Relocating

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Sep 20, 2006 6:58 pm

My wife wants to move to another part of the state that is 4 hours away. 


Anyone gone through a move before? 


I'm curious as to the impact on production, clients leaving and getting the ball rolling again in a new area?  Any comments are appreciated. 

Sep 20, 2006 7:31 pm

Divorce your wife. I'd rather lose my wife than start over in this biz. I don't care how hot or how much sex she gives you.

Sep 20, 2006 7:43 pm

Preluder, I have to guess that you are currently not that successful.  I say that simply because I couldn't imagine a spouse who watched her husband go through years of hard work to build a practice would suggest that they move and have him start over. 


That being said, I moved to a new state.  I then switched firms and lost most of my clients.  This was intentional because I didn't want a practice in two states, and quite frankly, my clients from early in my career weren't worth keeping.  I moved to a place where I knew absolutely nobody. 


So basically, I started from square one, but at least I had the knowledge of how to succeed.

Sep 20, 2006 7:51 pm

Speaking as somebody with lots of experience, I think you'll find that the move is not that big a deal as long as you present it right.


Remember that your clients are always just a phone call away.  I assume you're going to stay with the same broker/dealer so your clients will still have a local branch in case they need to stop by to drop something off.


Lots of very successful brokers have clients in different states, you'll be the same as them.


Now, let's talk for a moment about the wisdom of leaving a network of friends and contacts.  If you live across the state you won't be able to exploit the network--on the other hand, perhaps your wife's family is there and they may have an even bigger network who would want to help out a broker trying to relocate for family values and all that.

Sep 20, 2006 9:02 pm

Try coming back to that side of the state once per month for client reviews

Sep 20, 2006 9:10 pm

I have a friend at my old firm that lives in New York and Naples, FL.


He is domiciled in NYC, however when he is in Southwest Florida he is allowed to use an office in the branch down there.


I believe he picks up the tab for their Christmas party as a way of saying thanks to the Naples branch for putting up with him.


If Preluder plays his hand right he could arrange to use an office in his old branch for client meetings every so often.

Sep 20, 2006 9:32 pm

I have a Smith Barney friend in Palm Springs, CA. He's from St. Paul, MN originally. He does the same thing. During the summers he works out of some suburban office near the Twin Cities. Palm Springs summers are too hot for him.

Sep 21, 2006 8:28 am

I agree with NASD Newbie (I mean Knows Wall St.) - it's not the move that's the big deal.  You can run your business from anywhere.  The hidden message here is that you may not be getting the support from your wife that you need.  If the nagging begins to increase, and there's unhappiness with the status quo - look out.  Without support from your spouse - you're finished.

Sep 21, 2006 8:47 am

The fact of the matter could come down to how comfortable your clients would be with you being a few hours away.  If you have good relationships, it probably won't be a huge deal - especially if much of your contact is performed over the phone. 

Sep 21, 2006 8:50 am
BrokerRecruit:

The fact of the matter could come down to how
comfortable your clients would be with you being a few hours
away.  If you have good relationships, it probably won't be a huge
deal - especially if much of your contact is performed over the
phone. 





I've found the telephone to be the most effective way to talk to people
who are at a distance--sometimes smoke signals, but you must check
local ordinances.

Sep 21, 2006 9:30 am
anonymous:

Preluder, I have to guess that you are currently not that successful. 



Do you come to these boards to find out if or if you're not sherlock holmes? I mean seriously, answer the question and stop trying to act you can read between the lines.

Sep 21, 2006 9:32 am
preluder:

My wife wants to move to another part of the state that is 4 hours away. 


Anyone gone through a move before? 


I'm curious as to the impact on production, clients leaving and getting the ball rolling again in a new area?  Any comments are appreciated. 



You don't want to do this. The toughest part of this business is getting started and going back to square one because your wife wants to move, well, try to get her to understand what she's asking you to do...

Sep 21, 2006 9:48 am

anabuhabkuss,


We're dealing with a very different set of circumstances depending on whether he's successful or not.  Would you not agree that the situation is very different based upon whether the person is successful or not?


Moving 4 hours away to make your spouse happy could be a no brainer for someone just starting out or it could be a terrible move for someone with a large practice that is growing based upon their wonderful community presence.


I had my own reasons for moving, but would have never done so if I had a strong well established practice.

Sep 21, 2006 10:07 am
Knows Wall St.:
BrokerRecruit:

The fact of the matter could come down to how comfortable your clients would be with you being a few hours away.  If you have good relationships, it probably won't be a huge deal - especially if much of your contact is performed over the phone. 




I've found the telephone to be the most effective way to talk to people who are at a distance--sometimes smoke signals, but you must check local ordinances.


Good one.

Sep 21, 2006 10:11 am
BrokerRecruit:
Knows Wall St.:
BrokerRecruit:

The fact of the matter could come down to how comfortable your
clients would be with you being a few hours away.  If you have
good relationships, it probably won't be a huge deal - especially if
much of your contact is performed over the phone. 



I've found the telephone to be the most effective
way to talk to people who are at a distance--sometimes smoke signals,
but you must check local ordinances.


Good one.





How did you know without one of those smile faces?



Oh wait, I know.  You're smart enough to get humor without it being sophomoric or having a laugh track.

Sep 21, 2006 10:29 am
Knows Wall St.:

Speaking as somebody with lots of experience, ...


Says the guy that washed out as an FC....

Sep 21, 2006 10:34 am
Knows Wall St.:


How did you know without one of those smile faces?

Oh wait, I know.  You're smart enough to get humor without it being sophomoric or having a laugh track.


I donno, but if I thought taking pictures of a dog in a sweater in various locales around the world was a good use of my time or was funny or cute, I doubt I'd pass judgment on what others thought was humorous...<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Sep 21, 2006 10:36 am
ymh_ymh_ymh:

I have a Smith Barney friend in Palm Springs, CA. He's from St. Paul, MN originally. He does the same thing. During the summers he works out of some suburban office near the Twin Cities. Palm Springs summers are too hot for him.



You make a decent point here. That's not uncommon among senior FCs, especially those with teams. I made the assumption the questioner was rather new to the business, in which case a move could be a nightmare...<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Sep 21, 2006 10:43 am
mikebutler222:
ymh_ymh_ymh:

I have a Smith Barney
friend in Palm Springs, CA. He's from St. Paul, MN originally. He does
the same thing. During the summers he works out of some suburban office
near the Twin Cities. Palm Springs summers are too hot for him.



You
make a decent point here. That's not uncommon among senior FCs,
especially those with teams. I made the assumption the questioner was
rather new to the business, in which case a move could be a nightmare...





Why would it be a nightmare under any conditions?

Sep 21, 2006 10:47 am
Knows Wall St.:
mikebutler222:
ymh_ymh_ymh:

I have a Smith Barney friend in Palm Springs, CA. He's from St. Paul, MN originally. He does the same thing. During the summers he works out of some suburban office near the Twin Cities. Palm Springs summers are too hot for him.



You make a decent point here. That's not uncommon among senior FCs, especially those with teams. I made the assumption the questioner was rather new to the business, in which case a move could be a nightmare...




Why would it be a nightmare under any conditions?


Never having been a successful FC this will be news to you, but someone who's just getting his career feet under him will lose a great deal of that book he worked to assemble along with the network of contacts he worked hard to establish. Then he becomes the "new guy in town" and has to start the process again...