Mistakes Wealth Management Advisors Make When Moving

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Mistakes Wealth Management Advisors Make When
Moving
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• Moving is stressful, but what is more stressful
  is when the move impacts areas that it should
  not.
• This can include a relocation of your home or
  office, whether it is across town, across the
  world, or simply to a new company.

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• This is why, when wealth managers meet with a
  finance industry recruiter, they will advise you
  how to make sure the move is as seamless as
  possible, meaning that clients
• understand what is happening ahead of time
• - are kept abreast with a quick note during the
  process
• do not get any negative surprises in the process.

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• This applies to the financial advisor who moves
  from one company to another, as well as to a
  wealth manager who decides to convert his focus
  to his own business.

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Mistake 1Announcing a Move Before it is Final
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• One advisor was all set to move from his current
  firm - a large bank - into a leadership role at a
  private equity firm.

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• He succeeded in all of the interviews, made a
  great impression, and had just accepted his
  employment package.
• Emotionally, he had already left his old company.

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• When December came he gave appropriate notice to
  his supervisor and then began to speak freely
  about the move to clients.
• It was that week that that firm fell under
  investigation for securities fraud and later
  closed down.

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• It made him look very foolish, and clients
  couldn't help but question his judgment.

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Mistake 2Not Announcing the Move When it is
Final
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• Another person was able to make a very successful
  move. However, he had failed to communicate the
  change to his clients.
• When they received statements the only thing they
  could conclude was that something was wrong.
• After all, they always banked with ABC, not XYZ.

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Mistake 3Losing Sight of Customer Service
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• Moving takes a lot of time and energy, so it is
  understandable that one may find him or herself
  in a whirlwind -

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• - but for clients who feel as though they have
  lost access to you, they may wonder why they are
  with you, especially if they get bogged down in
  the day-to-day fluctuations of the market.

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• A simple way to resolve this before it occurs is
  to make sure that clients receive your new
  contact information.
• This should be done by email and through the
  regular mail.

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• For those who have 100 clients or less, it would
  be a great idea to reach out by phone to each of
  them over the course of a week.
• The calls will take just a minute or two for the
  most part, but it's also an incredible
  opportunity to get to know your clientsbetter
  and solidify your relationship.

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• Wealth managers can do just about anything once
  they have earned their stripes.
• However, the skills involved with managing wealth
  also include managing relationships, which is
  what everything is built upon.

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• If you are planning to buy an existing book of
  business or sell yours, we can help.
• Our finance industry recruiters are always ready
  to accommodate questions and applications.

Ready to Make a Move?
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• Visit our site
• www.willis-consulting.com

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• Willis Consulting, Inc.
• Los Angeles Office Corporate Headquarters
• 719 Yarmouth Road, Suite 203
• Palos Verdes Estates, CA 90274
• 310-373-7400 PST
• Scottsdale Office
• 8970 E Raintree Drive
• Suite 300
• Scottsdale AZ 85260
• New York Office
• 244 5th Avenue, Suite 1855
• New York NY 10001
• 212-726-2041 PST