Big producer leaves...inherit accounts

5 replies [Last post]
echines's picture
Joined: 2005-12-26

I work at a regional firm in the midwest and we recently had one of our bigger producers leave for another firm.  My partner and I will be inheriting many of the accounts and I'm asking for any advice for calling these clients and trying to get them to stay with us and our firm.  I've been in the business for about 2 years now, my partner 27 years.  If you've had success at this, please share.  Thanks.

snaggletooth's picture
Joined: 2007-07-13

Unless you got the bottom part of his book, most of those accounts will likely go with the guy.
That being said, it is my opinion that you DO NOT badmouth the guy or his decision to leave.  You could possibly do more damage to your own reputation.
You just say that the advisor has chosen to move firms.  You would like to introduce yourself as the group who will be handling their account.  Given the volatility of the market and the advisor's abrubt move, when would a convenient time to meet to ensure a smooth transition for you be?
That's your best shot.  Again, most likely they won't be your accounts for long.  But you might get a few people that don't like where he moved or don't want to move.
Another idea:  Ask your partner!  He's been in the business for 27 years you say, so I'm sure he's seen this once, twice, or thrice before.

bspears's picture
Joined: 2006-11-08 can get fired for watching porn??  SHIT......

OldLady's picture
Joined: 2006-11-19

bspears can get fired for watching porn??  SHIT......
Not if you're Indy!!!

echines's picture
Joined: 2005-12-26

Thanks Snag.  My partner and I have talked strategies, but he wants me to bring some ideas to the table, and really it's just about getting on the phone and talking with them. 

troll's picture
Joined: 2004-11-29

There is only one goal you need to have with inherited accounts. Get in front of them.
They have to know that you are interested in them, their situation and their needs. If you can convey that, you have a shot, if they are at all unhappy with the guy that left. And its real hard to convey that on the phone.

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