After 40 Years, an Advisor Finds a Firm That’s a Great Fit
Many advisors reach a point in their careers when they believe they’re too old to make a move. Especially when you’ve worked at a firm for many years and have gotten comfortable, the momentum can be difficult to overcome. However, it’s never too late to rule out a career transition, as the benefits of making a move can be significant.
Recently, Michael King interviewed a long-time client he had helped transition to a new firm late in his career. Following is what “David” had to say. (Due to the confidential nature of this conversation, the advisor’s name has been changed.)
Michael: Hello, my friend! It’s been a while since we’ve touched base. How are things at the new firm?
David: Things are going well, Michael! I’m all settled into my office here in New York and all is well.
Michael: Great to hear! Will you please give our readers some information about your experience as a financial advisor and why you decided to make a move late in your career?
David: As you know, Michael, I’ve been in this business for a long time. I started as a financial advisor back in 1981, but I discovered my love of investing when I was just 10 years old and purchased my first stock. I guess you can say I’ve been hooked ever since.
If you remember, you helped me make my first career move back in 1983. After I had completed my training program and worked for a couple of years at my first firm, you found me a great position at a well-known investment bank.
Michael: Of course, I remember. Your business really took off in the years you were there. As I recall, your compensation grew exponentially.
David: It did. It was a great place to cut my teeth, so to speak.
Michael: What came next in your career?
David: After a few years, I was offered a position at one of the best private banks in the world. The job was to establish a New York office, and on paper, the offer was fantastic. I decided to take the position without first talking to you, Michael. Big mistake! Soon after I got there, I realized it was a horrible fit. The promises the hiring manager had made didn’t pan out, and I was miserable.
Once I realized my mistake, I reached out to you and you found me a great position in the private client services department of one of the nation’s largest banks, which I thrived in for 14 years. After that experience, my wife made me promise that I would never again make a career move without first talking to you. I learned my lesson for sure!
Michael: That’s right. I remember how upset your wife was that you didn’t talk to me about that move. Fortunately, you found a great fit at the bank, built great relationships and were supported by all the resources you needed to help your clients succeed. What made you consider a move after 14 years there?
David: Over time, the private client services department became a smaller contributor to the bank’s bottom line. That meant we weren’t a priority when compared to other divisions. This became a challenge for me in providing my high-net-worth clients with the level of service and support they deserved.
Michael: That’s about the time your friend and former mentor reached out to me, correct?
David: Yes. He had left the bank a few months prior to run the wealth management division at another firm, and he wanted to bring me along. However, due to a non-complete he had signed, he couldn’t contact me directly. So, he did smartest possible thing and reached out to you.
Michael: That’s right. We worked to negotiate a great compensation package, and you’ve been there for about three months now. How’s it going?
David: It’s fantastic! Better than I could have hoped. I’m in a position where I can contribute significantly to the firm’s bottom line, which means I can support my clients with virtually unlimited resources. My clients are thriving, and so am I. You negotiated an amazing deal, and I could not be happier. As much as I hate to admit it, my wife was correct in insisting that I not make a move before consulting with you.
Michael: Well, I for one think that’s great advice! What other advice would you give an advisor who is considering making a move.
David: Firm culture is so important. I’ve learned that in the middle of negotiations, it can be difficult to asses whether or not a firm is a good fit. Michael, aside from the compensation piece, I think the biggest value you bring to the table is your experience and understanding of each firm’s culture and approach. You’ve always been able to guide me toward firms that share my goals and are supportive of my unique approach to serving clients. That’s a really important piece of the puzzle that I would not trust anyone but you to handle.
Michael: I’m thrilled to hear you say that. I agree that a cultural fit is one of the most important considerations, and I’m glad I’ve been able to find that for you a few times throughout your career. Thank you for taking the time to speak with me today. I’m so happy things are going well at your new firm.
David: Always glad to help out a friend, Michael. Let’s get together soon!
At Michael King Associates, we have decades of experience helping advisors navigate the various challenges of moving firms. Before you make a move, contact us for guidance. We can help you evaluate all your options and maximize your deal. That’s why we call ourselves the “MATCHMAKERS.”
For more information about how we can help you negotiate the best possible transition package, please contact Michael directly at michael@michaelking.com, call the office at 212-687-5490 or call or text
Michael’s cell at 917-747-4805. Remember, whatever we discuss is TOTALLY CONFIDENTIAL. Also be aware that the firms pay our fees, you pay NOTHING!! Our firm has been around for a long time because we keep our word. At Michael King Associates, we specialize in helping advisors find their ideal place and achieve their best career path. We are your go-to “MATCHMAKERS!”