One of the biggest decisions an advisor can make in any year is to switch firms.Nadzeya_Dzivakova/iStockPhoto / Getty Images
We’re deep enough into the new year – a week past so-called Quitter’s Day, the second Friday in January – for many resolutions to have been buried under the weight of human nature or several feet of snow.
But we know advisors are a different breed who stick to their goals. As Kira Vermond reported this week, some advisors are treating the new year as a reset, while others are doubling down on what’s already working. That could be zeroing in even more on a lucrative niche, hastening tech upgrades, or shifting more clients to a junior advisor to sharpen your focus.
One of the biggest changes an advisor can undertake in any year is switching firms. There are many reasons for doing so. Advisors may be unhappy with their firm’s pay grid or tech stack, or maybe they’re frustrated about a limited product shelf or restrictions on marketing efforts.
With so many advisors set to retire in the coming decade, some younger advisors may see better opportunities to grow with firms that offer help with succession planning and matching sellers of books with buyers.
And, of course, some advisors just reach a point in their careers at which they want to be their own boss and finally feel confident setting out on their own. Joe Millott wrote this week that Canada still has a long way to go before the independent advisor space can rival the thriving U.S. registered investment advisor landscape, but it may be getting easier for advisors in Canada to start their own fiduciary portfolio management firms.
Last year saw major consolidation in the wealth management industry. Not all advisors will be happy in their new homes. An aging workforce further contributes to an industry in flux.
Whatever your reason for switching firms, we want to hear about it. Globe Advisor is launching a new series called On the Move, a roundup of hires, departures and promotions across the industry.
Moved your book to the dealer across the street? Tell us about it. Finally won over that high-net-worth advisor your firm had been courting for months? Give us a call. Change in senior leadership? Send us the release. Stormed out of the corporate office you worked in for 20 years to start your own shop? We want every detail.
Send your information to Globe Advisor contributor Brenda Bouw at: bbouw@globeandmail.com and put On the Move in the subject line. We look forward to hearing about your next chapter.
- Mark Burgess, Globe Advisor assistant editor
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Worse than expected: Canada’s investment industry regulator says a data breach it disclosed last summer was far more extensive than originally believed, with hackers accessing personal information and account statements of 750,000 investors.
On secondaries thought: Power Corp. of Canada’s Portage Ventures is sticking with fintech as it takes over management of Point72 Ventures’ fintech portfolio, with stakes in 40 private, relatively mature companies.
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