A conversation with Louis Diamond and special guest Grier Rubeling of Advisor Transition Services
In a special Industry Update, Grier Rubeling, owner of Advisor Transition Services, shares practical portability tips and actionable transition advice for financial advisors considering or preparing to change firms. In an information-packed episode, she discusses preparing a Protocol checklist, the notion of “shrinking to grow”, the mapability of products, the flow of the transition process, communicating with clients, and much more.
About this episode…
When we talk with advisors considering change, the single-most important topic on their minds is portability.
And that makes perfect sense. Because having invested your business life serving clients and growing your assets under management, you certainly want to bring along as much as is possible – and practical – to your new firm.
But does that mean every client on your roster?
For example, advisors may make a strategic decision to leave behind some clients who are no longer congruent with their business goals. It’s a concept we refer to as “shrink to grow”—one that several breakaway guests on this series have discussed.
In other cases, you may have assets that are tied to the firm which will need to remain behind—we see this often in the case of Private Bankers whose clients are often “owned” by the bank and not the advisors.
The good news is that in most cases, advisors who have built strong relationships with their clients tend to bring over 85 to 95% of those they want to follow.
But prior to any move, advisors need to assess their client relationships and book to determine if any concerns about portability are legitimate. That means conducting a thorough review of any non-portable positions and evaluating the impact that leaving them behind would have on the overall business.
Grier Rubeling, owner of Advisor Transition Services and an expert on the topic, joins Mindy Diamond and Louis Diamond for this special Industry Update episode to share practical and actionable tips for advisors either considering or preparing for a transition, including:
- Preparing a Protocol list—and the key items to have at the ready in a Protocol move.
- The notion of “shrinking to grow”—and how a move is the perfect time to review your client list and consider paring back those who no longer fit your ideal profile.
- Restrictive covenants that govern a move—and what you need to know about team agreements, retire-in-place programs, and more.
- The mapability of products—and how to navigate key aspects of securities-backed loans, SMAs, Alts, proprietary products and more.
- The flow of the transition process—and how to prepare your team and clients.
- Communicating with clients—and how and what to share with them about the move.
- And much more.
It’s one of the most information-packed Industry Updates to date! So be sure to listen in and download the companion checklist below.
Download the Practical Portability Tips Checklist
Grier Rubeling – Advisor Transition Services
Consulting services for financial advisors and existing firms to help navigate and understand the administrative and operational aspects of transitioning a book of business. More->
Shrink to Grow: Why Advisors are Making the “Strategic Decision” to Let Go of Assets
In a world where bigger is considered better, many of Wall Street’s most talented and productive advisors are opting to go against the grain and leave chips on the table. Read->
What’s in it for Clients? 7 Ways They Can Benefit from an Advisor’s Transition
Many advisors cite “improving client service” as the catalyst for a move—but knowing what the real impact will be is critical. Read->
Considering a move? Here’s What Financial Advisors Can – and can’t – Say to Clients
The desire to share the news can completely derail a transition to another firm. Here’s what top attorneys recommend when it comes to communicating with clients before, during and after a move. Read->
8 Steps to Take Before You Actually Make That Move
The next chapter in your career can be easily derailed by not having a concise and deliberate plan in place well before your move date. Read ->
Making A Move Even When The Obstacles Seem Insurmountable
Is it a greater level of pain, desire, reward – or a combination thereof – that drives even the most seemingly unmovable advisors to change? Read->
Owner/Operator of Advisor Transition Services
Grier Rubeling is the Owner/Operator of Advisor Transition Services. Prior to starting her firm in 2018, she worked in various support roles for advisors. Initially, as a client service associate and transition consultant at several wirehouses and then as a director of operations for an RIA. She’s been helping advisors transition for 15 years with a current focus on those starting or joining RIAs. She started her business to help advisors with the operational aspects of transitions after recognizing a need in the market and longing for the freedom to be her own boss. Her website offers many free resources to those in transition, and she’s developed technology and processes to help make the process as fast and streamlined as possible. Her major focuses are on client communications, data collection and manipulation, paperwork preparation and delivery, process design, project management, and issue resolution.
She lives in Cary, North Carolina with her husband and two young daughters, and she’s a DIY blogger and competitive gingerbread artist who’s been featured on the Food Network.