Mistakes Wealth Management Advisors Make When Moving

Kay Zeeh

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• Publié par: garydavidwilliams
• Publié le: 05 février 2016
• Nombre de lectures: 0
• Langue: English

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Mistakes Wealth Management Advisors Make When Moving

Moving is stressful, but what is more stressful is when the move impacts areas that it should not. This can include a relocation of your home or office, whether it is across town, across the world, or simply to a new company.

This is why, when wealth managers meet with a finance industry recruiter, they will advise you how to make sure the move is as seamless as possible, meaning that clients A. understand what is happening aheadof time B. - are kept abreast with a quick note during the process C. do not get any negative surprises in the process.

This applies to the financial advisor who moves fromone company to another, as well as to a wealth manager who decides to convert his focus to hisown business.

Mistake #1: Announcing a Move Before it is Final

One advisor was all set to move from his current firm - a large bank - into a leadership role at a private equity firm.

He succeeded in all of the interviews, made a great impression, and had just accepted his employment package. Emotionally, he had already left his old company.

When December came he gave appropriate notice to his supervisor and then began to speak freely about the move to clients. It was that week that that firm fell under investigation for securities fraud and later closed down.

It made him look very foolish, and clients couldn't help butquestion his judgment.

Mistake #2: Not Announcing the Move When it is Final

Another person was able to make a very successful move. However, he had failed to communicate the change to his clients. When they received statements the only thing they could conclude was that somethingwas wrong. After all, they always banked withABC,not XYZ.