Afraid of "the jump"
Just wondering from you Indy guys about how nervous, apprehensive you were about the leap. I am really getting excited about making a move, but then I think “damn what if some of these clients dont go with me” or “the folks at my current firm are going to seriously take some swings at me to keep the clients” and then I get to sweating, bad dreams, russian rouletteWaiting in VA!
Why are you considering making the jump? Is it money, alone? If so, you have good reason to worry, because you’ll have a harder time convincing your clients to move with you.If the primary reason is to expand the range of services you provide to your clients, relax. That's an easier sell to your clients and will effectively counter attempts by your current co-workers to hold on to your clients, once you've bolted. For example: Mr./Ms. Client, once you move with me, I'll be able to provide you with A, B, & C services; something I couldn't do at my old firm. These services will greatly benefit you by ....
Just jump''''''''''''Depending how long you've been in the business... & how well you have cemented the relationship, you will do fine.
A ship in port is usually safe. But that’s not what ships were made for.
Despite what we sometimes think, it’s rarely a matter of risk vs. no risk. It’s a new risk vs. an old, known risk.
Stay with your current firm and they can continue to hurt you time and again. Leave and they can only hurt you one more time and you’re done with them.
I think it would be unusual to not have any jitters about making what I consider to be a life-changing move. For me, I had enough job dissatisfaction, that a less than successful move would have been a welcomed change, as long as I could pay the bills. When you get to that point, nervousness about the change fades away.Your success depends very much about how you promote the move. As Doberman mentioned above, if there are options at your new firm that you don't have now, that can be a selling point. For me, it was as simple as telling clients who asked, that I could now use XYZ investment option that my former manager wouldn't allow me to use in the fee-based program because "it creates too much work for our back office". If XYZ investment option has a good track record (as it did in my case), it is easy to prove that your former firm does not put client interests first. For most firms, it's not difficult to paint an adverse picture of the firm you are leaving. Let's face it, virtually all firms have skeletons of some sort. If I wanted to justify leaving even LPL, I could reference recent platform outages and various client nickel and dime fees (assuming the new firm's fees were less). Much like the media does with our current economy, all I would have to do is highlight the few negatives and ignore the many positives. You shouldn't make a move unless it is better for your clients, and if it's better for your clients and you sell that with confidence, you'll get your share. The keys in your move are (1) working very hard the first 6 weeks, (2) selling the client benefits of your new B/D to your clients with confidence and (3) showing zero fear and/or uncertainty.
Thanks for the notes of encouragement. I am gearing up for it, but there is always something like needing more time or especially now since the market is down quite a bit, etc.
If you’re looking for the perfect time, it will never come. There will always be problems, risks and obstacles regardless of when you jump. As the saying goes, obstacles are those scary things that pop up when you take your eyes off your goal.
Do your homework, prepare, and act. Not because there is no risk, but DESPITE the risk.