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A Concourse Financial Group team member details the benefits of moving to a new firm.
Three tips for navigating the transition process

For a financial professional, transitioning your financial business to a new firm is a big step – and it can be a stressful and complicated one. How do you know it is the right decision, when do you make it, and how do you find the right fit in a new firm?

You want to make decisions to ensure that you, your business, and clients are in good hands. First, you need to determine where you are today and map out where you want to go. Next, get a clear view on what is behind the desire to move, any hesitations you have, and what support is needed. Those high-level insights can help guide your journey.

If you're ready to make a move, here are three tips to help you navigate the process.

1. Identify the key drivers motivating your move
What do you need from a new firm? Answering that question is key. Although many financial professionals will identify increased compensation as the main reason for change, every financial professional has unique goals, needs, and aspirations.

Other key drivers in your decision-making process may include:

  • Growth potential for your practice
  • Industry consolidation and regulatory changes
  • Better technology in a new firm
  • Work/life balance
  • Stronger firm culture

  • 2. Determine the cause of any hesitations to move
    When considering a big move, you naturally may want to consider all the challenges that go with it. These may include increased work hours, moving cost, the fear of losing clients, cultural fit concerns, and the general anxiety of losing the safety net of your current firm.

    The good news is that these challenges don't have to derail your plans. If you have a need or desire to transition to another firm that will offer you more in terms of fulfilling your personal or practice’s needs, the time may be right to explore options and opportunities for change.

    3. Gather information and support
    After you've identified your motivations to switch, and the challenges you might face in doing so, start gathering the information and support needed to make the move. Some great places to start, include:

    • Tapping into your network
      Colleagues and peers from the past and present may have a wealth of information.

    • Visiting firm websites
      You can learn a lot by checking out a firm’s website – even those not on your radar.

    • Reading industry publications
      A good way to take the pulse of industry is to read industry publications (online and print).

    • Meeting with team members at prospective firms and visit their home office
      This is the best way to get a feel for the culture and potential fit of a new firm.

    The transition process and how we help
    Change is inevitable in the financial services industry. Although it may seem stressful, having the right support in place can set you and your business up for a smooth transition.

    At Concourse Financial Group, we work with you to understand what your challenges are today and what your ideal tomorrow looks like.

    In addition to the key milestones of any transition process, we offer a tailored transition plan specifically designed for your needs and a dedicated transition team member to guide you along the way.

    Learn more about how we help we the transition process.

    Whether you are considering a transition to a new firm or looking for other ways to grow your business, we’re here for you. Contact Concourse Financial Group today.

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