When is the right time to change broker-dealers?
Having been in the financial services industry and business development division for nearly 20-years, I have witnessed more and more consolidations each and every year, over the last 7-10 years. You must protect your practice, livelihood, and your clients’ assets regardless of the decisions your broker-dealer makes. Do not be forced to adapt to the changes they make, but decide what is best and what makes sense for YOUR practice. Don’t be caught in a position where you either have little time to make a broker-dealer change, or you have to transition to the new buyer of your broker-dealer. You may have to consider moving again.
Are you prepared for consolidation?
Always have a Plan B in place:
This doesn’t mean that you are making a broker-dealer change, but should changes occur with your current broker-dealer….
Look for changes within your broker-dealer:
Recognize these signs to determine if your broker-dealer is potentially the target of being acquired. The first, and the most obvious…
Carefully evaluate your current BD’s recruiting success and transition packages:
This may seem just the opposite of what you think would be the case with your broker-dealer. Look at the success they are having with recruiting. Has there been a ….
How is the ownership structure aligned?
What is the current ownership structure of your broker-dealer? If your broker-dealer is currently owned by Private Equity, there is no doubt they are going to….
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