By Barbra Herman, InvestmentNews – Financial advisors may spend months, even years, performing the due diligence that leads them to their next best opportunity. Yet still, they often overlook some of the finer points that allow for a better post-move experience. Here are 8 tips to help advisors enjoy a less stressful experience during and after a move.
Changing firms or models comes with some risk, one of the most critical being client portability. It was a risk that this 26-year UBS veteran and his $530mm team found was worth taking to better serve their clients without conflict and limitations. Guest Steven Tenney, Founding Partner and CEO, Great Diamond Partners.
By Mindy Diamond – In a landscape with more options than ever before, a move from one big brokerage firm to another is more often the exception than the rule these days. So, in an evolved landscape with more options than ever before, why would a quality advisor – who can have his pick of the litter – choose to make what might be considered a “lateral move” to a wirehouse?
By Mindy Diamond – Just as financial advisors are entrusted to serve their clients first and foremost, recruiters should be expected to do the same for advisors—particularly in what has become a more complex world to navigate.
By Mindy Diamond – For a financial advisor to justify a move to another firm or model, the pain of staying must be significant, but there must be an option waiting that positively impacts these 3 key areas.
By Barbara Herman – It’s human nature to want to protect the status quo— familiarity is reassuring. Comfort level aside, quality advisors still periodically reevaluate where they are. And those who believe they can do substantially better for their clients and teams opt to move elsewhere.
By Allison Brunwasser – An advisor’s choice to go independent is typically driven by a strong desire for greater freedom, flexibility and ownership. Yet with that desire comes what is for many the biggest hurdle in making the leap: Choosing between building your own firm with complete control and 100% equity, or joining an established firm with turnkey operations, infrastructure and an opportunity to gain an equity stake in a more mature business.
By Mindy Diamond – For most advisors, the thought of making a move is met with both excitement and a certain level of trepidation. The promise of being able to better serve your clients and grow your business provides the energy needed to juggle all the moving parts that come with such a major change—with concerns over client portability at the top of that list. But, if client relationships are strong and the move is being made for all the right reasons, clients are very likely to follow. Once the dust has settled, advisors and their clients are typically happy with the decision and life goes on.
Recruiting Success: What to do when there’s an undeniable gap between the expectations and the offer
By Mindy Diamond – Sadly, it’s a scenario that plays out quite often: A top-notch team meets with the hiring manager at a firm that has all the markings of a good fit: A culture and vision they could align with, great technology and a client-focused value proposition. The team describes their needs and goals in detail, and outlines their financial expectations. The manager nods in agreement. He’s enthusiastic about the team and gets them excited about the firm’s culture and how much better their professional lives would be if they joined.
By Barbara Herman – Whenever an advisor contemplates a move – regardless of the destination being a wirehouse, boutique, regional or independence – it’s important to assess the portability of the business. That is, identifying if the assets can be moved, and whether or not your clients will follow. Only when you have worked through this thought process can you really determine if a move makes sense.
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