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.