How to Best Retain Client Relationships When Moving Firms
Transitioning from one wealth management firm or platform to another can be a challenging, yet necessary move to make. I recently authored an article in Barron’s highlighting ways to retain client assets when switching firms.
Beyond the strategies already detailed – finding the right platform, informing clients, providing a smooth move, and planning for new business – below are a few additional strategies that financial professionals may want to consider.
Practice your pitch. After becoming properly registered, prepare talking points and client-facing communications to let clients know of the switch and how it will ultimately benefit them. Plan in-person meetings for the clients who respond best to a face-to-face event. As you try to meet with multiple clients in a short time frame, try to be as efficient as possible, which may mean fewer in-person meetings and more phone calls and virtual meetings.
Handle key clients with care. As discussed in the Barron's article, it’s helpful to let your clients know that timing to switch firms is intentionally chosen to avoid critical periods or important deadlines such as the end of the year or Tax Day. It’s also important to identify clients with standing distributions and other systematic money movements that may be affected by the move.
Get organized. Your client’s first experiences with your new firm are critical. Get support and training for you and your team to gain a clear understanding of how the new platform will change the client experience so you can stay ahead of the curve.
Understand priorities. Be prepared for the possibility that your clients may bring new business to you during the transition, such as account requests and assets. However, the success of the new integration is the number one priority to execute, and any new business found along the way is a benefit but should not be the goal.
For more information on maintaining strong relationships throughout a transition, contact us here.
