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The Dark Side of Switching Finance Firms

Thinking about switching finance firms? Before you make a move, watch this. In this episode of The Perfect RIA podcast, Matthew Jarvis sits down with industry expert Shelby Nickel to expose the dark side of transitioning finance firms. From hidden paperwork nightmares to the real cost of those juicy transition bonuses, this is the insider perspective financial advisors need before changing broker-dealers or RIAs. Whether you're considering a move from Commonwealth to LPL, exploring options like Raymond James, or simply wondering if you're at the right firm, this episode breaks it all down. We talk tape-to-tape transfers, how to communicate changes to clients, compliance landmines, proprietary product traps, and how to evaluate whether your current platform aligns with your long-term goals. This video is a must-watch for independent financial advisors, RIAs, brokers, and anyone thinking about a firm transition in the finance industry. Shelby also shares tools like the “Fit Test” and second-opinion calls to help you assess your situation objectively. If you’re new to my channel, my name is Matthew Jarvis, CFP. I bought a financial planning practice doing $300k of revenue, grew it to $2m of revenue working just 100 days a year and then sold it in an 8-figure deal. I now help financial advisors do the same (or better). Since anybody can claim anything online, here are some things you can google to verify: -Started as a Financial Advisor at age 23, with no college degree, no network and no clue -Five years later, still struggling to even pay my bills with no hope of change -Tried to quit in the middle of the financial crisis, but was too proud and too deep in debt -Maxed out another credit card to be coached by the best advisor I could find (Tom Gau, RIP) -Did exactly what he showed me and began transforming my practice -Hired every experienced coach and read every book I could find on financial planning -Crossed $1,000,000 of Revenue (GDC) and was featured on the Michael Kitces Podcast -Launched The Perfect RIA podcast and coaching programs -Helped hundreds of advisors double their practices -Crossed $2,000,000 of Revenue (GDC) and was again featured on the Michael Kitces Podcast -Published Delivering Massive Value: The Advisors Guide to a highly profitable practice -Sold my practice in an 8-figure deal Always Remember: If it were easy, everyone would do it and nobody would get paid. Happy Planning! -Jarvis 00:00 – Intro: Shelby Nickel Returns to Discuss Firm Moves 00:53 – Big Offers from LPL, Raymond James, and More 03:41 – Realities of Tape-to-Tape Transitions 07:11 – Planning for Tax, Tech, and Succession 09:44 – How to Talk to Clients About Switching Firms 11:34 – Don't Feel Guilty for Switching Platforms 17:29 – Watch for Proprietary Product Transfer Issues 22:37 – Don't Trust Demos—Talk to Real Advisors 25:43 – Ensure Paperwork Quality in First Week 27:36 – Be Smart with Transition Bonuses & Deal Terms 30:52 – Take the Fit Test & Book a Second Opinion Call Disclosure: This information is for educational purposes only and is no guarantee of your success. It takes a stupid high level of pigheaded determination to be wildly successful in any field.