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Don’t Let Your Friends Choose Your Future Firm

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A mistake that I see too often is friends following friends to a new firm without properly performing their own individualized due diligence. This isn't a decision you want to take lightly. <br /><br />#FATransition #CoreyWalen #financialadvisor<br /><br />----<br />► Useful? <br /><br />Subscribe: https://www.youtube.com/channel/UC2-A82CiACaopNFmDA87uhQ<br /><br />----<br />Contact & connect with me:<br />Text: (908) 902 4903<br />Meet: https://calendly.com/coreywalen<br />LinkedIn: https://www.linkedin.com/in/corey-walen-22a76325/<br /><br />Thanks for watching!

Don't Let Your Friends Choose Your Future Firm

Firm Transitions Podcast With Corey Walen 474 views May 22, 2022 1:51 pm

In this video, Corey shares a common mistake advisors make when exploring a move: blindly following a friend to a broker-dealer or RIA.

A friend’s experience can be helpful—but due diligence is highly individualized. What’s a great fit for them may not match your clients, business model, or priorities. And unlike a bad restaurant recommendation, this decision impacts a multi-million dollar practice you’ve built over decades.

Do enough research to form your own opinion before relying on someone else’s.

#advisor_captive #topic_transition_due_diligence #content_full

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► Useful?

Subscribe: / @coreywalen

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Contact & connect with me:
Text: (908) 902 4903
Meet: https://calendly.com/coreywalen
LinkedIn: / corey-walen-22a76325

Thanks for watching!

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Intro

Corey: hey everyone corey whalen here managing director of bridge march strategies a firm that’s helped over a thousand financial advisors objectively explore the broker-dealer and ria marketplace and help them find the firm that has the best combination of feel fit and financials for them in their business

Dont blindly follow a friend

Corey: another mistake i wanted to share that i see a lot of financial advisors make is blindly following a friend over to a broker-dealer maybe they have a really close friend they really respect their opinion and their friend over at the new firm is telling them how wonderful things are and the financial advisor doing due diligence feels he can save number one a lot of time and have a lot more comfort in his decision knowing that someone he’s close to is over at that firm and i can tell you i’ve seen that turn into a mistake a lot of times

Dont take advice from friends

Corey: think about how many times a friend’s told you in the past you have to go see this great movie or you have to go try this new amazing restaurant that i just tried and you wind up going and it winds up turning out not what you expected when you take friends advice on something like that maybe you’re throwing a hundred dollars out of the window or two hundred dollars out of the window but your practice is worth a whole lot more than that it’s potentially a multi-million dollar asset you’ve been growing this business for one decade two decades maybe even three or four and you need to make sure that

Conclusion

Corey: you get this decision right from my experience the broker dealer due diligence process is highly individualized every financial advisor has different hot buttons things they want to avoid things they want in a new firm starting to develop some of your own opinions with the broker dealers and rias that you’re looking at makes a lot of sense before you start to go out and ask your friend’s opinion i really hope this helped and let me know if you have any questions i’d be glad to answer them

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