3xEquity PodcastFeb 28, 2023
Biggest Moves Of February 2023 + Recruiting Leaderboard
Secure your own offers right now, all while remaining 100% anonymous. Enter your information and receive multiple offers within days. Follow this link.
Commonwealth's Uncommon 2022
Fidelity Ramps Up Hiring
After a tumultuous year and the ongoing economic uncertainty and market volatility, many big investment firms have been decreasing their headcount. Some firms have already announced their plans to cut up to 500 jobs.
Despite industry-wide cutbacks, Fidelity Investments is going against the wave and is planning on increasing its numbers. Only a few months into the new year, Fidelity recently announced their hiring plans for the first half of 2023. Following another year of record-level hiring, the firm is looking to hire for 4,000 positions over the course of the first six months of the year.
While the focus of their hiring efforts will be directed toward customer service and technology roles, many of the hires will include client-facing roles. In fact, they’ve reported that 45% of the open roles will be client-facing, which includes advisors.
The firm also continues to find new ways to promote long-term retention of its staff. As a means for investing in their team, they’re rolling out new benefits, including a fully funded undergraduate degree benefit. They have also revised their employee onboarding experience which has been designed to offer different career pathways and promote experimental learning.
As Fidelity ramps up their hiring, advisors will have an intriguing opportunity to join a firm that is looking to make long-term investments in their people. After a record-setting hiring year and a 5% increase in revenue compared to 2021, advisors looking to move should take a long, hard look at Fidelity.
LEARN MORE AT 3xEquity.com/qs
The Impact Of Regional Shifts
Many big-name firms have announced plans to slim down on their number of regional divisions and geographic regions. This comes as many try to find ways to cut costs while simultaneously trying to meet new demands and find greater efficiencies.
But do these changes ignore the inherent differences of traditional geographies (ie: Middle States vs. Coasts, North vs South, places that call carbonated beverages “pop” vs. places that are wrong….).
Unsurprisingly, despite best intentions these regional shakeups happening across the industry have been met with some backlash from advisors.
Back in January, Morgan Stanley announced that they were restructuring the firm and decreasing the number of geographic regions from seven down to four. As a result, there have been some changes to leadership as the firm had to make changes in the roles of regional directors for three regions.
After the change was announced, some advisors and executives at the firm had voiced how disruptive the move would be to advisors, with the changes to their primary point of contact. Many aren’t sure that the move would save enough in terms of cost to warrant the kind of disruption that it will cause.
LPL Raises (Again)
As reported this week by AdvisorHub, LPL is keeping their foot on the gas pedal when it comes to transition deals, raising“… bonuses to as much as 100 basis points on assets under management for brokers who generate at least 70% of their revenue from recurring fees in advisory accounts, according to recruiters who were briefed on the deals in the last two weeks. The bonus also includes a deferred element for brokers who transfer more assets than expected, which makes it more lucrative than a current offer of around 70 to 80 basis points, recruiters said. The new offer, which headhunters said will be open to candidates who join this year, is being marketed to advisors from some of LPL’s largest rivals, including Ameriprise Financial and Advisor Group,”
There is no doubt 2023 is off to a hot start when it comes to transitions and LPL, who has topped the recruiting charts for the past 4 years in a row is showing no signs of slowing in the race for top talent.
At 3xEquity we encourage advisors even mildly curious about moving to secure an offer from LPL (and 1 or 2 others to compare). We do this for you all while you remain 100% anonymous – meaning no risk to you/your current relationships. Knowing what’s on the table can be a strong motivator – especially when there is no downside to getting a customized offer.
Get started right now by scheduling a quick, free consultation or by submitting practice details here.
Choosing The Right Firm – Culture Edition
Choosing a broker-dealer isn’t a task as simple as pulling a name out of a hat. The choice can be one of the most important decisions that an advisor will make over the course of their career. Ending up in the wrong place, one that isn’t a strong fit, can not only have negative consequences for the advisor but also for their clients.
There are a lot of factors to consider when it comes to making the decision on where to call home, some of which should hold a lot of weight in an advisor’s final decision. One of the important considerations should be a potential firm’s culture. In fact, according to a study by AdvisorHub and Edward Jones, 90% of the survey’s 522 respondents indicated that their broker-dealer’s culture was ‘important to me.’
Culture is intrinsically linked to a financial advisor’s success, growth, and overall ability to provide the best service for their clients. Finding a firm that is culturally a fit is more than just getting along with the people who would be around you; it’s about finding a place that aligns with an advisor’s core beliefs and values. Having a shared goal and outlook for the future is a core component of building a mutually beneficial, long-lasting relationship.
Another aspect of culture is the support being offered. Would you have access to management? Is the support staff filled with people who genuinely want to help? Are they willing to listen to and act upon your concerns? These are all questions that can help you get down to the root of a firm’s culture and their ability to help you achieve success. Talking to people who have worked or are currently working at a firm is a great way to get a good sense of a firm’s culture and what to expect if you were to work there.
As they say, culture is king. A strong culture can be the difference maker between a firm where you can find some success and a firm where you can fully thrive and break through the ceiling to find success. So, when it comes time to meet with potential new broker-dealers, advisors need to make a point to assess their culture and more deeply understand what they’re all about.
Curious about a transition to a new broker dealer? Visit 3xEquity.com/qs to receive multiple offers all while you remain 100% anonymous.
When Is The Best Time To Get A Practice Valuation?
ASK THE EXPERTS: When is the best time to get a practice valuation?
A: The best time to get a certified practice valuation for your wealth management business depends on your specific circumstances.
However, it may be beneficial to consider getting one:Before a sale or merger: This helps to determine the value of your business for negotiations and helps ensure a fair deal. During strategic planning: A valuation can provide valuable insights into your business’s strengths and weaknesses, allowing you to make informed decisions. At the end of a fiscal year: A yearly valuation provides a snapshot of the value of your business at a specific point in time.
Financial advisors should obtain a valuation regularly because various changing aspects of their practice affect the valuation, including:
This valuation should identify the drivers of growth for the practice so as to maximize the value of the practice at the time of actual succession.Aging population of financial advisors – According to Cerulli Associates, about 43% of financial advisors are at or close to retirement age. For financial advisors moving closer to retirement age, a well-defined succession plan should include an external valuation of the practice.
Changing demographics of clients – With Baby Boomers quickly moving into retirement, the assets under management of financial advisors may stagnate and erode. Most of the growth in assets has been and will likely continue to come from the assets of new clients.
Recognizing this demographic change, reviewing and understanding the practice’s client base and the impact of this demographic shift on revenue is important to maintaining and improving practice valuations.
Who Will Be The Most Watched BD In 2023
SECURE MULTIPLE TRANSITION OFFERS
Last November, major brokerage firms started announcing their compensation plans for the year ahead. While most remained relatively unchanged, with a few minor tweaks here and there, Merrill Lynch gave their comp plan its first major overhaul since 2009, stating the industry shift to advisory business as a big motivator for these changes.
The biggest changes to their comp plan were:Cutting down on brokerage transactions Raising production and growth hurdles — Advisors now need to produce more in order to maintain the same payouts A raise to the net new household threshold on brokers’ growth grid — Advisors must add at least four new households to avoid a 100 basis-point cut to payout A cut in credit earned for certain types of transactions (being instated in March)
It’s now been a few months since these changes were announced and the aftershock is starting to take effect. It’s no surprise that many of the firm’s 11,000 brokers were not thrilled with the new compensation plan, as it has the potential for deep (and possibly negative) implications for their businesses. With the changes to their 2023 plan, those with fewer fee-based accounts will be more heavily penalized, as will those who rely more on commissioned-based revenue.
What Is Your Why?
With every decision we make, there’s an underlying factor that drives our actions. A simple three-letter question that while not always acknowledged, holds a whole lot of power… why.
While your why may seem less critical when it comes to decisions like whether to work out or read a book, it is a huge motivator when it comes to more life-changing decisions, such as what career to pursue and the place you decide to work at to build your career. When it comes down to it, knowing your why can be the difference maker in achieving your goals.
Why? Because your why is your intrinsic motivator, it’s what drives you and helps give you a sense of purpose. Connecting a “why” to any given goal that you have can help provide some clarity and make it easier to map out the path forward.
As noted in a recent Harvard Business Review Article, a great way to determine the why and the reasoning behind your goal is to use the following statement:
“I want to _________ so that I can __________”.
When it comes to making a move, thoroughly thinking through your why can play a critical role in finding the right home for your business and that’s where 3xEquity can help you. Armed with your “why” information, we can help you find the right spot that you’ve been looking for. With our knowledge and relationships with top broker-dealers, having an inside look at your main motivators for making a move can help us find the right fit to meet your unique needs and goals.
FINRA Expands Focus
FINRA EXPANDS FOCUSExamination and Risk Monitoring Report New Compliance Focal Points The Importance of Cybersecurity
FINRA recently published its annual Examination and Risk Monitoring Program letter, which serves as a compliance guideline for firms. As part of this report, they’ve announced that their enforcement priorities for 2023 will include new areas of focus and priority.
In addition to their new areas of focus, which include fixed-income product pricing mistakes and policies that could allow manipulative trading to occur, FINRA will continue to fine-tune their focus and approach to addressing common broker issues. This will include the Regulation Best Interest compliance which came into full effect last year.
A big point of emphasis in the report and a top priority for FINRA will continue to be cybersecurity. With the rise of technology and the increasingly important role that it plays in all areas of an advisor’s business, FINRA expects firms to have cybersecurity programs and controls that are in line with their risk profile, business model, and scale of operation. Advisors can expect a strong focus on mobile apps and their disclosures and explanations of higher-risk products and services.
As the list of areas that FINRA is going to be focusing on broadens, it’s important for advisors to make a habit of checking in to be sure that their firms are staying compliant. FINRA’s yearly report, FINRA’s Examination and Risk Monitor Program, is a great place to gain key insights and observations to use in making sure you stay compliant.
Have concerns that your current firm might not be cutting it when it comes to the FINRA and staying compliant? Let the transition consultants at 3xEquity help you explore your other options. Our team of experts will secure you multiple offers from nationaland regional broker-dealers in a matter of days — all while you stay 100% anonymous. From there, we help you navigate your options, provide all the due diligence, heavy lifting, and prep you to negotiate the best terms.
Our job is to help you find the right home for your specific needs and book of business— and best of all, our services come at no cost to you, as they are covered by the firm that you select as your new home. So, don’t spend 2023, constantly looking over your shoulder to make sure your firm is staying compliant. Making a move can give you the support and additional confidence you need to place all of your focus on accomplishing your goals and helping your clients. Fill out the form at 3xequity.com/qs to get started.
Considering A Move in 2023? Start Here.
Receive multiple offers all while you remain 100% anonymous -> click here 3xequity.com/qsPre-Transition Keys Setting the Stage Critical Letters to Draft
There’s a lot of prep work that goes into a successful transition. You have to put in the hard work and careful consideration if you want your transition to go smoothly, it won’t just happen at the snap of a finger.
After completing your due diligence and putting together your master spreadsheet with all the information you’ll need from clients, there are still a few important items that should be addressed. As industry-leading Transition Consultants, 3xEquity knows that being informed and organized—and getting
the right guidance—are the keys to keeping your move on track and ensuring you’re best prepared when it comes time to start your transition.
Creating a Checklist + Timeline
There’s no denying that switching broker-dealers can be a lengthy process. It’s not something that you want to rush as a hasty approach can lead to ending up with the wrong firm, and undermine what you’re
trying to accomplish. With all an advisor will have going on with starting a transition and still focusing on their clients, it can be easy to lose track of important things that need to be properly taken care of before the transition is complete.
That’s why creating a checklist and timeline can be so beneficial. Advisors should note everything that needs to be accomplished and plot it against a timeline that is centered around your target date for leaving your broker-dealer. Each task should have a clear date for its completion.
Making A List, Checking It...
To learn more about 3xEquity and secure your own offers, visit 3xequity.com/qs
The holiday season is upon us, and we all know what that means… it’s time to shop! Stores are doing everything they can to entice you to stop in and find the hottest gadgets on their shelves. And with holiday shopping starting earlier and earlier every year, there’s more opportunity for people to find exactly what they want at the best price possible.
Advisors have the same opportunity as holiday shoppers when it comes to finding exactly what they’re looking for. By working with leading transition specialist 3xEquity, you won’t have to spend your time running around or sleuthing out deals online. When you work with us, you’ll receive multiple offers from top regional and national broker-dealers in a matter of days—all while you stay 100% anonymous. Once the offers are in, we help guide you, as your own personal shopper, to identify exactly what it is you’re looking for.
As with all shopping during this time of year, it’s smart to have a wish list on hand to help with the final decision. Your wish list should be comprised of all your must-haves and top needs from a potential new broker-dealer. From improved infrastructure and technology to better customer support to enhanced marketing programs and materials, now is the time to get it all down.
The Time For Succession Planning Is Now
READ THE COMPLETE ARTICLE HERE
As an industry-leading Transition Specialist, 3xEquity can help you find a new home for you and your clients that has the best succession plan in place for your business. Don’t worry about spending extra time exploring your options, because we do all the heavy lifting; you can stay focused on your business. Don’t worry about extra costs or fees that you think you may incur, because our services come at no cost to you—being covered by the new firm you select as your new home.
In a matter of days, our experts will secure you multiple offers from top firms, all while you stay 100% anonymous. Don’t keep your future and retirement legacy up in the air. It’s time to get your retirement and succession plans lined up so you are ready when you decide to join the Great Resignation. Fill out the form at 3xequity.com/qs to find a firm that will give you the picturesque ride into the sunset that you deserve.
Being Thankful And Fortifying
For many advisors, the year has been a challenging one. Clients have needed extra handholding, portfolios have taken a hit, and the amount of time they’ve put into keeping things running smoothly has been extreme. Some have been happy with the support they received from the broker-dealer. Others may not be as thankful as they would have hoped to be. And still, others are not satisfied and are looking to make a change.
No matter where your own experiences with your broker-dealer may fall, it is important to take stock of your career and success to date. You shouldn’t have to wait until the wheels come off the wagon to know it’s time to make a change. Nor should you be complacent and simply be satisfied with the current home for your business without knowing whether a better option is out there. After all, hard work and determination have gotten you where you are today and to be truly thankful means doing best by your clients and yourself.
As an industry-leading Transition Consultant, 3xEquity knows that it is during this time of year that many advisors make the decision to explore their options and see what other broker-dealer offers are out there. It’s only natural to assess and review where you are at in your career this time of year—no matter the market conditions. As we think about family, friends, holidays, and the coming new year, we can more clearly see the changes that are needed so we can do better by those we love and support.
Simply put, you shouldn’t settle for something less than ideal—it’s time to fortify and plan for greater success. You’ve gained your client's respect and trust—and helped them weather the recent storms. If concerns over whether they will follow you to a new home are keeping you from looking, you are selling yourself short. In fact, according to our 2022 Advisor Survey, the majority of respondents were able to move over 85% of their AUM to their new broker-dealer. With us by your side, you can easily plan your own big move and see what new broker-dealer services, support, and paydays are out there.
Beyond The Headlines
Over the past few years, there’s been a strong focus on the movement toward independence and breaking free from wirehouses and broker-dealers to opt for the RIA route. Headline after headline touts this rush towards independence and the so-called, great migration of advisors leaving their big-name firms for RIAs. But is that just a storyline?
Remember, with those headlines comes all the money that RIAs are spending to try and lure advisors in and recruit them to join their independent firms. While the offers can be tempting, it’s important not to get blindsided by the dollar signs and see what lies behind the money. Is it really all it’s cracked up to be? As industry-leading Transition Specialists, 3xEquity sees beyond the headlines and offers a powerful perspective so advisors can find the right fit and not be overly influenced by headlines and big paydays.
In fact, despite the allure of independence and the money being thrown an advisor’s way, our 2022 Transition Survey shows that the same industry stalwarts still remain on top. Of the advisors surveyed, 57.7% moved from a broker-dealer to another broker-dealer, while 19.2% moved from a wirehouse to a wirehouse. Contrary to the industry news cycle, only about 11% made the jump from a wirehouse or broker-dealer to an RIA.
Read More at 3xEquity.com
Weathering The Storm
2022 has been a year riddled with storms and adverse conditions, and not just in terms of the actual weather. While we have seen some major storms over the last number of months, such as tropical storm Alex, there’s also been big economic “storms” in the way of market volatility and high inflation.
Advisors have had a lot on their plates trying to weather these economic storms and help put their clients’ minds at ease. However, without the right support and sufficient time, it can be near impossible to accomplish this and successfully helping to see your clients through to the other side safely. Just as you wouldn’t expect a house to withstand the eye of a storm without any type of weather defenses, such as storm shutters, emergency generators, and the like, you can’t expect an advisor to make it through the tough economic times without any type of support behind them.
The question is, are you getting that support, and does your broker-dealer have the infrastructure and tech stack to save you the precious time needed to spend time with your clients during this volatile season? After all, the one constant in every storm that an advisor faces is the place they call home for their business. Additionally, it’s these adverse conditions that prove just how good the support you’re getting is. And just as you are being looked to for guidance and support from your clients during this current storm, you are witnessing your broker-dealers’ true character as they respond to your needs in this time of adversity and uncertainty.
I was concerned about my clients making the move with me. Every advisor has this concern when deciding whether or not to switch broker-dealers, after all, your clients are the heart of your business. Our report shows that 32.6% of advisors listed concerns over their clients following them as their main reason for not making a change. But the reality is, your clients trust you, not the name on the door. If you’ve put in the work to earn their trust and build strong relationships, then chances are they’re going to make the move with you.
According to our survey, the majority of our survey respondents were able to move over 85% of their AUM to their new broker-dealer. At the end of the day, your clients want to work with you—our job is to find the broker-dealer that is the right fit for both you and your clients so you can make the move with confidence and conviction.
The grass wasn’t greener elsewhere. This will always be a risk when you choose to explore your options and see what else is out there, especially if you take the DIY route. You may already be in a good, great, or best spot for your business. But that doesn’t mean you shouldn’t consider making a move. Knowing your options is half the battle.
Part of our job at 3xEquity is to help you determine whether a move is the right step at all. In some cases, it won’t be, but you won’t know for sure until you let us help you take an informed look. We’ll help you get down to the nitty-gritty details to help determine whether changing firms is the right move for you and your business. And, with the costs for our services being covered by the new broker-dealer that you select to move to, there is no expense to you to see all the shades of greener grass that are out there.
At the end of the day, you can always come up with reasons as to why now isn’t the time for a move or why you’re against making a move. But the truth is, working with a leading transition specialist, like 3xEquity, can help make the process easy and ensure that you end up with the best new home for your business. Our goal is to help you find a broker-dealer that fits all your needs and can help take your business to the next level. Start putting your fears behind you and explore what options are out there with 3xEquity.
Separating The Tricks From The Treats
Halloween season is finally here. For advisors knocking on doors and seeing what other broker-dealer options are out there, going it alone may lead to getting more tricks than treats. After all, finding the best broker-dealer for your business that fills all your needs can get scary. There are so many types of offers and unique language surrounding those offers that taking the DIY route can end up costing you time and money, when, both are easily avoidable.
As an industry-leading transition specialist, 3xEquity knows the neighborhood and will be your expert leading the way and securing offers from the right new potential homes for your book of business. And, the new home that you select covers our fees — so working with us comes at no charge to you. DIYers beware, without guidance from a transition specialist, you just might find yourself spending precious time and resources when you can afford it least, only to end up accepting a deal that is too good to be true or wrapped in a costume of its own. Here’s why.
Transition deals can be filled with all sorts of jargon and fees that are not always easy to understand—and to make matters worse, not all broker-dealers use the same language in their offers. You could have two nearly identical offers that, due to the language and presentation, look very different. How can you make a true apple-to-apple comparison when one of the offers may be in disguise? When the language is so nuanced from firm to firm, it’s easy to get tricked and end up in a place that isn’t the right fit for your business. We help you avoid all that by taking the time to explain the terms of deals and helping you not only find the right fit but avoid leaving any candy on the table.
Working with an industry-leading Transition Specialist, like 3xEquity, can be just the treat that advisors are looking for as they plan their route to a new and better home for their business. When you work with us, you get three significant treats: expert insight and experience, time savings, and no costs. We can help you secure multiple offers in just a few days from top national, regional, and local broker-dealers, so you can have peace of mind in knowing that the heavy lifting is being well taken care of. And with all the fees for our services being covered by the new broker-dealer that you’ll call home; our expertise comes at no cost to you.
So, this Halloween and throughout the Fall, get out there and don’t be scared. Let 3xEquity help you fulfill your needs to advance your career and do better by your clients with offers that are treats, not tricks. Just fill out the form below and discover a new and better home for your business—a brighter future is just a click away.
Moving Beyond DIY
Do-It-Yourself, or DIY, became a big hit during the height of the pandemic while most of the world was sticking to the confines of their homes. People were taking to social media and YouTube to figure out how to tackle projects they may have otherwise outsourced or brought someone else in to take care of. With the newfound excess time on our hands, it was a great way to stay occupied and keep our minds off the pandemic. Whether we saved a few bucks or did it as well as a pro could have, it wasn’t a going concern—but that’s no longer the environment we are in.
As many people learned in their attempts at DIY, some projects can be more efficient and better handled by experts. Bottomline: it gets done right and takes far less time. The same holds true in the financial services industry. While the DIY route can be successful, it’s not generally recommended. After all, you wouldn’t advise someone to handle their investments themselves over working with an advisor.
It’s no different for advisors looking to make a transition to a new broker-dealer. Can they be successful going at it alone? Sure, and many still do, with our 2022 Advisor survey showing only 40% of advisors worked with a transition consultant. But the reality is that the DIY route is not the best, or most efficient, option for advisors—especially in the current environment where advisors have anything but excess time on their hands.
Just as you tell your clients to leave their investments to you, we encourage you to leave the broker-dealer search to us. Working with a transition specialist, such as 3xEquity, not only gives you time back but also gives you up-to-date, relevant, and thorough information on the potential firms that you’re considering. And best of all, there is no cost to the advisor for our services, as the broker-dealer you select as your new home will cover our fees.
So, taking the DIY route isn’t saving you money… it’s simply costing you time and putting yourself in a position where you will potentially make a far less informed decision. Remember, this is your career, not an at-home improvement or outdoor project. You deserve to get the guidance and insight to make the best decision—and that’s where we come in.
We do all the heavy lifting, allowing you to continue focusing your efforts on your clients. In a matter of a few business days, we’ll secure you multiple offers from top regional and national broker-dealers. From there, 3xEquity is by your side every step of the way, helping you understand the nuanced differences between the offers, setting up meetings, providing talking points and questions, and helping you negotiate the best deal possible. Sound better than the DIY route? That’s because it is.
Why go at it alone when you can have 3xEquity on your side for no additional cost? Our service fee is covered by the firm you end up with and our track record, insights, and experiences give you a perspective that rises above what many can do on their own. Now is the time to forgo DIYing and team up with a trusted partner to find you the best home for your business. Enter your information below and put your transition into the hands of our experts—a brighter future is just a click away.
PUTTING TIME BACK ON YOUR SIDE
Fall is officially in full swing and while the weather may not be fully turning yet, the hustle and bustle of the season have taken their full effect. With the world returning to some semblance of normal, the quieter days of covid, quarantine, and working from home are behind us. Add to the mix the current market conditions we’ve been going through, and this Fall is starting off even busier than ever.
As the world opens back up, so do the doors of (and for) financial advisors. Face-to-face meetings are steadily making a comeback, and while video conferencing will never fully go away, advisors are starting to fill up their schedules with in-person meetings with their clients and prospects.
However, the rise of in-person meetings coupled with the current state of the economy is leaving advisors with a lot less time than they’ve had the last couple of years. The past few months have been riddled with advisors spending their time navigating the markets and helping to ease the minds of their clients that are worried about their portfolios… leaving little time to focus on themselves and their businesses.
Of course, advisors should focus their attention on their clients during these turbulent times, but they shouldn’t lose track of their own goals and how making a move, even during these more challenging market conditions, could be the best thing for their clients and their careers.
In the past, advisors may not have considered working with a transition consultant because they had sufficient time on their hands to do a lot of the work. In fact, 3xEquity’s Annual Advisor 2022 Survey, which comes out at the end of the month, shows just that. Of the 570 advisors surveyed, only about 40% used a transition consultant to facilitate their move.
While working with a transition consultant still is not the de facto norm, more and more advisors are starting to see the advantages of working with a consultant on their move. Working with a transition specialist, like 3xEquity, means that the advisors get time back on their side and can continue to focus on their clients while the consultant does all the heavy lifting. Additionally, the costs associated with making a move when you use 3xEquity are covered by the new broker-dealer or group that you will be calling your new home.
With 3xEquity on your side, you get the best of both worlds. You don’t have to take the time away from your clients to do the search, secure the offers, complete the due diligence, and perform all the other tasks associated with making a move—and you can rest assured that with our experience and track record, we will find the right broker-dealer for you, your clients, and your business.
Remember, you’ll always have the time to move when you work with a transition specialist. So don’t put it off any longer and let 3xEquity help you explore all your options. Fill out the form below to get the conversation started… a brighter future is just a click away!
Finding The Right Work Environment
We’ve returned to “normal” or at least our new normal after going through the height of COVID that saw most Americans working from the confines of their homes. But as people start heading back into the office comes the new debate on the best work environment. Should employees be expected to go into the office full time or is a hybrid model the best option?
There’s no good answer to what work environments should look like and what type of model employers should deploy. Every employee is going to have a different set of preferences based on what environment they feel they work best in. Initially, many thought that working from home was restrictive and difficult, but now some people want to hold on to what is seen as a more liberating and convenient environment.
Taking a close look at the policies firms are setting can be a big indicator of what their culture is like and moving forward is becoming a swaying factor in advisors’ decisions when switching firms. The pandemic has shown us how capable we all are of working from just about anywhere and advisors will now have the opportunity to find a firm that adheres to the kind of work environment that they’re looking for. Why not have your cake and eat it too?
As industry-leading Transition Specialists, 3xEquity sees a shift in the dynamic of the ever-changing work environment. Today, advisors have more control and power to find a firm that conforms to the type of policy they’re looking for, whether that be in-person, hybrid, or fully remote. Performing at your best is a by-product of your environment; if you are not happy with your current home or their policies, now is the time to act.
So, if you’re looking for a little more flexibility, or want a firm that has fully returned to the office, changing firms can make that possible. 3xEquity can help you find a firm that fulfills your work environment needs and can help you achieve your business goals. We’ll help you sort through your options and find the best new home for your business, all while you stay 100% anonymous.
The time is now to take control and find a work environment that you can thrive in. Fill out the form below to get started. A brighter future is just a click away.
The Best Time For A Move
When it comes to making the move to a new firm, there’s never going to be a best or worst time to switch firms. Advisors will always be able to come up with reasons why now isn’t the best time to start exploring their options and push a move off to a later date. When things are going well, you don’t want to disrupt the rhythm you have going. When things are challenging, such as with the current market conditions, you don’t want to risk putting your clients more on edge and driving them into the hands of another advisor. But is that way of looking at your career truly best for you and your clients?
Don’t make it your job to talk yourself out of making a move. There will always be risks and fears that will be scratching at the surface trying to dissuade you from making a move. As an industry-leading Transition Specialist, 3xEquity knows that more often than not, these advisor fears and risks don’t come to fruition; and that a majority of advisors that make a move are happy they did. At the end of the day, you’ve put in the work to build strong relationships with your clients, increasing the chances of them transitioning to your new firm, don’t sell yourself and your career short. Let us help you make an educated decision on the viability of making a move to a better home for both you and your clients.
So, remember, while there may never be a perfect time to switch to a new firm, timing is everything and there are certain times in an advisor’s career that are optimal for making a move. Here are two great times that you should strongly consider:
When you’re growing
It might seem counterintuitive to move when things are going great and you’re on an uptick with your clients but moving while growing will get you some of the best offers for your business and can open the door for new strategies for even more growth. Firms will offer more money and a better overall deal to advisors that they see with good growth and earnings potential. Advisors on a growth path can capitalize on their recent success and get more money for their business, but not if they are complacent or bask in their current success. Action is needed and 3xEquity is here to help give you the industry intelligence to see your options and make an informed decision based on facts versus fear.
When retirement is just around the corner
When advisors are on the tail end of their career and reaching the point where it’s almost time to retire, there’s a double payday strategy that can be used to get the most monetary value for your career’s work. Advisors can make a move to a new firm and sign a nice transition bonus with their offer. Then when it comes time to retire, they can get paid again for handing off their book of business. Some firms will have requirements on how long you need to be with the firm in order to get the most for your business. 3xEquity recommends making a move when you’re 10 to 12 years out from entering retirement. We’ll talk you through the strategy and show you how much your book of business could be worth.
Making a move can come with benefits for both the advisor and their clients. But being strategic about the timing of your move can be the solution to getting the most for your business—and we will show you how. Let the 3xEquity team go to work on your behalf. We will help you explore your options and serve as your sounding board. If you choose now is a great time to make a switch, we’ll help you throughout the entire transition process, securing you offers, setting up meetings, and negotiating the best deal possible. Fill out the form below and start planning the best time for your move—a brighter future is just a click away. Visit 3xequity.com/qs
Finally Found What You're Looking For
We often hear “But I Still Haven’t Found What I’m Looking For” ringing through our ears, and it’s not because the great U2 song is playing through our speakers. It’s because advisors are trying to do their best by their clients and advance their careers — and that means they are on the move looking to find the best possible home to achieve their goals.
Every year, advisors choose to broaden their horizons and look for a new home for their business. With technology advancements, emerging alternative investment products, and new broker-dealer hybrid models, it only makes sense to stay current and have a firm grasp on the value of their book or business and the additional support you could receive by making a big move.
Many advisors opt to take the DIY route and go about finding a new firm on their own. Both time and labor-intensive, this approach leaves a lot to be desired. After all, you are busy 24-7 helping your clients and are an expert in being a financial advisor, not a transition specialist like we are at 3xEquity. Additionally, many advisors fail to remember that when you work with 3xEquity, there is no cost to the advisor as the group that you will call your new home covers our fees.
We are well versed in the many offers and models out there, from wirehouses to straight RIAs and everything in between, and make it easy to navigate your options and identify the best ones to pursue. That’s why we suggest starting the search process with us for the onset versus coming to us looking for help after not being able to find what you’re looking for on your own.
At 3xEquity, we work hard to help advisors find the home for their business that they’re looking for. As industry-leading Transition Specialists, we help make finding the right fit an efficient and successful process. So, if you haven’t been able to find what you’re looking for, here are 3 reasons why you should work with us:We’re in the Know
We help hundreds of advisors make a move and find a new home for their business every year. As a result, we can provide advisors with the latest information and data from the firms their considering. This includes an inside look at their culture, what they’re offering, and their latest figures. We stay in the know so you can feel confident about making a well-informed decision.We’ve Got the Connections
By helping those hundreds of advisors make a move every year, we form great relationships with the firms they end up calling home. Over the years, we’ve built strong connections with top national and regional broker-dealers. We can help you find exactly what you’re looking for from your next broker-dealer. In just a few days, we can secure you multiple offers from the best broker-dealers around — and all while you stay 100% anonymous.We Learn from Your Experiences
Every advisor has their own experience when it comes to making a move. No two moves are the same, nor are the motivations behind them. 3xEquity puts out a yearly survey so we can better learn what advisors need and are looking for and use those insights to help advisors better navigate their transitions. By better understanding the advisor pain points, motivations, and types of moves, and incorporating those insights into our process, we set ourselves apart as the best in our space.
It's easy to get frustrated when you search all around and still can’t find what you’re looking for — so don’t go it alone. Partnering with 3xEquity gives you an expert in your corner to do all the heavy lifting associated with identifying your unique needs and searching for the best home for your business. It’s time for you to finally find what you’re looking for — just fill out the form below and we’ll get the process started. Remember, a brighter future is just a click away at 3xEquity.com/qs
3+ Takeaways From The World's Largest Wealth Festival
Advisors and industry folks are likely still shaking sand out of their shoes, recovering from 4 days at one of the most unique conferences festivals on the calendar. The FutureProof Wealth Festival drew 3000+ this week to the Huntington Beach boardwalk for panels, palm pressing, and parties.
Couldn’t make it to SoCal? The 3xEquity team was on the ground and here are 3 takeaways:
The RIA Space Is Exploding
The show was heavily RIA-focused, with big hitters like David Canter, the recently installed head of BlueSpring, the Kestra-backed RIA aggregator, noting the significant energy and influx into the space. In a main stage presentation, Canter made the case that the RIA model allows the most flexibility to meet clients' evolving needs. Arguments exist on both sides, but it is clear the energy is in the RIA realm at this moment.
Most of the vendors on the grounds offered services and solutions tailored towards the independent advisor, with some solutions right-sized from the wirehouse world to meet the needs of smaller firms.
Live Oak Bank was on hand too, providing information on financing acquisitions, often viewed as the fastest way to grow in the RIA space.
Every Conference Is A Tech Conference
In our post-Covid world, everything has a tech angle and most of the vendors touted tools for translating complex concepts and tasks into actions for advisors and their clients.
Over half of the agenda was tech-focused, with well-attended sessions digging deep into consumers’ (new) demands and the advisor experience.
A main-stage tech showcase highlighted several up-and-coming solutions, selected by a panel from over 100 entries. Look for more info soon on Venn by Two Sigma, DFD Partners, Onramp, and intelliflo. Skience’s self-service compliance solution drew particular interest from many in the audience, as risk management is one of the biggest concerns when entering (and existing) in the RIA space.
Content Is Everything And Everything Is Content
Advisors are increasingly finding themselves in the role of content developer, whether it is simple lifestyle and branding, or educational, the time freed up by technological advances is increasingly being devoted to honing an online image.
Brian Portnoy of Shaping Wealth presented an SRO workshop on storytelling for advisors, challenging them to think of themselves as ghostwriters for their clients' hero’s journey. Portnoy, author of The Geometry of Wealth, added advisors need to put in the work of writing and living their own money story before truly being able to serve others, noting “before you can be the guide you must be the hero of your own story.”
The #futureproofac hashtag had a reach of over 4 million according to brandmentions.com, with posts garnering over 4000 likes. Much of what was shared went well-beyond selfies, with advisors posting learnings and changes in their practices they expected to implement moving forward.
BONUS: We are writing the future every day
Not every conference could or should be held on a beach, but it worked for FutureProof and other conferences could learn from the free-form style of the event which kept attendees active and engaged from early morning to late at night. If conferences don’t have to be stuffy to be meaningful, what else can be left in the pre-Covid world that doesn’t serve us?
Looking to move in 2023? Do these things now...
September is here, but despite the warm weather in some areas you can see the shifts…the shelves in retail stores are already lined with Halloween decorations and costumes. Before we know it, every time we walk into a store, we’ll be engulfed in a sea of Christmas decorations. If the retail sector has taught us anything, it’s that it is never too soon to be planning and preparing for the future. The same holds true for advisors looking to make a move in the new year.
Preparation is key to superior performance in all endeavors and when it comes to making a career move the stakes are even higher. As industry-leading Transition Specialists, 3xEquity knows that for advisors looking to make a move in 2023, now is the time to start putting in the work to make the transition as easy and smooth as possible — and we can help.
We all know that getting organized goes hand-in-hand with being well-prepared. Just think of all the coordination that goes into that sea of Christmas promotions and product offerings. Advisors that get organized well in advance have the best chances of capitalizing on the opportunities of the future. So, let’s start with some critical steps to take now in order to lay the groundwork for your successful future move.
Create a Checklist + Timeline. Making a move doesn’t just happen overnight, in some cases it can be a lengthy process. Putting together both a timeline and checklist of tasks that need to get done ahead of time is a great way to ensure that you stay on track and keep organized. Your timeline should center around the date on which you want to leave your current firm and each task should be assigned a deadline surrounding the date you’ve set.
Complete Your Research + Due Diligence. There are a lot of rules and regulations that pertain to making a move. Making sure you do thorough research and due diligence can help make sure that you stay compliant throughout the process and avoid any type of lawsuit. On top of staying compliant, proper research and due diligence on potential new firms can be critical in determining if a firm is a good fit for you, your business, and your clients.
Identify + Gather Relevant Information. While there will be restrictions on what information you can and cannot take with you to your new firm, you should be sure you identify and gather all information that is allowed. Create a spreadsheet and fill it with information that you already have and fields that list the information that you still need. Having a centralized location where you can store important information that can come with you will be beneficial in keeping you on track.
Put Together a Client Information Form. You’ve got your spreadsheet ready to go, but chances are there are still a few gaps that need to be filled. The best way to do that is by preparing a client information form to distribute to clients once you are allowed to. The form should include information that will be needed to open a client account at your new firm and any information that you can take with you that you don’t already have.
There’s a lot that needs to get done before a move becomes official, and just like retail holiday décor and promotions, it’s never too early to be prepping and laying out your plans. It may seem overwhelming, and there’s no denying just how difficult it can be, but working with a trusted partner like 3xEquity can help you navigate the road and make the process go smoothly.
3xEquity works with advisors to streamline the transition process, providing guidance, resources, and support the entire time. We’ll help make sure you’re ready to start 2023 off on the right foot. Fill out the form today at 3xequity.com — a brighter tomorrow is just a click away.
Keeping Up With Your Clients’ Evolving Needs
Today’s clients are coming back around to wanting a more comprehensive approach to their wealth management and financial planning needs. It could be the volatile markets or a shift in thinking that’s inherent to the new demographic of today’s investor, or both, but the fact is that investors want more, and you need to be able to fulfill these demands to retain and grow your client base.
Hello and welcome to another episode of Advisortrends, 3xEquity’s podcast on practice management and advisor transitions. A complete library of episodes is available on our website or your favorite streaming platform, including Spotify and Google Podcasts.
Nowadays, most people want their financial advisor to go beyond just giving recommendations on investments, they want someone who understands their life, values, and needs and guides them along the way to achieving their goals. From comprehensive financial planning to ongoing guidance on major purchases to college savings and long-term care, the list goes on. The question is, “Can you deliver these services effectively at the current home for your book of business?”
If you can’t definitively answer that question with a “Yes!”, it’s time to start thinking about finding a new place to call home that allows you a better opportunity to grow and be successful. After all, to provide your clients with the best, you need a partner by your side that you can trust and rely on; one that continues to adapt to the evolving needs of your clients.
As industry-leading Transition Specialists, 3xEquity has good news to share — there are many top-tier, progressive broker-dealers just waiting to empower you to fulfill the evolving needs of your clients and help you find success. Here are 3 critical areas that advisors should be looking for that will allow them to evolve and fulfill their client's needs when deciding on their next broker-dealer.
Options + Flexibility These days, people have multiple options for just about everything. Looking to order out? GrubHub, DoorDash, and Uber Eats will all deliver from local restaurants. Want to find something to watch tonight? Hulu, Netflix, and HBO Max have you covered. People have come to expect the flexibility to choose what they want and it’s no different with their investments. Having the options and flexibility to provide your clients with the services they’re looking for will go a long way in building long-lasting relationships.
Ongoing Education + Current Investment Vehicles One of the best ways a broker-dealer can set their advisors up for success is by offering ongoing education and training and by allowing their advisors to participate in a variety of popular investment asset classes. By having access to professional development opportunities, advisors can continue to expand their skill sets and find new ways to serve their clients. By understanding and being able to incorporate a wide array of investment opportunities into your clients’ portfolios, you can stand out among your competition and build greater levels of confidence and trust among your clients.
Operational Efficiencies Advisors often find their time getting spent on tedious tasks, that while important, take away from focusing their attention on their clients. A broker-dealer that invests in providing their advisors with the best and most up-to-date practice management and back-office support can play a huge role in an advisor not only better serving their clients, but also maximizing their efficiency and gaining the time to grow their business. From client onboarding to ongoing client communications, a streamlined workflow helps open new revenue
Kickoff Your Transition
We’re officially in August, which means fall is just around the corner, and with that comes the start of the football season. After witnessing the exciting way last season ended, with multiple playoff games going down to the final play, this upcoming season is bound to be full of excitement. The same can hold true for advisors thinking of upping their game and making a big move.
Hello and welcome to another episode of AdvisorTrends, 3xEquity’s podcast on all aspects of advisor transitions. A complete library of past episodes is available online at 3xEquity.com or on your favorite streaming platforms, including Spotify and Google Podcasts.
The long season starts with the kickoff and the goal of ‘winning it all’ in mind, but with no guaranteed path for exactly how to get there. All 32 teams want to be the last one standing come February 12th, 2023, when the game clock hits 00:00, but how can they get there? And just like advisors trying to reach new heights, there’s no ‘right way’ or formula to reach this goal — every team will take a different route and try to effectively execute a unique game plan based on their talents and team on their way to the playoff race.
So, as we get ready for the pro football season to kick off, it’s time for advisors to think about their own season ahead and what goals they’re looking to achieve. Much like these teams about to embark on the new season, knowing how to achieve your goals and finding the right path toward success can be a difficult one. Looking at the current home (or team) for your book of business is a great place to start. Are you on a team that will propel you, one that has superstar qualities? If not, leverage the power of the Transition Specialists at 3xEquity to help you easily and quickly explore your options.
Think of us as your agent — one that will bring your season into focus by securing offers from top broker-dealers in just a few days. Making a move and finding a new home for your business can be exactly what you need to reach new levels of success and accomplish your goals. 3xEquity helps you zero in on your goals for the new season and find the right team to get the job done. And remember, there’s zero cost to you on our services, with the new team you join covering the big move — so you have nothing to lose and everything to gain.
In just a few business days, we’ll secure you multiple offers, giving you the opportunity to find the firm that’s the best fit for you and your career path. From handling the recruiting offers to helping you strategize and define the best deal to coaching you on the terms of the deal and negotiations, we are there with you every step of the way.
It’s time for you to move toward the big game with the confidence in knowing you have a clear vision of the goal, the right team for support, and a clear path forward. Kickoff your transition with 3xEquity on your team by filling out the form below — a winning future is just a click away.
The Perfect 1-2 Punch
Shaq and Kobe. Scherzer and DeGrom. Brady and Gronkowski. What do these duos have in common? They’re some of the most dominant 1-2 punches in the history of sports. Iconic players that are often thought of as a twosome because of the success they achieved when playing together, success that may not have come as easily if one didn’t have the other. Having that perfect 1-2 punch that can be the difference between achieving great success, having an average career, or falling short.
Finding the right 1-2 punch can be easier said than done in most cases. It takes the right chemistry and the right timing for it to be the most effective. But luckily for advisors that are looking to achieve new levels of success, accomplish lofty goals, and fulfill their ambitions, 3xEquity has the perfect 1-2 punch.
Hello and welcome to another episode of AdvisorTrends, 3xEquity’s podcast on all aspects of advisor transitions. A complete library of past episodes is available online at 3xEquity.com or on your favorite streaming platforms, including Spotify and Google Podcasts. Now back to the Perfect 1-2 punch….
It all starts with getting a business valuation. The 3xEquity Certified Business Valuation is the first component of our perfect 1-2 punch. While many business owners will avoid getting a business valuation due to the misconception of the process being intrusive, time-insensitive, and expensive, it’s one of the best things that you can do for your business. Why? It allows you to level set and get an objective opinion on the value of your business and see how you stack against others, as well as identify areas of needed improvement that, once addressed, will increase your business’ potential worth.
So, what do you do after getting a more accurate, realistic picture of your business and its worth? That’s where the second part of our perfect 1-2 punch comes in — we start securing offers. As an industry-leading Transition Specialist, 3xEquity can help you secure multiple offers from leading national, regional, and local broker-dealers in as little as two business days. And it comes at no cost to you. Helping you find a new, better home for your business is a service that is covered by the group that you ultimately decided to transition to.
You’ve got the recipe for a great 1-2 punch, so now it's time to swing for the fences. With your valuation in hand and our team of experts securing the best offers out there that also align with your unique needs, you can be sure of two things: you will receive the support and guidance you need to make a successful transition and you will get a great deal without the fear of leaving money on the table.
Using 3xEquity’s perfect 1-2 punch of getting a business valuation and then securing offers is the perfect way to reach new levels of success. We will help make sure that the new home for your business is exactly what you want and need to be successful. Take the first step of the 1-2 punch now. Fill out the form below to get a brighter future started. A new and better home for your business is just a click away.
The Hidden Dangers Of A Comfortable Chair
It’s a universal human trait for us to seek out comfort. Our comfort zone is the place that brings us happiness and peace of mind. The sense of safety and predictability make the ins and outs of the day easier to handle and help to ease the worries on our minds. Advisors get in a stride, reach a good place, and feel comfort from their success to date and find their own comfort zone. But is it possible to be too comfortable? The hidden danger is complacency. Your daily routine is manageable, if not enjoyable, and your earnings are at a level that you had only hoped to achieve early in your career. And before you know it, you’ve been sitting in the same chair for 20 years… albeit a fairly comfy one. In some cases, you miss out on new opportunities for growth, both personally and professionally, because you’ve become so accustomed to where you are that you don’t open your eyes to what else might be around. Hello and welcome to advisortrends, 3xEquity’s podcast about all aspects of advisors transitions. You can find a complete library of episodes on our website 3xequity.com or on your favorite streaming service, ncludng Spotify and Google Podcasts. Now back to this week’s episode. At 3xEquity, a leading transition consultant with 30 years experience helping advisors find their best fit (and maximize their transition package) we’ve been seeing a trend of advisors reaching out to us that have been with the same broker-dealer for 20+ years. Why? Greener pastures… a reinvigorated passion to grow… the realization that they may be missing out… the list goes on. So, while being in the same place for 20 years can feel comfortable, the time to get outside your comfort zone and test the waters is now. Don’t take the easy path and make excuse after excuse for not making a move. Work with us and we will show you just how easy it is to see what opportunities await. By reaching outside of your comfort zone, you take the first steps toward new heights. So, ask yourself, are you too comfortable where you are? If you find yourself unsure how to answer that question, take a look in the mirror and ask yourself these questions. What new industry innovations and resources am I not taking advantage of? The industry is constantly evolving. But when you’re too deep into your comfort zone, it’s easy to be blind to the changes happening around us. You might be missing new opportunities for growth and the chance to enhance the client experience because you don’t keep a close eye on current and emerging technology, trends, or broker-dealer packages. Is there another way of viewing my business and uncovering new areas for growth? Sometimes, a change of scenery is exactly what we need to see your business from a different point of view. When you’re with the same broker-dealer for a long period of time, chances are you don’t bother to re-evaluate your business, goals, and potential areas for growth as often as you should. You also become accustomed to what you’re given in terms of support for your growth efforts. You need a fresh, outside perspective to really see if you’re getting all that you’re worth. Are there technology and tools that I can’t use because my broker-dealer doesn’t have them? Technology has become an integral part of running a business and having the right technology and tools is pivotal for those that want to remain competitive and be successful. If you’re creating ‘workarounds’ to get by without having access to a certain technology, it’s time to see what other advisors are leveraging. Making a move can be a great opportunity for advancing your tech stack and giving your clients the best experience possible. Am I delaying a move and big payday that my clients will embrace and will improve how I run my business? One of the big perks of making a move is the payday that comes with it. So why wouldn’t you consider a move if it won’t hurt your business, and more than likely will help it? At the end of the day, your clients l
LPL's Secret Recruiting Weapon
We’ve told you about the hidden opportunity of making a move in a down market. While it might seem counterintuitive to make a transition when the market is down and volatile, it could be one of the better times to explore your options.
Just look at the success that LPL has had while the markets went through a major pullback and the S&P 500 declined over 20%. They’ve managed to raise their advisor count and income despite it all, adding 780 advisors to their count after the first quarter of 2022. So, why all the movement?
While the uptick in advisors is partially accredited to mergers, such as the onboarding of assets from CUNA Brokerage Services Inc., LPL has continued to recruit advisors organically. They note that many advisors, once acclimated to the current climate, will use the time to consider different options for their businesses.
As an industry-leading Transition Specialist, 3xEquity knows that advisors who stay on top of the latest broker-dealer offers, and the value of their business are better able to make a big move when the time is right — whether a bull or bear is raging, or the market is moving sideways.
Times of uncertainty can be a means for advisors to grow their practices and LPL is taking advantage of the situation and aggressively recruiting advisors. But with the markets down and subsequentially transition deals down, it begs the question of how they have been so successful. And the answer to that is, in part, through forgivable loans. LPL is known to use forgivable loans as a strategy to entice advisors to make a move, and chances are we’re going to see the use of forgivable loans increase as they continue to aggressively recruit new advisors to their ranks.
Broker-dealers like LPL are leading the way in showing that a down market shouldn’t deter advisors from making a move. Let 3xEquity help you capitalize on the down market and help you find a better home for your business. In as little as two business days, we’ll secure you multiple offers from top national, regional, and local broker-dealers and help you determine which one is the best fit for you, your clients, and your business.
The time is now to embrace the down market and see if the time is right for you to make a move. Remember, our services come to you at no cost and are covered by the new group you will call home, so exploring your options is easy. Additionally, you stay 100% anonymous until you’re ready to start negotiating — so there is no risk and everything to gain.
Let 3xEquity help you navigate the current market conditions and help you discover if there is a new and better home for your business with an offer that allows you to propel your career and position you for even greater success. It starts by taking the first step and filling out the form at 3xEquity.com
The Hidden Opportunities In A Down Market
The past few quarters have been a whirlwind, to say the least. Not too long ago, your trailing twelve month (T12) was likely at record highs. The market was continuing its record-breaking streak, reaching all-time highs early in 2022. Then, the longest-running bull market quickly turned, delivering a 20%+ decline in the S&P 500.
Fast forward to today and the recording-breaking market seems like a distant memory. Conversely, the market’s decline and impact on investors and client portfolios is all we think about. All the while the downturn is starting to affect your T12. And as advisors know, the domino effect goes from the market decline to your T12 going down to transition packages and offers following suit.
So, what does this shift in the market and T12 mean for advisors looking to make a move?
Hello and welcome to another edition of Advisortrends, 3xEquity’s podcast on all aspects of advisor transitions. This week we talk about the hidden opportunity in a down market.
As industry-leading Transition Specialists, 3xEquity is starting to see transition packages sliding lower than we witnessed a year ago. In the current market condition, some advisors that want to make a move might think the best option is to wait it out and make a move when the market is better. The rationale for delaying a big move is that they believe they can get more in the way of a transition package — but the truth of the matter is, acting sooner is the smarter move - here’s why.
The decline in the market is no longer a what-if. We’re living it and as much as we may hope that the market is going to turn around, the decline is a historical fact now — it’s happened and there’s no denying it. Chances are those that are optimistic about the market and its ability to bounce back are likely clamoring for capital to invest. And there is a great way to find this capital.
Instead of waiting for the bounce back and the potential of a larger transition package, the time to act is now. Sure, transitioning now might result in a slightly lower offer than you would have gotten back at the beginning of the year, but it also comes with an intriguing opportunity. By making a move now, a transition package offers the opportunity for a large cash infusion, which in turn can be used to invest in a market perhaps poised to rebound, and possibly surpass the highs of even just a few months ago.
While on the surface it might look like you could be leaving money on the table by making a move now due to the status of the market. In reality, the time to make a move could very well be right now. That cash infusion could be the best opportunity for striking while the market is down and prime yourself for big returns when the market bounces back.
If you’re ready to take advantage of the current market conditions and make a smart move, look to 3xEquity to be your Transition Specialist. We’ll help the transition run smoothly and provide the support you need to negotiate the best transition package possible. In a matter of days, we’ll secure offers from leading broker-dealers, all while you stay 100% anonymous. So don’t delay making a move, you have nothing to lose by exploring your options and everything to gain. Fill out the form at 3xequity to get the process started.
You can hear more episodes of AdvisorTrends on your favorite podcast platforms, including Spotify and Google Podcasts. In addition, a library of blog posts and podcasts, as well as materials to help you with your transition are available at 3xequity.com.
The Rise Of Reg BI Claims
We alerted you earlier this year about the Securities and Exchange Commission (SEC) announcement that it was going to really start cracking down on the Regulation Best Interest (Reg BI) rule after being relatively quiet on the rule since it went into effect in June 2020. The claims filed over the last months seem to support the seriousness of that announcement in a big way.
Reg BI is a fiduciary rule that aims to reduce sales abuses and costly conflicts of interest amongst broker-dealers and investors. According to the Financial Industry Regulatory Authority (FINRA), as of the end of May this year there have already been 37 Reg BI claims filed by investors. This marks the first time that complaints tied to Reg BI have been on the top 15 list of most cited violations.
Combine the current challenging market conditions and potential losses in clients’ portfolios with investors’ growing awareness of the Reg Bi rule… and you have an environment that demands you stay within the guidelines as a fiduciary. Therefore, it’s more important than ever to make sure your broker-dealer is staying compliant and that you are not being asked to push investment products that could cast you in a suspect light. Moving forward, we anticipate continuing to see a rise in the number of Reg BI claims as investors may start using it as a defense in arbitration.
As an industry-leading Transition Specialist, 3xEquity knows that there are a host of leading national, regional, and local broker-dealers eager to help advisors find a new and better home — one that keeps them clear of conflicts of interest. So please take a critical look at your broker-dealer and make sure they’ve taken the steps necessary for staying compliant and meeting the Reg BI requirements. If you’re not sure, that’s a big warning sign. You don’t want to be at a firm where you have to constantly be looking over your shoulder and looking for red flags.
What should you do if you have concerns about the Reg BI rule and your current broker-dealer? Start exploring your options with 3xEquity. We let you see what else is out there without any risk or cost to you. In a matter of days, we will provide you with multiple offers from leading broker-dealers and then help you through the entire process. We’ll help make sure you end up in a spot where Reg BI won’t be a constant concern and that you are getting the type of support you need to grow your business. Don’t let your broker-dealer tarnish the relationships you’ve worked hard to build, find a better home for your business today
Top Reasons To Move: Free Agency Edition
This time every year, basketball fans are on high alert to the latest deals, news, and buzz surrounding free agency. It’s the time when high-profile players take a hard look at their current team and decide whether it’s time for a change or if they’re determined to stick it out with their current team and work towards a championship next season.
As is the case during almost every free agency, this year some big names, such as Kevin Durant, are requesting a trade and looking for a change of scenery. There’s no saying what drives a player to want to make a move, it could be they’re looking for more success, a more lucrative deal, or maybe the team chemistry wasn’t jelling enough for them.
Like these basketball superstars, advisors might get to the point in their careers where they’re looking for a better deal and taking the steps to find a new home where they can win more business and get the support they need. While every advisor has their own rationale for wanting to make a big move, we’ve got top 3 reasons why advisors make a move.
FINRA has become increasingly stricter with broker-dealers, and as a result, that strictness has trickled down to the broker-dealer’s compliance team. More frequent audits and constant hindering of your marketing efforts and materials might just be the issue that pushes you to make the move. After all, you don’t want to be constantly looking over your shoulder and hoping that your efforts and materials make it through compliance in a timely fashion, or even at all. You want the freedom to tell your unique story without the red pen changing everything, so it sounds like everyone else pitch.
Change of Culture
Nothing stays the same forever, and if it does, that should be a red flag. But a culture change isn’t always a good thing, especially if you have a good thing going. Change in management, among other things, can lead to a culture change that doesn’t fit what you need for your business. Communication plays a big role in culture and if you notice that the chain of communication is breaking down or absent, it might be time to take your business elsewhere.
Better Service and Support
More often than not, we see better service play a role in an advisor’s decision to make a move. All advisors want a broker-dealer that provides adequate, if not superlative, support and when that support breaks down it’s normally a big red flag — one that will push an advisor to go elsewhere. As the industry continues to evolve and become more competitive, advisors will also want a broker-dealer that simply provides more state-of-the-art services to help them run their business more efficiently.
No matter your reason for wanting to pursue “free agency” and make a change, 3xEquity is here to help you find a new home for your business that fits your superstar potential. After securing you multiple offers in a matter of days, we’ll help you sort through your options, making sure your wants and needs are checked off by potential broker-dealers. Once your decision has been made, we’ll be by your side through the negotiation process, helping you get the best deal possible. Fill out the form at 3xequity.com/qs to get the conversation started on your next move.
What does pick-up of $1.7B advisor say about Ameriprise?
Earlier this month AdvisorHub reported on the transition of Jennifer A. Marcontell from Edward Jones to Ameriprise. Typically a broker moving away from Jones wouldn’t be a blip on the radar screen, let alone warrant a front-page article, but seemingly nothing about this move was typical…
Jones’ Biggest Broker Bails
Marcontell was likely Edward Jones’ largest advisor by AUM with $1.7 billion in client assets, which in itself may leave many scratching their head - how did a broker grow a practice to that size in what many consider to be a second (or third) tier firm?
A Talented Advisor Can Build Anywhere
Give credit to Marcontell for growing her practice truly the old-fashioned way. She spent 22 years with Jones, meaning at least a portion of that time was under Jones’ old knocking-on-doors model, so she pounded the pavement to build up such impressive numbers.
Building A Better Future For Her Bench
Marcontell released a statement noting that she moved in part to “provide more opportunities for her team members.” How many advisors consider their team as a prime motivator when making a move?
and finally…Ameriprise Is Every Ounce A Big League Franchise
Don’t take our word for it, take the word of an advisor willing to put $1.7B on the table. If you had any questions about Ameriprise being able to deliver top-tier service to high-net-worth folks (and the team that has worked so hard to cultivate those relationships), imagine being a fly on the wall during the negotiations of this deal. Ameriprise likely rolled out a lot of proof in order to secure the deal and we’ll be eager to dig into that as time goes on. Congrats to Marcontell and the Ameriprise teams, hopefully this is a fruitful partnership.
Needless to say if you’ve thought perhaps you were too big or too complex to find a better fit in the past, the time to rethink that is right now. Bds are staffed up to assist with your transition and their efforts, plus big incentives, make moving very enticing.
If you are curious to learn more and would like to secure multiple offers (including from Ameriprise), all while remaining 100% anonymous, complete the form at 3xEquity.com.
Delaying Gratification For A Better Deal
With constant advances in technology, we’ve come to expect almost everything at a click of a button. Online orders arrive on our doorstep in just a couple of days, if not within a few hours. That ‘big play’ in a critical game 7 that everyone’s talking about can be found instantly on social media. Just ask Siri or google… and voilà, you have your answer. We’ve become so used to getting everything in an instant that we often don’t look far enough ahead and leverage delayed gratification to get a better deal out of the situation.
While instant gratification can be great, it needs to be viewed through the lens of, “At what cost?” to be fully understood. Advisors looking to make a big move need to look beyond the immediate benefits of the move to get the best deal, as well as the big payout. As industry-leading Transition Specialists, 3xEquity knows it is easy for advisors to get caught up in the big payday that might come as a result of making a move. That large payout figure can keep you from focusing in on the specifics of the deal and how this firm will be beneficial to you and your clients in the long run.
“Strike While the Iron is Hot” versus “Looking Before You Leap”
Advisors trying the DIY route should delay making a move to take the time to do proper due diligence and ensure that they end up in the right spot. It is a monumental step for those looking for a better long-term place to call home. However, it’s not easy to perform this critical review and it’s even harder to wait and have patience when a big deal is on the table. Here’s the good news, when you work with us, you don’t have to wait to get the due diligence you need or try and interpret the nuances of the deal terms and language.
Starting Off The 3rd Quarter Strong
The end of the 2nd quarter is here, and it’s been a tumultuous one, to say the least. The markets have been all over the place, leaving clients on edge and concerned about their investments. Advisors have had a lot on their plates as they try to ease their client’s worry and reassure them that their financial futures are secure.
It’s in times like this where your broker-dealer’s true colors come out. Have they shined while going above and beyond in trying to help you during this time of crisis? Are they providing you with the support you need to reassure your clients? What plans do they have in place to help counteract times of extreme market volatility? Seeing how your broker-dealer performs during tough times and if they are helping you to persevere your client relationships is a big indicator as to whether or not it’s a suitable home for your business.
As you evaluate the first two quarters of 2022, be sure to include your broker-dealer in that evaluation. Take a critical look at what they’ve helped you accomplish and the areas where you wish you were getting more support. Create a list of what they’ve done well and where they’re lacking. Then, whether you’ve considered a move or not, come to 3xEquity. We are an industry-leading Transition Specialist and can help you find a new home for your business that fills in those gaps and more. In fact, we can secure you multiple offers from leading national, regional, and local broker-dealers in a matter of just a few days.
As industry experts, we help hundreds of advisors transition every year and have relationships with broker-dealers, so you can be sure you’re getting all that you want out of a new partnership. Working with 3xEquity also means that there’s no risk — or expense — to seeing what else is out there. You stay 100% anonymous and there’s no price to pay, whether you ultimately decide to stay where you are or make that move to a new and better home for your book of business.
The current financial landscape is a tough one to navigate with your clients. You deserve to get the support to best address their needs during these critical times. If you’re not satisfied with your current arrangement or feel that there must be a better fit, let 3xEquity show you all your options. With so many attractive offers being made, you can not only find a better home for your business but there’s also a potential big payday.
Start the 3rd quarter feeling confident in your partnership with your broker-dealer and their ability to provide the support you need for success. And remember, when you work with 3xEquity, you do not incur expenses and stay 100% anonymous, so a brighter future and better home for your business is well within your reach. Just fill out the form at 3xequity.com/qs to start the new quarter off strong.
3 Questions To Ask Yourself Before A Move
Curious about a move to a new broker-dealer? Get multiple offers all while remaining 100% anonymous, get started now.
There’s no special formula to making a successful transition. It’s not always an easy process and there are bound to be hiccups along the way. The more you can prepare, the better off you are to handle whatever gets thrown your way—and it’ll go a long way in ensuring you and your business end up in the right spot.
As an industry-leading Transition Specialist, 3xEquity has seen it all and can help guide advisors through the entire process. If you’re considering making a big move, it’s important to ask yourself these 3 questions (and have the answers).What is my practice worth?
In order to get the most out of your transition package, it’s important to know what your practice is worth and how it will be valued. A great way to get this question answered is to get a valuation for your business. 3xEquity’s Practice Valuation Optimizer Tool provides the instant equity value of your practice and an estimate based on industry norms. Getting a practice valuation ahead of time can be critical to making sure you don’t leave any money on the table.Is the potential firm a good fit for my clients and staff?
Making a move is going to affect more than just you, so any firm you consider must be beneficial for not only you but also for your clients and staff. You want to make sure that your clients understand exactly how this move will impact them and explain why it’s the right move for both you and them. The conviction you gain by ensuring that everyone will be well taken care of can go a long way in convincing clients to stick with you.What do I want out of my next broker-dealer?
While you want to keep an open mind when it comes to finding the next home for your business, you’ll want to make sure you think through the non-negotiables, the must-haves that will ultimately make or break a potential deal. Chances are there’s a reason, reasons, that you want to find a new broker-dealer and you’ll want to be sure that those reasons for leaving don’t follow you to the next place. Whether it’s more robust technology or better back-office support, put together a list of what you want out of your new broker-dealer, so you’re prepared when it comes time to compare offers.
Figuring out the answers to these questions can help you navigate the transition process and evaluate potential firms. Partnering with 3xEquity helps make the process easy. As Transition Specialists, we’re well-equipped to help you handle all the bumps in the road and get you the best transition package possible. In a matter of days, we can get you multiple offers from some of the top broker-dealers in the country, and from there, we’ll be by your side the entire way, guiding you to a new and better home for your business.
Making A Move In A Volatile Market
We don’t need to tell you just how volatile the financial markets have been this year. You’ve been dealing with it day in and day out, trying to reassure your clients and ease their concerns. It’s been a tough row to hoe, especially if your current broker-dealer has left you to fend for yourself. But as the markets continue to fluctuate, and more advisors start feeling like they would be better cared for at a new broker-dealer, it begs the question of what effect current market volatility will have on advisor transitions.
Many advisors have chosen to put making a move on the backburner during this time of volatility, out of fear of adding more client uncertainty and worry while portfolios are already down. Additionally, increased client-service demands have played a role in advisors choosing to wait until things have settled down before making a move. But does that make sense?
The facts are that despite the volatility and uncertainty surrounding the market, you’ve put in the work to earn your client’s trust and if the move is right for you and ultimately them, then chances are they’ll follow your lead. And keep in mind, when you work with a Transition Specialist like 3xEquity, we do all the heavy lifting – from securing offers to helping define a short-list, to getting our insights on the best packages and prepping for negotiations. So, time is not the issue. Cost? Our services are covered by the group that you select as your new home. So cost is not an issue either.
There are a lot of big packages and enticing offers out there and with your income likely down, it might be the perfect time to take a transition package and end up at a firm that is a better fit for you and your clients. After all, there’s never a perfect time to make a move — there’s always something that comes up that can tempt you into putting it off. So even if you’re just thinking that the time, while not ideal, has come, don’t hesitate. 3xEquity is here to help you find a better home for your business and make the move easy — no matter what the status of the market is.
Remember, when you work with an independent transition consultant like 3xEquity, you get access to unbiased advice and expertise from a team that’s well versed in all aspects of a transition. We’ve got current data and information on top broker-dealers as well as insights into their culture, support, technology, and compliance.
If you’re curious about making a move and want an expert to guide you through it, fill out the form at 3xEquity.com. Your answers are confidential, and nothing will be shared with any firm until you say so.
Breaking Away For A Better Business
If you’re a wirehouse advisor that’s been considering breaking away, you’re in good company. Many have been in your shoes before and decided to make the move to independence to gain better control of their future and have the opportunity to earn more money. With the right guidance, the move to independence is well within reach — the key is being prepared.
While wirehouses use to be the most compelling option for advisors to make their home, the tides have turned in the independent space’s favor and many broker-dealers are building their ranks with wirehouse breakaways. Some wirehouse breakaways are opting to start their own RIA, gaining more independence, and taking on all the responsibility that comes with business ownership. Others are opting to partner with an IBD that offers robust technology platforms, investment management, compliance support, and marketing.
As an industry-leading Transition Specialist, 3xEquity knows the multitude of options and offers that breakaways can entertain and be enticed by. The key to making the right decision is having a complete understanding of all the offers, including the nuanced language, and gaining insight into the culture of your potential new home. We not only help you with both, but we also guide you through the entire process and at no cost to you!
If you’re looking to break free and leave the wirehouse to build a better business and brighter tomorrow, here are 3xEquities’ Top 3 Reasons Why You Should Consider Independence:
Your Clients Will Always Come First
We’ve heard it all before. Some wirehouse advisors feel they are forced to put their firm’s agenda ahead of their clients and their own. From pushing products to meeting quotas, wirehouse advisors can find themselves feeling like their clients’ best interests aren’t always at heart or could be potentially better served. Breaking away means you can find a new home where you have greater control and fulfill your fiduciary obligations, better serving your clients and always putting them first.
Too Busy To Transition
Curious about a move to a new broker dealer? Secure multiple offers all while remaining 100% anonymous at 3xequity.com
A tried and true rule of thumb has been that clients tend to contact their advisors more often in times of uncertainty. Rising rates, market volatility, geopolitical unrest, and lifting of Covid restrictions have meant advisors’ schedules are likely more filled up than in recent memory. For many advisors eyeing 2022 as the year they want to transition, recent events beyond their control may have actually made it harder to find the time to start or continue their transition.
On our blog we’ve made the case for why leveraging the knowledge and resources of a transition consultant like 3xEquity makes sense, we think there are even more reasons to now – given how tight your schedule might have gotten.
First off, one of the reasons clients may be calling more often is because the market has been significantly less stable in the past few weeks compared to the past few months. Clients once content to watch their portfolios grow and grow are now gripping tighter to each account statement. For so many advisors this is where we shine, but it means any free time that could be put towards researching a move is likely getting eaten up. Here’s where 3xEquity can step in and handle your transition for you, from securing multiple offers to keeping you on track with meetings and VIP visits.
Best Fit/Biggest Package
Even if you had time to reach out to a potential BD to start the process you will probably be limited in the scope of research and connections you can make. Engaging with each BD can take hours, and even then you may not have gathered enough information to make a decision that puts you in the best position to succeed – there may still be too many unknown unknowns.
Here too 3xEquity can step in and lift part of the burden. Each year we assist hundreds of advisors in their transition journey and vet each BD (in fact, we have relationships with over 200 of them). Plus, we see offers all the time, so we know what each BD is offering at any moment and we know when you have maxed out the potential payout from a specific BD (often advisors leave money on the table because they don’t know how far they can push – we help with that).
Whatever your reason, reaching out to a transition consultant like 3xEquity is the smart move for advisors looking to cash in on some of the biggest packages ever from top regional and national broker-dealers.
Making A Move? Consider These 3 Things First.
Curious about a move to a new broker-dealer? Want to receive multiple offers all while remaining 100% anonymous? Get started now.
As a successful advisor, chances are you’ve had recruiters knocking on your door, trying to entice you with tempting transition offers. The idea of a fresh start on top of the potential for a big transition payday is always appealing. But look before you leap. It’s easy to get caught up in the money and the allure of a big deal and cast aside the important details of such a move. As Transition Specialists, we’ve seen it all and want to share our 3xEquity’s Top 3 Things to Consider Before Making a Move.
A big career move deserves careful consideration and due diligence to be sure that it’s the right one for you and your clients. If you’re getting serious about making a move, you need to work with a Transition Specialist to maximize the potential of getting a great deal and minimize the potential of making a costly mistake, as many DIYers experience. Not following guidelines or protocols, leaving money on the table, and not fully understanding the nuances of a contract or the culture of a group being considered are just a few. When you work with a group like 3xEquity, you avoid it all — and at no cost to you.
So, take a step back and let us do the heavy lifting. We can secure you multiple offers from leading national, regional, and local broker-dealers all while you stay 100% anonymous. You should be focusing on taking the time to weigh your options and taking these three things into consideration.
Is this move beneficial to your clients?
Your clients and your ability to better serve them should always be your top priority. As you look to make a move, you’re the one advocating for your clients, so you should be ensuring that your new broker-dealer puts the clients first. It’s important to critically look at whether or not your clients will have access to better services, technology, and products as well as improved overall client experience. We can help you kick the tires and provide perspective on what you should expect.
The Keys To A Successful Partnership
Curious about securing multiple offers all while you remain 100% anonymous? Visit 3xEquity.com today to get started.
These days, going independent on your own can come with a myriad of challenges. From digitally transforming your way of doing business to building your brand from scratch to taking full responsibility for just about everything, it can be hard to navigate without guidance and support. That’s why having a partner by your side can go a long way in building a successful business. As for independence, with the right, strong broker-dealer partnership, you can get the best of both worlds… the freedom of being on your own and the comfort of wirehouse-level support. But advisors know that not all partnerships are created equal. It takes work from both sides to build a strong, prosperous relationship; it won’t just happen by chance. Nurturing the relationship. and giving it the time and energy, it deserves, goes a long way in achieving growth and success. However, if you feel like you’re the only one putting in the effort to form a mutually prosperous relationship, it’s time to talk with a Transition Specialist like 3xEquity. Life’s too short and there are too many amazing offers and potential new homes for your business to be frustrated or dissatisfied. If you are thinking about making a big move and getting your share of independence and reward, here are 3xEquity’s 3 Keys to a Building a Successful Partnership: Trust + Respect These are the cornerstones of every enduring relationship. You want to work with a broker-dealer that you can trust and rely on while also giving you the ability to voice your opinions. On the flip side, you want a broker-dealer who trusts you enough to give you the freedom to handle your clients as you see fit. Being able to put small differences aside and respect each side of the partnership is critical to finding success. Working as your Transition Specialist, we help you separate the wheat from the chaff, providing you with a shortlist of potential broker-dealers tClear + Open Communications Openness and transparency are critical in any relationship, whether personal or professional. Poor or lack of communication can lead to misunderstandings, conflict, arguments, and the breaking down of the foundation of trust and respect your partnership is built upon. Both sides need to set expectations and make them clear through open, honest communication. With clear and concise communication, advisors and broker-dealers can better understand each other's needs and run more efficiently. Finding a new broker-dealer that embraces the open communication style you want and might be presently lacking is a big part of what we help advisors do every day. Alignment of Vision + Values When you’re on the same page, it goes a long way in achieving success. If you don’t know where you’re going or where you want to go, how do you expect to get there? Having a shared understanding of the vision, values, and beliefs of both the advisor and broker-dealer is essential in creating a long-lasting relationship, reaching your goals, and finding success. Having an aligned vision and values can help bond lasting relationships through even the toughest times. If you’re not sure your current home shares your vision and values, we can help you locate and secure offers from the ones that do. It’s that easy. A successful partnership can be monumental for an advisor looking to break into the independent space. But trying to find the right match all on your own is easier said than done. Having Transition Specialists 3xEquity by your side makes it easy to find the right home for your business. In a few days, we’ll secure you multiple offers from leading national, regional, and local broker-dealers all while you stay 100% anonymous. We help you find the right partner that has all the keys to unlocking your full potential and helping you find success. It’s time to make the best deci
What An In-House Recruiter Won’t Tell You
You’re searching for a new place. You pull up to an open house and are greeted by the seller’s real estate agent. You share what features you are looking for in a new house. The agent may know of a house down the street being sold by another agent that exactly matches what you want, but their focus is on showing you the house they are selling because that is how they get paid…odds are they aren’t going to tell you about the other house.
You can think of an in-house recruiter at a BD like that seller’s agent. They will do a good job pointing out all the houses’ strengths, but they only have that one house to show you.
It’s understandable that an in-house recruiter might not tell you:the package on the table isn’t “our best offer” the product mix that has helped you become successful isn’t 100% mirrored with them. or another BD might be a better fit for you
These are tricky things for in-house recruiters to say out loud because most are compensated only when an advisor joins their firm – their goals aren’t necessarily aligned with yours.
In-house recruiters work very hard to get an advisor engaged and they only have one option to show you, so they will make a big effort to highlight their strengths over their weaknesses.
99.9% of recruiters are honest and we aren’t trying to paint them as the enemy, we just want you to be aware that they aren’t paid to be an ally either.
When you reach out to an independent transition consultant like 3xEquity you get access to unbiased advice and expertise. You gain a team of transition experts, well-versed in offer sizes from multiple firms as well as insight into the culture, support, technology, and compliance. And you get all of this with no fee to you. (read more about how we get paid in this blog post)
If you are curious about moving and are looking for an expert partner to help guide the way, complete the form at 3xEquity.com/qs. Your answers are 100% confidential and your information won’t be shared with any firm until you decide – you control the conversation.
Making A Move To A Better You
Visit 3xEquity.com for more information and to secure your offers today.
Making a move with your own best interest at heart can be an intimidating thing, especially if your clients are all happy and getting what they need. But there are some great reasons why the personal benefits of a move should be factored into your decision.
Here are 3 reasons why a switch might be the right move from a personal standpoint:
Reinvigoration – Many advisors get into the business because they have a passion for helping others and seeing them achieve their dreams. While that never truly goes away, sometimes the tediousness of the same routine day in, and day out can be enough to drag on the joy of their work. A change of scenery might be exactly what an advisor needs to help them rediscover why they chose this line of work and reinvigorate their passion for helping others.
How We Get Paid (And Why That Matters)
Every year, thousands of advisors make a big career move. Some go from a wirehouse to a broker-dealer or wirehouse to RIA, and some move from broker-dealer to broker-dealer. No matter what scenario you are looking at, working with a Transition Specialist is not only a game-changer — it’s gaining the advantages of having a ringer in your corner that comes with no cost to you!
Got your attention? Then let’s try and open your eyes to opportunity with an inside look at our Transition Specialist business model to help you better understand why using a service like 3xEquity is both crucial and convenient.
Higher Probability for a Bigger Payout – With many years of experience under our belt, we know the industry and the market inside and out, from both the advisor and broker-dealer perspectives. Deals cross our desks all the time as we help advisors make a move and negotiate the best deals. That means we have a deep understanding of the nuanced language and details of the deals currently being offered and can tell when there might be more money on the table.
For the DIYers out there, chances are the offer you currently have might not be the best offer that you could negotiate. Without a basis of knowledge and experience, you are really just hoping for the best deal rather than knowing the best deal. That’s one reason working with a transition specialist can play a big role in getting the most for your move.
Our Compensation Doesn’t Come from You – Some advisors think services like 3xEquity get compensated from their own pocket. After all, we are getting you the best deal. But the truth of the matter is working with a Transition Specialist comes at no cost to the advisor. We get compensated by the firm an advisor moves to once the move has been completed.
While the fee may look different from Transition Specialist to Transition Specialist, it will never be given to an advisor and should not affect the advisor’s compensation. There’s no reason not to work with a Transition Specialist when it ultimately comes at no cost to the advisor.
NAVIGATING A MOVE WITH CLIENTS – WHAT YOU CAN AND CAN’T TELL THEM
Officially deciding that you’re going to make a move is an exciting time for an advisor looking to take their business to the next level. With such big news, we know how enticing it can be to share it with everyone and anyone, especially if the move was a long time coming. Equally, many advisors also have anxiety over the number of clients that will make the big move with them. While the urge to share the news can be hard to bottle up, it’s one you have to fight or risk derailing the transition altogether.
When looking to make a move, it’s natural for advisors to wonder, or even worry, about whether or not their client will make the move with them. After all, they’ve worked so hard to earn their trust and build a strong relationship and want to see it continue even after the move. But reaching out to try and gauge what they would do if the advisor chooses to move can be one of the worst things a transitioning advisor can do.
Whether the firm you’re leaving is a part of the broker protocol or not, it’s a good rule of thumb to keep the move to yourself and try not to drop any hints to your current clients. Avoid discussing any specifics around a move or potential move, keep the move date under wraps and never ask a client if they will follow you – even hypothetically. It’s also very important for an advisor to know what information they can and cannot take with them when they leave as they begin to form a communication strategy after the move is complete.
Enter the Transition Specialist.
Vist 3xequity.com for more information and to request your transition offers right now.
Staying Ahead or Falling Behind...It's Your Choice
The world is constantly changing all around us and the financial services industry is no exception. There’s an ever-churning evolution of new technology, new models, and new methods of communication that are continuously popping up to help advisors best serve their clients. And let’s face it, if you don’t keep up with the current trends, you risk finding yourself barely able to stay relevant.
While staying ahead of the curve can be difficult, partnering with the right broker-dealer can be monumental in successfully adapting to the ever-changing industry and keeping your clients happy. After all, your broker-dealer should be providing you with the support and resources you need to stay ahead of the technology curve… and stay one step ahead of the competition.
If you find yourself wishing your broker-dealer was providing you with better technology, superior practice management, or new opportunities for growth — then it’s time to find a new home for your business.
NEXT-GEN CLIENTS ARE COMING, ARE YOU READY?
You’ve put in a lot of time and effort to not only earn your client’s trust and business, but to also keep it. Your client relationships are the backbone of your success. However, as your client base ages, you need to also focus on connecting with the successors of your existing clients and the next generation of investors? Advisors are being warned about how critical it is to have a plan and spend the time and resources to connect with the next generation. In turn, advisors are looking to their broker-dealers for guidance and resources on how to stay relevant with the next generation and capitalize on the current environment.
The shift toward the next generations of clients is coming, make sure you’re ready for it. Visit 3xequity.com today.
Why Advisors Don't Leave These Three Firms
What is it about these 3 firms that keeps advisors locked in and growing without taking a look around for greener pastures?
Learn more and secure multiple offers at 3xEquity.com.
Debunking The Myths Of Moving
Every day advisors are taking their careers to the next level and choosing to make a move and switch firms. Despite the success stories and the sheer number of advisors that have changed firms over the past 5 years, many advisors are demotivated and deterred by the myths of moving. As a result, some elect to stick it out where they are and miss out on an opportunity.
Debunking these myths helps advisors make better-informed decisions and realize their full potential. As the industry’s leading Transitions Specialists, 3xEquity knows the importance of advisors seeing both the big picture and the nuanced details of any deal if they are going to make the right move. It’s our role to help guide you through the entire process and that means clearing the air of all misconceptions and myths that may send you down the wrong path.
So, let’s dive into some of the top reasons keeping advisors from making an advantageous career move — or as we call them, the Top 3 Myths of Moving.
For Successful Advisors, There Are Five Reasons Why You Should Consider The Right Transition Partner
Find the right firm and insulate yourself with a guaranteed deal with nearly zero risk (yes, those exist right now).
As the famous song from the Clash goes, “…should I stay or should I go” asks, we think… you should go.
For Firms That Retain Advisors; It’s Not Just About Culture
What is the secret sauce at Stifel, Dynasty and First Republic that create the kind of brand loyalty that allows big, long tenured advisors to eschew big dollars to simply remain at those firms?
Covid Mandates Annoy Advisors
At different firms across Wall Street there are varying degrees of mandates and penalties for advisors that have chosen not to get the proverbial ‘jab’ for whatever reason. On top of those arbitrary rules, you also have firms forcing advisors to spend certain amounts of time in the office, no matter if it is meaningful to their business and growth.
Take a look at the mixed signals banks have put in front of advisors with regards to COVID-19:
On The Virtues Of Not Settling
Resistance to change is more or less a natural part of life. Change can be a scary thing that people go out of their way to avoid when possible and the fear of the unknown is enough to make people settle for their current situation. But settling for good enough or mediocrity is not what many advisors are looking for, thus a battle ensues between a desire to advance one’s career and our natural tendency to avoid change.
Advisors are especially known for avoiding change when it comes to making a big move to a new broker-dealer. They would rather settle for a situation that is good enough because they don’t want to deal with their fear and anxiety over the unknown as well as all the work they believe is part of making any move. As Jim Collins says, “Good is the enemy of great.” Staying with a firm that is just good enough isn’t going to be a good long-term solution for advisors who want to see growth and achieve their goals. Additionally, with the help of a transition specialist, like 3xEquity, advisors can gain greater visibility into the details of making a big move and streamlining the transition process. This helps to eliminate their concerns and anxiety of the unknown and replace it with conviction and insight on the value of their book of business and the host of broker-dealers that are eager to have them join their ranks.
Should I Stay Or Should I Go?
There comes a time in all advisors’ careers when they question where they are and start thinking about what life might be like if they were to transition to a different firm — and for some advisors, this question may come up more frequently or is one they are currently pondering. Chances are that the chorus of the 1982 song by the Clash, “Should I Stay or Should I Go” might be bopping around in their heads as they weigh the pros and cons of making a move.
Learn more about making a move and secure multiple offers all while remaining 100% anonymous at 3xequity.com.
Setting yourself up for a successful transition
The pandemic has been both a whirlwind and an eye-opener for most. As advisors found themselves working from their own homes, many came to realize that their businesses’ current home is no longer where they want to be. Despite the drastic change in work conditions, the fear of coronavirus, and with so much unknown, advisors are still making the big move. In fact, our 2021 Financial Advisor Transition Survey Report showed that while transitions were down from 2020, they were still marginally higher than other years prior.
If you’re thinking about making a move and finding a new home for your business, it’s important to think through what matters most to you. The first step when looking into a transition is to establish your must-haves. Create a checklist of dealbreakers and dealmakers. What do you need to bring your business to the next level?
Annual Advisor Transition Survey Highlights
Each year our survey of advisors reveals insights into the transition process as advisors who have recently moved to a new firm share their experiences openly and anonymously. In this episode, we share some of the highlights of this year's report, first presented at the Annual AdvisorHub Summit in New York City. Advisors are encouraged to download the entire survey at 3xEquity.com/advisor-transition-survey
FA Quick Tips: The Journey To Independence - Is it worth the cost?
On this podcast we'll explore whether or not going independent is worth the cost to financial advisors.
Learn more at 3xEquity.com
FA Quick Tips: Recruitment Deals: Is The Glass Half Full Or Half Empty
Financial advisors curious about a transition will want to listen to this audio version of our recent blog post regarding the state of recruiting deals.
Ready to secure multiple offers of your own? Visit 3xEquity.com today.
TOP BDs In Conversation (w/Kevin Beard, Chief Growth Officer/Founding Partner at Atria Wealth Solutions)
As part of our Top BDs In Conversation series, 3xEquity's Founder & CEO Jeff Crosby interviews Kevin Beard, Chief Growth Officer and Founding Partner of Atria Wealth Solutions.
Atria recently topped Cerulli's list of fastest-growing organizations and we take a deep dive into this recent success, finding out their value proposition and who is their ideal advisor.
FA Quick Tips: Transitions Aren't What They Used To Be...They're Better!
We’ve all heard of the headaches that are often associated with transitioning to a new broker-dealer — the pains of repapering, the long transition time commitment, the risk of compliance issues arising, and the worst, client attrition. It’s enough to keep you from making the move you’ve always dreamed of or make you seriously consider other options. News flash… that was yesterday, and today, those limitations aren’t holding financial advisors like you back. Bottom line – transitions aren’t what they used to be.
The process of transitioning to a new broker-dealer has been rapidly evolving over the past decade, and it’s being driven by digital. In fact, it’s even changed significantly over the course of the last year. So, it’s time to throw away your preconceived notions on switching broker-dealers, open your eyes to opportunity and get in the game.
FA Quick Tips: Resilience, Resolve, And Realization
Winston Churchill famously said, “Never let a good crisis go to waste,” and while harsh at first glimpse, it really speaks to a victory in the face of adversity. And, that’s exactly what we’ve seen from financial advisors all over the country.
While very few would say that the coronavirus and subsequent shift to working remotely was an ideal situation, it gave many advisors the opportunity to enhance their ability to be a business owner and learn to overcome whatever life throws their way — and through that, many have gained the resolve to take their careers and businesses to the next level.
Listen for more or visit 3xequity.com today to get started.
FA Quick Tips: Thinking About Going Independent? 3 Reasons To Reconsider
The current environment, in which most of us are working from home and many firms are still slow to reopen, has a lot of advisors considering the classic breakaway scenario and going independent. After all, the shift from working in an office to working remotely has many advisors feeling like they’re only one step away from being independent – and that’s the official title.
But with so many considering going independent, it’s time to carefully look at the other side of the story. There can be a lot of hardships associated with going independent. And for some, the cons of being independent far outweigh the pros. The truth of the matter is, going independent isn’t for everyone.
Here are 3 key reasons why going independent may not be for you:Administration: One of the biggest adjustments to going independent is stepping into the administration role. Starting your own business means that you will be responsible for… well, everything...
TOP BDs In Conversation (w/Kimberly Ta, Head of Financial Advisor Growth and Integration)
If the latest headlines in AdvisorHub are proof, Wells Fargo Advisors has punched their way back and are primed for a resurgence. In this episode 3xEquity's Founder & CEO Jeff Crosby interviews Kimberly Ta, Head of Financial Advisor Integration & Growth at Wells Fargo Advisors.
Over a wide range of topics, it becomes clear that Wells Fargo Advisors has cleaned house, put in the work, and stepped up to be there for advisors and clients in ways that address the challenges of the past and opportunities for the future.
For advisors curious about switching to a new broker-dealer, watching this episode will give a clear starting point for discussions with WFA.
TOP BDs In Conversation (w/Bill Williams, EVP at Ameriprise)
Join 3xEquity Founder & CEO Jeff Crosby as he interviews Ameriprise Independent Channel EVP Bill Williams to discuss (and dispel) the most common myths about Ameriprise. Learn more at 3xEquity.com. Secure multiple offers all while remaining 100% anonymous at 3xequity.com/qs
The FA Show, Episode 1: Top News, Cryptocurrency & Recruiting Wire
5-11-21 Featuring Eric Canter, EVP at Fidelity
The FA Show on AdvisorHubTV powered by 3xEquity, the authority on advisor transitions. Weekly news show for financial advisors featuring news, interviews, and insights from industry leaders and influencers. Be sure to subscribe now to receive future episodes. Learn more at 3xEquity.com.
FA Quick Tips: Why A Practice Valuation Matters
We’ve discussed the importance of getting a practice valuation and how crucial it is to the success of your business. Why? Because it paints an accurate, unbiased picture of the state of your business, allowing you to better understand its financial health and what steps are needed to improve its value. In addition, it will help you determine how best to position your business for growth and profit. Bottom line, a valuation gives you information and insight that you need to create a meaningful and achievable plan.
On the move? Practice valuations are valuable in all stages of a business’s lifecycle, but they can be especially important for advisors who are considering switching broker-dealers or have made the decision to switch and are weighing their options.
FA Quick Tips: The Importance Of Anonymity
For advisors, the ability to stay anonymous during the process of finding a new broker-dealer can be crucial. It’s the lack of anonymity that can make switching broker-dealers too much of a risk for advisors to take on and is often what deters them from making a move.
In this quick tip we talk more about the importance of anonymity and how our process for securing multiple offers keeps advisors 100% anonymous and in control of the conversations.
Learn more at 3xequity.com.
FA Quick Tips: The Tech Savvy Future Is Now
It’s no secret that our lives are consumed by technology. We can get just about everything we need, all at the click of a button. How many ounces are in a cup? Just ask Siri or Alexa. What’s the score of the game? There’s an app for that. Looking for a dentist in your area? Just go to Google.
In today’s world, you either digitally transform your business or risk getting left behind. Digital transformation is becoming more and more critical for the survival of firms and their ability to stay competitive. Advisors need to adapt and embrace technology to stay relevant — and to meet the ever-changing and evolving needs and demands of their clients.
Learn more at 3xEquity.com
TOP BDs In Conversation (w/Pat O'Connell, EVP at Ameriprise)
Ameriprise: 10,000 financial advisors growing faster than key competitors – what’s the secret?
Ameriprise is enjoying an unprecedented period of growth and innovation, leading many advisors to put them in the pile of firms to consider as they think about switching to a new broker dealer.
If you've got questions, or would simply like to learn more about what sets them apart, you are encouraged to join 3xEquity Founder & CEO Jeff Crosby as he interviews Ameriprise EVP, Pat O'Connell.
Topics include Ameriprise's evolution, the newly launched Ultimate Advisor Partnership, and the specific factors that have empowered Ameriprise advisors to grow 2.5x faster than peers at key competitors.
Learn more about 3xequity by clicking here.
TOP BDs In Conversation (w/John Pierce, Head of Business Development at Cetera)
Links to the articles referenced in this webinar: How To Build A Strong Culture With A Remote Team https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/12/08/how-to-build-a-strong-culture-with-a-remote-team/ Is Now The Time To Become Independent? Considerations For Financial Professionals Post-Pandemic https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/09/24/is-now-the-time-to-become-independent-considerations-for-financial-professionals-post-pandemic/?sh=7ba6f0525d6e Curious about switching to a new broker dealer? Secure multiple offers all while remaining 100% anonymous. Visit 3xequity.com today.
Top Broker Dealers Webinar | Ameriprise Focus
An edited version of our December 8, 2020 Top BDs webinar focused solely on Ameriprise.
Top Broker Dealers Webinar | Cetera, LPL, and Ameriprise
Live webinar recording from December 8, 2020 featuring executive leaders from 3 top national broker-dealers, including John Pierce, Head of Business Development at Cetera, Manish Dave, Senior Vice President – Business Development at Ameriprise, and Scott Posner, Executive Vice President at LPL Financial.
“For advisors looking to transition, gathering information on multiple BDs can be time-consuming. We created this webinar series to provide access to top leaders and thinkers and, most importantly, to do so while protecting an advisor’s anonymity,” noted 3xEquity’s CEO & Founder Jeff Crosby who will also serves as moderator for the series.