As you make a broker-dealer transition, your main focus should be on your clients to ensure the transition is smooth for them. Below, we’ve laid out some of the top mistakes to avoid as well as some questions to ask yourself in order to get ahead of these mistakes.
Remember: the transition process doesn’t have to be intimidating.
The top mistakes to avoid during a broker-dealer transition:
Not planning far ahead enough
Begin preparing for your transition about 3 months before your transition date. This will give you enough time to meet with your clients, answer any questions they might have, and set them (and yourself) up for success.
Ask yourself: When will I start planning for the transition?
Burning bridges
The most important things your firm will care about when you leave are how big your book is and how you handle your resignation. In our line of work, it’s pertinent to keep relationships strong even as we part ways. Handle your resignation with respect and consideration.
Ask yourself: How will I tell my firm I’m leaving?
Not communicating the transition well to clients
Communicating the transition in a positive manner in which clients will feel the most taken care of is vital throughout this process. Communicate with them clearly and in a time frame that gives them enough time to answer questions and feel comfortable with the switch. Refer to Step 1 above.
Ask yourself: Are my clients feeling comfortable and satisfied throughout the transition period?
As you consider a transition, we want you to know that we’re here to guide you and make this a seamless process for you and your clients. If you have any questions about the transition process, don’t hesitate to reach out to us here.
