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Critical Considerations When Making a Move


Payouts and Pricing
Getting the highest payout and lowest pricing are not necessarily the most important factors to consider when changing broker-dealer partners.  Sure, we all want to make the most money we can, however, viewed in the long-term, higher payouts are not the only consideration.  Broker-dealers may provide powerful marketing assistance to help you grow your book of business.  Implementing these activities in a consistent fashion grows your asset base, enabling you to capitalize over the long haul.  Also, better technology offered by some broker-dealers may greatly improve the efficiency of your operation, enabling you to produce more over time.  These operational benefits, usually will come at a price in the form of lower payouts, yet over time may prove very beneficial!

Opportunities for Growth
While in your mind, you may already have committed yourself to changing broker-dealers, your focus should remain on long-term goals.  If you are in your prime and are fixated on income growth, the key to your firm search should be finding the best opportunity to grow your asset base.  That can come in the form of better technology, broker-dealer programs to boost business development or in influx of cash to implement your own proven marketing programs.  Pinpoint the avenue that fits your operational goals and let’s find a broker-dealer match to make it a reality!

The most overlooked factor when making a move is the culture of the firms you are considering.  In your case, however, it very well may be the number one reason you have one foot out the door.  Some firms offer amazing technology and very attractive payouts and pricing, yet may seem overwhelmingly large.  While you don’t want to get lost or feel like you are just another insignificant part of their conglomerate, you may be able to get the best of both worlds.  Joining a larger OSJ or Enterprise within a sizable broker-dealer can allow you to truly feel a part of a team.  They can often offer more personal service and especially assist you in familiarizing you with your new firm.  In addition, many times these large OSJs negotiated larger payouts and better pricing.  This can allow you to capitalize on a more favorable culture, while improving your monetary situation.

Access to Key Executives
Many advisors want direct access to key executives to feel the pulse of their new broker-dealer partner.  While you may not be able to influence the course of the company, you certainly feel better prepared as the business and market changes.  Not all broker-dealers offer this accessibility, though many do.  Our professionals are critically aware of firms that offer such transparency.

Transition Assistance
Every advisor seeks fair compensation when making a move.  Most importantly, when considering a move, transition assistance should actually factor far lower in your list of priorities.  Why?  If you are seeking the most money possible when making a move, understand it comes with a cost and usually that cost will be very high.  You may be compromising your long-term opportunity to earn higher returns.  Or, you could end up paying higher fees over many years as a result.  Look at a firm’s overall stability, their payouts and pricing, and better yet, their movements in the past few years in the marketplace.  Reasons for offering high transition packages may not be so obvious, but with diligent research, professionals at Trusted Visions are keenly aware of why firms may be offering lucrative packages.   While it may be appropriate to consider if you are closer to retirement, a big check can often end up costing you in the long run.