7 Indicators It’s Time to Leave Your Current Firm

It’s a decision that’s been keeping you up at night. You already know the answer — you’re ready to leave your current wirehouse. Still, pulling the plug strikes up all sorts of emotions — chief among them, fear. Change is almost never comfortable. It’s particularly difficult when the change you want to make affects others. In the case of financial advisors, making the decision to move to another firm can be a stressful one. You may feel a particular loyalty to your broker or partner. You may worry your clients won’t want to make the switch along with you. You may second-guess your decision and anticipate failure. Still — there are benefits to seeing yourself to the door and 3xEquity’s Instant Offer platform may help you decide that.

Perhaps another firm is offering an exciting alternative you feel will benefit your career, or a broader portfolio of products sure to make an impact for your clients. Or, perhaps you feel seasoned enough to take the plunge into independent status. (You’re hardly alone; industry experts predict by 2018 more advisors will choose the independent route over wirehouses.) Either way, making that looming decision can keep you second-guessing. At 3XEquity, we empower and equip financial advisors to make cautious, wise transitions that preserve integrity, increase wealth, and offer that most priceless of assets — peace of mind.

Consider the following criteria. If several of these indicators ring true in your current situation, that affirmation alone can help you send your fears packing, right along with the framed pictures on your desk.

7 Reasons to Make a Graceful Exit

  1. Failure to Nourish Professional Development

Many wirehouses offer consulting or coaching programs that involve sales and marketing training, succession planning, peer networking, practice management, and other opportunities to sharpen your sword. If your current firm fails to make an investment in your continued success as an advisor, you’re already at a disadvantage compared to your peers. Ask yourself: when was the last time you were encouraged to participate in a workshop or take time to learn a new skill?


  1. Insufficient Support from Management

Support from senior advisors and management is a critical component of any advisor’s performance. Advisors must stay current and remain well versed in a variety of products and services. So you’ll you need to log long hours and keep a relentless pace to keep up with constant demands. A lack of support and positive reinforcement can reduce morale and stunt the potential for growth. Ask yourself: does your manager periodically inquire about your job satisfaction, or how he or she can help you to become better at what you do?


  1. Outdated Technology

Every industry that plans to grow is busy harnessing the power of technology, so a firm that refuses to adapt and invest in upgrades will suffer. Digitized tools including a robust trading platform, an online client experience portal, content marketing and social media efforts, or supportive asset management tools can better facilitate the work you do. Plus, they capture the attention and respect of the younger set — they have enough challenges getting into the market, including a lack of funds, distrust in the system, and limited financial savvy, to name a few. But to win them over, you’re going to have to offer them a seamless digital experience. Ask yourself: Would the average Millennial, who manages life from his or her smartphone, be impressed with your firm’s tech savvy?


  1. Instability in the Workplace

An unstable professional environment detracts from focusing on the needs of your clients. Constant changes in office dynamics, disparaging conversations among colleagues, indications that the business itself is suffering, chronic disorganization, and other interferences can contribute to a fractured, insecure, and ineffective workplace. Ask yourself: Is there often a general feeling of hostility at your firm?


  1. The Real Culture War

In order to truly feel passionate and even competent, you should feel aligned with your firm’s values and priorities. Differing investment philosophies or contrasting views on products and methods for meeting clients’ goals create conflict that can lower moral and diminish commitment. Ask yourself: Do your company’s actions match their purported values, and do you agree with those?


  1. Stagnate Opportunities

Financial advisors are always interested in growth, including their own. If you believe you’ve reached a career plateau, boredom and dissatisfaction can reign. If there are no more mountains to climb, the complacency can affect your ability to take risks. Ask yourself: Are there remaining opportunities, challenges, or promotions that you have yet to explore?


  1. Concerns over Client Retention

If your wirehouse has a loyal client base, you may worry your clients won’t want to make the switch with you. Typically, between 50-90% of an established advisor’s clients can transfer to a new wirehouse, depending. It’s true you may lose some clients in the transition, but you stand to gain plenty others. Ask yourself: If I make a change, will my new situation afford better opportunities to attract new or higher caliber clients?


Change is often necessary to cultivate growth for yourself, and your clients. But if you’re confident, capable, and professional, you can rest assured you’ll make the right decision at the right time. Keeping this in mind 3xEquity launched the Instant Offer platform recently, so you can climb out of your comfort zone, and increase your own risk tolerance this time.

“Everything you want is on the other side of fear.” –Jack Canfield


3Xequity empowers financial advisors with digital tools, analytics, and reports when making transitions. We help our clients to assess the value of their business, plan for the future, and thrive today. Connect with us at www.3xequity.com

Share this article

Author picture

Curious about switching broker dealers? Secure your 2 best offers all while remaining 100% anonymous.

Ready to start? Click here.

Leave a Reply

Secure Multiple Offers All While Remaining 100% Anonymous


© 2024 3xEquity, LLC. All rights reserved

Transition packages from top regional and national broker-dealers like LPL, Ameriprise, Wells Fargo, RBC, Cetera, Dynasty, UBS, and more.