The phone rings, and I can already guess who it is by the number on the caller ID: another recruiter from a big firm.
At this point, I could probably give their pitch myself. They talk about scale, reach, advanced technology and a wide range of products and services. The industry is consolidating, they say, and no one wants to be left out. And of course, they mention that I should be able to make more money with them.
My answer is usually the same: Thanks, but I’m happy where I am. I’ll let you know if that changes.
I’m not blind to what’s happening in this industry, with large firms, many backed by private equity, acquiring RIAs. Meanwhile, artificial intelligence is changing how we work and making differentiation harder.
For many advisors, bigger firms offer a sense of safety and perceived differentiation that can be enticing. I get all of that. But I also know something else: what sets me apart isn’t the platform, the products or the brand. It’s the relationship I have with my clients.
What sets me apart isn’t the platform, the products or the brand. It’s the relationship I have with my clients.
Reasons For Client Choices
Let’s be honest, any advisor can build a portfolio or put together a financial plan. That’s not the real reason clients choose me.
I believe they choose me because they trust me and believe I’m a competent professional. Maybe that sounds naïve, but I don’t think it is. In an industry full of noise, the job is actually pretty simple: All you have to do is build relationships and serve people well.
I’ve seen both sides of this business, having worked at smaller firms and larger ones, and the difference is not theoretical. It is very real.
At a small firm, if I had a question, I could call the decision-maker directly and get a quick answer. At a larger one, it was rarely that simple.
An Enlightening Phone Call
I remember handling a processing issue after a client passed away. I thought I could just call someone and sort it out quickly.
Instead, I was told my question had to go to a higher support area. So I asked what seemed like a reasonable question: Could you transfer me so I can talk to someone more senior on the support team? They could not, I was told.
That moment stuck with me because it captured something bigger. Advisors are often told that scale creates efficiency. Sometimes it does. But it can also create distance, layers and friction at exactly the moment an advisor needs responsiveness from the back office to provide timely information to a client.
And that was hardly the only frustration with that type of environment. Policy changes meant retraining staff. New procedures meant more time spent navigating internal systems and less time spent serving clients.
When you are running a business, that matters. Every hour consumed by back-office bureaucracy is an hour taken away from serving the people who trust you to help with their financial decisions.
The Tradeoff
That’s the tradeoff people don’t talk about enough. Bigger platforms might offer more capabilities, more specialists and fancier infrastructure. But those benefits matter less if they bring more complexity, slower decisions and more distance between advisors and the people who can actually solve problems.
I might be in the minority, but bigger isn’t always better.
I might be in the minority, but bigger isn’t always better. Some of us still believe better is better and that great work comes from authenticity, a strong decision-making process, discipline and relationships. The closer you are to the client and the decision-making process, the better you can do your job.
That belief was reinforced for me during a particularly demanding stretch about a year ago. I was carrying the usual weight that comes with this profession: client needs, business responsibilities and the constant pressure to get important things right for the people who depend on you, all on top of finalizing the transition to a new broker-dealer and RIA.
That day, someone from my firm called. When I answered, I thought it would be about compliance, operations or some other administrative issue.
Instead, the voice on the line said, “Hey, bud, I know you have been burning the midnight oil the past few weeks and guiding your team through an impressive transition, and I just wanted to check on you and make sure you are still taking time out for you and your family.”
I was a bit speechless. It was a call that caused me to tense up initially, but in the end, it became a welcome reminder that I was in the right place with the right people. It further strengthened my understanding that support isn’t only about systems and resources. It’s also about whether the people in the back office have the right culture to truly support their advisors.
To me, that’s the real issue behind all the recruiting pitches and acquisition headlines. This business is personal. It always has been. Advisors do their best work when they’re trusted, empowered and close to the people and decisions that shape how they deliver their client experience.
That’s why, when recruiters call, my answer stays the same: Thanks, but I’m happy where I am. I’ll let you know if that changes.
Brandon Haines is the Founder of The Wealth Plan Company, a Wilmington, North Carolina-based firm affiliated with Strategic Blueprint.
