The Financial Advisor M&A Guidebook by Greg Friedman & Shaun Kapusinski

Author:Greg Friedman & Shaun Kapusinski
Language: eng
Format: epub
ISBN: 9783030000035
Publisher: Springer International Publishing

Open Communication About Upcoming Changes

Many firms will find benefits from coming together, strengthening each other in ways where separately they had been weak. One firm I spoke to shared how they felt like they had some compliance gaps prior to their merger. They were very excited about combining firms which would quickly bridge the gap and lead to noticeable improvements in compliance almost immediately. This helps not only the individuals involved at the firm, but the combined firm as a whole, as well as the clients they serve.

But not everyone is as open to change. Beyond the technology changes, your team will also be thinking about what else will be different. Some will realize that procedural changes will impact roles within the firm. Those who executed trades, prepared client reports, handled marketing mailings, and did compliance reviews previously may not be the same people doing those jobs within the new entity.

Some people may ask questions and verbalize their concerns, but there will also be some who won’t ask these questions openly. It’s important to communicate as much as you can about what will be changing and how you will lead them through it.

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