Transition wisdom


Transition wisdom

Take advantage of tips from advisors who have experience from the other side of a transition.

Many advisors have stood at the threshold of a transition, wondering what lies before them.  But few take advantage of tips from those advisors who have experience from the other side – both good and not so good.

Here is a list of things transitioned advisors said they’d wished they’d done differently.

Regarding timing

  • Allotted more lead-time to prepare
  • Transitioned after income tax season
  • Started studying for respective exams before leaving previous firm

Regarding clients

  • Hand delivered more client packets
  • Contacted clients more quickly after joining
  • Provided more detail on the client spreadsheet
  • Discretely generated cash to pay for the exit fee in fully invested qualified accounts prior to joining
  • Obtained statement copies from clients after joining
  • Better explained the reasons behind the transition to clients
  • Been more diligent in providing details for moving insurance/annuity appointments

Regarding office

  • Visited an existing office
  • Secured more help locally
  • Better prepared the physical location

Regarding staff

  • Educated assistants on the firm and long-term benefits of transitioning

Regarding operations

  • Spent more time reviewing each form and understanding how it’s used
  • Opened managed accounts from the start instead of deciding after the account transferred
  • Studied each account type and product more thoroughly
  • Brought more sets of allowable preprinted labels
  • Taken more time to learn the intranet before joining
  • Spent more time with product specialists 

*Actual answers taken from the FY2011and FY2012 Raymond James transition surveys.

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