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How to Retain Your Clients and Your Sanity When Transitioning to a New Firm

So…after careful consideration and due diligence, you’ve decided to change firms. Your excitement about moving may be tempered by what lies ahead – transitioning your practice. Whether you have undergone a transition previously or not, it’s safe to assume that most advisors view this as no small undertaking – and, it’s not.

There are three immediate concerns advisors typically have when transitioning their practice:

  • Client Retention – How many of my clients will move with me? Will I lose any of my top-tier clientele?
  • Asset Retention – Are all of my assets portable to the new firm?
  • Resumption of Revenue Streams – How quickly can I get the assets moved over and settled?

Unfortunately, while there is nothing you can do to guarantee against any of the above being an issue for you during your move, you can significantly reduce the possibility of each of these taking place