Investment programs move to a new broker dealer for a variety of reasons – sometimes to enliven a dormant program, sometimes to grow revenue for the institution, or sometimes, just to start a brand new program. Rarely does a broker dealer transition go perfectly, but it is possible to anticipate challenges to make the process as smooth as possible. A poor transition can cause lost revenue, internal chaos and damaged client relationships. A successful transition builds team unity and client trust and gets the program on a fast track to revenue growth.
When evaluating broker dealers, ensure these best practices are included to achieve the most successful transition.
Kevin Mummau is Executive Vice President of Program Development for Sorrento Pacific Financial and CUSO Financial Services.