Intro
Corey: Hey everyone, Corey Whan, managing partner Bridgemark Strategies firm that’s helped thousands of financial adviserss objectively explore the broker dealer in Raia marketplace and help them find the firm with the right combination of feel, fit, and financials for them in their business.
How Quickly the Industry Is Changing
Corey: I just wanted to do a quick video talking about how quickly this industry is changing. I spoke with a financial adviser the other day that I haven’t spoken to in almost 5 years.
Reconnecting With an Adviser After 5 Years
Corey: And a while ago, we explored a bunch of different firms together and just decided that the leap was a little too great. You know, the legal risk was a little too much for the adviser at the time. The SMA pricing that he had at his firm versus some of the other firms in the industry was really prohibitive and a little bit more expensive. The economic offers weren’t quite large enough to reward the adviser for the large amount of risk that he felt like he was taking at the time. and the adviser just thought that the lift was a little too great to build an independent office all by himself.
A Quick 20-Minute Update Conversation
Corey: and we reconnected the other day and he was really hesitant to talk. He just didn’t want to. He said, “Corey, I don’t really just don’t want to go through the same process again.” And I just said, “Hey, we don’t have to do that. Let’s just have a quick 20-minute conversation updating you in terms of what’s changed and what you might want to know about.”
What Changed Since Five Years Ago
Corey: And in short, he learned really quickly that all the reasons that he said no to making a move five years ago have really all been solved for.
Four Reasons That Were Solved For
Corey: Number one, hundreds of people have left his firm with little or no legal repercussions, and now there’s firms out there that cover a financial advisor legally in a transition from his firm.
Corey: The second one, SMA pricing was much cheaper at all the firms that he was considering previously, even cheaper than the firm that he’s at right now.
Corey: Number three, upfront economic offers have increased by over 300% since the last time that we had a conversation as well, which this adviser was really, really excited about.
Corey: And number four, entrepreneurial financial adviserss that went through the same move that this adviser was considering have now just built models around making it as easy as possible for an adviser to launch a practice with minimal stress, thought, and time investment.
Mind Blown + Exponential Change
Corey: In short, in that really short 20 minute conversation, his mind was blown on how much things have changed.
Corey: This industry is exponentially changing every single year. I work with a team of 15 consultants. We’re constantly in communication with each other about what we’re seeing out there in the marketplace and we almost learn about a new opportunity every single week or so.
Call to Action
Corey: If you haven’t looked in a couple years, please make sure that you do. I promise you things have changed so much since the last time that you picked up your head.
Corey: Just make sure you have a conversation with somebody that’s constantly exploring the industry every single day to make sure that you’re not missing out on your idea of utopia that potentially wasn’t there last time that you explored.
Wrap-up
Corey: I really hope that this helped. If you have any questions at all, I’d love to have a conversation. My contact info is all over my YouTube page, my podcast, and my website, coreywellin.com.
Corey: Thank you so much, and I hope you have a great day. Heat. Hey, Heat.
