Considering a move in 2023? Start here.

  • Pre-Transition Keys
  • Setting the Stage
  • Critical Letters to Draft

There’s a lot of prep work that goes into a successful transition. You have to put in the hard work and careful consideration if you want your transition to go smoothly, it won’t just happen at the snap of a finger.

After completing your due diligence and putting together your master spreadsheet with all the information you’ll need from clients, there are still a few important items that should be addressed. As industry-leading Transition Consultants, 3xEquity knows that being informed and organized—and getting
the right guidance—are the keys to keeping your move on track and ensuring you’re best prepared when it comes time to start your transition.

Creating a Checklist + Timeline
There’s no denying that switching broker-dealers can be a lengthy process. It’s not something that you want to rush as a hasty approach can lead to ending up with the wrong firm, and undermine what you’re
trying to accomplish. With all an advisor will have going on with starting a transition and still focusing on their clients, it can be easy to lose track of important things that need to be properly taken care of before the transition is complete.

That’s why creating a checklist and timeline can be so beneficial. Advisors should note everything that needs to be accomplished and plot it against a timeline that is centered around your target date for leaving your broker-dealer. Each task should have a clear date for its completion.

Reviewing your checklist as progress can help keep you on track and ensure your efforts are being done in sequential order and that key steps are not overlooked.

Drafting E-mails + Letters
While still in the pre-transition stage, there are a few letters that advisors should consider drafting ahead of time so they can be prepared when they decide to announce their move. When the time comes, you will need to have a letter of resignation to give to your current firm. This should be something short and sweet that lets them know that you’re leaving without going into too much detail.

You’ll also want to consider putting together a letter or email that can be sent out to your book of business listing your new contact information when the time is right. You will likely have already told your clients of your impending move, but having something that thoughtfully explains why you’re moving, and emphasizes how important their relationship is to you, can go a long way.T

The last letter you should consider drafting is to the firm you’re leaving on behalf of your clients. While your clients technically belong to the firm you’re leaving, there’s a strong chance after all the work that you’ve put into your relationships, that they will want to follow you once you move.

Drafting a letter on their behalf that states that they intend to transfer their accounts and would like a copy of their recent statements has the potential to ease the stress and burden that the client may feel about the process of transferring their accounts.

As you work through your pre-transition steps, reach out to 3xEquity and see all the ways we can help you achieve a successful transition. In a matter of days, we can secure you multiple offers from top national and regional broker-dealers. From there, we will help with all the heavy lifting, providing you with up-to-date information and data on all the firms that you’re considering.

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