Firm Transitions with Corey Walen

"Why would I take advice about launching a practice from someone who's never experienced this before? Do you understand the gravity of it?"Prior to becoming an independent financial advisor recruiter consultant, I worked for a decade at two of the top independent broker/dealers as a W2 employee. Until I made my own transition into independence, I never REALLY understood the gravity...

Nic shares about their transition from the bank to independence. How to effectively communicate with clients, emphasizing the importance of transparency, trustworthiness, and positivity with clients. Nic highlights the importance of client segmentation: Segmenting clients into A/B/C categories based on likelihood to transition and use this to set expectations. Featuring Nic Nielsen, CFP®, Financia...

This episode provides an overview of LPL's Strategic Wealth Services model, which offers turnkey support for breakaway advisors seeking independent growth. Advisors are able to focus on their clients and growth while outsourcing all of infrastructure responsibilities. Featuring Kimberly Sanders, SVP Business Development, LPL Strategic Wealth Services.  -- Contact & connect with me: Text...

The Federal Trade Commission voted to finalize its rule banning employers from using noncompete clauses in almost all circumstances. Under the FTC's final rule, noncompete agreements would no longer be enforceable for the vast majority of employees after the rule’s effective date. I've received many inquiries about how this can potentially impact the financial services industry and thoug...

The feedback I'm hearing the most from financial advisors considering their independent transition options, is: "That payout sounds too good to be true?"Here's a quick episode that breaks down what an advisor can expect as a payout to go independent and why the numbers are seemingly "higher than expected."I hope this helps.  -- Contact & connect with me: Text or...

When speaking with advisors in the employee channel interested in what a transition to independence might be like, I've been asked: "What are independent advisors doing to grow their business?" I provide some context in this episode. I hope this helps.  -- Contact & connect with me: Text or Call:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠(908) 902 4903⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Meet:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠...

Now, more than ever, I'm speaking with employee financial advisors, and financial advisors already at an independent broker dealer, that are interested in learning more about the RIA channel. When advisors kick-off the RIA conversation, they'll ask me, "Corey, what kind of payout can I expect when I make a move or plug into an RIA versus an independent broker dealer?"I break it...

"What are you looking for in a new firm?" Financial Advisor: "It's hard to know. I don't even know my options?" In this short podcast episode I quickly discuss the challenges advisors are facing trying to figure out their transition but have no idea what options they have. I hope this helps. Thanks for listening!   -- Contact & connect with me: Text or Call:  ⁠⁠⁠...

On episode 41 of the Firm Transitions podcast, Jeff Nash, CEO / Co-Founder of Bridgemark Strategies, joins me to discuss the most common and obvious mistakes financial advisors make during their transition. I hope this helps. Thanks for listening!   -- Contact & connect with me: Text or Call:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠(908) 902 4903⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Meet:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://calendly.com/cor...

A large part of my role as a consultant for financial advisors is helping them filter through the noise when looking at different firms. More importantly, I help them not make a huge mistake by taking the emotion and fatigue out of it through a systematized process. I've seen almost every mistake out there and I decided to make a list of the top 10 things FAs need to be keenly aware of to ens...

Why this former Wells Fargo team passed on FiNet and decided to go fully independent. • How they built their business inside of Wells Fargo• Details on their transition• Their rationale and thought process• Hurdles and speed bumps, successes and wins• Client retention and communication of the moveAngela Ostendarp, CFP® and Jordan Raniszeski, CFP® of Carnegie Private Wealth spill the tea on this in...

Kimberley Cronin, Partner at Messner Reeves LLP, and I catch up to discuss how she's helped thousands of advisors successfully transition firms and her guidance on how Edward Jones financial advisors can successfully transition while avoiding litigation. • Stay under the radar in the months leading up• "You're allowed to reach out to clients"• Here's how I can help navigat...

Matt Cook, a former Edward Jones financial advisor joins me to discuss his transition to independence, what motivated the move, challenges, and what's ahead • $98M AUM and not allowed to hire a second staffer!  • For my family, it was important that I was in control of my future • Today: Similar AUM but half the clients If you're a high-performing advisor that could use the help of a non...

On this episode of Firm Transitions I outline some of the PROs & CONs of both; Starting your own RIA or plugging into an existing one. • How do I start a RIA? • What do I need to think of when considering RIA? If you're a high-performing advisor that could use the help of a non-biased transition consultant, please reach out to me. I hope this helps. Thanks for listening!  -- Contact &amp...

On this episode of Firm Transitions I'm joined by Rob Bartenstein, CEO of Kestra Private Wealth Services, and Scott Wilson, Chief Operating Officer, Kestra Private Wealth Services. Our discussion goes deep into how supported independence has completely changed the industry through independent autonomy and employee convenience. What is supported independence Challenges advisors are facing in t...

The ALWAYS informative, Scott Matasar, financial services litigation attorney, joins me to discuss best practices for financial advisors facing unexpected termination from their firm. We cover how to prepare yourself with the proper documentation, having backup firm options in mind, and when to involve an attorney to negotiate your Form U5 and navigate any regulatory investigations. This is a must...

Greg Raines, CEO of TAG Advisors, shares insights on leveraging an OSJ for growth as an independent financial advisor. Greg discusses how TAG has grown by providing a supportive culture and direct access to leadership. The benefits advisors gain from an OSJ's operational support and ancillary services without sacrificing compensation. Industry shifts discussing current M&A activity to cha...

This episode provides a helpful example of how working with a consultant can help a financial advisor optimize their economics when exploring various broker dealer options. My guest, Brian Shulstad walks us through a scenario where he helps an advisor producing $1M and how various broker dealer pricing models can vary widely, impacting an advisor's bottom line by tens or even hundreds of thou...

This episode features Clark Johnson, a former top-producing Edward Jones advisor who found himself facing an impossible decision. Clark shares moments that include his successful 13-year career at Edward Jones, rising to a leadership position, before an unbelievable situation that led him to explore independence. Clark offers an honest review of independence after one year; which include the pros...

Episode 30's a different one: This time I'm the guest. I was asked to be a guest of Evan Mayer's on the For Advisors By Advisors podcast to share my perspective on this ever evolving market and what advisors should be looking for and consider when making a firm transition. A few highlights: What I've learned over the years How the business has changed and where I see it going I...

I'm joined by Evan Mayer as he describes his transition from a top producing bank advisor at SunTrust Bank (Truist) to independence with Raymond James in 2019. Featured guest: Evan Mayer, CFP®, CRPC®, CWS®, Founder and CEO of Fortuna Wealth, and podcast host (For Advisors by Advisors) Evan shares why he chose independence, his perception of the "brands," and his desire for more flex...

(This is one of my favorite conversations, I hope you get as much value out of it as I did) In this episode, I sit down with Austin Palmer about his journey from being a CPA to a successful financial advisor with both Morgan Stanley and Merrill Lynch over a 25 year span and his process and mindset throughout his recent transition to independence with Kestra Private Wealth Services. Austin shares h...

This episode quickly outlines potential pitfalls financial advisors should avoid when considering recruiting deals. Note lengths, loan forgiveness terms, unrealistic back-end incentives, and high upfront offers that sacrifice long-term payouts can negatively impact your business if not properly understood. I HIGHLY recommend working with a non-biased third party firm (like ours) to thoroughly anal...

Jeff Nash and I get together again for a succinct conversation about how large upfront economic offers from broker dealers can sometimes act more like loans than deals, negatively impacting an advisor's long-term earnings potential. Our conversation sheds light on some examples of how to calculate the true costs of accepting upfront bonuses and emphasizing the importance of thoroughly evaluat...

Jeff Nash, my business partner and the CEO and Co-Founder of Bridgework Strategies, joined me for a deep dive into the transition economics taking place throughout the industry. Highlights of our conversation: This has been one of the biggest recruiting years ever in the industry due to strong economics and an "arms race" of firms upping compensation packages. There has been significant...