Retaining Your Book of Clients As A New Financial Advisor with Consolidated Planning

You’ve spent countless hours, effort, and energy building your book of clients as a financial advisor but you’re not quite happy with where you’re at. 

Could switching firms be the solution for you?

The thought of what will happen to your book of clients if you switch firms might be enough to hold anyone back from doing so.

Consolidated Planning is built on a unique infrastructure of advisor support and a host of talented individuals united for a common purpose, in ensuring you can deliver a personalized, seamless experience for your clients from day one.

In what follows, you’ll understand why communication and upholding promises made to your clients is of utmost importance when switching practices and if Consolidated Planning is the firm worth switching for.

 

What Communication Do You Need To Have With Your Current Financial Advising Clients?

Regardless of how great a firm is, typically the client has a relationship with the advisor, not the firm. If this is in fact true for you, the speed of communication with your clients is more important than ever.

This communication matters and should include the right language to adequately explain why you’re moving and how this will benefit them.

Because it should, right?

For all intents and purposes, if you were to move your clients to Consolidated Planning, you can share how you will be able to do more planning for your client, offering a more holistic approach, from investments to insurance and everything in between. This communication requires a phone call.

Plan to schedule a sit-down meeting to review what you have worked on up to this point and how it will tie into all that you can do with the new firm. Think of this as an open-meeting where you start from scratch with what you can offer your client. This communication requires a face-to-face meeting. 

These conversations require you to be open and transparent with what you’re doing, how this may or may not affect your client, and what happens from here. Being an advisor means advising – not just asking your clients to sign a bunch of forms to move firms with you. If that’s your approach, you may have less clients willing to move with you due to perceived hassle and effort to do so.

During the process, it’s only natural that some clients may be hesitant to switch firms. When faced with this roadblock, you have two choices – continue to explain how you will continue to help them at the new firm or it may be a good opportunity to part ways.

Maybe you are just a firm to them and that’s ok. For your clients who are ready to switch firms with you, our team will make it easy to do so.

 

Onboarding Your New Clients At Consolidated Planning

Moving your clients to a new firm essentially requires the need to start the onboarding process all over again. This means moving all of your clients assets and policies previously set up with you to the new firm. This is a huge undertaking, but we have a team to help with this process.

Not having the time to move your clients over is not valid here.

The transition team at Consolidated Planning exists to help move assets, allowing you to continue to engage your current clients while continuing to prospect. It’s hard to get the train moving down the tracks once you stop… so don’t stop.

Since you know your clients and their assets best, you will work with our transition team and provide the necessary data and information to get the process started.

It’s important to note that the speed of this process isn’t as important as you would think. Since you have likely already been paid on these existing pieces of business, you will not immediately get paid on these clients again by switching firms.

 

Create A Smooth Transition When Switching Firms As A Financial Advisor

Even amidst the process of switching firms you are an advisor first and foremost. Your priorities as a financial advisor start with your clients and a smooth transition lies within the steps you take with your clients and future clients.

 

#1 Keep The Lines of Communication Open

If ever that was a time to overcommunicate, this is it. Keep checking in on your clients as normal, or more, to reassure them that this will be beneficial to them, and start the processes and planning styles they can expect with you as an advisor at Consolidated Planning.

 

#2 Be Open-Minded

Likely the reason you’re switching firms is to change something about your existing practice. The team-based approach at Consolidated Planning fosters innovation and creativity when it comes to planning. So while you work for yourself, you will be coached in the best ways to communicate with your clients moving forward, especially during this period of transition.

 

#3 Keep Prospecting

Now is not the time to pull back your prospecting efforts. By allowing the transition team to do their job, you are freed to keep building your practice, even on day one as a new advisor. The ideal “work week” at Consolidated Planning accounts for time spent prospecting and this model helps you to maximize your time and accomplish more.

 

Move Your Practice To A Firm That Is Beneficial For Your Clients

Moving your established book of business is not a decision that should be taken lightly. For this reason it’s important that you’re choosing the right firm for both the transition process and the long-term benefits.

Switching firms shouldn’t result in a setback for you and your career so look for a firm that aligns with what you’ve already built or strive to build.

If you’re ready to join a process-oriented, people-first firm, reach out to our team to learn  if Consolidated Planning aligns with your career goals.

 

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Exp. 11/2027

 

Consolidated Planning, Inc. is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 6115 Park South Drive, Suite 200, Charlotte NC 28210, Phone # 704-5528507. PAS is a wholly owned subsidiary of Guardian. This firm is not an affiliate or subsidiary of PAS. This material is intended for general use. By providing this content Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.