What You'll Learn In Today's Episode:

• Muriel Consulting is named after Muriel Siebert, the first woman member of the New York Stock Exchange.
• LPL’s acquisition of Commonwealth signifies major changes in the financial advisory industry.
• Ownership of client relationships is often misunderstood in the industry.
• Emotional challenges can arise when advisors transition from one firm to another.
• A strong communication plan is essential for client transitions.
• The transition timeline can take six months to a year, depending on the advisor’s situation.
• Inertia can prevent advisors from making necessary changes in their careers.
• A legal obligation exists for advisors to conduct due diligence on their firms.

In this episode, Shelby Nicholl discusses the recent acquisition of Commonwealth by LPL and its implications for financial advisors. The conversation covers the importance of understanding the fit test for advisors considering a move, the complexities of ownership in financial practices, and the emotional challenges faced during transitions. Shelby emphasizes the need for a solid communication plan for clients and outlines the timeline for transitioning firms. The discussion also touches on the worth of making a move and when it might be better to stay put.

Resources In Today's Episode: