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Posts Tagged ‘Financial Advisor’

Your Broker-Dealer Just Sold; What’s Next?

Posted By Michael Roby | Friday, August 18th, 2017

Things happen fast in the digital age. In the old days, you received a wire, a letter, or you joined a conference call. Today you might hear about it when you receive a notification on a smartphone.

Your broker-dealer sold to another firm.

We react in a visceral way to events like this. We remind ourselves, “Business is business.” But at some level we feel hurt, maybe even betrayal, to say nothing of the inevitable headaches which come with switching firms! At best, you lose three to six months productivity. So…what’s next?

Take these five positive, proactive steps.

  1. Don’t Panic
  2. Communicate With Clients
  3. Decide What You Want
  4. Negotiate From Strength
  5. Always have “Plan B”

Don’t Panic

“Only 8% of our worry will come to pass. 92% of our worry is wasted. DON’T PANIC” ― Mark Gorman

While change presents challenges, it also presents opportunities for growth. While your BD makes a difference, people do business with you. Contrary to what they would have you think, your BD is not your family and you don’t work for them. Your relationships will continue, but like all relationships you must be intentional in continuing them. Your BD is a vendor; you are their customer. While circumstances exist which are outside your control, what’s important is how you react to them. Be methodical in your approach to the change and keep asking, “How can I use this to grow and improve?”

Communicate With Clients

Do not let your clients hear about this from someone other than you. You get on the phone immediately and tell the client the following:

  • This does not change the nature of our relationship.
  • You continue to be their advisor.
  • You work for them, not the BD.
  • You are doing your due diligence to make certain the new firm provides all the tools you need to take care of your clients’ needs. If they don’t, you will look at other options.

You send out a letter ASAP and force this issue with compliance. This is not marketing; it is client correspondence. Send a simultaneous compliant email. Also, in a compliant manner, post the news release on your social media platforms.

Decide What You Want From A Broker-Dealer

If you ever need to consider your other options, consider what you want and need from the BD Relationship. Rank these factors according to your top five priorities, and put together an RFP. What do you want and need?

  • Additional Compensation
  • Advanced Planning Capabilities
  • Benefits
  • Brand Power
  • Concierge Service For Advisor
  • Contact Management Platform
  • Expense Reimbursement
  • Financial Stability
  • Independence
  • Inter-Firm Networking
  • Intra-Firm Networking
  • Lead Generation
  • Licensing Support
  • Management Opportunities
  • Marketing Support
  • Payout
  • Planning Software
  • Product Selection
  • Public Visibility
  • Recruiting Potential
  • Relocation Opportunities
  • Reputation
  • Sales Management/Leadership
  • Training
  • Trips & Conferences

Be Proactive and Negotiate From Strength

Don’t “wait and see what the new firm has to say.” Explore your options and see what the market will bear. This is a negotiation. Develop your Zone Of Potential Agreement, set the Anchor Point(s), and negotiate.

Always Have A “Plan B”

BD Changes, especially if unanticipated, show the need to always have a Plan B. Even when the dust settles, know your Plan B. While never easy, BD Changes can be an opportunity. You have the ball; run with it!

The Robo’s Are Coming! The Robo’s Are Coming!

Posted By Michael Roby | Thursday, March 31st, 2016

Ask yourself one simple question:

Why are my services better than a Robo Advisor?

Fidelity is launching a system designed for first-time investors between ages 25 and 45 in mind that recommends investments based upon the investor answering SIX QUESTIONS for less than 40 basis points. Vanguard’s platform is targeted to the advisor sweet-spot of pre-retirees and older at low fees.

People want and need personalized service which result from more than a few answers to standardized questions covering just one aspect of financial services.

So what’s your story? If you need help with this, call 888-445-6423 and ask Melanie to schedule a complimentary call to see if my services might be of value.

CLICK HERE TO READ: Fidelity Testing Robo Offering


Posted By Michael Roby | Wednesday, April 22nd, 2015

This morning I thought I saw some movement in the room in which I was sitting. As it turns out, it was a reflection from outside on a granite countertop. I was fasinated by how moving my head ever so slightly made the image I saw change dramatically!

Sometimes we need to look at something from a slightly different perspective to see something in a totally unique way. The same is true of our business. Take some time to examine what you are doing to determine the effectiveness of your activities.