The Advisor Flight Plan – Tip 1 of 3

Taking the Mystery Out of The Next Chapter of Your Life

Duncan MacPherson - Pareto SystemsFor many years, financial advisors have approached Pareto Systems for guidance on how to transition from one firm to another.  Those many interactions have provided us with a window on how to reduce the friction and hassle factor that often come with this potentially life-altering decision.  We have developed and refined a process that can position an advisor for an uneventful departure and a smooth landing.  If you are contemplating a transition in the future and you’d like to talk about the essential steps needed to ensure a predictable outcome, contact Michelle at 1.866.593.8020 ext 1260 or via email at to schedule a one-hour conversation with me to discuss this in more detail.

number-5One of my favorite questions to ask a financial advisor in December and early in the year  is “Where do you see yourself in the next 5 years?”  This time of year especially is when many people contemplate not only what they are grateful for, but also what they aspire to as we launch into a new year.  As you can imagine, I hear all kinds of different responses from advisors who are striving to:

      • work less but earn more,
      • sell their business,
      • buy a business,
      • partner with another advisor,
      • transition to a fee-for-service model,
      • right-size their client base, and;
      • attract a higher quality and quantity of referrals.

But more and more, some of the very best advisors in the business tell me that they are considering moving from their current firm to one that is a better fit for them, and for their clients.

Avoiding the Epic Fail

Because many advisors have switched firms in the past and the experience was more difficult than they anticipated, and the outcome was anticlimactic because the grass wasn’t really any greener, there can be a lot of anxiety about the process.  In the spirit of Beginning with the End in Mind, you ultimately want your next move to be your last move, and accordingly, you will want to get out in front of all the related issues and check every single box to ensure the outcome is even better than you hoped for.

The Pre-Flight Checklist

Even the most seasoned pilot will review his or her pre-flight checklist prior to departure.  Even though they could probably take-off in their sleep, they still refer to the list to ensure nothing has been missed.  We want advisors to expect the best while being prepared for the worst so that they experience an uneventful departure, are positioned to address any unforeseen turbulence, and are ready for a smooth landing.  In this series of three Actionable Tips, I’ll be sharing several strategies to ensure you can:

      • Be crystal clear about the WHY so that your clients will see the merit and buy-into the change,
      • Have a clearly defined and methodical approach to HOW to make the transition,
      • Deploy a process that not only ramps up and executes, but also follows-through over the long haul,and;
      • Reset client relationships in a way that positively reframes how they perceive and empower you.

financial advisor flight planExpectation management for both you and your clients is vital.  The stronger your relationships are and the better your communication strategy and execution is, the more likely that your clients say to you “Whatever you think is best. I will follow you anywhere.”

Continued success!

Photo courtesy themanikone / Flickr

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