This advisor is typically a sole practitioner who is used to making all decisions about the business by themselves. They aren’t naturally inclined to work with a recruiter or consultant, and even the exercise of talking to managers likely makes them uncomfortable. The risk here is obvious: their thinking becomes insular, and they don’t know what they don’t know. It’s healthy and productive to get input from the outside, whether it’s a recruiter (shameless plug!) or even a friend or colleague at another firm. On the positive side, when it comes time to make a difficult decision, these advisors often shine since they are the sole decision-makers in the day-to-day running of the business.

This needs little explanation as it’s a common bucket for many advisors. After all, many skills that make for a productive and effective advisor lend well to this type of person. However, the social butterfly may be overly concerned with the actions of colleagues, making it hard for them to drown out the excess noise. We often hear from those who chose a particular firm because their friend did so before them. This is usually a recipe for an unhappy marriage if that’s the primary reason the firm was chosen—and not that the firm was well-aligned with the advisor’s goals and objectives. On the plus side, these advisors don’t typically suffer from a lack of information, as they are exceptionally “plugged in” to the Street and have a wealth of resources available should they have questions about a particular firm or model.

This is the advisor who sees everything from 10,000 feet—unconcerned with the details. It can be a highly efficient way to run a diligence process, but the risk is that they don’t ask enough (or the right) questions. For example, nobody loves technology demos, but they are important, nonetheless. And it’s time-consuming to thoroughly vet mutual fund managers on a new platform, but it is, of course, critical. There is a fine line between details and broad strokes, and it’s important to walk it: It’s okay to be a big-picture thinker, but not at the expense of gathering all necessary information.

On the opposite end of the spectrum is the advisor who lives in the weeds: the details person. Analytical by nature, they live by the age-old adage “Measure twice, cut once.” But they walk a fine line: It is, of course, important to be concerned with the minutiae of one’s practice when considering a move, but not so much so that the advisor runs into “analysis paralysis.” The reality of a move is that there will always be uncertainty and unanswered questions. The advisor’s job is to gather as much information efficiently and effectively as possible and then make an informed decision based on that analysis. It’s a fool’s errand, though, to try to guard against every possible outcome.

This is the bucket in which we find many long-tenured industry veterans and those who have made a transition in the past. These folks know a lot about what it’s like to conduct proper diligence and ultimately transition a book of business. Also, because they tend to be more seasoned advisors, they know many of the managers in town. There are a few notable concerns for these advisors. First and foremost, it’s important to “play the game.” No one likes a know-it-all, and hiring managers like to run their process a certain way. Secondly, it’s critical that even the most experienced advisors realize that there are some things they don’t know. For example, the industry landscape has evolved dramatically in recent years. So, while these advisors may know every manager at every traditional firm in town, they may know less about the independent space.