Joining your existing firm due to the culture and people may have been one of the deciding factors in joining them. In today’s environment, the industry is shifting to the “bigger is better” model, and you may find yourself lost at your broker-dealer. The people you initially shook hands with, agreeing to partner with you and your business, are gone. What are you left to do?
Hopefully, the following insights will help you during this phase of business because in the end…
Business is business.
Assess the situation:
Understand the aspects of the broker dealer’s culture that have been lost and how it affects your work as a financial advisor. Identify the key areas where the cultural shift has had a negative impact. Does it make an impact?
Communicate concerns:
Express your concerns to the management or leadership of the broker-dealer. Clearly articulate the aspects of the lost culture affecting your ability to serve clients effectively and maintain professional standards. A challenging but needed conversation will help you gain a relationship or lead you to other deciding factors in your practice.
Seek guidance internally:
Consider speaking with employees in the back office and discern their viewpoints cautiously, considering that the firm pays their salaries and may want to keep their frustrations private.
Explore alternatives:
Consider calling us at RepRecruit and exploring other broker-dealers that align better with your values and the cultural environment you seek. Research different options and evaluate their cultural aspects before making any decisions.
Enhance client relationships:
Despite the challenges, continue focusing on your client’s needs and maintaining strong relationships. Provide exceptional service and expertise, ensuring your client’s financial well-being remains a priority. Your following conversation may be about moving, and you want to ensure they’ll stick with you wherever you go.
Professional development:
Keep your business as portable as possible. Invest in your professional growth and knowledge. Stay updated with industry trends, regulations, and best practices. Attend conferences, seminars, or training sessions to expand your skills and network with like-minded professionals.
Network and collaborate:
Engage with other financial advisors, both within and outside your broker-dealer, to share experiences and learn from each other. Collaborative efforts can help in navigating challenging situations and finding alternative solutions.
Remember, deciding to stay with a broker-dealer or seek alternative options ultimately depends on your circumstances, values, and long-term career goals. Take your advice when you tell clients to get out of a fund or stock before the drop. It will benefit you immensely down the road. Last but not least, you are not alone, and we can refer you to advisors who have moved from your firm and broker-dealers who share your same values and industry insight confidentially and at no cost to you.
You may also discover that moving has made you more money, resolved specific back-office issues, and made your life much easier!
Call us today at 661-266-0099 and we can refer you to advisors who have moved from your current firm and have found growth, a shared culture and success at a new Broker-Dealer!
