What Keeps Advisors From Making Big Moves in their Career?


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

Advisorpedia interviewed Robert Sandrew, Chief Growth Officer of Integrated Partners, at BNY Mellon | Pershing INSITE in June, 2022.

Related: Is Fear Holding Back Advisors From Changing Firms?

Resources: Integrated Partners | Flyer Financial Technologies 


SPEAKERS: Rob Sandrew, Matt Ackermann

Matt Ackermann  00:05

What locks advisors in place? What keeps them from making the big moves in their career? Joined today by Rob Sandrew, the chief growth officer at Integrated Partners discuss, Hey, Rob, how you doing?

Rob Sandrew  00:16

Hey, Matt, thanks for having me.

Matt Ackermann  00:17

Absolutely. . .

So I know there's a lot of things happening right now in the marketplace. What are the things that kind of lock it advisor from making big moves in their career?

Rob Sandrew  00:26

Well, I think it's, it's just normal human nature. People don't like change, right. So there's a lot of that in terms of, you know, getting them comfortable with the move, but it's also, you know, the fear of the unknown. There's a little bit if you're familiar with the term Stockholm Syndrome, there's a little bit of that going on, where, you know, they it's like the devil, you know, versus the devil, you don't know. So I think it's, it's one in which, you know, it's a big move, it's, you're taking your life's work from one place to the next, and you want to make sure that you're not, you know, making a mistake, you know, ideally, what I hear quite a bit is, I want this move to be my last move. With that being said, and the fact that the, you know, the advisor, and the team has typically, you know, built this business from the ground up for years. It could be paralyzing. So, in my opinion, really, what you need to do, you know, someone in my position is the education component. Really have them understand and, and get to a point where they can, they can really visualize what exactly it looks like, from their existing firm, not only what it looks like when they get to our firm or another firm, but also how they get there, right, and that you ultimately want to have them envision sitting within that organization, and how they're going to support clients, how they're going to work with clients, how they're going to work with a firm. But again, it's one in which you've got to build that pathway and have them really understand what that path looks like.

Matt Ackermann  01:47

So with all that in mind, as you guys ease them through this process, show them how seamless it is, with their mind, fearing that change and fearing what happens next. What's the biggest questions that you get asked, as they kind of go through this? What are the questions that they want to know, to put them at ease here?

Rob Sandrew 02:03

I think it's, you know, the the philosophy around the organization, how do we, you know, our ethos, our ethics, our, you know, the moral compass of the organization. But it's also, you know, how do we approach clients, like, for example, Integrated is very focused on a planning approach, you know, really everything emanates from a planning approach, that doesn't necessarily align with someone who may be very focused from an investment standpoint, right, where they start with the investment piece. So they want to first and foremost, make sure they're aligning with the with the proper firm, you know, there's a couple different levels, again, like ethics, morals, and then, more tactic wise or philosophically, in terms of how we approach the world, you know, how do we work with clients? What are processes in terms of working with clients. Really getting a handle on it? And the biggest question I'm getting, which is, you know, very apropos with what's been happening over the last couple of years is, what's the long term vision of the organization? Do we ultimately want to bring in a partner? What does that partner look like? Are you looking to sell the organization? Very, very valid questions, quite frankly, if someone is not asking me those questions, I look at that as a big flag.

Matt Ackermann  03:14

Now, they have all these questions in mind. And they've got a lot of options in mind in the marketplace, as they kind of go through this process. How do you help them see their avenues for growth and continuing to take that next step of their business too?

Rob Sandrew 03:28

Yeah, that's a good question. I think, well, my job is, is not only to have them understand how their business fits within our organization, potentially, but it's also to help them really understand the marketplace, I pride myself on my, my understanding and ability to articulate the various channels, the various firms out there, and help them again, it's about the education component, really paint a picture for what you know, they want. I think a lot of it is like, for me, when I'm making a big decision, I know what I don't want. I might not know necessarily what I want, but I know what I don't want. So let's start there. And then let's build off of that foundation. Right? So I just think it's one of those where with Integrated is very much one of the key levers is growth. And if the advisors really not interested in growing their practice over, say, a five year 10 year timeframe, and they're more in a lifestyle practice scenario, we're probably not the right firm for them. But the fact that they now begin to understand, okay, I want to do this for the next five years. I'm very satisfied with my client base with my compensation that helps them in terms of narrowing the field in terms of the partners that they can play with.

Matt Ackermann  04:41

It's an incredible growth story. Always great to talk to you Rob. Thanks so much for making time for us.

Rob Sandrew 04:45

Thanks for having me.

Matt Ackermann  04:46

For Advisorpedia, Matt Ackermann.