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Mindy Diamond on Independence

Mindy Diamond on Independence: Expert Advice on Portability

Louis Diamond talks with Grier Rubeling of Advisor Transition Services about what advisors need to know to prepare for a move.


When we talk with advisors considering change, the single-most important topic on their minds is portability.

And that makes perfect sense. Because having invested your business life serving clients and growing your assets under management, you certainly want to bring along as much as is possible—and practical—to your new firm.

But does that mean every client on your roster?

For example, advisors may make a strategic decision to leave behind some clients who are no longer congruent with their business goals. It’s a concept we refer to as “shrink to grow”—one that several breakaway guests on this series have discussed.

In other cases, you may have assets that are tied to the firm which will need to remain behind—we see this often in the case of private bankers whose clients are often “owned” by the bank and not the advisors.

The good news is that in most cases, advisors who have built strong relationships with their clients tend to bring over 85% to 95% of those they want to follow.

But prior to any move, advisors need to assess their client relationships and book to determine if any concerns about portability are legitimate. That means conducting a thorough review of any non-portable positions and evaluating the impact that leaving them behind would have on the overall business.

Grier Rubeling, owner of Advisor Transition Services and an expert on the topic, joins Mindy Diamond and Louis Diamond for this special Industry update episode to share practical and actionable tips for advisors either considering or preparing for a transition, including:

  • Preparing a Protocol list—and the key items to have at the ready in a Protocol move.
  • The notion of “shrinking to grow”—and how a move is the perfect time to review your client list and consider paring back those who no longer fit your ideal profile.
  • Restrictive covenants that govern a move—and what you need to know about team agreements, retire-in-place programs, and more.
  • The mapability of products—and how to navigate key aspects of securities-backed loans, SMAs, alts, proprietary products and more.
  • The flow of the transition process—and how to prepare your team and clients.
  • Communicating with clients—and how and what to share with them about the move.
  • And much more.

It’s one of the most information-packed industry updates to date! So be sure to listen in and download the companion checklist below.

Download the Practical Portability Tips Checklist

Download a transcript of this episode…

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Listen to more episodes of Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change.

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