We created a 3-part series to share our story of why founding partners,
Bobby White & Ham Poynor chose independence.
At RFG, we've built a thriving business by creating an environment that fosters collaboration and freedom for each of our advisors, so they can develop the business they’ve always dreamed of. RFG advisors enjoy complete flexibility in the products they offer and the clients they serve, so there are better outcomes for all concerned.
We are truly devoted to the needs of clients and we are just as devoted to our advisors. So we invest time and resources to truly understanding their business models and what we need to do to help alleviate daily headaches. That way, they can do what they do best - serve the needs of their clients.
You may be interested in knowing, the smiling faces you see on our website are actual RFG employees along with a few of the independent advisors we support. And what’s best of all, every one of those smiles is genuine.
There’s no question about it - independence will enhance your ability to deliver customized, client-focused support, increased flexibility and the many rewards of a more entrepreneurial practice – without having to invent the wheel. You’ll have instant access to the infrastructure and support that is already in place. If you’d like, you can even choose to use our established "RFG" brand. And keep in mind, going independent does not mean going it alone. RFG will partner with you to provide the support you need to develop a thriving independent practice.
RFG will work with you to transition your practice, set goals for the future and help you take full advantage of a platform where you are truly in charge. Below are important considerations you may want to evaluate as you approach this important decision.
Your clients don’t have a relationship with a firm; they have a relationship with you. As a result, the majority of advisors find that clients are far more willing to leave a firm than leave an established relationship with an advisor they know and trust.
Advisors who’ve been most successful in retaining client relationships during a transition attribute their success to two primary factors: the strength of their client relationships and taking the time to fully prepare clients for the move by communicating before, during and after the transition period.
As the definition of independence continues to expand and evolve, advisors have access to more affiliation options than ever before. RFG can help you determine which practice model is right for you. The process begins with an evaluation of your current practice goals and strengths to help identify the type of independent structure that will work best for you and your clients.
Preparing for your transition is akin to development of a financial plan or investment strategy. Begin by identifying your goals and determining what success looks like for you and your clients. Document critical milestones and the unique needs of your business, staff and client base. The more your plan reflects the unique aspects, challenges and needs of your practice, the more successful you’ll be in communicating those needs to RFG and enabling us to better meet your expectations.
Developing an exit strategy is an important first step – especially if you have a non-compete clause in place with your current employer or broker dealer. RFG and LPL will assist you in identifying and dealing with any potential legal hurdles involved with your transition, and can also provide referrals to outside legal counsel, if needed.
Your transition offers an opportunity to review your entire book of business. It's a great time to review time horizons and evaluate investment objectives with your clients. It may also be a good time to identify clients who are never satisfied. A change of firm can provide an opportunity to part ways with uncomfortable or non-productive relationships. RFG can help you devise a plan to collect and organize your client information and solidify plans and timelines.
The migration to new client workbooks and trading platforms can be one of the most time-consuming aspects of a move. RFG's technology offerings ensure that email, CRM, and trading and reporting tools/platforms are integrated, fit your needs and are easy to use. Training videos offered by LPL and BranchNet will help you improve efficiency quickly so you can focus on client relationships and practice growth.
At RFG, we offer complimentary business consulting services so that you can review your key performance indicators (KPIs) on a periodic basis. These KPIs are a set of quantifiable measures that will help you gauge past performance as well as develop strategic and operational goals for the future. RFG will partner with you in this assessment to leverage our knowledge and experience in the development of a strategy that can take your business to the next level.
Rest assured, RFG always views the KPI assessments as a way to support your success as an independent advisor rather than a means to control or influence business activity.
Reliance Financial Group will offer any advisor in our network the opportunity to enter into an agreement where we will pay your beneficiary double your trailing 12 month advisory revenue in the event of your untimely death. The specified amount will be paid in equal installments over a timeframe agreed to by both parties.
RFG will also offer any advisor in our network an agreement to pay double your trailing 12 month advisory revenue when you retire. The specified amount will be paid in equal installments over a timeframe agreed to by both parties.
With a RFG succession plan is in place, clients are assured of continued support upon the death or retirement of their advisor. We will always be prepared to step in and match clients with an advisor within our network, whose business model, investment philosophy, and specialized services are most similar to yours and best suited to your clients needs.
RFG accepts the risk inherent to business succession. Should your clients choose to move their accounts, we will continue to pay you or your beneficiary based on your trailing 12-month advisory revenue as of the date of separation from your advisory practice.