4 Tips to Help You Transition to Your Next Firm

woman reading binder

A business transition isn’t always easy, but the right change can make a big difference for you and your clients without disrupting your output. The Bureau of Labor Statistics estimates there are roughly 275,200 personal financial advisors alone in the United States—and that number is only growing. If you can hone in on your own, unique niche with a company that gives you the flexibility and resources to do so, the more opportunity you may have to stand out above the rest.


For those who are new to making the switch to a new broker-dealer, here are a couple pointers to help you make the right decision:

1. Start Asking the Right Questions

Before you think about partnering with any organization, consider what kind of financial professional you want to be. Do you want to work primarily in investments or are you interested in becoming a financial broker? Are you actively searching for increased mentorship from industry experts? Or do you simply hope to change your day-to-day routine? There is a lot of flexibility within the financial industry, and you don’t have to stay in just one role. Depending on your skillset and goals, you can play a part in the planning, advising, or development of investments for your clients.


The more in-tune you are with what you’re hoping to achieve, the better you’ll be able to assess if a firm is the right fit. Other questions you might ask yourself include:


  • Do you prefer a corporate or casual environment?
  • Do you prefer working in a team or solo?
  • What is your geographical preference?
  • Which kind of clients are you interested in serving?
  • Which services would you like to perform or provide?
  • What type of work do you expect to do in the firm?
  • Who can I speak to in my network about this firm?
  • What kind of transition support will I need?
  • Am I financially ready to make this change?


The answers to these questions will help you analyze the kind of firm you want to join, along with a tentative timeline and outline for the work that you would like to do.

2. Do Your Background Research

Just as a firm may ask for information on your personal background, you are entitled (and should) to do the same when it comes to their organization. Some areas of focus for your research could include:


  • Growth rate: If you’re planning to scale your business, you’ll want to work with collaborators who have the same ambitious vision. Consider looking into the growth rate of the firm you’re investigating. A minimum growth rate often depends on the stage of a company, but it’s good to start by looking for roughly 15 percent – 45 percent year-over-year improvement.
  • Business logistics: When we get caught up in high-level goals, it’s easy to forget about the daily processes that have an impact on how we operate. Speak to a representative for the firm about their revenue models, payment methods, tech resourcing or administrative support. All of these things can become important factors when making your final decision.
  • Company culture: Whether you meet IRL or connect over LinkedIn, it’s a good idea to chat with some of the current financial representatives for the firm you’re interested in. They’ll help you to sort out some of the more nuanced details, like if you’re a right fit for the company’s culture (and vice versa).

3. Determine your Preferred Working Model

At Concorde, we support and encourage a working hybrid model. This allows our financial professionals the flexibility they need to help meet the specific (and sometimes complex) needs of their clients. When selecting your preferred firm, intentionally seek out organizations that give you the opportunity to excel in a specific area or move between opportunities.


For example, our representatives have the flexibility to shift between our three divisions: asset management, investment services, and insurance agencies. However, some may be some representatives that are only interested in one or two divisions—and that’s totally okay. Your next firm should operate as your strategic partner; if both parties own the opportunity, you will both want to grow your business.

4. Create Your Transition Checklist

Before you make the final move, it’s wise to gather all your to-do items into one comprehensive checklist. Our official Concorde Transitions e-book outlines the following items:


    • Establish a realistic transition timeline
    • Review your representative agreement for all legal and compliance issues
  • Complete all your registration paperwork
  • Build out a list of your accounts to ensure they are successfully transitioned
  • Submit all current marketing material for compliance review
  • Double-check that all documentation is in place for your new broker-dealer to reimburse transition-related expenses, if applicable

Your Next Big Move

Accomplishing anything takes time. With experience and learning, you have the potential to find better opportunities and exposure to help you perform well in the financial sector. If you are thinking about transitioning to a new firm or simply looking to start your journey, you can use our tips to help guide your approach. If you’re interested in learning more about the Concorde organization and how we support our financial representatives, don’t hesitate to reach out to our team.


This is for informational purposes only. Securities offered through Concorde Investment Services, LLC, member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC, an SEC-registered investment advisor. Insurance offered through Concorde Insurance Agency, Inc.