• Is there an opportunity to do more for your clients, and add things like family office or tax services? And does the investment platform provide greater access to different things— such as structured products, boutique alternatives and private deals?
• Is the environment less bureaucratic, and can advisors and staff get things done for clients more efficiently?
• Is there technology that will enhance the client experience and allow you to better customize reporting?
You’ ll want to understand how your transition benefits your clients, too, and how best to articulate these benefits. That will help you dampen any risk of a move and make it more likely you’ ll transfer assets.
4. The Team Needs Value, Too
This isn’ t only hard work for you, but for your entire team, so it’ s important that everybody sees the value in it for them. Your team members make a wealth management business operate like a well-oiled understanding where your team is coming from and try to address their issues, you’ re less likely to lose key members along the way.
5. Growth
Moving can be a major catalyst for your team’ s growth, and if you’ re in a bureaucratic environment where your team is managed to the lowest common denominator, you’ ll often find that growth is hindered. For some advisors, it’ s the lack of access to high-end resources that slows them down. Others feel an inability to freely market to differentiate themselves and develop new prospects. Often, advisors don’ t even realize how limited they are until they see the possibilities that exist outside their firms.
So an important part of the risk / reward calculation involves you assessing the growth potential at your current firm against what could be possible after you move. You should consider whether a move would yield new services for your business( a process that we call“ shrink to grow” at Diamond Consultants).
The next step is to do an initial review of your investment book to identify products that might be sticky to the firm, such as alternatives distributed through feeder funds.
These steps will give you a good sense of the overall portability of your business.
3. How It Helps Clients
Your move can help your clients benefit as well, and your ability to articulate that will be key to easing their concerns if you move. A successful transition is grounded first and foremost in finding a better home for them.
So it’ s important that you ask yourself the right questions so you can say what’ s in it for them, questions like:
• Will the new firm provide more support staff, and will this lead to an even higher level of service?
Although the status quo may seem to be the safer option, there is real risk in restricting your business within the confines of a firm that’ s no longer a good fit for you.
machine, ensuring that service is impeccable and that clients are happy. However, compliance mandates and bureaucracy, plus increasing revenue hurdles to receive a fully paid support person, are resulting in understaffed, overworked teams.
You’ ll want to understand these pain points and consider how to make your team’ s work lives better after a move. That’ s key to getting your staff on board as enthusiastic contributors rather than reluctant participants in a migration.
A move might actually benefit your team— they might see more efficient operational procedures and better technology. A team restructured might be able to add staff, redefine roles and responsibilities, or even shift some people into advisor training programs. If you spend time clients, give you the opportunity to capture greater wallet share, or even let you receive referrals from the new firm.
Although the status quo may seem to be the safer option, there is real risk in restricting your business within the confines of a firm that’ s no longer a good fit for you. Not only will your growth be limited but you might miss the opportunity to achieve your maximum career enterprise value.
The decision to switch firms is a difficult one and always involves some degree of risk. So before staying or going, consider these five variables. If all signs point toward a move, then take the leap!
WENDY LEUNG is a senior consultant at Diamond Consultants.
MAY 2025 | FINANCIAL ADVISOR MAGAZINE | 25