On Recruiting Deals, Plus When Partners Should Go Separate Ways

It’s not easy being part of a team.

Sure, most work as a single force, operating on all cylinders, and well-coordinated on the business goals and values.

Yet others may feel “more like a bowling team than a basketball team,” as former Merrill advisor Dan Johnson puts it.

In our?featured podcast episode, Dan shares the value he saw in his multi-generational team, building a strong business together but with a feeling that “something was missing.”

However, they were united on one front: The team was frustrated over changes at Merrill.

As a group, they decided to explore their options and the process revealed they each had different visions, goals and timelines. So they ultimately went their separate ways—with Dan choosing independence, three opting to go to Morgan Stanley and one signing on to Merrill’s sunset program, CTP.

In this episode, Dan talks about passing on both a recruitment deal and inheriting his partner’s book to instead build RIA firm Birchcreek Wealth Management, plus he drills down on team dynamics, the decision-making process, and why he felt independence was the right path for his business and clients.

This week’s?featured article?looks at recruitment deals from two different perspectives—helping to answer the question: “Should I go for the short-term windfall or bet on the long-term potential?”

Timely listening and reading options as the summer starts to wind down.

Best,

Mindy

Dan Johnson saw real value in being part of a multi-generational team at Merrill. Yet while he felt a real camaraderie existed, there was still something missing. However, there was one thing they were all aligned on: their frustrations over changes at Merrill. As a group, they decided to explore their options and it was then that it became apparent they each had different visions, goals and timelines. Dan discusses the dynamics of a team, why they ultimately chose different paths, the prospects of a partner signing on to CTP, why he opted for independence over a recruitment deal or inheriting a book, and much more.

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Advisor Recruitment: The Bull and Bear Case for a Forgivable Loan

An expanded landscape with more options than ever before has advisors wondering: “Should I go for the short-term windfall or bet on the long-term potential?” And there are good cases for both options.

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