by Frank LaRosa, President/CEO – Elite Consulting Partners
Knowing when to make a move as a financial advisor can be difficult. There are many factors to consider before determining if a transition is the right decision for you, your practice, and your clients.
Here are five questions to ask yourself when considering if now is the right time to explore a transition:
1. Does your firm offer the resources you need to scale your practice for growth?
Analyze your current firm and determine if they have the right connections and access to resources that are needed to grow your practice. If you feel like it’s impossible to achieve your desired level of AUM, attract your ideal client, and deliver outstanding results, then it’s time for a change. Advisors that lack proper resources will quickly fall behind in this competitive industry.
2. Are the technology solutions you have access to able to facilitate efficiencies now and in the future?
Technology is constantly changing, so if you want to be at the top of the financial services industry, you must stay up to date and well versed in all that technology has to offer. This includes your CRM, financial planning software, calendar management, email marketing automation, file and data sharing, social media marketing, document management, and more. Any hiccups in these systems can cause huge headaches for both you and your clients.
Without access to efficient technology solutions, advisors can fall behind and lose trust from their clients. Since technology can be expensive and requires extensive training, not every firm will prioritize their technological growth.
As a financial advisor, it’s up to you to do your own research and see what type of tech you are currently lacking and who can offer you better solutions.
3. Is the marketing and branding suite offered by your firm partner efficient, embracing both the current social media trends and digital marketing logistics?
Your skills and level of service as a financial advisor are not enough on their own to scale your practice for growth. It’s imperative that you stand out in the sea of other financial advisors, and the best way to do this is to leverage social media and digital marketing tools.
You not only need to have a strong mission statement and branding message, but you need to be able to communicate that to potential clients in a direct and efficient way. Having a clear brand image across your website, social media platforms, email campaigns, and other marketing efforts is a great way to attract clients and build a reputation for yourself.
If your current firm partner doesn’t offer sufficient marketing and branding solutions, then it’s time to consider other opportunities.
4. Is there an alignment with firm culture and values – one that inspires not only growth in the practice and team building, but also solidifying client relationships?
A strong company culture can make or break a firm’s success. Your firm partner should foster a work environment that promotes positivity, support, and respect. Make sure that your personal core values align with those of your firm.
If you value teamwork and continued education, look for firms that host conferences and offer learning opportunities. Or if you prefer to work with a specific type of client and offer them highly specialized services, look for firms that will be appealing to your ideal client and their needs.
Every firm has a different set of values and standards. It doesn’t mean that one is better than another. It just means that one firm cannot fit every advisor’s needs, so you must take time to discover what is really important to you and find a firm that matches your expectations.
5. Do you have the level of entrepreneurial freedom you seek to grow your practice in your own way?
If you are an advisor with an entrepreneurial spirit, you must have the autonomy to do things your own way to achieve the highest level of career satisfaction. If you are looking to expand your freedom as a financial advisor, look for a firm partner that embraces independent thinking, creativity, and cutting-edge technology.
Firms with confident leadership teams and an advisor-first approach to management will give you the freedom to grow at your own pace without holding you back.
Ultimately, the answer of whether making a move is right for you is already inside you. Go with your gut instinct. If you feel unsure about the capabilities of your current firm partner to supply you with optimal resources and the freedom you require to grow your practice, then it’s time to transition.
