Advisor Perspectives – An Interview with Recently Transitioned Advisors

How Michael King Associates Can Help You Take the Next Step in Your Career

If you’re considering making a professional move to another firm, the options can be overwhelming. Where do you even begin? Of course, we believe the best first step is to partner with a qualified professional who can make introductions, negotiate the best deal and help ensure the right fit. But don’t take out word for it…

Recently, Michael King touched based with two advisors he had helped transition to a new firm to learn how things are going. Here’s what “James” and “Carl” had to say. (Due to the confidential nature of this conversation, the advisors’ names have been changed.)

Michael: James and Carl, it’s great to speak with you again. How are things going at your new firm?

James: Things are great, Michael! We found a great fit and have been able to significantly grow our business since making the move.

Michael: I’m so glad to hear things are going well. For the sake of this blog post, can you tell us a about why you wanted to make a move?

James: Of course! We have a bit of a unique niche within the advisory world in that we identify and source early-stage medical technology and pharmaceutical companies and fund them through a network of high-net-worth investors. We wanted more independence and a bigger challenge than what we had at our previous firm. It was very important that we continue to have opportunities to bring in our own deal flow, while also having access to additional deal flow through the firm. We needed to find the right combination of independence and support, which was a difficult balancing act to achieve. We just didn’t know where to start.

Michael: And how did working with us help you find that starting point?

Carl: I think it was your connections that really got the ball rolling. Even though we’re not your typical fee-based financial advisors, you were able to reach out to your vast network to identify several firms that would have been good partners for us. It was incredibly important to us to have options instead of signing on with the first firm that came along, and that’s exactly what you provided.

Michael: Yes, I’m so glad we were able to identify a few different firms to negotiate with. What was the deciding factor that made you choose your current firm?

James: Ultimately, it was the people. Wethink you found us a really good fit personality wise. We wanted a reliable team to support our efforts while allowing us to do what we do best, and we found that fit at our new firm.

Michael: Tell us a little about the negotiation process. Do you feel like you got the best possible deal?

James: Absolutely! In fact, at one point, Carl and I were both happy with where we were in the negotiations, and you were actually able to enhance the deal even more. We were not aware that an accelerated payout in the first six months was even an option until you brought it to the table.We were extremely well compensated for the business we transitioned with us, thanks to you negotiating that benefit. We also received a transition bonus, which is not something we would have thought to ask for. You definitely helped us get a better deal, Michael!

Michael: That’s my job, James! I’m glad it worked out. What other challenges did you face in your search for a new firm?

Carl: Probably the biggest challenge was COVID. Most people were still working from home, so it was impossible to meet face to face. Although James is in New York, I’m located in Florida, so I’m already a bit disconnected from Wall Street, but COVID made it even more difficult to know what was going on. If it weren’t for your connections and the pulse you maintain on what’s happening in the industry, we wouldn’t have known where to start.

Michael: COVID was challenging for all of us, that’s for sure! What advice would you give to another advisor who is considering a move?

James: Hire a recruiter… hire Michael King! Seriously, though. It was immensely helpful. We started the process on our own and we were all over the place. We talked to several firms, but it just never felt right. When we finally wised up and contactedyou, Michael, you were able to immediately narrow down our search and find us great firms that shared our vision and goals. I really wish we had called you the moment we decided to start our search, rather than wasting our time trying to do it on our own.

Carl: Another piece of advice I learned from you is to NEVER say yes to any deal until you’ve talked to your recruiter. As James mentioned earlier, we thought we had a great deal with our current firm, but you were able to make it even better. We’re so glad we relied on you to handle the negotiation because we just didn’t know what we didn’t know.

Michael: One thing I would add to that is the importance of getting it in writing. Never agree to a deal verbally because it just won’t hold up down the road.

James: Yes, for sure! You taught us that as well, and as a result, we have everything in writing in case we ever have a disagreement.

Michael: That’s so important! James and Carl, thank you both for sitting down with me today. I’m so glad your transition has gone well and that you’re happy at your new firm.

Carl: Thank you, Michael. You know we’rehappy to be references for you if you ever need it!

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 me directly at michael@michaelking.com, call the office at 212-687-5490 or call or text me on my 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!”

Enjoy this article? Get future industry updates and guidance in your email box. Don't worry, we don't email a lot and only when we have something relevant to say. Of course, we don't share your email with anyone else.

* indicates required

© Copyright 2022 Financial Wellness Institute, All Rights Reserved.

Designed & Developed by Altastreet.