4 Tips to Seamlessly Transition Platforms Today
Thinking of switching platforms, but not sure if it is the right time?
While the COVID-19 pandemic has certainly changed the way business is conducted, many pre-pandemic best practices for successfully transitioning platforms still ring true. Recent events only underscore the importance of partnering with a firm that helps you stay ahead amid the ever-evolving wealth management landscape and gives you the tools needed for superior client service.
If you are on the brink of making a move, here are four ways to make it a successful one.
- Find the right partner with the right resources.
This is probably the most important step in any transition. Just as you would rigorously interview a potential job candidate, or do an in-depth examination of any asset you were thinking of investing in, you should similarly scrutinize your new platform. Not only in the sense of what it can do, but also what tools and experience it has to aid in the transition itself.
Ask about the experience of your partner’s onboarding team, how many successful transitions they have executed, and how long these transitions have typically taken. Figure out what training programs they offer, and make sure they include the right information for your needs.
Especially now, it is critical your new platform offers world-class technology tools that enable your business to run efficiently and securely in a remote working environment. Kestra Financial, for example, provides a sophisticated client portal, a cybersecurity agent, compliant client texting capabilities, and digital onboarding so that wealth management professionals can easily serve clients in a virtual setting.
- Take onboarding training seriously.
Once you check out the transition materials offered by your platform provider, make sure to put them to use.
Failing to engage with the training tools provided by your partner may set a poor foundation for the rest of the relationship. Those who take training seriously generally transition the quickest and subsequently have the fastest revenue flows. Completing all training seminars (before, during, and after the transition) is a simple and crucial way to get the most out of your new platform.
Kestra Financial conducts all transition training online so new onboarders can become accustomed to the platform from the location of their choice.
- Keep it a secret.
While your relationships with your clients may be strong and personal, there are some things that are better left unsaid. One of them is your plan to transition to a different platform.
Prematurely telling your clients about the move could get you into legal hot water and end up delaying or scrapping the transition. There are very specific guidelines as to what client information can transfer, so the safest bet is to simply not say anything at all.
Fight the urge to share the news until after the move is completed. Otherwise, you could face regulatory fines and penalties.
- Communicate the transition with clients once finalized.
Once you have officially registered with your new platform, however, client communication is imperative. Clients like continuity, and a platform change without clear communication will feel like a disruption. Remind them that no one knows their personality, risk tolerance, family situation, and goals better than you, and explain why the new platform will benefit them better than the old one.
Ultimately, you know how each of your clients prefers to be communicated with, whether it is via email, text, phone, or face-to-face dialogue, so deliver the message in a way that feels most natural. With many in-person meetings suspended for the time being, video meetings offer a great alternative for clients who favor a more engaging style of communication.
After you share the news, be prepared to answer any questions your clients might have and follow up with additional information that could be helpful.
Preparing for an improved platform
No matter why or when you choose to switch platforms, preparation on all fronts will set the focus on the positive outcomes of the new partnership, rather than more strenuous terrain of the transition itself. By setting yourself up for success beforehand, you can simply step from one platform to another, rather than feel like you are taking a leap of faith.
These four pointers are just the start. If you are thinking about changing platforms, let us discuss how we can make the transition as painless as possible.