Is Fear Holding Back Advisors From Changing Firms?


Recorded at the BNY Mellon | Pershing INSITE 2022.  Media Center Powered by:

Advisorpedia interviewed Andree Mohr, Chief Implementation Officer of Integrated Partners, at BNY Mellon | Pershing INSITE in June, 2022.

Related: How Advisors Can Thrive as the Industry Evolves

Resources: Integrated Partners | Flyer Financial Technologies 


SPEAKERS: Andree Mohr, Matt Ackermann

Matt Ackermann  00:06

When we talk to breakaway brokers, the number one reason they give that they stay at one firm instead of going to another is that fear that they're going to lose all their clients and the transition. So is that Myth or Reality? We're joined today by Andre more from integrated partners to find out. . .

Hi, Andree

Andree Mohr  00:20

How you doing? Hey, Matt, Great!

Matt Ackermann  00:21

So we hear this all the time, this is a true that when you go from one form to another, none of your clients are going to come with you?

Andree Mohr  00:28

Absolutely not true. Honestly, if a transition is well executed, and the advisors are explaining their why to their clients, they are actually picking up clients and additional referrals through the transition process.

Matt Ackermann  00:40

Well, so what you're saying is, if you do things the right way your clients will follow.

Andree Mohr  00:45

Correct, we look at transitions as actually a huge opportunity for advisors to re-explain their value to their clients talk about how they are constantly looking to add additional benefits and services to their clients. So they're doing this for them. During that process, they're also reevaluating what the clients has for assets, talking to them about all of these new services they can offer. So a lot of times, they're actually picking up referrals from the client, because the client is feeling like, wow, my advisor is putting all this work in to benefit me in the long term.

Matt Ackermann  01:21

So this is a story that comes down to communication, that story, that comes down to really, this is a good time to talk to your clients about what's going on and how you're adding value for that.

Andree Mohr  01:31

Exactly. It's communication is key and a transition. You know, a lot of people really focus on the data. And the data is important. Making sure that you make this process easy for your clients is really important. But communicating to them is honestly sometimes I think, almost more important. So we make sure that we have a really tight communication plan for our advisors who are transitioning to Integrated, that everybody is telling that same story. Consistency is really key when you're making a transition, because that why is so important. And you want the clients to understand that.

Matt Ackermann  02:05

Sure, explaining the why of why you're going from one place to another. Right?

Andree Mohr  02:09

Exactly. And why this benefits the clients because that's what it's all about.

Matt Ackermann  02:13

At the end of day, it's what does this mean to you, to your money to your family to your goals, it's not about us, it's about you.

Andree Mohr  02:19

Exactly. Always bring it back to the client, and understanding the new services that you are offering to the client. Once they know that again, they're probably referring new clients to you.

Matt Ackermann  02:30

So hard numbers, you're Integrated, you're making this transition, what percentage your clients are kind of following along with you?

Andree Mohr  02:36

You know, it depends because we like I said transitions are opportunities, opportunities to maybe re-evaluate your book, and then opportunities when you are communicating with your clients to bring in new but from our perspective, we look at transitioning about 90% of an advisors client base within the first 30 days, because you want to get to them you want to make these process and advisors want to move on right they want to get through this transition process and get back to do what they do best. So we try to move it through the process, you know, pretty quickly and efficiently.

Matt Ackermann  03:07

Move quickly communicate well, good things happen. Andree, thanks so much. Always great chat with you.

Andree Mohr  03:13

You too. Thanks, Matt.

Matt Ackermann  03:14

For Advisorpedia. Matt Ackermann.