By Wendy Leung – It’s interesting how some of the most basic principles of business planning often end up at the bottom of so many advisors’ lists. No doubt, the hectic day-to-day schedule of working on “Plan A” can make it difficult to carve out the time to even consider an alternate plan for the future—that is, a “Plan B”.
By Barbara Herman – Most people, when facing a life choice, approach the decision-making process by weighing the pros and cons. But the process can often be sidetracked by concerns or objections—that is, distractions that quickly become time wasters. This is especially true when advisors are considering a change. How do they identify the true heart of the matter, so they can be strategic and thoughtful in the due diligence process and avoid getting stuck, focused on a “red herring” – that is, a thought that diverts attention from the real issue or concern
By Cathy Nichols – For many people, the process of “change” can be difficult. And this is especially true for financial advisors who are thinking about switching firms or models. Surely, those who feel well-served by the status quo should stay put. But what of the advisors who believe that their business and clients may be better served elsewhere, yet allow others (such as a partner or even an assistant) to trap them in a situation that may be less than ideal?
By Allison Brunwasser – Who doesn’t want to have their cake and eat it, too? However, in an imperfect world such as ours, trying to satisfy all your needs at once typically leaves you in a holding pattern. And this is often true for advisors when planning a move: The one place that many get stuck at is trying to identify that perfect “go date.”
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.
By Mindy Diamond, WealthManagement.com – Truth be told, no advisor purposefully sets out on a path of missteps when making a move; in fact, most aren’t even aware of what can actually go wrong. There are some common pitfalls that can add layers of difficulty or even derail a move altogether. Being aware of them can alleviate much of the stress while paving the way for a far smoother transition process.
By Mindy Diamond – We spend plenty of time counseling advisors on dotting their i’s and crossing their t’s when planning a move. However, an advisor recently posed a question to me that made me think. He asked, “What are the things that can go wrong when making a move?”
By Deborah Aronson – It’s natural to begin an exploration process with preconceived notions, guided by confirmation bias; that is, the desire to “prove” our thoughts are well-aligned with reality. Yet, as the due diligence process unfolds, you may find yourself more confused than when you started—maybe even losing sight of what prompted you to explore in the first place.
By Mindy Diamond – There are many times in life when we find ourselves in a position where we need to make a life-altering decision. Whether you consider yourself pragmatic or not, it can be hard to remain focused on what really matters most.
By Mindy Diamond – The reality is that many advisors start vetting firms without knowing exactly what it is they are ultimately looking for in the first place. And then these same advisors often find themselves either staying put out of a sense of overwhelm, or “settling” for a solution that may not actually solve for the issues that set their exploration in motion in the first place.
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