For the same reasons, advisors’ retention bonuses also don’t fix pre-existing issues. Forgivable note periods will likely make you a prisoner at the broker-dealer until the three-to-five-year note period ends, whereas in standard salary jobs you could leave in six months.
Great things come to those who step out of their comfort zone by changing broker-dealers or RIA firms for something better. Change not only benefits you but, more importantly, puts your clients in a better place. That doesn’t happen by maintaining the status quo. Positive changes take effort and the short-term pain that brings long-term significant benefits. Don’t allow a counteroffer to metastasize mediocracy into your practice.
Jon Henschen is founder of Henschen & Associates, a recruiting firm placing advisors to independent broker-dealers and RIAs.