Tips for Surviving a Move to a New Firm
August 2, 2019
There comes a time in most people’s lives when they start to wonder if they’re in the right place professionally. For most of us, we started our career at a firm that met our needs as a new advisor and offered the training and resources we thought would propel us to success. Now that you’ve found success, you might be looking at your current firm and wondering if it’s still the best fit for where you want to go from here. It’s important to do your research and gain a good understanding of how you’ll be supported at the new firm.
Technology and Support
Certain things are non-negotiable: To stay competitive, you’ll need good planning technology that is seamless and integrated – and most importantly, technology that works the way it’s supposed to (who wants to spend hours on the phone with IT each week?). From your administrative staff and the middle office to your manager, you need to know that the people surrounding you are going to do everything they can to give you the time you need with your clients – you need people to simplify your life. If you’re looking to grow your business, understanding how you will get leads and referrals, and how the marketing programs work is important. And probably most importantly; you need to know that the culture is a great fit for you and your clients!
From day one at Farm Bureau, you can rest assured knowing you’ll be backed by a team of professional and resources to help you be successful and grow your business. Our Wealth Management Advisors have access to a comprehensive suite of technology platforms to better serve their clients – MoneyGuidePro, RBC Gateway, RBC BLACK, In-house platforms and more.
Once you’ve figured out what your “deal-breakers” are and you address those, then it’s time to start looking at compensation. I know – a lot of well-meaning recruiters start with compensation, but here’s what we know that the recruiters don’t know: The dollar that each firm offers is going to be similar, it just gets “cut up” differently, and that some firms are more generous than others. Some firms will offer you a huge payout on the grid, but you’re on your own. Some firms will offer you a lower payout, but promise support and benefits, and everything in-between. The thing that any good Wealth Management Advisor knows is that the payout doesn’t matter if you’re miserable, if your clients don’t see the value in moving with you, and you don’t have the tools to grow.
At Farm Bureau Wealth Management, we’re proud to offer a strong compensation and benefits package to our Wealth Management Advisors. Our wealth management compensation and fee structure is designed to give you unlimited opportunities.
Once you settle on your new firm, it’s time to start the serious hard work of making it happen. At this point, I would hope that you’ve discussed this with your family – no matter how excited you are, this is going to be a stressful time, and you’re probably going to need their support.
Changing firms is a big deal, but in most cases, is very rewarding if you think through what you need, what you’re struggling with at your current firm (and how a new firm can solve for those issues) and how you can improve your client experience. You can survive a move and thrive going forward if you take the time to ask the right questions, put your clients’ needs first and ask for help when you need it!
Brook Thompson is a Regional Manager at Farm Bureau Wealth management. She leads and supports our team of Wealth Management Advisors in Kansas.