With the recession looming over, and the stock market bloodier than ever, employees around the world are wondering if this is the right time to switch companies.

As a private client advisor, whether you are looking to switch or not, it is important to remember that the private wealth industry is evolving rapidly. Staying abreast of the latest trends and hiring practices is vital to staying in the game.

Should you change firms in a down market and recession? Let us look at a few facts first.

The Market is Competitive

The private wealth market is quite competitive. Today, it is hard for small firms to compete with larger firms, especially if these firms are consistently acquiring.

And the good news is that the demand for financial planning is also growing. In 2022, 35 percent of Americans said they worked with a financial advisor to manage their wealth. By 2030, the wealth management industry is expecting to see the revenue grow by $254 billion. This is double of 2021 revenue.

With a competitive market, you have a higher chance of getting hired. However, don’t fully rely on the market, consider other factors before joining another firm. These factors can include retention rate, work life balance, and more.

Talent is Short

During the pandemic and the era of the great resignation, the private wealth management industry experienced a talent shortage. The firms are still going through the after-effects and struggling to fill in open positions.

The talent shortage can work in your favor; however, many firms are looking for creative solutions to combat the talent shortage. And these solutions, at times, do not involve hiring new people but utilizing internal resources instead.

Should You Change Firms?

There is no clear yes or no answer to this question as many factors go into switching a company.

For example, why do you want to make the switch? What are your goals? Is a major event in your life influencing your decision?

Ask Yourself the “why” Behind it

Are you looking for a better salary, a bigger title, or an improved work-life balance? Are you unhappy with your current role? Understand why you are looking for a change and then take the next step.
Keep your goals in mind
Goals drive a lot of the decisions we make in our lives. What is the end goal you want to achieve from switching? Do you want more clients, work at a bigger firm, or need a cultural change?
Steps to Take When Switching Firms
If you have sorted the why and are fully aware of your goals, it’s time to make the switch. Here are some steps to consider:

Think about the exit plan

When quitting, you may want to keep some of your clients with you and leave others behind. Strategize the rollover process and consider any possible obstacles that can come in your way during the transition.

Stay organized and focused

Keep up with all the right habits so you can exit honorably. Organize your work properly so your successor won’t have an issue adjusting to the system you leave behind. Keep a list of your clients. Before leaving, provide your CRM access to the next person or your supervisor.

Consult an attorney

Company protocols are usually set in stone. To ensure you are staying compliant, consult an attorney. Don’t assume how much client information you can take with you. Talk to a legal representative.

Finding the right firm in this constantly changing market can be challenging. Before making a switch, do your due diligence. The Anderson Search Group can help you find the right firm based on your talent and needs.

Are you just starting out in the commercial banking industry or are you planning to switch roles? The Anderson Search Group can help you find the right match for you.