Checklist for Financial Advisors
Evaluating a Change in Firms
36 Cattano Avenue, Morristown, NJ 07960
Phone 908-879-1002
www.diamond-consultants.com
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.
Firm Evaluation
Names of Firms
Name Recognition of Firm/ Firm
Demographics:
 Quality of firm/ ranking/caché/brand recognition
 Niche market for firm
 Firm’s compliance history
 Average advisor production for firm?
 How many advisors in branch? Average
production?
 What differentiates the firm from others?
 Total # of advisors nationwide
Environment that promotes
growth:
 Roles & responsibilities/management team
 Access to a client referral source/business
development opportunities
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Accessibility of senior management
Does the firm have a specific platform for
servicing HNW clients? Do I need to be at a
certain level of production in order to access
certain products and/or services?
Accessibility of traders and product specialists
Commitment of resources for marketing,
seminars etc.
Potential to establish team or expand partnership
Ability to hire junior advisor or marketing
person? Who compensates?
 Professional development/practice management
 What would my title be?
 Access to syndicate/investment banking leads
 Ability to create team website/brand team
Culture:
 What are rules regarding working from
home/remote access?
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Level of autonomy/entrepreneurial spirit
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.
Culture (cont.)
 How does the firm relate to the goals and
aspirations of my clients, short and long term?
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How does the firm relate to my goals and
aspirations for the short and long term?
Product, Service and Technology:
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Ability to service the needs of high net worth
clients
Research capabilities - can I utilize 3rd party
research?
Technology – funding and development
Product platform - eg: SMA’s, discretionary
managed money, bond inventory, alternative
investments, trust & estate planning, IPO’s,
planning tools
Can I manage money on a discretionary basis?
Credit and lending capabilities, insurance
Ability to add money managers, or funds or
other products to platform to suit advisor needs
Ability to do international business
Clearing arrangement - self clearing or through a
third party?
Banking capabilities - check writing/ATM
access/bill payment/credit card etc.
 Performance reporting, householding rules
 Institutional consulting, stock plan business
Wealth Management Capabilities:
 Can I be a part of a differentiated platform that
supports advisors who service HNW clients?
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If so, how many advisors utilize this platform?
Does it have a separate operating
system/separate management team?
Is there access to a differentiated product set?
Will there be professional development
programs designed to further my education and
skills in servicing the high net worth market?
Who do you consider to be your biggest
competitors?
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.
Advisor Support & Firm
Capabilities:
 Advanced product training
 Investment management proposals
 Concentrated positions/restricted stock
positions
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Estate planning & trusts
Retirement distribution planning
Charitable giving/philanthropic planning
Retirement planning
Deferred compensation
Asset protection planning
Tax planning
Research
How do you do the due diligence on limited
partnerships and other risky investments?
What kind of credentials does the staff have to
perform this type of analysis?
How long does it take to get sales material
approved?
 What is the support staff ratio to advisor?
 How often will you be performing audits?
Client Support
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Online client access
Client statements
Business Mix:
 Will the firm allow you to run a hybrid business retail and institutional?
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Will there be an ability to begin to do
institutional business if I have not done it in the
past?
How is account duplication on institutional
accounts handled?
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.
Business Mix (Cont.)
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Parameters for solicitation of new business
Pressure to sell proprietary products
Tolerance for different business style - eg: fee
based vs. transactional
Other:
 Who owns my book of business?
 1099 vs. W-2 status
 Wealth Accumulation Program? Awards?
 Aesthetics of branch
 Company website
Compensation:
 Transition package - cash upfront vs. stock &
backend incentives
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Reimbursement of deferred compensation
Length of contract/forgivable loan
Payout (grid)
Will I be paid on all accounts?
Will I be paid on lending?
Discounting policy
Transaction fees/ticket charges
Benefits
T & E allowance, seminar support
Sales support compensation
Policy re: investment banking referrals to advisor
Retirement & succession planning - what
retirement or sunset plan does the firm have in
place?
Transition Support:
 Legal support / who pays?
 ACAT process: who pays the fees?
 Who will be involved in my transition?
 Assistance with compliance issues (past and
present)
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.
Recap:
 Name recognition of firm/ firm statistics
 Environment that promotes growth
 Quality of Life
 Product, service and technology
 Advisor support & firm capabilities
 Business mix
 Compensation
 Client support
 Transition support
Other References:
 How long have you been with the firm?
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What have your experiences been like?
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Why did you choose the firm?
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What other firms were you looking at?
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How has the firm treated you?
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Does it deliver on its promises?
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What is the compliance/approval process
turnaround time?
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What is the level of service?
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Describe the firm’s culture
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Does it have integrity and honesty?
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How does management at the firm act under
pressure?
This document is designed as a guide to assist you in your search to reach your full potential as a financial advisor. It is intended as a worksheet
only. It is not, by any means, an inclusive list of all the questions or issues that you might need to investigate regarding your specific book of
business or client base. This document was created by Diamond Consultants as a courtesy to its candidates and clients and is not to be
duplicated without express permission. Exclusive property of Diamond Consultants and its clients. All rights reserved.
© 2016 Diamond Consultants.