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Thinking of Changing Firms? 3 Myths You Shouldn't Believe

Are you disillusioned with your current firm? The out-of-date technology, the lack of support and the abysmal workplace culture aren’t helping. You’re not alone: More than half of Americans in the workforce are on the hunt for a new gig.

If you’re thinking of changing firms, you might be intimidated by the seemingly stressful process. But consider your end goal: Where do you want to be in five years, and how is your current firm helping you get there? Don’t let these financial advisor transition myths keep you from taking the next step in your profession.

Myth: It’ll Be a New Firm with the Same Problems

For many people, the past two years have led to self-reflection. Maybe you came to the conclusion that your current firm doesn’t meet your needs. But will another firm be any different? That’s up to you to find out.

Switching firms is all about due diligence — internal and external. First start by outlining and assessing your professional goals in measurable terms. If prospective firms can’t support them, then move on. Ask thoughtful questions about the issues you’re currently experiencing, talk to current and former employees and read reviews on job sites like Glassdoor. These factors can all help you vet whether things actually will be different, or if it’s more of the same.

Myth: I’ll Lose All My Clients

It’s inevitable that you’ll experience some client attrition when you move firms. But if you’ve proven yourself a passionate and professional financial planner, your clients likely won’t want to lose that trusted relationship. As a financial advisor switching firms, you’ll need to take the proper (and legal!) steps to notify your clients about the move. Be thorough in your communications but be sure to adhere to FINRA and SEC protocol/non-protocol guidelines. Bonus: This new chapter could also be a good opportunity to reconnect with former clients.

And don’t discount how your new firm can help you grow your book of business. At Farm Bureau, Wealth Management Advisors work hand-in-hand with our agents and existing network of 540,000 clients — prime prospects for cross-selling.

Myth: I Won’t Have the Support I Need to Transition

Starting a new job sometimes seems like more trouble than its worth. The idea of learning new software, moving offices and reviewing portfolios can be overwhelming — and it might not be how you envisioned your immediate future.

But with the right firm, your transition will be worthwhile and you’ll be afforded opportunities for growth right from the start. Farm Bureau offers personalized training, including a wealth management transition specialist who can help as you transfer your licenses, learn new systems, set up your account paperwork and transition clients.

Once you’re set with a new office, marketing support and technical training, Farm Bureau Wealth Management Advisors have an internal team to assist with day-to-day operations. No more being a one-person IT, compliance and wealth management operations team. At Farm Bureau, you have a whole network of support to help you achieve short- and long-term success.

Find Support at Farm Bureau

At Farm Bureau Financial Services, you’re never alone. You’ll have an entire team of support helping you grow your business.