What Financial Advisors Wish They’d Known When Transitioning

3 Things To Know, Before Making the Transition

We hear it time and again from our advisor partners who are transitioning to firms or starting their own: No matter how prepared they were for this significant and fulfilling change, there are more things they wish they’d known before the move.

In the spirit of helping make your transition a smooth one, we offer the following three action points:

Prepare to Play the Long Game
Moving firms is a lengthy process with many factors to consider. Advisors in transition often bring with them a portion of their book of business, yet it takes time and patience to build assets at their new firm. The key to long-term success is having a sound plan you can execute to build—and then grow—a solid foundation.

Branding and Marketing are Essential
Nearly all financial advisors have strong relationships with their clients, but transitioning to an independent firm provides the rare opportunity to build a personal brand to showcase to the public. Transitioning advisors are wise to invest the time in marketing their skills.

While referrals are valuable catalysts for growth, you’ll also need a concerted market presence to generate ongoing interest in your firm. This requires an investment of time and underscores the importance of laying the foundation of a compelling, well-articulated brand.

There are a variety of resources and tactics for building a brand. One of the best places to start is with a consistent social media strategy that includes a presence on LinkedIn, which can be an especially effective tool for advisors, allowing you to connect with existing clients in addition to prospecting for new business.

With a wealth of content relevant to the financial industry, LinkedIn provides you with an opportunity to make a positive impression on potential clients by engaging in discussions and offering helpful information. Joining the most relevant LinkedIn groups will help you gain visibility as a thought leader, increasing your personal brand as well as that of your firm.

One easy but often neglected tip for LinkedIn or any other social platform: Be sure to keep your profile updated so clients and prospects always have your latest contact and other information.

Differentiate Yourself from the Competition
When asked why they wanted to join a firm or start a new firm, many advisors would point to the ability to offer clients a better, more personalized level of service. Being able to articulate how you plan to make that happen—what you intend to do differently or better—is the key to differentiating yourself from competitors in the eyes of your clients and prospects. Answering the following questions will get you started:

  • Whatcan you do that other firms, large or small, can’t or won’t do? (These are your primary differentiators.)
  • What traits and characteristics best describe your approach? (These help set expectations around the experience of working with you and your firm.)
  • How do you help clients achieve their long-term financial goals? (This provides an outcomes-related vision for clients and prospects to “buy into.”)

TriState Capital Bank: Here to Help
There’s no doubt that transitions can be stressful. But they can also be exciting and create opportunities for personal and professional growth. As an advisor-centric bank, TriState Capital Bank serves as a trusted partner for thousands of wealth managers and financial advisors as they transition to joining or launching independent firms. We are a leading provider of securities-based lines of credit (SBLOCs) and can help meet refinancing requirements as you transition your clients to your new venture. If you’re interested in learning more about how TriState Capital can help you make a smooth and successful transition, we’re ready to help. Let’s start the conversation today.

Experts are behind every choice we make.

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