In a Nutshell: Steve and Amy Koenig, a financial advisor coach, are back for a deep dive on an issue every advisor will face at some point which is, how do you transition existing clients to another advisor and do it so the clients stay and there’s no drop in service.

Sometimes there’s a personality mismatch. Sometimes goals aren’t aligned. Sometimes advisors need new challenges.

Or, as was the case for Heritage’s Erin Scannell, sometimes an advisor has to clear the deck so that he can step into a leadership role and drive the vision for the company’s growth.

Whatever the reason, there will be times when your firm needs to move clients from one advisor to another. And, on today’s show, Steve and Amy detail the system they use to ensure a smooth transition and optimal results.

Amy Koenig and I discuss:

  • Reasons why a firm may need to transition clients between advisors.
  • Prioritizing and segmenting clients within a transition plan.
  • Using a “brain dump” session to fill in client details that your CRM system might not capture.
  • How to communicate a consistent transition message throughout the firm and to clients.
  • Why advisors who want to grow into executives need to make themselves “dispensable” while also making the business “indispensable.”
  • Fostering productive client transition discussions between senior and associate advisors.
  • Using a firm-wide client service matrix to manage client relationships.
  • How to “debrief and adjust” so that your advisory team can refine its transition plan.

. Resources Related to This Episode

  • Detailed 9-Page System and Checklist to Move Clients From One Advisor to Another Download this key document which includes the three-step process, a sample script to communicate a lead advisor who is phasing in their retirement, 5 ways to initiate the transition conversation in a natural way, 5 examples of analogies you could use to help clients understand the transition, and 5 possible objections clients might have about you transitioning them to another advisor, along with suggested responses.
  • Creating a Systems-Driven and Operationally Efficient Financial Advisory Firm Amy and I discuss how financial advisors can integrate systems into their practices, from identifying a strategy to some practical nuts-and-bolts checklists and tech solutions that will put that strategy into action.