Issue link: https://info.seic.com/i/1512715
18 See yourself as an RIA. RIA LAUNCH GUIDE Step 8: Communicate the change. Based on your situation, employee agreements, and restrictive covenants, the order in which you communicate to your key stakeholders may vary. Timing is critically important but should be kept as confidential as possible until necessary. Your legal team can provide additional insight. Ideally you have your transition timeline, client paperwork packets, and communications ready to send to clients when it's time to communicate. Key stakeholders to communicate to: ■ Your employer or affiliated broker-dealer (resigning) ■ Your clients ■ Key professional partners Many advisors worry about how their clients will respond to the change. It's important to remember your clients value your trust and advice—and that will not change. In our experience, we see 70-90% of clients transitioned within 90-120 days. Preparation and clear, transparent communications are key to successfully retaining clients through a transition. You'll need to communicate more than once, because your clients don't have the same sense of urgency as you do. Consistent follow up can help ensure your clients move with you. You may want to consider starting with your biggest clients first. Losing clients during transition is a "major or moderate" concern for 82% of broker dealer affiliated advisors considering a transition to RIA. Source: Cerulli, U.S. RIA Marketplace 2022