When planner Thomas Balcom left his firm in 2010 to start 1650 Wealth Management in Lauderdale-by-the-Sea, Fla., he faced a common challenge: His non-solicitation agreement prohibited him from contacting certain clients and taking any client files.

Yet Balcom was ready. Because he had already connected with his clients via social media sites, such as LinkedIn, the clients who were interested in contacting him were able to do so following his departure. Balcom estimates that more than half of his clients eventually joined him at his new firm.

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