in, they have yet to receive a single referral from the institution.

The team requested that we find them a home where they would be appreciated more, while receiving a higher payout. After multiple meetings and an enticing offer, a move was in the works. However, due to poor transition planning, loose lips and nervous breakdowns—their move for the better, ended for the worse. Don't let this happen to you.Positioning of clientele and following protocol is critical when leaving a bank. Jim mistakenly spoke with a client on the phone a couple of weeks before their start date and let the now angry client know that he wouldn't be there to service the account anymore. The client, in turn, called the branch manager to complain about Jim.

Let's just say that Jim and Joe left a little earlier than planned.

Joe became furious, as did the manager. Jim had now put himself in a predicament that will last far beyond his length of service. And, due to his loose lips, he lost a ton of clients.

So Jim and Joe started at their new firm, but Jim called my company the next day. They had failed to mention to their new employer the noncompete clause that they had signed a few years prior. The new firm had based their deal numbers on the fact that there was no clause, so Jim and Joe weren't sure if they could even get their same deal.

Jim just kept saying: "I just can't believe this." After the fifth utterance, I asked what their attorney was telling them. "What? We don't have a lawyer. Do we need one?"

At this point I'm wondering how this guy passed the Series 7, because something is off. Having a good securities attorney in this business is mandatory, moving or not. The fact that they had already moved, and had not been truthful about their noncompete clause was a disaster. These mistakes would not have been made if a reputable law firm had been involved.

In the end, Jim and Joe ended up going back to their original firm. Considering 60% or so of their accounts had already transferred I can just imagine what they were saying to get those clients back: "I'm sorry, but I'm crazy." Or perhaps: "I've been mulling it over for the last couple of weeks and now realize that my life just wasn't so bad at the bank. I'm sorry to make you sign off twice, but..."

It's important to realize that, just as you can be happy for your clients when they get a promotion or change jobs, most clients understand when their advisors do the same thing. The problem comes when clients are totally inconvenienced and confused about your motivations. Poor client communication can result in them not trusting you and deciding to take their business elsewhere.

Then there's the issue of burning bridges. I personally wonder how the branch managers were handling the accounts that stayed with the old firm, since they had all been redistributed in the two weeks Jim and Joe weren't employed there. It remains to be seen if they will ever recover all their prior accounts. Moreover, the direct animosity of management toward them could limit any chances for promotions.

Jim and Joe failed to realize their hit would have been minimal had they hired an attorney. There is normally a firm-to-firm settlement of about 15% of trailing-12-month production over the breach of noncompete clauses. The new firm was willing to stick by the deal that they originally signed for, as well. Plus, the pair ended up returning to an already poor situation.

I moved another bank broker about a year ago who was producing around $1.5 million in commissions. After going through the proper motions, including the hiring of an attorney, I am pleased to say that he produces more than $2 million now and is in a much better position. His clients enjoy a more dynamic platform than he was able to offer previously. He is now free to market to those he wants and not merely to those the bank has referred.