RESOURCE DiRECTORY - Financial Planning

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technology training with the advisor and their team. Dedicated transition team members also help advisors get all their paperwork in order throughout the actual transition. This paperwork and technological support occurs in the larger context of philosophy that the goal of the transition is to allow the advisor to fully leverage the broker-dealer’s resources to grow. “As opposed to saying ‘you are here, now muddle through,’ I want to give them the resources to make them stronger, which is a win-win,” says Daniels. Following the transition period, Daniels’ team interviews the advisor about what worked and what didn’t work. “We shape processes by what we learn,” says Daniels. One consistent finding is that advisors report working with the transition team itself helped cement personal relationships with their new broker-dealer. Daniels explains further, “Advisors state that they find they aren’t just joining a firm, they are also joining a community.” “ My retention rate during my recent transition was actually in excess of 100%. We actually grew during the move.” Jeffrey West Financial Compass Group Advisors on the receiving side of these technological advances say it is making transitioning significantly easier than in the past. Rick Kent, principal, Merit Financial Advisors of Alpharetta, Ga., who transitioned to LPL in 2010, says, “We had to transfer 1,200 accounts out. I remember what it was like filling out all the paperwork from a move I made 12 years earlier. But because technol- Broker-Dealer Guide / SourceMedia Marketing Solutions Group 8 ogy has advanced so much since then, the actual move was a less daunting task than I anticipated.” One reason Kent transitioned to LPL was because of its technology offerings. “They have so much that we didn’t have access to before,” says Kent. His broader motivation was to move to a broker-dealer that had the resources to support sustained growth and help him expand his acquisitions-oriented business, all of which he found at LPL. “We like their profitability and stability, and the actual move was smooth,” he says. Profiting During The Move Long-term growth of a practice is always one goal in transitioning, but some advisors find it possible to add assets during the actual transition process itself. “My retention rate during my recent transition was actually in excess of 100%. We actually grew during the move,” says Jeffrey West, founding principal of the Financial Compass Group based in of Wellesley, Mass. He recently transitioned to AXA Advisors as his broker-dealer. As part of the transition, West reached out to all of his clients to discuss the move, which created the opening for a rich and honest dialogue. “It was a great opportunity to learn more about them. I asked them questions about their net worth and their future plans,” he says. The result of this dialogue was that clients turned even more assets over to him. Every single one followed him to AXA Advisors, even the most “challenging” ones. In terms of the transition experience, West says, “My clients are happy and I am happy. The pie just got bigger.” In conclusion, transitioning may present a difficult challenge up front, but in retrospect, advisors who have successfully transitioned feel the move was well worth the effort, particularly as they picked up new clients along the way or positioned themselves for further growth. New approaches and new technologies have made transitioning less painful than in the past. Advisors still need to pay close attention to the legal details in moving their books of business, as well as the technicalities involved. Overall Van Law of Raymond James, says, “Advisors still really need to put in the time on the front end. If they do this and they are coupled with a good transition team, they will find their transition to be an immense success.” n David Adler is a contributor to Financial Planning. He wrote the book Snap Judgment (Financial Times Press) about behavioral economics and is the producer of the PBS/NOVA documentary “Mind Over Money,” also about behavioral economics.
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