When Is the Best Time to Switch Firms?

November 2, 2021

With a shortage of qualified Wealth Management Advisors post-pandemic and an occupation that’s expected to grow by about 4% between 2019 and 2029, it’s easy to see why financial advisors are switching firms in droves. But before you jump ship, make sure you really consider the timing. When is the right time to switch?

When Your Clients Aren’t Getting What They Need

This should be the No. 1 impetus behind any financial advisor switching firms. If it’s not yours, you need to take a step back and re-evaluate your professional goals. That’s because thinking first of your clients’ needs is exactly what will facilitate reaching your professional goals, but more on that later.

When it comes to your business, you should always be thinking about your clients and what products and services would best serve them. Are you able to offer them choices? Are your rates good? Are they getting the best technology and customer service available?

When you answer, think beyond the present. What will your clients’ needs be five and 10 years from now? Technology, customer service standards and financial tools are constantly evolving. If you’re not with a firm that is evolving, too, it might be the right time to go.

When There’s No More Room for Growth

OK, now let’s talk about you and your business. Firms love to go on and on about the support they offer, but if you’re not getting the type or amount of support you need to continually grow your business, then your current firm might not be the right fit. Other reasons to start looking include leadership that favors the corporate agenda over your clients’ needs, shady business practices and an overly complicated or ever-changing compensation plan.

When You’re in a Good Headspace

Ask any financial advisor switching firms about their experience, and they’ll tell you the transition is tough. Giving notice has a tendency to cause strife, no matter how well-liked you are within a firm. On top of that, the stress associated with client attrition, learning new systems and the added paperwork can easily overwhelm if you’re not prepared.

If you can help it, try to avoid switching firms while also dealing with other big life changes, such as planning a wedding, having a baby, going through a divorce, etc. And make sure your new firm has a transition team ready to help you get up and running as quickly and smoothly as possible. As a Farm Bureau Wealth Management Advisor, you’ll be paired with a transition specialist, who will offer support and answer your questions from day one.

When You’ve Found a Better Opportunity

Switching firms becomes an awfully attractive idea when you feel like your business is suffering at your current firm. But you should never let your dissatisfaction in a firm cloud your judgement when searching for a new one. In other words, don’t leave a firm because you’re unhappy there. Leave a firm because you found a new one you can’t wait to join.

You Have a Future at Farm Bureau