Part-time consulting and non-compete
I’m looking to hire someone in the alternatives space as a part-time consultant or advisor. Ideally looking for someone who is actively working In the industry but realize that non-competes and outside business clauses will add complications to hiring, especially as my company is in financial services, broadly speaking.
Does your firm allow you to conduct outside business? If so, is it a huge compliance headache?
Goal is to gauge sentiment to know what I can potentially expect. Talked to one guy and he said that compliance would need to essentially conduct full due diligence - think light banking process - on my company before they let him work with my firm.
Based on the WSO threads, navigating non-compete agreements and outside business activities in the financial services industry can indeed be complex. Here are some key points to consider:
Non-Compete and Compliance: Many firms in the financial services sector have strict non-compete clauses and policies regarding outside business activities. These are designed to prevent conflicts of interest and protect the firm's proprietary information and client relationships.
Due Diligence Process: As mentioned in your experience, compliance departments often require a thorough due diligence process before approving any outside consulting or advisory roles. This can include a detailed review of the potential employer, the nature of the work, and any potential conflicts of interest.
Disclosure and Approval: Typically, employees must fully disclose any outside business activities to their compliance department for approval. This process can vary in complexity depending on the firm's policies and the potential for conflicts of interest.
Potential Restrictions: Even if approved, there might be restrictions placed on the scope of work, confidentiality agreements, and the amount of time that can be dedicated to outside activities.
Variability by Firm: The ease or difficulty of engaging in part-time consulting can vary significantly from one firm to another. Some might have more flexible policies, especially if the consulting work does not present a direct conflict with the firm’s operations or client interests.
It's advisable to prepare for a rigorous compliance process and to clearly understand the specific policies of the firm the potential consultant is currently employed with. This will help in setting realistic expectations and planning accordingly.
Sources: PwC - Financial Services Advisory - Capital Markets Basically Just Risk & Compliance?, Q&A: Former MBB Consultant, Consulting=money suck?, Closed topic, Economic Consulting Q&A - Past experience at major firms
If you still need someone part time DM me - I have been doing some consulting on the side and am open to new clients.
Magni tenetur ut ut placeat dolor voluptatem. Ut ut assumenda vel eius. Accusamus quam ut nihil minus quis. Earum sed quo qui temporibus eos sed repellat. Dolorem blanditiis quia in nihil. Voluptates neque ut facilis omnis rem rem.
Aut dolore dolorem maiores aut porro et dignissimos. Architecto architecto sunt excepturi eveniet amet aliquam alias. Vel dolor id vero aut eum repudiandae voluptatem.
Quaerat sit repudiandae quod molestias doloremque autem. Consequatur blanditiis saepe quis dignissimos reprehenderit. Voluptates qui esse provident. Consectetur voluptas accusantium sunt.
Amet debitis esse beatae. Voluptas explicabo non quidem consequatur. At omnis voluptates deleniti. Architecto rerum eligendi dolore suscipit aliquid.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...