Regulatory changes, new technology, a more dynamic stock market – you face new challenges every day. For many advisors, these challenges are inspiring them to consider transitioning their practice. The goal: Find a firm that’s better equipped to help them manage change and develop their ideal practice.
For advisors considering a move, it’s important to understand what’s vital for a successful transition.
"To be effective, a practice transition should be a collaboration," says Gregory Carr, Senior Vice President of Capital Markets Trading at Ameriprise. "You want to see signs that the firm is committed to working closely with advisors during this time and to streamlining the process as much as possible."
Here are five essential components to a successful transition:
1. Dedicated transition team.
Transitioning isn’t easy, no matter how big or small your practice. Anyone who guarantees a seamless move isn’t presenting the whole story. There will always be important considerations, and you don’t have to tackle the transition alone. Look for a firm that’s prepared to guide you through key steps. They should do a lot more for you than hand you a stack of paperwork and a checklist.
"At Ameriprise, we have a team of professionals whose sole job is to help meet the needs of transitioning advisors," says Carr. "That's because we know that when we serve advisors, we’re also serving their clients. We deliver this through our proprietary OnboardPro system, which lets advisors define each client’s transition experience."
Ask how many people will be available to assist with your transition and what role each person will fulfill. If possible, meet with a few people on the transition team to get a sense of their experience and backgrounds.
2. Digital tools and resources.
In today’s world, smart automation and robust digital capabilities are the rule, not the exception. This is especially true in practice transitions, where digital tools are invaluable for completing tasks, managing deadlines, tracking the progress of client transfers and more. Ask your potential firm how much of your transition will be automated or conducted online. If the firm offers digital resources, request a demonstration of their capabilities. Make sure to ask about ongoing support as well.
3. Support for the transition and beyond.
Transitioning your business to a larger firm might sound complex. It certainly is a multistage process. A firm that provides high-quality support will assist advisors before, during and after the move. Supportive firms should also have a clear, documented approach they can share. Ask about available opportunities and resources to help grow your practice in the future.
4. A client-focused outlook.
You’ve been successful because you know how to put clients first. So you’ll want to ensure your new firm matches your passion for service. Ask to review the firm’s satisfaction ratings and talk to current advisors about how the company treats clients.
“One of the reasons I joined Ameriprise was because of how much they care about clients and advisors,” says Carr. “That culture of caring is embedded in everything we do.”
When you join a firm that puts its clients first, you can feel better knowing that your clients will be in good hands.
5. Broad experience.
Like you, your practice is unique. Your clients and the product mix that makes up your total assets under management require their own special review and consideration. Many things can impact your transition, so it’s important to work with a firm that knows how to onboard your type of practice. A firm with varied and deep transition experience can help you anticipate issues, address your concerns and proactively resolve them. Even if you’ve transitioned your practice before, it’s wise to tap into a firm that recruits and transitions hundreds of advisors every year.
The more robust the support you receive, the faster you can complete your transition and get back to doing what’s important – providing your clients with exemplary service.
To learn more about how Ameriprise can help you transition – and transform – your practice, visit
Ameriprise Financial Services, Inc., is an Equal Opportunity Employer.
Ameriprise Financial Services, Inc., Member FINRA and SIPC
© 2019 Ameriprise Financial, Inc. All rights reserved.
To learn more about how Ameriprise can help you transition – and transform – your practice, visit
Ameriprise Financial Services, Inc., is an Equal Opportunity Employer.
Ameriprise Financial Services, Inc., Member FINRA and SIPC
© 2019 Ameriprise Financial, Inc. All rights reserved.
