TRANSITION TALK

Will My Clients Follow Me?

This is THE question that every advisor asks themselves when entertaining the idea of transitioning to a new firm because it’s the one thing you can’t control. You can spend countless hours demoing technology vendors and shopping various custodians, but if your clients don’t come, none of that matters.

If you listen to the big regional broker-dealers or wirehouses, they will swear you will only take ~30% of your clients. Of course, they have a vested interest in making it sound as daunting as possible. The reality is that the industry average is moving 75% of your book as seen below based on the experience of 1,500 advisors.

Now, if you’re like me, I used to see a chart like this and think to myself, “75% is an average, and with my luck I will be the outlier and only bring 30%”. Anyone else or is that just me? Well for me (because resources like this didn’t exist) it took talking to multiple advisors that had actually changed firms and the more I talked with them, the more I realized I could do this. Turns out these advisors were just like me. They weren’t superstar advisors and some were probably far from it.

Now after having done it myself and also after helping another EJ advisor move a few months ago, I’m here to tell you the 75% is more than achievable and might even be low. Turns out your clients actually like you…and more than that, they don’t want to have to get to know a new advisor or have to have that advisor get to know them.

We left Edward Jones on March 3, 2023 and it was beyond scary signing that resignation letter, but I would do it again in a heartbeat knowing what I know now. It took 5 months to get back to 75% of our previous revenue. On our 1 year anniversary, we were well over 100% of our previous revenue. I only share that because I want you to know that if we can do it, you can do it too.

EXCITING NEWS

Introducing Uptick’s “Transition Guarantee”

If you join Uptick, you will reach 100% of your previous gross revenue. We are so confident in your success, you will receive 100% payout until you do. Your growth comes first.

Why would we do this guarantee when nobody else does? It’s simple. We are 100% confident in your success and believe in aligning our interests with yours. Like we said earlier, odds are you will move 75% of your clients, but we don’t think anyone should have to take a pay cut to go independent. So instead of just telling you how successful you’ll be at moving your book, we decided to put our money where our mouth is.

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