“Go big or go home.” This quote has its application to the financial services industry when you wake up one morning to discover that your firm has been bought by a bank, announced a merger with a competitor or been acquired by a private equity firm.
What now?
You start to worry that your comfortable routine will be upended. These are among the negative outcomes that come to mind: Will the acquirer close offices? Will you get a new manager? Will the firm change the payout plan? To his credit, my first manager tried to shield us from reorganizations and firm politics so we could concentrate on serving our clients and doing business.
For its part, the firm says things like, “Nothing to worry about. Nothing to see here. Keep working.” The acquirer wants as little disruption as possible as the transition takes place.
You also hear from friends at other firms and recruiters, making the case for making a move: “Things will change, so why not be proactive? Test the waters, and see what other firms will offer.”
While logic finds that changes will be inevitable, you need to be patient with the situation. Give the new team a chance and trust your manager to look after advisors’ interests.
See the accompanying slideshow for eight factors that the advisor should bear in mind.
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