You’ve poured hours, days, weeks, months, and years into your career as a financial advisor, so why would you risk possibly taking a step back by switching firms?
Because you want more in your career.
Here at Consolidated Planning, our team-based approach has helped advisors break through barriers and grow their practice exponentially all while maximizing the positive impact on their clients.
If it’s the right firm for you and your clients, the process doesn’t have to feel like starting all over. Here you will understand what’s expected of you before your first day at Consolidated Planning, what’s expected after your first day, and how you will meet these requirements all allowing for a clear path to continue building your practice.
Before Day One As A Financial Advisor
Regardless of the length of time you’ve been in the business, you should first and foremost know what transitioning your book of business will look like for your clients.
Developing a plan for these clients will make every day following day one much smoother.
Depending on the structure of your current firm, and if you own your clients or not, the first step before anything else can happen is to size up your book of clients. This will include a detailed, customized transition plan.
In tandem with your onboarding, the Transition Team will take the lead here in a few ways:
- Create a transition action plan to follow
- Gather high-level information about your practice
- Analyze your current investment solutions and product platforms to assess asset transferability and product mapping
- Assess appropriate client re-papering and communication
- Identifying marketing requirements
- Coordinate applicable license transfers
- Establish new accounts
- Pinpoint business development opportunities
The goal of the Transition Team at Consolidated Planning is to provide a smooth process to avoid any disruption to you or your clients.
Afterall, you don’t want to let switching firms set you back or negatively affect your client relationships.
And it doesn’t have to.
Making these areas a priority before you get started allows you to get these non-revenue generating activities off of your plate. Doing so allows you to make this a seamless transition for yourself and your clients.
After Day One As A Financial Advisor
After day one, it’s time to make good on everything discussed during your interview process.
#1 LICENSES
First up, your licenses.
It’s possible that you might not be licensed the way you want to be or need to be. These areas for discussion include:
- The State you previously worked in
- Licensed in just insurance
- Licensed in just investments
While your licensing requirements with Consolidated Planning will be made apparent during your interview process, here is where you will have a plan for action.
Since you will focus on protection first and true financial balance for your client, it’s essential your licensing reflects the tenants of our planning philosophy.
#2 BECOMING A MISSION-BASED ADVISOR
The planning philosophy at Consolidated Planning will guide you to building a mission-based practice.
What does a mission-based practice look like?
A mission-based practice follows a planning process that focuses on helping people. Not just selling products. We believe that products should follow a strategy.
Over your first 5 years, you will be expected to help 125 people, families, and/or businesses. 20% of this volume will likely be in year 1 as you’re ramping up your practice at Consolidated Planning.
With a focus on helping people rather than selling products, you become a mission-based advisor. Through meaningful conversations, you can fully understand and address your clients wants, needs, and goals. Both in the short-term and the long-term financial outlook.
The by-product of helping 125 families and/or businesses is a thriving financial practice and well deserved income.
#3 MASTER THE PLANNING PROCESS
Planning philosophies are at the heart of what a firm is, or isn’t.
Mastering our planning process does not mean mastering the nuances of planning for clients of all shapes and sizes but how the process works.
The planning philosophy at Consolidated Planning is multifaceted and focuses on putting your clients before all else.
Your clients before all else.
Some of these foundations include:
- Client engagement
- Client experience
- Follow through
- How to solve client problems
- Being consultative not transactional
Maybe you’re not used to approaching financial planning in this way. That’s ok. You just have to want to be this way.
To help solve the learning process, you will complete our Take Off program in your first 12-months.
We believe that a successful and thriving practice flows from your interactions and your ability to build meaningful relationships.
Speaking of building relationships, who will you be building relationships with?
#4 TARGET MARKETS
At this point you either feel confident in your target market(s) or you are already aware that they aren’t best aligned with your specialty or interests.
Regardless of how well your target market is serving you, we want to take a deeper dive into your chosen market(s).
The right target market(s) for you will make all the difference in the trajectory of your career. The goal here is to have three target markets that are:
- Narrow enough to be differentiated
- A passion of yours
- An economic engine
So, think of your current clients.
- What target market do your current clients fall under?
- Are there similarities here?
- How can you better market to them?
- How can you better serve them?
Even with your current clients, we want to help you understand what it will look like to move forward with them as a more processed-based advisor.
Now, think of your future clients.
- How can you become better at introductions?
- How can you offer new solutions?
- How can you build onto your determined niche?
Together, we will help you uncover ways to build faster paced target markets and discover solutions you hadn’t thought of before.
What Happens If You Fail To Meet These Expectations?
Your first year, even at a new firm, is more important than the years that follow. While you won’t be starting your practice all over, you will be learning a new planning process and that takes time.
Give yourself some grace.
But, with that said, the goal is to be fully aware of what is expected of you for success. We want you to feel confident in your ability to achieve these goals.
If things seem to be going off course for you, we will help coach you back to where you want to be in a few ways:
- Big picture: How can we reset goals to be more achievable?
- Alignment: Can you align to your custom playbook? Where are you falling short?
- Tactical: Where are you having issues? Is it trouble with insurance or investments? Are you open to asking for help?
We will encourage you to lean on asking who, not how. Your mentor and our support teams are a great resource for you in problem-solving and finding the answers to your client’s questions.
Is Consolidated Planning The Right Firm To Switch Your Financial Advising Practice To?
As an experienced advisor with more than just yourself to think about, the thought of actually switching firms often remains just a thought. But, if you want more for yourself, your career, and your clients, the rewards might outweigh the risks here.
Having a clear path for your continued success can make all the difference for you when deciding if switching firms is right for you.
If you’re feeling excited about the thought of a smooth transition and a better outlook for you and your practice, reach out to our recruiters to start the conversation.
2023-153616 Exp. 4/2025
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