Team playing

Make sure all aspects of the partnership are outlined before you start working together, including how fees and commissions will be divided and what to do if one partner dies or becomes disabled, or leaves the team. When working with advisors who have different levels of experience, it may be better to split fees and commissions unevenly and gradually move toward a more even split. In the event of a split, it may be difficult to decide who gets which clients. McNamara cites Paul Blease, director of advanced team initiatives at Smith Barney, who recommends distributing client accounts during the break-up, rather than trying to outline who gets which accounts ahead of time.