Today’s podcast is about why would you ever consider departing your firm in a tough or bear market?
Mean, frankly, it’s never a good time to exit. I mean, think about the last few years, I mean, the businesses have been booming and advisors to bring on new clients and bring on new staff. And they couldn’t even think about leaving, because business was so good.
But they did. And very successfully. And the reason why they’re so successful is, in our belief, one of four major things happen. Again, we had an unprecedented bull market, businesses were up, therefore, number two clients were really happy. And very sticky.
Number three COVID. Mean, clients didn’t want to meet with a new advisor. They want to stick with their old one. And number four, firms are really falling over themselves to pay the ultimate price for these businesses because the assets were flowing so quickly.
So we’ve seen record deals being offered to advisors, and by the way, record transitions in the shortest period of time we’ve ever seen them. So with a tough market, why would you consider a change now? Because the cycle, in our opinion, is rapidly ending. Clearly, the bull markets over. Clients are certainly not as happy as they were COVID it’s way over. And firms are just beginning to capitulate with these massive offers, because assets are down and T twelve’s. Month by month by month are going lower.
So why would you consider now because one of those four things, or all four of those issues are probably not coming back. So the message is, don’t wait until it’s too late to transition.
Thank you for listening
As the Editor of The Gershman Group, a boutique financial services consulting firm, TGG brings expertise in financial analysis, strategic planning, and market research. With a keen eye for detail and a passion for helping businesses navigate complex financial landscapes, TGG delivers insightful, high-quality content to empower informed decisions. Backed by years of industry experience, TGG makes complex topics accessible through clear and compelling communication, shaping the firm’s thought leadership and commitment to excellence in financial services.
