Tips as you Transition Clients to a New Broker Dealer
As you transition clients to a new broker dealer, the most important thing to focus on is communication. In the end, when communicating about making a possible change, the focus should always be about how changing equates to a better client experience. Below, we’ve outlined a few tips to follow as you make this transition in order to prioritize communication.
Tips as you transition clients to a new broker dealer:
Tip 1: Communication with your clients is key. Categorize clients into 3 levels in terms of client assets, client revenue, referrals provided, and resource drain factor (how much work the transition of said client will add to you and your staff).
Your “A” clients should be the more important relationships, leading down to your “C” clients. Begin by reaching out to your “A” clients and getting them settled, then move into your “B” clients, then, finally, your “C” clients. This will help you prioritize communication and ensure everything is settled before it happens.
Tip 2: Ask yourself these questions as you navigate the transition process. When the potential of making a change is on the table, it’s important to be open to discussing this with your clients. The depth and specificity of these conversations may depend greatly on whether you’re captive or independent. Questions to ask yourself:
- How often am I communicating with my clients?
- What am I most worried about when it comes to this transition?
- How am I ensuring I’m delivering the best services and solutions possible for my clients?
- How will I communicate that this change equates to a better client experience?
Tip 3: Get ahead of the questions your clients will likely ask you. As you move into the transition period, clients undoubtedly have some questions. Get ahead of these. Below are some of the most typical questions. Take some time to plan out how you will answer each.
- “What will happen to my accounts?”
- “Will my money be safe?”
- “Will I have to worry about my periodic or auto______ (bill pay, deposit, draft etc.)?”
- “What happens to my account history, cost basis etc.?”
- “What do I need to do?”
A transition should be a wonderful thing—and it doesn’t have to be intimidating. At Arkadios, we’re here to guide you through every step of the transition process to ensure you and your clients see success. You can learn more about our transition process here. If you have any questions, don’t hesitate to reach out to us.