Case Study 01.
Transitioning assets can be an extremely challenging process. Advisors often worry they will be taken away from their work, unable to engage with current and prospective clients, and without pay for a significant amount of time. At f3Logic, we appreciate these concerns because our team has gone through it. In 2017, our founding firms were like many others; happy with our broker-dealer and not looking to open an RIA. Then, one conference call changed everything. We were told on October 17th that we would need to leave our current B/D platform by December 31st, approximately 70 days, or risk further asset transition challenges.
If you’re familiar with asset transition, you know we were under extreme pressure to make this happen and get it done fast. Immediately, we gathered documents and engaged Fidelity’s help. Without hesitation, Fidelity flew out a team of transition specialists to work with each of our founding firms. In only 47 days we moved 5,000 accounts and 104% in assets. We’re proud that while this demanding process took place, our team could continue to engage with prospective clients and help current clients achieve their financial goals.
“The success of the f3Logic transition was a combination of talented staff at our founding firms and the knowledge and service from Fidelity,” said Mary Kusske CFP®, CFO & Founder of f3Logic and Kusske Financial Management. We know the impact that transition can have on you and your business. Our team, with the support of Fidelity, is motivated to help advisors like you make this process as smooth as possible with minimal interruptions to your business and team.
Case Study 02.
Tuck-in Advisor Transition
At a certain point in an advisor’s career, he or she has an important choice to make. Does one stay in a large financial advisory system or explore other opportunities?
For any advisor, the idea of transitioning assets is daunting to say the least. It can mean a protracted period where they are unable to assist clients or earn money due to the demanding number of tasks involved. Danny Rivers arrived at this crossroads and wanted to make the change, knowing he would face a significant challenge and need support to succeed in a timely manner. He decided to employ the services of f3Logic to help realize this goal, hoping to take as little time away from his clients and business as possible. The f3Logic team took special care to meticulously plan each step and explain what Danny and his support staff person, Debbie, would need to prepare and accomplish in the days ahead. f3Logic then helped them gather data, prepare and execute documents, collect signatures, host client events, and so much more.
“f3Logic gave us the support we needed to make this transition as efficient and smooth as possible. I was able to move assets while focusing on what I love most, taking care of my clients,” Danny said of his experience.
Over the course of less than one month, f3Logic helped Danny transition 90% of his clients’ assets, moving 70% of it in about two weeks with a NIGO (not in good order) stat of nearly zero. At the end of the process, Rivers Investment Group transitioned 110% of expected assets to a new custodian, even converting some non-advisory assets prior to the move, and had a newfound independence from the large financial advisory system.
Transitioning client assets can be one of the most impactful moments in an advisor’s working life. Don’t leave it to chance; get it right the first time!