The average person makes around 35,000 conscious decisions in a day. Many you make without even realizing it. Consider your morning: Did you decide to get out of bed or hit the snooze button? Did you choose orange juice or milk to go with your breakfast?
For advisors, our days consist of deciding what products are best for their clients, which stock, bond etc. should I invest in, and much more. But one of the biggest decisions they might have to make over the course of their career is whether or not to switch B/Ds.
For those that have decided it’s time for a move, there are countless decisions to be made regarding what you want from your B/D, what tools and services are most important to you, and how you’re going to tell your clients. Here are 4 factors to consider when making the decision to say yes to a new firm:
- Culture: The first step is to determine what kind of culture you are looking for. From there, you want to make sure the firm you are considering has most of the attributes of the culture you are seeking.
- Economic Model: Not every B/D will use the same economic model, and every B/D will have different costs associated with different services. The industry is shifting from commission-based to fee-based revenue models, so it’s important to know ahead of time what kind of model you prefer and some of the costs of the services you’ll use.
- Partners: You want to know who your B/D is partnered up with. For some instances, it might be a parent company and for others, a clearing firm. These partners will likely have an impact on your business and your clients, so it’s important to know what to expect ahead of time.
- Programs and Services: Do they have the services and programs you need to help your business grow? Do they provide any type of training or professional development opportunities? Various programs and services can play a big role in the growth of your business and is something you should consider when making the switch.
The decision is yours to make, but 3xEquity is here to help. We’ll be by your side every step of the way to help make the decision as easy as possible. We can secure you multiple offers from the top regional and national broker dealers and provide you with the most up-to-date data and research on each one. Want to know more? Click here.