7 Characteristics of Top Advisors Who've Successfully Moved Their Books

What You Need to Know

These advisors truly understood their clients’ needs and devised an optimal investment and financial planning program for them.
They did extensive due diligence, were thoroughly prepared and followed the rules.
They understood that things sometimes go wrong, and they took it in stride.

I’ve been privileged to work with many advisors and high-end advisor teams over the years who masterfully transitioned their clients to new firms. Within a month or two, they brought over almost all of their desired clients and began to ramp up their business at the new firm.

In my mind, every time a client opted to sign the transfer papers was a ringing endorsement of their value as a financial advisor. They accomplished this in all kinds of markets, despite their clients often being bombarded with creepy calls from predatory advisors and branch managers at their former firms.

So, what did these first-rate advisors have in common?

1. Solid Client Relationships

Each one of these advisors was at the center of their client’s financial lives. In the client’s eyes, their advisor was akin to a conductor of a world-class symphony orchestra, and the firm was more like the musicians behind the scenes.

Clients viewed the firm for which the advisor worked as certainly worthy, but it was their advisor who truly understood their needs and devised the optimal investment and financial planning program to service them.

2. Extensive Due Diligence Prior to the Move

Each of these advisors did extensive due diligence on the platforms of prospective firms. This enabled them to ensure that they’d be able to serve clients properly at their new venue. They carefully reviewed outside managers for example with an eye to matching up products and fees.

They worked closely with the prospective firm to anticipate and plan for any problems in the transfer of customer accounts. These advisors seized upon the expanded competencies or superior culture of their new firm to get clients excited about their move.

In my mind, their painstaking due diligence was not just a practical business strategy but an expression of how much they cared about their clients.

3. Thorough Preparation

All of these top-performing advisors had called the prospective firm’s legal department and had extensive conversations with the transition team. They knew exactly what to expect.