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In the News

How a bear market will affect advisors who want to switch firms

Posted by Wendy Leung

The Globe and Mail

June 7, 2022
Wendy Leung Quoted
by Jameson Berkow

Switching dealers may prove more challenging for advisors amid the threat of a long-term bear market.

But Wendy Leung, senior consultant with Diamond Financial Consultants LLC in Morristown, N.J., says despite much speculation advisor movement will slow down, now is actually an ideal time for advisors to find a new home for their practices.

“Clients follow their trusted advisor all the time, but particularly during times of duress,” she says. “They’re much more likely – [especially] if they have a good, strong relationship with their advisor – to follow that trusted advisor during stressful and uncertain market conditions.”

What becomes much more important for advisors considering switching firms in today’s environment is to understand clearly what’s in the move for their clients and to be able to articulate that to them, Ms. Leung says.

“Be prepared to explain what makes the new shop better for them,” she adds.

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About Wendy Leung

Senior Consultant – Wendy's goal is simple: To leverage a comprehensive understanding of the industry landscape today and forces that will change it tomorrow, to guide advisors to opportunities where they can achieve long-term success for their business, clients and families. Learn more...

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