In the do-it-yourself world of wealth management, the concept of turning your future over to an outside entity is not easy to digest. Controlling one’s own fate is one of the primary reasons many advisors go into the profession—so why work with a financial advisor recruiting consultant when contemplating a change in venue? In today’s article, we’ll cover the advantages of asking for help.

At Bridgemark Strategies, we are leading financial advisor recruiters and consultants serving Financial Advisors, RIAs, and Broker/Dealers nationwide. If you’re considering a transition, we can leverage our vast network and experience to help you discover and vet new firms so you can make the best choice for your needs. Contact Us

Reason #1: Due Diligence is Time Consuming

Let’s assume you’ve already made the decision to leave your firm. Now what? As a fiduciary, you have an obligation to continue servicing your clients to the best of your ability. Managing that workload and doing your due diligence on prospective landing spots is more than a full-time job. It’s almost impossible to do it all on your own if you want it done right.

Financial advisor recruiting consultants, like our team members here at Bridgemark Strategies, have experience with the end-to-end evaluation process that should be completed by every advisor before they join a new firm. Our people aren’t wealth managers. Recruiting consulting is our full-time job, so we have plenty of time to assist you with your evaluation.

Reason #2: Agreements are Business Deals, not Personal Favors

One of the more common objections we hear about working with financial advisor recruiters comes from “connected” advisors who feel they can simply tap into their personal network of contacts when looking for a new firm. Joining a new firm is a business deal and should be addressed with all of the same approach and professionalism, as any other business deal.  A financial advisor recruiting consultant is an objective third party to help you.

You may be thinking, “How is the consultant objective when they’re getting paid by the company you join?” The answer comes down to ethics and value. Ethically, our consultants are bound to find you the best situation—one that fits your needs personally and financially. From a value perspective, with so many firms willing to pay our fee, it is simple to be financially agnostic while helping an advisor evaluate the field of choices.

Reason #3: Wealth Management is a Complex Profession

As advisors gain experience in their chosen profession, they come to realize that they have specific preferences for the way in which they manage money. Some prefer a more passive approach. Others thrive on active trading. Experienced financial advisor recruiting consultants know which firms allow you to tailor your practice to your specific wants and needs, with minimal interference.

Other considerations in this category include financial planning and holistic wealth management. Is there a broker dealer connection that will allow you to sell mutual funds and annuities? Do you need to be fee-only or are commissionable products allowed? What are the clearing and/or custodial solutions are other items to compare?

Reason #4: Going Independent is Hard

Breaking away and going the RIA route is hard. Registered investment advisors are required to file specific paperwork and adhere to regulatory guidelines you may not have been exposed to when working for another firm.

One of the more popular moves we’ve been seeing is the transition from registered rep to affiliation with an independent broker dealer. This gives advisors the best of both worlds: the independence to run your practice as you choose and the broker dealer connection needed for holistic wealth management with a full product line.

Reason #5: Recruiters Ask All the Right Questions

How many times have you looked for a new broker dealer? Top financial advisors don’t move often. That’s good from a professional stability perspective, but it makes it difficult to hit all the right talking points when they do choose to explore new opportunities. Financial advisor recruiting consultants do this all day, every day, so we know which questions to ask.

Writers and actors don’t market themselves, despite having the skills to do so. They hire agents to do that for them. Financial advisors should do the same. A consultant can be your agent for change, acting in your best interests to find the best possible situation for the next stage of your professional career.

The Bridgemark Strategies Difference

We understand that the needs of each advisor are unique. By assessing the Feel, Fit, and Financials® of various opportunities, we can help you find the best solution for your next step:

  • Feel. Do you like the people at the firm? Does it feel right? We’ll help you network and discover firms with people you can trust and enjoy working with.
  • Fit. Does the firm’s products and services align with your goals? We’ll dive into the details of the firm to ensure it fits with your business.
  • Financials. From payout to platform fees, production bonuses, client fees, and more, we can help you assess financial implications on every level and even assist with negotiating final terms.

Contact Bridgemark Strategies today to learn more.