How to make the transition

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Apr 22, 2006 12:24 am

I know that this forum doesn't give legal advice, but what are some of the most successful ways to discuss a move to another firm with your clients.  I have been with my currnet firm for about 1 year and it turned out to be a bad move and find that I need to go elsewhere.  I do have a book of business with over 100mm in assets.  With several offers on the table. Any ideas?  I'm not going indy.

Apr 22, 2006 9:57 am

With 100 mil in assets you obviously moved once just recently and were successful moving the assets.  Are you refering to a contract you signed for up front dough or some training costs your current firm would try and recover??  


You'd have to give back a prorated portion of the upfront $.

Apr 22, 2006 11:31 am

If you have an offer from another firm (not going indy) I would guess that they have a transition team that will help you.


Since I don't know why you are moving, I have no idea what you should tell your clients. I emphasized the benefits to them and myself of the move when I went indy.  The move would first of all not affect their investments, so they were reassured that they wouldn't have to sell out or incur costs. (If there are costs from the outgoing B/D you might be able to absorb those yourself ...deducted from your commissions...ask your new B/D)   Disclaimer: If you have sold them proprietary funds you need to find out if those can be transferred in kind to your new B/D, before you can accurately state that there is no costs to your clients.


My other selling points to the clients is that as an independent I would be able to offer a more diverse product line, better technology to analyze their investments and meet goal projections. I will be able to choose from a wider selection of investment and insurance products without being advised by a "home office" (I call them corporate suits) on what to offer. It is my decision based on what is best for you (Mr. Client) as an individual and on your personal circumstances.  Also as an independent I am not forced to meet production quotas  ....they get the point of that without any further explanation.  


This was mine (as an independent) after stressing the positives of the move.


 "I will be able to spend more in depth time with you (Mr. Client) and provide you with more comprehensive service in my new business model.  I have enjoyed working with you over the past year(s) and helping you meet your financial goals ( or whatever) and am looking forward to continuing our relationship in the future.   If you decide to make this transition with me we can transfer your account with minimal paperwork and no effect on your investments."  ....sign here


They need to feel that the move isn't just so you can make more money.  The move has to be a betterment not just for you but also for your clients, otherwise why would they make changes.  .


Apr 22, 2006 12:22 pm
tivo:

I know that this forum doesn't give legal advice, but what
are some of the most successful ways to discuss a move to another firm
with your clients.  I have been with my currnet firm for about 1
year and it turned out to be a bad move and find that I need to go
elsewhere.  I do have a book of business with over 100mm in
assets.  With several offers on the table. Any ideas?  I'm
not going indy.





You moved a hundred million over the last year and now want to move
again?  Put your foot in a blender, it is easier and less painful.

Apr 22, 2006 4:52 pm

I know it gonna be tough but I made a bad move.

Apr 22, 2006 5:07 pm

What firm are you with?  Why is indy not an option for you?


Toss