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3 min read

Tips to Get Your Team Ready for a Custodial Transition

Oct 19, 2021 12:22:21 PM

How to Give the Pre-Game Pep Talk

It’s a brisk Sunday in February; both teams huddled in their locker rooms, getting ready for the biggest game of the year. Before kickoff at the Super Bowl, the coaches and captains bring together their teammates for a rousing pre-game pep talk. There’s yelling, chanting, and a realignment on strategy. Everyone is ready to hit the field to fight for the title of the best football team in the country.

Just as these players are looking to make the next best move for their team, advisors considering a custodial transition are looking to make the next best move for their businesses. There is a lot to accomplish when an RIA goes through a custodial transition and making sure the entire team is aligned and on board before getting started can make all the difference. Having assisted with hundreds of these transitions, we have seen how RIAs can effectively engage their team to tackle the move.

We recommend advisors take the below steps to help ensure their full team is on-board and prepared to tackle the transition:

Keep the team in the loop from day 1

We recommend your entire team take an active role in the process of evaluating custodial service providers. Team members should have an opportunity to share their insights on the pros and cons of working with each prospective provider. They will also likely have thoughts on specific features that could create efficiencies for your business. For example, operations-focused employees could have great insights into operational technology to benefit the RIA that you may not be considering as an advisor in a client-facing role.

Reinforce the value gained from the movE

Once your RIA decides on a new provider, circle back with the team and reaffirm why you’re moving, how it’s expected to benefit the firm across the different departments, and how you expect the move to facilitate your team’s growth. There will be work ahead, so the value you’re gaining from the transition must be clear. This alignment can be an excellent motivator for the team to accomplish transition goals alongside regular client work.

Manage expectations on timeline

Transitions take varying amounts of time. Some teams transition to TradePMR in less than six weeks, while others have moved over a longer timeline – it all depends on your unique needs. The custodial services provider should help you figure out what timing is reasonable, and we recommend you communicate that timeline to the team. For fast-growing RIAs, team members often wear multiple hats and take on a range of projects. Understanding the transition timeline can help them better plan out their work to ensure they accomplish their tasks to support the transition while maintaining their high level of client service.

Set internal tracking system and individual goals

Maintaining a comprehensive tracking system that sets individual goals for each team member can effectively keep the whole team accountable. This also helps you keep a close eye on how the firm is tracking to the transition. This provides a realistic view of how the transition is progressing and allows the team to understand any changes to the transition timeline.

A custodial transition doesn’t have to be difficult – more hands make less work, and the more everyone on your team contributes to the success of the move, the better. Custodial services and technology aren’t just used by advisors. They are used by all team members. The new platform can have a major impact on your team’s workload, and they can make a meaningful difference in getting your firm onboarded quickly and accurately.

The key here is to start these conversations early and continue them throughout the process – setting the move off on the right footing will hopefully lead to a more successful transition.

Considering making a move? Let’s talk about your needs and we can see if TradePMR could be the right fit. Set up a call with our team here.



Written by TradePMR