FROM THE BLOG

Without a doubt, advisor transitions can be daunting. In fact, I’d be surprised if the thought of moving your business doesn’t give you pause. Moving your business from one firm to another – and in many cases, also moving clearing platforms – is akin to moving your home. Will it be worth it in the end? Almost always, yes. Will you have hard days while packing and unpacking? Again, almost always, yes.

As an advisor, when you find the “right fit” firm for both you and your clients, the move is worth the short-term effort required of you and your team. In a recent conversation, I mentioned an advisor’s transition that was textbook – simply put, a model for others. I was asked what made the transition successful, and I will share my observations with you.

Lessons From a Textbook Transition

1. Keep an Unwavering Focus
It’s easy to be distracted and to focus on things that might not lead to your most productive outcomes. Keep an unwavering, laser focus on the priorities of the day and of the week – and the rest will fall into place.

2. Put in the Hours
It can be exhausting to have meaningful conversations with every client in such a short timeframe. But time matters in a transition. Advisors with successful transitions stay committed to the process and … just do it. The end result is a recommitment between you and your clients; something that you might not have made time for in such a meaningful way without the urgency of a transition.

3. Organization and Support
Having an organized client associate is a must – and the extra time spent on attention to detail and accuracy with submitted client paperwork only expedites the account opening process. If you don’t have a dedicated client associate, consider resources like Prospera Financial Services offers, such as a Virtual Service Associate.

4. Great Communication
The best transitions have a communication rhythm between their teams and the Launch transition team. For instance, all your submitted accounts will be opened, but prioritizing for the Launch transition team which accounts to focus on first—every day—helps assure you that you’re meeting your client’s expectations and are prepared for your follow-up meetings with them.

5. Stay Engaged
Along the same lines of great communication is also staying engaged, specifically in weekly team meetings. Your Launch transition team will be prepared with items to discuss, and it’s your opportunity for you and your team to ask and answer questions from the Launch transition team.

6. Don’t Get Hung Up…
One of the most significant elements that factors into a successful transition for advisors is not getting hung up on any hiccups. No transition is perfect. They’re complicated and each transition is unique – and you may encounter a hiccup or two. The advisors who move their business with the most success employ a “solve and move on” mindset when an issue arises.

In closing, a successful advisor transition has six key elements: focus, commitment, organization, communication, engagement, and resolve. And I would add one more key to a successful transition…and that is trust. Trust your new partners. Trust your team – and the Launch transition team. Trust that your short-term pace will get you where you need to be quickly – and that’s moved to your new home.

As always,

Kim Utz
Director of Advisor Services

Posted by Prospera Financial