Why What You Don’t Ask When Changing Firms May Be Even More Important Than What You Do Ask
By Heidi Wheatley

All reps ask about payout and technology when considering a move to a new firm. Those are all key pieces needed to build an effective, efficient practice. Taking only those things into  consideration, though, you’ll find most IBDs are similar. An important distinction that is often overlooked is the background of the firm’s owners. Are they accountants, attorneys or experienced independent financial services professionals? The backgrounds of the owners can make all the difference in a firm’s culture and your ability to create your business your way.

Consider this: your good friend, Jane, is a heart surgeon. She has been in practice for a number of years, but is looking to make a move to a new practice. Practice A offers a competitive salary, access to the latest and greatest surgical equipment, has a highly trained and qualified nursing staff and is owned by a neurosurgeon. Practice B offers all the same things, but is owned by a seasoned heart surgeon. Where would you recommend Jane move and why?

Most reps posed with this question would recommend Jane move to Practice B because the owner is a highly experienced heart surgeon who understands what Jane deals with on a daily basis and can help her grow as a heart surgeon. That answer is exactly right.

So why, when moving firms, would a rep not consider the background of a firm’s leadership for exactly the same reason?

“What it comes down to is this: Who is better equipped to support your independent office – someone who’s managed his own independent office or someone who hasn’t?  You need a firm that can relate to your business challenges.” — Al Pierantozzi, National Sales Manager, J.P. Turner & Company

Firms are managed from the top down, and the owners of a firm set an important tone for their management team and employees. Firms owned by seasoned financial professionals can often be more responsive, highly focused on customer service and open to exploring your business ideas.

“I have so many recruits comment about their dissatisfaction with their current firm’s inability to relate to their needs. Thanks to the wisdom and guidance of our owners, we have a management team made up of seasoned financial professionals who understand and are responsive to the needs of our reps. That makes all the difference in the world.”

— Al Pierantozzi, National Sales Manager, J.P. Turner & Company

Knowing that you can pick up the phone and speak with a senior member of your company and have them empathize with your business challenges because they’ve “been there, done that” can be comforting. Someone who has run an independent branch can better relate to what you are experiencing and provide the support and answers needed to help you seize opportunities and overcome obstacles. On the surface most firms have similar offerings.

Dig a little deeper and you’ll find that the leadership of a firm can make all the difference in your ability to create your business your way!

Heidi Wheatley is the director of marketing for J.P. Turner & Company, LLC an independent broker/dealer and investment banking firm headquartered in Atlanta. Through their affiliate J.P. Turner & Company Capital Management, LLC the firm provides advisory and financial planning services. Heidi is responsible for brand development and management, internal and external communications and creating marketing solutions for the firm’s network of independent branch offices located throughout the United States.  The firm has been named one of  the “Top 10 Brokerage Firms in Atlanta” by the Atlanta Business Chronicle and among the “Top 50 Independent Broker/Dealers” by Investment News. To learn more about going independent with J.P. Turner visit www2.joinjpturner.com