Only 16% of survey respondents said they were considering changing to a new broker/dealer before the COVID-19 pandemic hit the U.S. Among this relatively small group, 58% say the pandemic has delayed their plans. Only 18% say COVID-19 has accelerated their plans to find a new broker/dealer, perhaps due to the pandemic exacerbating undesired conditions at their current firm.
The logistics of searching for a new job have become more complicated during the pandemic, leading many workers to hold tight at their current jobs until a return to relative normality. However, some financial professionals say certain factors would make them feel more comfortable making the change to a new broker/dealer. Among these factors, the leading ones were assistance repapering clients (34%), a single dedicated and knowledgeable support person to help with the transition (33%), access to a team of peers at the new firm to answer questions and provide guidance (29%) and assistance with client communication (29%).
Given the number of financial professionals delaying their plans to switch to a new broker/dealer during the pandemic, it’s reasonable to expect a surge in transitions when the pandemic is brought under control. Broker/dealers, for their part, would do well to begin planning to accommodate this surge. Evaluating the key areas outlined above could be a productive starting point.