Why Now May Not Be The Time to Switch BDs

Helping advisors secure multiple offers and transition to a new broker-dealer is our area of expertise so this may sound a bit odd…now may not be the time to switch broker-dealers.

Let us explain.

Amidst the incredible disruption of the past several weeks broker-dealers are falling into 2 camps – those who stepped up and created stability (and in some cases new opportunities) for their advisors and those who left their advisors hanging in the wind.

If your broker-dealer stepped up, provided a seamless transition to remote work, provided additional materials and resources so you could better support your clients, provided relief or financial assistance…then now is not the time for you to consider a switch.

Why?  If your BD stepped up consider yourself lucky.  It likely means they have strong leadership, deep pockets and a desire to grow. Being on that team makes a lot of sense right now and in the future.

What if your BD didn’t step up?  Then now may actually be the time you need to start thinking about switching.  

Your clients may demand it.  Your job as an advisor is to put your clients in the best position to achieve their goals.  If the BD you’ve hitched your wagon too isn’t providing the resources and roadmap you need in order to best help your clients then not switching feels like you are shirking your responsibilities.

You deserve it.  You worked hard to build your practice and your relationship with your BD was built on the premise that they would be there for you to help you succeed.  Some of the stories we have heard about BDs who didn’t provide for their advisors are shocking.  Why would you stick with a partner who let you down at the time you needed them most?

Deals are still happening.  Several top BDs are seizing the opportunity right now to recruit top talent.  One BD we know well is even opening up new markets with the promise of first-class office space, big marketing budgets, and a transition package above anything else we are seeing.  You can learn more (all while remaining 100% anonymous) by clicking here.

If your BD came up big consider yourself lucky.   But if your BD came up small – ask yourself where do you want to be the next time something big happens.

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