Are you Ready?

Deciding where to take your business in the competitive landscape of financial planning and investment management is a strategic decision that requires a thorough exploration of both culture and philosophy.

You may ask yourself questions such as “Is this firm the best fit for me and my clients?” or “Can this firm help me get to where I see myself in ten years?” In the end, you have to determine if the firm you are considering provides the culture that will support your practice and the business philosophy to support your professional mission.

For many advisors, overcoming uncertainty seems like a virtually impossible task, and the question will always be, “Have I made the right choice?”

These questions are viable and should be analyzed in depth, but keep in mind that reality can be very different from what you think it is. While the perception may be that transitioning will bring nothing but complexities and questions, reality may actually be quite different.

Trek Transition Support

As your “advisor,” Trek can help you develop your transition roadmap.

Prior to transition, we can help you establish if our firm aligns with your professional outlook. Then we gather the critical information needed to determine how your transition will be implemented.

During the transition, our established onboarding process will guide you through the transition paperwork and will provide the necessary training needed to familiarize you with our processes and technology.

After the transition, our team will continue to support you behind the scenes, alleviating administrative burdens for you by handling the details involved with client management.

Prepare & Research

Preparing for a transition works much like design a plan for a client. The basis for any financial plan is aligning the plan with the client’s goals. We develop a transition plan for our advisors with this approach – we start by understanding what your goals are.

It is also important to consider the needs of your staff, your business and how it may impact your family. If you are able to define all of these considerations, you are better prepared to communicate what your expectations are. 

Answering the Important Questions

Between re-papering, moving to new systems, learning new processes and understanding new technology, transitioning can give you a feeling of trepidation and it can create a significant time-drain – causing you to lose precious time spent on building your business.

To transition your business with as little disruption as possible, make sure your information is well organized and consider the portability of the products and services your clients are invested in. Do they have other accounts and/or policies with your current firm, and could this affect their transition with you? Make sure to address all of the details about the associations between your clients and your current firm.

If you are concerned that you might miss an important component of the transition, we can support you in all aspects of the move. Our comprehensive onboarding process provides you with step-by-step assistance, walking you through the transition process from start to finish.

Some firms feel that the client belongs to them, requiring you to sacrifice the time, energy and effort you have invested in your client relationships if you decide to go elsewhere.

Like you, your clients may also fear change, especially when it comes to their finances. If you have long-standing relationships or even newly built relationships, you may find that clients are more inclined to follow you and not the firm you were with.

Sustaining the rapport with the advisor and their financial expertise is sometimes far more important than with the firm, and by assisting your clients through the transition period with ample communication, they will more likely feel comfortable moving their assets along with you versus leaving them with an advisor they don’t know.

Knowing what agreements are in place with your current firm and what agreements are necessary in order to move into a new firm is crucial when complying with the legal aspects of a transition. Understanding these legal issues can be complicated so it is best to seek legal advice from an attorney who can help you with your transition.