5 Warning Signs to Watch for When Switching Firms
January 19, 2021
Throughout your career as a financial advisor, you’ll be faced with many tough decisions. One of them may be deciding which firm is the best for the next stage in your career.
Since your decision will not only affect you but also your clients, it’s important to find a firm that provides the best opportunities for you to grow your wealth management business and best serve your clients . Here are five warning signs to look out for when searching for your next professional home.
1. Avoid Firms That Don’t Offer the Support You Need
When you’re exploring various firms during your job search, be open and honest with both yourself and the firms about your long-term professional goals. Your next job should be at a place that gives you the framework to reach your goals and helps you work toward them. If a firm says it doesn’t have what you need to succeed — or downplays the importance of your own personal success throughout your career — it’s best to keep looking.
2. Pass on Firms That Have Over-the-Top Expectations
During your interviews with a prospective firm, one questions you should always ask is: “If I were hired, what would your expectations be for me?” If the firm comes back with impossible numbers to hit, you’d likely be happier elsewhere. The same goes for time expectations, too — if the firm doesn’t seem to care about its employees’ work-life balance, you should keep searching for other opportunities.
3. Think Twice About Firms That Don’t Offer Competitive Pay and Benefits
If any of the firms you’re considering aren’t willing to offer you as much or more compensation than you currently get — both in terms of money and benefits, such as insurance and a 401(k) plan — it’s best to take them out of the running. Make sure you always know your worth — don’t accept any jobs where you’ll be going backward on the pay scale or giving up important benefits, like healthcare insurance or retirement savings vehicles.
4. Skip Firms That Offer Little-to-No Opportunities for Growth
One of the more frustrating things you might face during your career is the feeling of being stuck where you are with no way to improve. It’s important to ask about how the firm will help you grow your business and what opportunities you will have to take on new challenges.
This isn’t just about climbing the company ladder, either. It also applies to the firm’s available support and resources — for example, if the company uses outdated technology that will leave you feeling like you traveled back in time, you’re going to get frustrated. It’s best to skip over these firms and look elsewhere for your new gig.
5. Don’t Settle for a Firm With Negative Workplace Culture
To ensure you’re as happy with your job as you are with your career and your clients, make sure to do a little digging on each prospective firm’s workplace culture. While the company’s bottom line is obviously important, a firm should care just as much — if not more — about creating a culture that makes employees feel valued and supported. If it feels like the firm doesn’t see its employees as its primary asset, keep looking. You want your coworkers to feel like a family who thrives on collaboration and solid relationships with one another.
Are You Ready to Make a Move?
Farm Bureau can provide the resources, support and tools you need to move forward on your path to success. If you’re ready to make the move to a new firm, contact us to learn more about how Farm Bureau can help you grow your business.