You may ask yourself questions such as “Is this firm the best fit for me and my clients?” or “Can this firm help me get to where I see myself in ten years?” In the end, you have to determine if the firm you are considering provides the culture that will support your practice and the business philosophy to support your professional mission.
For many advisors, overcoming uncertainty seems like a virtually impossible task, and the question will always be, “Have I made the right choice?”
These questions are viable and should be analyzed in depth, but keep in mind that reality can be very different from what you think it is. While the perception may be that transitioning will bring nothing but complexities and questions, reality may actually be quite different.
Between re-papering, moving to new systems, learning new processes and understanding new technology, transitioning can give you a feeling of trepidation and it can create a significant time-drain – causing you to lose precious time spent on building your business.
To transition your business with as little disruption as possible, make sure your information is well organized and consider the portability of the products and services your clients are invested in. Do they have other accounts and/or policies with your current firm, and could this affect their transition with you? Make sure to address all of the details about the associations between your clients and your current firm.
If you are concerned that you might miss an important component of the transition, look for firms that can support you in all aspects of the move. A comprehensive on boarding process can provide you with step-by-step assistance, walking you through the transition process from start to finish.
Some firms feel that the client belongs to them, requiring you to sacrifice the time, energy and effort you have invested in your client relationships if you decide to go elsewhere.
Like you, your clients may also fear change, especially when it comes to their finances. If you have long-standing relationships or even newly built relationships, you may find that clients are more inclined to follow you and not the firm you were with.
Sustaining the rapport with the advisor and their financial expertise is sometimes far more important than with the firm, and by assisting your clients through the transition period with ample communication, they will more likely feel comfortable moving their assets along with you versus leaving them with an advisor they don’t know.
Knowing what agreements are in place with your current firm and what agreements are necessary in order to move into a new firm is crucial when complying with the legal aspects of a transition. Understanding these legal issues can be complicated so it is best to seek legal advice from an attorney who can help you with your transition.
Being independent is critical to providing a truly customized approach to client support and many advisors believe that in order to become independent they must invest in building and running their own firm. By doing this, they can find the diversification, processes, and technology they seek to provide for their clients. However, starting and running a firm is a major investment of both finances and time, pulling you away from not only your clients, but your family.
We offer our advisors the freedom and independence to recommend products and services to best serve the needs of their clients. This allows our advisors to continuously strive to operate at the fiduciary level.
Together as advisors, we collaborate to find customized solutions and strategies to reach the goals of our clients. We also partner with multiple financial institutions and professionals to develop creative products and services.
BCJ quickly adapts to product, regulation, and economic changes. This allows advisors to stay competitive and provide cutting-edge solutions for their clients.
As an independent firm, BCJ has strategic partnerships and alliances, giving advisors an extensive range of products and services, not accessible to most advisors.
In addition to our exceptional support services, we offer some of the highest payouts available in the industry.