Four Things Advisors Looking to Switch Firms Should Look for in the Onboarding Process

With more and more advisors joining independent RIAs (the four major wirehouses experienced a 10% decrease in financial advisor count between 2012-2022, while the the RIA sector saw a 66% increase in advisor headcount), there is much to consider before making the move: compensation / equity ownership, firm culture, private markets capabilities, tech stack, succession planning, etc. However, one important area that advisors often overlook is the initial onboarding experience when joining a new firm.

First impressions matter … a lot … for both advisors and their clients. Those first few months at a new firm are critical and can mean the difference between building a successful, long-term relationship and a clumsy transition where “balls are dropped” and clients “jump ship.”

Having onboarded nearly two dozen teams of advisors to Robertson Stephens, we take an approach that is markedly different from the rest of the industry, one that is rooted in personalization, patience and continuity. Below, we share four key components of the onboarding experience that every advisor considering making a move should look for from their next firm:

An onboarding team who understands the advisor experience. Many larger firms have teams that focus solely on onboarding new advisors. That’s all they do. While that might seem like a good thing, in actuality it can be a detriment for advisors joining a firm. That is because those onboarding teams have little to no exposure or experience with the other functions within a firm. In a sense, they are isolated and unconnected from the overall advisor experience within a firm and what they need to be successful long term, such as opening accounts, using reporting tools, finding marketing materials and more. We believe it is very much a positive when onboarding teams have other roles and responsibilities within a firm. Having a holistic perspective of a firm’s capabilities and offerings enables them to fully understand what advisors need to be successful. 

An extended onboarding process. Patience is most definitely a virtue when it comes to onboarding new advisors. Unfortunately, at too many firms, onboarding is rushed (often only lasting a few weeks) as the focus is on getting new advisors up to speed as quickly as possible. That’s short sighted.  At Robertson Stephens, we take the time needed to ensure that the advisors we onboard feel fully confident in leveraging the firm’s systems and capabilities. That can continue for up to six months. When researching your next firm, make sure they are willing to provide the onboarding support you need for as long as it takes to ensure your success and client satisfaction.  

Continuity in the onboarding team serving you. While many larger firms have dedicated teams of onboarding specialists serving new advisors, once their part in the process is deemed “complete,” they are gone. Poof. Then a new team, who are typically until that point unknown, steps in to take over. Not surprisingly, that often leads to a disjointed handoff with the potential for confusion as to who is doing what, which can lead to a disappointing client experience. Continuity is key in the onboarding process. Look for a firm that understands that and connects you with a team who is committed to being at your side throughout the entire journey, from the initial introduction all the way through post-onboarding. You deserve to feel fully supported by one team you know and trust and who can ensure nothing “falls through the cracks” at any point.

A smooth transition of technology. Onboarding is about people and processes, but it’s also about the continuity of technological capabilities. Technology is core to the advisor/ client relationship today, and there can be no interruption in how advisors leverage tech to service and connect with clients. That requires a great deal of forethought and planning, which should be addressed at the outset of the onboarding process by taking a deep dive into an advisor’s existing tech and how that can be integrated and enhanced by the new firm. This is no small thing, so make sure any firm you are considering takes the time to understand what you have and what you need in terms of technology to ensure a smooth transition for you and your clients. Your next firm should be ready to work with you to develop a detailed roadmap for how your technology needs will be addressed going forward.