The Financial Advisor's
"Three Pronged"
Transfer Approach:

A Guide to Getting-Up-and-Running Quickly After Switching Firms

The purpose of this approach is to: increase the likelihood that your clients will transfer to your new firm, and to increase your confidence quickly.

The approach allows you to be more pro-active by focusing on selling as much as on account transfer.

As soon as you arrive at your new firm, start calling clients. Give them some explicit reasons for changing firms. Ask the client to transfer their account so that you may continue to work with them.

Do not stop there! Perform the following three pro-active steps:

PRONG ONE: Introduce your clients to one of your new firm's fresh investment ideas. This will accomplish many things: a)You will make fresh sales calls instead of just chasing "broker-to-broker" forms; b) You will generate new commissions should clients purchase the investments; c)You will bring in new assets. Clients will probably have to purchase the investment idea with 'new' money because their accounts have not transferred yet; d) The new purchase will dramatically increase the likelihood that your client will sign the transfer papers.

PRONG TWO: Ask your clients if they have any other brokerage accounts. Point out the benefits of consolidating all accounts at your new firm. You will send additional "broker-to-broker" forms.

PRONG THREE: Ask your client for a referral.

If you do the above from day one, you will generate production, new assets and referrals. The alternative is to wait until accounts transfer-in physically. The alternative is more difficult. You might find that your business becomes slightly "flat" from the lack of sales calls. Chasing "broker-to-brokers" forms and waiting for account transfers can be frustrating. Try to the very best of your ability to alleviate the difficult transition period by following the above "Three-Prong" pro-active steps.

If 1 out of 10 clients gives a new trade--another 1 out of 10 transfers-in an account held at another firm AND 1 out of 10 transfers in a referral...You will not lose your momentum.

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