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3 Questions to Ask Yourself Before Moving to a New Investment Firm

If you’re wondering whether you’re in the right place professionally, you’re not alone. Many Wealth Management Advisors start their careers at a firm that meets their needs as a new advisor and offers the training and resources they hope will propel them to success.

But is your current firm still the best fit for where you want your career to go? If the answer is no, it’s time to think about making the switch to a new wealth management firm. Before you do, it’s important to do your research and gain a clear understanding of how you’ll be supported at a new firm. Ask yourself these questions to make sure you’re making the right move.

1. Does the Technology and Support Make Your Job Easier?

Certain things are non-negotiable, including technology. To stay competitive, you’ll need access to 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?).

And then there are your support needs. From your administrative staff to 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. If you’re looking to grow your business, you need to understand how you will get leads and referrals and how the marketing programs work. And above all else, you need to know that the culture is a great fit for you and your clients. 

From day one at Farm Bureau, you’re backed by a team of professionals and resources that will help you be successful and grow your business. And our wealth management advisors have access to a comprehensive suite of technology platforms to better serve their clients, including MoneyGuidePro, RBC Gateway, RBC BLACK, in-house platforms and more.  

2. Does the Compensation Support Your Goals?

A lot of well-meaning recruiters start with compensation, but here’s what we know that recruiters don’t: The dollar that each firm offers is going to be similar, but it gets divided differently, and some firms are more generous than others. Some will offer a large payout on the grid, but then you’re on your own. Others will offer a lower payout while promising support, benefits and everything in-between. But any experienced financial advisor knows that the payout doesn’t matter if you’re miserable, if your clients don’t see the value in moving firms with you and if you don’t have the tools to grow.

Farm Bureau Wealth Management offers a strong compensation and benefits package to its Wealth Management Advisors. Our wealth management compensation and fee structure is designed to give you unlimited opportunities.

3. Will Your Experience and Your Client’s Improve?

Changing firms is a big deal, so be sure to think through what you’re struggling with at your current firm, what you need from a new firm and how the move can improve your clients’ 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.

Are You Looking for a New Firm?

Farm Bureau can provide what you need to be successful, including guidance for a smooth transition. Find out how Farm Bureau can support the goals of your wealth management business today.