When is the best time to switch firms?

Greetings!

Is there a best time for advisors to join rival firms or to go independent? Is it better to move during bull markets than bear markets?

Is there a preferred day of the week or time of day?

Learn how to think about when might be the best time to make a move in my most recent article for Financial Planning.

Let me know your thoughts.

Sincerely,

Mark

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Advisor Deals Climb to Stratospheric Levels

Everybody's going full throttle into the experienced advisor recruiting game. That includes UBS and Morgan Stanley, which had exited the Broker Recruiting Protocol. It also includes Merrill Lynch, which has been solely hiring newbies and up-and-comers for the past few years.

Bear markets don’t last forever, and firms are hungry to grow their salesforces. Hiring top line revenue generators is one way to make an immediate impact.

The opportunity set for successful advisors has expanded dramatically, with more compelling options than ever before.

High End Boutiques: Deals can range from 150% to 200% upfront with packages in excess of 300%.

Wirehouses: Upfront money can range from 150% to 180% with total recruiting packages exceeding 300%.

Regional Firms: Upfront money can go up to 170% with packages over 300%.

Independent Broker Dealers: Upfront can range from 20% to 25% up to 100%. One major player pays in excess of 50 basis points on AUM.

RIAs: Upfront can be up to 50% to more than 100% upfront at Turnkey RIA’s. Equity participation is available. Newly minted independent RIAs can qualify for client benefit dollars.

Ask Mark

Q: Why are so many RIA firms opting to become multi-custodial shops?

What’s the attraction here?

A: Many advisors feel access to more than one custodian gives them more freedom to choose best-in-class resources for their clients.

They say this enhances their ability to take a fiduciary mindset with clients since they are not limited to any one platform.

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Did you know....

..there's a good strategy out there to help clients get comfortable with ongoing market volatility? Morgan Housel, author of The Psychology of Money, has a solid solution. Find out what it is here.

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