John Zanner was one step away from freedom. John dreamed of running his own practice. He would be free to do what he did best, and free to do what was best for his clients.
So, John established his own RIA. He found the right technology to save time and create a great client experience. He partnered with an investment platform that combined flexibility with institutional strength to more effectively manage his portfolios, and an integrated flexible custodian.
One step remained: transferring all his client accounts without error and without losing even one client. Could this be done?
Many financial advisors who liberate themselves for the greener pastures of independence learn how delicate the client transition process could be. Some clients are thrilled to join you on the journey. Some clients may be unsettled by the change. John wanted all his clients to benefit as he created a new practice dedicated to client outcomes.
For John, having clients come along was imperative, marking the start of a new era for his business. Successfully transitioning clients required their consent and signatures. An advisor needs a defined and structured approach to do this right. Otherwise, mistakes may happen, frustrating clients and potentially jeopardizing relationships built over the years.
The complexity of transitioning clients is one reason many investment advisors turn to turnkey asset management platforms (TAMPs) to help do some of the heavy lifting. Helping with operations, investing and compliance, experienced TAMPs are good partners in the transition process. But which TAMP?
After conducting weeks of due diligence, John reached out to a colleague who recommended partnering with Freedom Advisors. His colleague relayed that Freedom Advisors had a reputation for extraordinary support to advisors and their clients.
“We are an extension of the advisor’s office, taking the administrative burden off the advisor.”
- Freedom Advisors Service Assistant
Across several days, John spoke with our operational support team, exploring our platform, investment solutions, and service capabilities. After selecting us as his TAMP partner, John told us the tipping point in his decision was his confidence in our ability to execute his clients' transition and minimize any frustrations.
Following our detailed multi-step transition program, John notified his prior firm of his departure. We assigned a dedicated transition and ongoing support team to work with John and his clients throughout the process. We created a transition tracker we used to identify tasks for every client, assisting John as he contacted each client and explained the process and what they should expect. This included compiling required forms and, whenever possible, completing them to expeditiously execute documents, often with just an electronic signature.
“The advisor provides the guidance…we process the work.”
- Freedom Advisors Service Manager
We reached out directly to the team at John's prior firm to make sure that all records were forwarded promptly. We tracked every action and marked each task when completed so that nothing was omitted.
Ultimately, we accomplished what John cited as his greatest priority – a smooth transfer of his clients' accounts – and we did it without a single NIGO (not-in-good-order) account.
If you're considering working with a TAMP for your independent advisory practice, and support is essential to you, give us a call and see what a difference it can make to work with a partner that is an extension of your office.
Discover a firm where everybody knows your name. Schedule a consultation today to learn more.
*Each advisor's transition will vary.