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Have you seen Nike’s new ad for the Olympics? It’s titled “Am I A Bad Person?” and it uses that question to tap into the winner’s mentality in a unique and ultimately inspiring way. Actually, inspiring might not go far enough. A few seconds into the ad you’ll likely start swaying restlessly and by the end, you’ll be looking for some raw meat to tear into.
Voiced masterfully by Oscar winner Willem Dafoe, and featuring a dizzying montage of Nike’s seemingly unending roster of iconic athletes, the question the ad tackles is a big one – is our desire to win a good thing? The answer is a resounding “yes.”
At 3xEquity we talk with hundreds of advisors each year who are curious about a move to a new broker-dealer and inevitably there are a handful who are stuck on the question of “Am I a bad person for wanting to switch to a new broker-dealer?” Some may have spent a significant portion of their career with their current firm. Others enjoy personal relationships with colleagues that feel tied to their current situation. Some are concerned what others may think about their move to greener pastures. Nike takes the approach this way, “…if you don’t want to win, congrats. You’ve already lost.”
Here are 3 reasons why advisors should embrace the idea of a move to a new broker dealer without any guilt or hesitation.
For Your Clients
The opportunity to take advantage of new tools and products can significantly benefit those you serve. At a minimum, it can provide the chance to ask “what if” questions and address scenarios from the standpoint of “now that we have these tools available to us, I’d recommend we…” Your clients value the relationship they have with you more than the brand name on the door, and our experience has shown that assets move and ties are strengthened after a transition.
For You/Your Family
A move to a new broker-dealer comes with financial incentives that help advisors monetize their hard work and efforts in building their book. With BDs still competing for top talent, payments can reach as high as 300% of T12 (we are even hearing of one firm paying nearly 400%). Like a football player reaching free agency and getting their “career contract”, this compensation is a recognition of the work you’ve done, In short, you’ve earned it. Ask yourself how this investment in you by your new BD can enhance the quality of life for you and your family.
For The Industry
Movement between firms creates competition that ultimately lifts all ships (or at least the ships that want to be lifted). Broker-dealers know they are competing for the best of the best, and have been and will continue to make investments that will help them attract top talent. This means investments in technology, behind-the-scenes systems, and personnel, and marketing. Competition in these areas forces others to react and the industry as a whole moves forward. Although your goal shouldn’t be to make the industry better, consider it an added bonus.
“Our purpose in life is not to be perfect, but to continuously strive to be better than we were yesterday.”
For many advisors considering a move to a new broker-dealer fits into that equation of striving to be better than we were yesterday. At 3xEquity we help smooth the process, securing multiple offers for you and then guiding you through meetings and decisions, ultimately leveraging our insider knowledge to help you negotiate the biggest transition package possible. Get started today at 3xEquity.com/qs.
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