Anecdotally, most recruiters would say that anywhere from 5 to 7 percent of all independent advisors change broker-dealers each year. Similarly, the majority of recruiters would probably say nearly three times that number think about changing independent broker-dealers.

Most independent financial advisors have a natural inclination against changing firms. The process is time-consuming and potentially disruptive, so inertia frequently wins with the advisor staying put. Moreover, it's obvious to many industry experts that the new fiduciary rule put in place by Barack Obama's Department of Labor (DOL) may collide in the near future with the DOL's policy agenda under our next president, Donald Trump. Continued regulatory uncertainty will also continue to contribute to advisor inertia in potentially switching broker-dealers.

But independent broker-dealers are deluding themselves if they believe this situation can continue to persist. One way or another, the industry will get clarity on what the new regulatory environment will look like for the next four years soon enough.

So rather than get hung up on any single issue or bucket of issues, the independent financial advisor today needs to think about his or future independent broker-dealer platform in a truly "Post-Trump" and "Post-DOL" way. This means approaching your possible broker-dealer transition with a long-term plan that addresses a broad set of prospective future challenges and captures the widest possible volume of potential future opportunities.

So what are the top four considerations for the independent financial advisor hunting for a new broker-dealer in a Post-Trump and Post-DOL landscape? Think about the following:

1) Assess whether your potential new broker-dealer actually embraces and supports your business model. When mulling over their affiliation options, many independent financial advisors will look for a broker-dealer that can handle their business. But advisors need more than that. There is a significant difference between a firm being able to handle your business versus one that supports, embraces and helps it grow.

If the majority of your book, for instance, is comprised of fee-based business, it clearly doesn’t make sense to align—or stay aligned—with a firm that specializes in annuities or other insurance products. Such a partner, while perhaps capable of providing a baseline level of service, likely won’t be up to the task of addressing all your fee-based related needs properly. 

Fleshing this out a bit further, some fee-based advisors manage their own portfolios, while others look to outsource that function. For those who take more of a hands-on approach, how does a broker-dealer supplement those efforts? And for advisors leveraging established asset management solutions provided by the broker-dealer, obviously the questions will be significantly different, orienting primarily around the quality of those broker-dealer based offerings and how much they cost. 

2) Make sure the broker-dealers you are exploring align not only with the business you have today, but the business you expect to have over the next three to five years. Once you fully understand your current needs, the next step is thinking about what your business may look like over the next three to five years. Consider your growth goals, and whether you anticipate meaningful changes to your client base or product mix. Deliberating these issues will likely provide an indication what you will need out of a broker-dealer moving forward and whether it will be in a position to grow and evolve with you.

3) Speak to other advisors already on the potential IBD platform, and not just the advisors the home office selects for you. Advisors considering a broker-dealer change should always look at how prospective partners treat their existing advisors. Do they lay it on thick during the recruiting process, only to allow the level of service and attention to detail slide once they have been on-boarded? Or is the experience more consistent, from beginning to end? 

Moreover, it's crucial for any advisor considering a broker-dealer change to do some research on their own, outside of any of the home office's cherry-picked advisors, to identify and speak with advisors who can provide some candid perspectives on what it's like to work with your potential new broker-dealer on a day-to-day basis.

4) Closely examine your potential broker-dealer's capital position and ownership structure within the context of continued industry consolidation. It’s pretty safe to assume that regulatory pressures will continue to endure, likely meaning that further broker-dealer consolidation can be expected in the industry’s future. If that’s the case, keep in mind that when smaller firms are absorbed by larger entities, it often results in the same type of business disruptions that accompany an advisor-initiated transition. The obvious difference, of course, is that someone else is making a broker-dealer choice for you.

Consider your potential IBD's ownership structure and capital position. Steady, well-capitalized businesses are typically buyers, not sellers, and are far more likely add services rather than subtract them. Also, has the firm articulated a strategic vision, laying out what issues it believes will determine the fate of the industry? And are these issues that are core to the strategic plan for your own practice?

Broker-dealers are aware that most financial advisors are reluctant to change firms unless absolutely necessary. This is reflected in the amount of time, money and effort devoted to recruiting, which typically outpaces the resources applied to supporting advisors already on their platform. Unfortunately, it can seem to advisors as if too many broker-dealers have a service standard of “good enough,” because they believe that’s all it takes to prevent a mass advisor exodus.

If you are dissatisfied with your broker-dealer and serious about making a change, the coming year could be the time when it makes sense to take that leap. But be very wary about what recruiters have to say, as their interests are rarely aligned with yours.

Ultimately, the process of hunting for a new broker-dealer is all about finding the right cultural and strategic fit—both for you and your clients. And that means asking the right questions repeatedly, while not taking "good enough" as a standard that is good enough for you or your clients.

Jeff Nash is president and CEO of Nash Consulting Group LLC, a practice management and advisor transitions consultancy serving broker-dealers, RIA firms and independent financial advisor practices throughout the country.