I absolutely realize that there is a tremendous cost in making a broker-dealer change to you and your clients. There are account termination fees, lost revenue, extra staffing, and other costs associated and those shouldn’t be ignored. However, the firm that writes the biggest check is often not the best fit for you and your clients.
You have to dive deeper into the broker-dealer and investigate the ongoing costs associated with partnering with that broker-dealer. What is the advisory pricing going to be to you and your clients? What is your payout going to be? Most importantly, what is the service going to be to you and your staff? You cannot put a price tag on the level of service that you are going to get.
Other important questions to ask are: What is the rep/employee ratio with the broker-dealer? When you call in, how quickly is your call answered? How often is your question answered on the first call? What is the turnaround time for opening a new account or getting a compliance item approved for use? These are extremely important questions that need concrete answers.
So, while salivating over the zeros being dangled in front of you just to make a move, make sure your focus remains on the long-term viability of your clients’ interest and your ability to continually advance your practice’s growth standards.
These and many more questions can be answered by consulting a reputable 3rd party recruiter such as Trusted Visions. Give us a call and let’s dive deeper into the specifics of your practice, your vision for the future and what makes your operation thrive. Chances are we have established relationships with a broker-dealer that will make a great fit for you and your clients!
