One of the biggest concerns financial advisors have when moving to a new wirehouse or wealth management platform is whether their clients and their assets will follow them to their new destination. ensuring a seamless transition requires careful planning, clear communication, and a single-minded determination to meet client needs.
Find the Right Platform
Evaluating the new firm’s ability to meet your clients’ needs and investment objectives is essential. Consider the range of services and products offered, including availability and depth of research, trading capabilities, and access to specialized products or markets. Assess the tools and technology available, taking into account user-friendliness, functionality, and efficiency. Pay special attention to client-facing features such as accessible portals, advanced reporting capabilities, and digital account management tools that will exceed client expectations.
Break the News
Timing is key when disclosing your intentions to clients. Revealing your move prematurely could force an early departure from your current firm, leaving you unprepared for the transition ahead. Therefore, it’s best to wait until after resigning from your current position before sharing the news with clients.
By following these strategies, financial advisors can better navigate the transition process and ensure the continued satisfaction of their clients.
Preparing to Notify Clients of a Firm Change
Once you have successfully registered with your new firm and received the green light from Finra and the relevant states, it is time to inform your clients about the change. However, given the urgency of this task, it is crucial to prioritize your most valuable clients and plan your approach accordingly. Start by reaching out to those with whom you feel most comfortable, as these conversations can help you refine your messaging and delivery before you contact more skeptical or anxious clients.
When speaking with clients, be sure to explain the reasoning behind your decision to move and how it will ultimately benefit them. It is important to anticipate any disruptions that could arise, including recurring distributions, contributions, and the ability to access funds. Let your clients know that you have carefully planned the timing of the move so that any necessary asset transfers and critical money needs won’t be impacted.
Transparency is key when discussing the advantages of the move with clients. Avoid overpromising and instead provide an honest evaluation of the new situation. Failure to do so can result in client surprise and frustration down the road. Additionally, prepare clients for changes in functionality that may arise, such as modified account statements and differences in brokerage and banking accounts.
In sum, notifying clients of your firm change requires careful planning and thoughtful conversations. By prioritizing your most valuable clients, communicating transparently about the benefits of the move, and preparing them for potential changes, you can ensure a smooth transition.
Smooth Onboarding
As a financial advisor, your responsibility for clients doesn’t end with a signature. Onboarding new clients requires attention to the finer details, ensuring they understand the process and documents they need to sign. Advisors often overlook this part of the process, but it’s crucial to onboard clients seamlessly. You need to ensure that their information, including email addresses, phone numbers, and beneficiary information, is up-to-date in your CRM. Make sure you have enough staff to support and efficiently coordinate account openings and asset transfers.
Anticipate changes that may occur in how clients receive their statements and account information. Create a plan that effectively communicates these changes to clients, and take the necessary steps to ensure they become skilled and comfortable with any new tools.
Plan For Growth
Consider proactively contacting all clients after the onboarding process, in order of priority, to address any remaining questions or concerns. These calls may also serve as a reminder for outstanding needs such as a new account or transaction. Prioritize your capacity and plan accordingly to handle any additional developments that arise.
Kris Chester: Leading Operations at Kestra Financial
Kris Chester is the Chief Operating Officer at Kestra Financial, a leading wealth management platform. With over 1,800 associated financial professionals under her purview, Chester ensures that the latest technology and high-quality service is available to the team. However, Chester’s role in streamlining business processes including financial professional onboarding is equally crucial.
Responsibilites of the COO
As COO, Kris Chester is responsible for facilitating seamless operations at Kestra Financial. From ensuring that technology is up-to-date to meeting clients’ needs, Chester has a multi-faceted role that requires her to be on top of her game at all times. Her primary aim is to provide the highest level of quality service while also creating a work culture that is geared towards innovation and responsiveness.
Streamlining Business Processes
One of the key areas of focus for Kris Chester is the simplification and streamlining of business processes. In particular, Chester has made it a priority to improve the onboarding experience for financial professionals. Her efforts have helped to make the process more efficient and less cumbersome, ensuring an optimal experience for all those involved.
A Vision for Progress
Kris Chester’s leadership at Kestra Financial is centered around an unwavering commitment to progress and innovation. By combining her expertise in operations with her passion for creating a better experience for all stakeholders, Chester has helped position Kestra Financial as an industry leader. Her efforts are indicative of a company culture that values growth, quality, and customer satisfaction.
