Transition

Principle 1: Client

During the transition stage, the acquiring professional is taking on a larger role. Let’s walk through the 3C communication principles for this stage: client, complimentary, and continuity.

Put the client at the center of all communications. According to a recent survey, here’s the best name for the scenario.

Client Term preferences

• Transition: 84%
• Succession: 76%
• Retirement: 61%
• Partnership: 30%
• Handoff: 27%
• Reorganization: 12%
• Merger: 5%
• Sales: 4%

Principle 2: Complementary

Describe the acquiring financial practice's skill set as additive to the retiring financial professional’s practice. It’s better received by clients if you explain that going forward, Maria will be providing additional support on their account and that you share the same beliefs on investing and financial planning.

Principle 3: Continuity

Minimize the change and disruption to your clients’ financial lives

67% prefer to hear:

• “I will be continuing on in an oversight role.”

19% prefer to hear:

• “I will be stepping back from the day-to-day activities of the practice.”

9% prefer to hear:

• “I will be slowing down.”

5% prefer to hear:

• “I will be spending more time outside the office.”

language you can use to help guide you through your transition conversations

Pay close attention to the bolded words as they ensure we’ve put the client at the center of the communication, described the acquiring financial professional’s skill set as an additive to the retiring professional’s practice, and minimized the change and disruption to your clients’ financial lives. 

“As I am sure you know, Maria joined our team last year to help you and clients like you to better plan and prepare for the future.”

“She has provided valuable resources and complementary skills to the team, mostly in specialized areas like tax-smart investing and Social Security distributions. Going forward, Maria will be working more closely with me and clients like you. She will continue to be a valuable resource for us.”

“To be clear, you and I will continue working together as we are now. Since Maria has joined us, I have been very excited to have her as part of our group. If you have any questions going forward regarding Maria’s role, please feel free to let me know.”