Making a transition to a new firm can be exhilarating, but it’s essential to “think fast and slow” – we applaud the adrenaline and momentum but no so fast, the devil is in the details as always. Here are a few headlines to have top of mind to ease your transition.
Ink It, Don’t Speak It: Verbal promises won’t cut it. Get everything in writing, from office logistics to support staff arrangements. Be meticulous, so there’s no room for surprises.
No Assumptions, Just Questions: Don’t gamble with assumptions! Ask the tough questions. Will the new firm align with your style? What about compliance oversight and marketing support? Uncover the answers to make informed decisions and protect your independence.
Show Me the Money: In the wake of the 2023 banking crisis, finances matter more than ever. Scrutinize the firm’s financial health and division profitability. You need a rock-solid foundation to flourish at your new firm.
Team Talks Are a Must: Your team’s backing is vital. Open discussions are non-negotiable. Ensure everyone’s on board and assess the new firm’s support staff. Communication is your key to success.
Meet the Bosses: Don’t be shy; meet the senior leadership. Knowing the vision and the decision-makers will empower you. It’s time to take charge of your destiny.
Client Commitment: Once you’ve decided to make a move, consider that your clients are your lifeline. Convince them why the move benefits them. Offer reassurance during any instability and ensure a seamless transfer of assets. No glitches allowed.
Asset Assessment: It is your dream that 100% of clients and assets move with you. This is purely a fantasy. Refer to our piece on how to assess what stays and goes.
Legal Eagles: Departure limitations can be dangerous. Consult an attorney to stay within the lines. No solicitation slip-ups or proprietary poaching allowed; the costs are far too high.
Clear Communications: This goes the entire way around the process: with your team, leaving the departing firm, negotiations with the new firm, your support staff, your new firm transition team, and with your recruiter, lawyer, and CPA.
Remember, the thrill of change can cloud judgment. Arm yourself with these tips and tread confidently into your future. Embrace the journey but leave no room for regrets or legal entanglements. We wish you the best of luck in your transition.
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.
