The Trusted Visions team has worked with many billion-dollar plus teams and have guided them through transitioning to a new broker-dealer. I personally stress to OSJ’s regularly the importance of having a Plan B in place, whether your broker-dealer is currently going through struggles, have been acquired, or they are perfectly fine now. Regardless of how loyal you feel your advisors are, if your BD is going through issues that means your advisors are getting calls regularly from recruiters knowing the issues. While the first few recruiters might not have any luck it is likely that at least one BD will have an attractive offering that your advisor looks further into.
A prime example: An OSJ we aren’t working with lost one of their larger advisors toward the end of 2022 and is going to lose another large advisor in the near term. Exploring a Plan B doesn’t mean you are moving tomorrow, but should your BD make changes that turn into ‘the last straw’, a billion-dollar team can’t just pick up the due diligence process and move in 30-days. At minimum, know which BD you would choose, having already conducted a home office visit. Also, have a deal put together for your group so you can pivot easily and swiftly. You owe it, not only to yourself, but you have a responsibility to your advisors. Communicate to them and let them have input on where all of you would go should your BD make negative changes.
Contact the Trusted Visions team to discuss a Plan B and the BD landscape for 2023. Call (480) 430-5012 or email jbelfiore@trustedvisions.com.
