When should an advisor speak with another firm? Is it OK to just “explore” or should the advisor be fully prepared to “exit” when contacting rivals?
It is not just OK, it’s actually a very good idea as this is the only way to determine if you and your clients would be better served by a different firm.
What are the top reasons for an advisor to think about making a move?
The three most important issues for an advisor to consider are:
(1) Will the “client experience” be better if I move to a new broker/dealer?
(2) Will the culture and environment allow me to achieve my personal and professional goals? And
(3) Does the firm foster an environment that leads to high FA satisfaction?
Can you suggest any key questions that advisors should ask recruiters?
How can the firm help me to better serve my clients?
What level of back office support can I expect? (The ratio of home-office support staff to advisors is one good indication).
How can this firm help me grow my business?
What is the sub-prime exposure of your firm?
What is the satisfaction level (and turnover level) of existing advisors?