We’re heading into “The Dog Days of Summer” so called because the constellation Canis Major (‘The Greater Dog’) dominates the sky. Historically the “Dog Days” are a time to take things easy, like dogs tend to do in the heat.
This year feels different though. Many advisors are anxious (clients too), having been cooped up for months. With many vacation plans put on hold and large gatherings still out of picture, August 2020 may provide an opportunity for more planning and action than in past years.
If you’ve been curious about a transition we encourage you to look at the month of August as an opportunity to take some first steps.
With 4 full weeks on the calendar, plus a bonus Monday to kick-start your actions August seems tailor made for this. Here is a guide to making the most of the month.
Week 1 (August 3-7): Brainstorming
Start off with what you want/need from your broker-dealer. Don’t limit yourself or focus on what you currently have in place. Ask yourself – “What tools do I need to perform at my peak? …to grow my business? …to better serve my clients?”
Different products, new technologies, marketing support, confidence in the corporate roadmap, more money…take as much time as you need and just write everything down without editing. Don’t read what you have written until you have listed out everything you can.
Week 2 (Aug 10-14): Look at your list (and around your ‘house’)
Pull out your list of wants/needs and prioritize them. Don’t edit. Even your most outrageous idea may morph into something more practical. With so many different BDs out there each trying to carve their own niche, you might be surprised that some of your outlier ideas are part of a corporate culture somewhere.
Once you’ve prioritized your list create a table with your wants/needs in the A column and a row across the top for listing different BDs. Put your current BD at the top of the B column and see how many of your important items they are satisfying right now.
Week 3 (Aug 17-21): Fill up your scorecard
The next step is learning what other BDs have to offer. You can do some of this legwork on sites like AdvisorHub where many BDs have posted their videos and value propositions . Be warned, there are a lot of BDs to sift through and many may sound alike.
Working with a partner like 3xEquity is an easy and effective way to do the heavy-lifting of this research, and the good news is you don’t pay anything for this service (or any service 3xEquity provides to advisors). Each year 3xEquity secures 1000+ offers for advisors. Few organizations can claim to have as much relevant, real-time data on this topic.
Having 3xEquity do the legwork also brings a huge additional benefit – you remain 100% anonymous in the process.
Week 4 (Aug 24-28): Review Offers
In just 3-4 business days, 3xEquity can secure multiple custom transition offers. You can begin ranking the potential opportunities. You can use the team at 3xEquity as a sounding board, asking questions, gaining clarity on offer terms, and deciding on which BDs to move to the next step with. From there 3xEquity works with you to keep the ball moving, setting up meetings, providing talking points and questions.
It is very realistic to expect that in less than a month you could be fully educated and positioned for a move. Or you’ll know with confidence that the grass isn’t greener on the other side and receiving a large transition package isn’t worth the move.
There is no time like the present, and this August is a great time to explore your options. The team at 3xEquity is available to assist. Check out www.3xequity.com/transitioning or call 855.491.2910.