Asking advisors how easy it is for them to move to another firm uncovers telling information. After all, the underlying question is: do they truly own their books of business?

This year’s Brokerage Report Card survey asked advisors to rate their “ability to monetize their business.” Put simply, the term refers to an advisor’s ability to realize a specific dollar value to his or her book — either by selling the business to another advisor or by taking the book with them should they decide to leave their firm for another.

The question is more pertinent than ever, given that virtually every brokerage on the Street is now looking to recruit new blood, often targeting seasoned professionals with attractive signing bonuses.

But when the question was posed to advisors, the answers were so confused that the real issue is whether advisors know what’s in store for them if they decide to pack it in and join the competition. More important, are firms being up front about the repercussions of leaving? The answers depend on who you ask.

Brokers at Edward Jones, for instance, say their ability to realize the value of their businesses if they decided to leave would be limited because they don’t own their books.

However, Gary Reamey, principal and head of Edward Jones’s Canadian division, which is based in Mississauga, Ont., says advisors with limited partnerships will be paid off immediately, and their retirement plans — to which Edward Jones contributes yearly — will be made available to them. What’s more, the firm won’t move in on the departing advisor’s clients.

Communication may be the missing link, in terms of what advisors can expect when they leave a firm. For instance, some advi-sors at Vancouver-based Canaccord Capital Inc. are confused about their firm’s policy.

Although some say they’re sure they could bring their clients with them if they moved, others aren’t so sure. Bob Larose, executive vice president, private client services, says the firm doesn’t abide by a written policy, but the firm’s managers are well versed on how to handle an exiting advisor. In short, he says, Canaccord won’t get in the way of clients who want to follow their advisors elsewhere, but the firm will call the client and offer its services.

Advisors at Wellington West Capital Inc. of Winnipeg feel more confident about their ability to move to other firms, largely because of a clear policy from management.

“Our philosophy is: brokers own their books of business. If they choose to leave, we’ll respect that their clients are theirs. And we communicate that,” says Charlie Spiring, chairman and CEO.

And at Toronto-based Raymond James Ltd. , the policy is clear: the firm won’t get in the way of an advisor who wants to take clients to another firm.

“The advisor owns the book of business,” says George Karkoulas, senior vice president of independent financial services.

Executives at bank-owned firms are also up front about prospects for departing advisors. They say their job is to attract and retain top-performing advisors, not to expedite the advisors’ departure.

“If advi-sors leave, they know they are essentially going to have to compete for the client,” says David Agnew, managing director at RBC Dominion Securities Inc. of Toronto.

National Bank Financial Ltd. senior vice president and managing director Gordon Gibson acknowledges that, even though clients belong to the firm by law, it is advisors who control the client relationship. However, if and when an advisor chooses to leave the firm, he says: “It’s fair game for other National Bank advisors to try and woo those clients.

“We have certainly been very clear, in terms of precedents, that if you choose to leave and work for a competitor, we are going to try and retain as many of those clients as possible,” Gibson adds.

It sounds somewhat ominous, but at least advisors are under no illusions. “The firm is pretty aggressive about keeping the business — that’s for sure,” says an NBF advisor in Quebec.

On the other hand, advisors can expect a good deal of transition support from firms when they are recruiting. Half a dozen advisors from various firms referred to the so-called “SWAT teams” put in place to help them retain clients and deal with the red tape that comes with moving to a new firm.

@page_break@Says an NBF advisor in Manitoba: “The firm has a team that spends the weekend doing paperwork to help the new advisor move in.”

Executives who want to attract top talent should look to Winnipeg-based Richardson Partners Financial Ltd. , which scored a survey high of 9.6 in transition support. Richardson doesn’t pay signing bonuses or offer the highest payouts, but the firm knows what it is — and that goes a long way, says president Sue Dabarno in Toronto.

“Richardson is synonymous with independence and entrepreneurship,” she says, adding that in the firm’s three-year life, not a single advisor has left. “We created a culture in which we work with advisors to find the right solutions.” IE