Soft Landing
So, you’ve made your decision. You’re going to move. Congratulations! Now what? Here’s a way to ensure a smooth, efficient, and lucrative transition. We call it … “Soft landing”.
You should categorize your entire client base, sorting them into four separate groups:
- In town – important
- In town – not important
- Out of town – important
- Out of town – not important
- For the “in town – important” clients, you will use runners to deliver the 412’s personally to each client, getting them signed and returned by the runners. Incidentally, a good source for these runners is the college-aged sons and daughters of your own best clients. You can offer then $10-12 per hour plus expenses and tell them just to dress nicely, be polite, and do exactly as they are told.
- For the “out of town – important” clients, tell them you’ll be using the Federal Express return system, whereby the clients sign upon receipt and then the packet is returned by Federal Express, usually by the next day.
- For the “in town – not important” clients, regular mail is normally sufficient, unless the client happens to be physically located near one of your “in town – important” clients, in which case the same runner could deliver it.
- For the “out of town – not important” clients, regular mail is normally sufficient.
Mechanically, this is a very simple way to get the forms to your clients. All you need to do is practice saying a couple of bullet points about why you are making the move. These bullet points can vary with each client and should center on the client’s hot button(s), i.e. lack of reliable research, poor bond inventory, poor performing products, etc.
A couple of points to help make your “landing” even softer…
- Never take any original documentation with you when you move.
- If there are any Sales Assistants with whom you are friendly and/or who know your accounts fairly well, take care of them. As you walk out the door, give them a nice gift along with a note thanking them for their efforts on your behalf and assuring them that you will stay in touch. (They will be less likely to help another broker pirate your clients or provide any damaging ammunition for someone, if they like you). In addition, they could be answering phone calls from your clients for awhile and you want them to be friendly and, if possible, give your clients your new telephone number.
- Resignation letter: Keep it short, but imply your reasons for dissatisfaction…i.e. the firm did not treat you fairly on some issues, misrepresented facts, hindered your ability to build your business, fostered an environment within the office that was unprofessional or non-conducive to “growing” your business, etc. Don’t elaborate… just imply that you have good reasons for your unhappiness.
- Call us for other hints to ensure a smooth and painless move.