March Madness, Financial Advisors and Independent Broker-Dealers

 With March Madness ending this week and the semifinals and finals coming up this weekend, college basketball’s biggest prize will be awarded soon. I’m a big basketball fan, so a recent WealthManagement.com article by Robert Sofia, “Four Lessons Advisors Can Learn From March Madness”  definitely caught my eye.

Sofia says the strategies employed by effective sports franchises can help advisors who want to run a better practice. I believe these four strategies also are key for financial advisors looking to change independent broker-dealers or go independent for the first time.  So here are the four lessons as they apply to changing to an independent broker-dealer:

 1.  Have a Game Plan

As you think about moving your broker-dealer advisory relationship, consider your current level of satisfaction in your present arrangement and the additional support you would like to receive from an independent broker-dealer. Make sure the broker-dealer you are considering develops a comprehensive, customized transition plan tailored to your needs.

 2. Assemble the Right Team and Get Out of Their Way

Choose a broker-dealer that believes in independent thinking; has leaders who have been independent advisors in the past and really understand you; and offers access to senior leadership at any time. They will provide transition support to make your move seamless, without missing a beat for you or your clients.

3. Pay Attention to Details

Will the independent broker-dealer you are considering give you flexibility in the business model you choose, including use of the firm’s name or a DBA?  Be sure to consider all the right questions as you evaluate changing broker-dealers using our TransitionCheck™ Decision Guide.

 4. Make Your Timeouts Productive

It’s not just about the game, but about making adjustments to performance and direction for the long haul.  Look for an independent broker-dealer that encourages a long-term partnership, not just a transactional relationship.

IFS Securities is an independent broker-dealer focused on long-term relationships. We find opportunities others miss, giving you a competitive advantage by working harder, listening well, and delivering the right resources to our growing selective network of advisors.

We’ll help you dream bigger, see more opportunities, and achieve your financial goals.