What Your Wirehouse’s Response To The Crisis Reveals About Them

As advisors get adjusted to the “new normal”, stories are starting to come in about wirehouse life over the last few weeks and they are all over the map: good, bad, and ugly.

On the upside, one Fortune 250 broker-dealer we know of was able to move their entire FA force (10,000+ advisors) to work from home within 48 hours.  A massive shift of technology, resources (and thinking), played out over 2 days with low disruption.  This BD positioned their advisors to continue delivering results for their clients and helped ease the challenges of community stay-at-home guidance and social distancing.

On the flip side, we heard of another BD that came up small, resorting to splitting shifts in regional offices, sending some advisors in to burn the midnight oil for a chance to access info and service their clients.  Tied to hubs, advisors were forced into narrow windows of work with repercussions felt in both client perception and additional stress during an already difficult time.

How did your BD do?  

What does your BDs response tell you about their ability to handle a crisis in the future?  We think a lot.  

Though some will likely learn lessons from this time, the truth is many may not have the scale (or vision) to adopt protocols that will mitigate negative circumstances if/when the next large scale disruption occurs.  The “winners” here will likely continue to be the leaders in the long term – and their advisors will reap the benefits.

What’s an advisor to do?

If your BDs response to this crisis has you curious about switching to a new broker-dealer, you may want to consider these keys:

  1. If I am forced to work remotely, does my BD provide me with the tools to succeed? (Heck, will they even allow it?)
  2. Does my BD have the leadership and resources to shift quickly?
  3. How much of my destiny do I actually control?

Our team is here to discuss these questions with you and help you consider your options during these challenging times.  

Believe it or not, advisors are still switching to new broker-dealers and we can help you secure multiple offers and negotiate the most lucrative deal possible – all 100% confidential and at no cost to you.  Click here to schedule a meeting or here to complete our online, anonymous form.



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