Change as Opportunity: Navigating Advisor Transitions with Confidence

Change has a way of forcing us to stop and think.

With the recent news of LPL Financial acquiring Commonwealth Financial Network, many advisors are experiencing that familiar moment of pause, or perhaps some other unexpected emotion. For me, it brings to mind the uncertainty I remember well from years ago, when Bank of America took over Merrill Lynch, the firm where Ben and I built our careers.

You see, we have been through something like this. We know what it’s like when the firm you grew with changes overnight, and you’re left wondering what’s next. This blog is for all of you advisors who are going through a moment of change—whatever form it takes.

One thing that I know with 100% certainty about change is this: with change comes opportunity. You can let change happen to you, or you can use it as a moment to reflect, reassess, and build something better.

Our Story: From Uncertainty to Independence

Back when Ben and I were at Merrill Lynch, things started to shift quickly after the acquisition. The entrepreneurial culture we loved gave way to something more corporate, more controlled. The decisions weren’t ours anymore. And it didn’t take long for us to realize that staying would mean compromising on what we believed was best for our clients—and for our future.

So we made the decision to leave.

We didn’t just leave a firm; we stepped into independence. It was our chance to take full control of our business, to shape every part of the client experience, and to build a firm that reflected our values.

That decision wasn’t easy. But it changed everything for us, just like it can change everything for you.

Why Change Can Be a Good Thing

When you’re faced with transition, whether by choice or by circumstance, it’s easy to focus on what you’re losing. But what if you looked at what you could gain?

This kind of moment—whether triggered by a merger, a shift in leadership, or a change in firm structure—is a chance to step back and really ask yourself:

- What’s working for me?

- What do I want more control over?

- What kind of firm do I want to be part of—or build?

Change as a Wake-Up Call: Time to Reflect and Reset

One of the best things about unexpected change? It forces you to slow down and take stock.

Let’s be honest—most advisors don’t take enough time to reflect on their business. We get caught up in the day-to-day: serving clients, managing assets, keeping things running. Business plans? Sure, maybe you wrote one down at some point. But are you really using it? Are you sticking to it?

In my experience, most small firms don’t do a great job of business planning—and even fewer do a good job of executing on those plans consistently.

But when something big shifts—like the structure of your firm, or the culture you’ve built your practice around—it’s a perfect time to ask yourself:

- Where am I right now?

- What’s working and what’s not?

- What do I really want this business to look like in 5 or 10 years?

- Am I on track to get there?

Change can be uncomfortable, but it’s also the reset button most of us never hit on our own. This is your chance to clean things up, tighten your focus, and start running your business with more intention.

Maybe you’ve been meaning to rethink your client service model. Maybe you’ve wanted to modernize your technology, or finally hire that key team member. Maybe you've realized you've been too busy to think strategically at all.

Well, now's the time.

What Matters Most: Fit, Control, and Vision

During times of change, it’s easy to get caught up in the details—systems, benefits, payouts, technology. But from what I’ve seen, those things only get you so far. The advisors who thrive are the ones who focus on three things:

1. Fit: Culture Is King

If you’ve been part of a strong, supportive culture, you know how much the right environment contributes to your success. Culture is the foundation—not the bonus.

When things shift, don’t just evaluate the technical aspects of your firm. Ask: Does this feel like the right fit for me and my clients? You need to know yourself—and your clients—well to determine whether a shift in culture still aligns with your values and your way of doing business.

2. Control: Take Ownership of Your Business

Change brings an opportunity to look at how much control you really have. Are you steering the ship, or just along for the ride? When Ben and I went independent, the biggest shift wasn’t just about leaving a firm—it was about owning every part of our business. Who we hired, how we served clients, what kind of experience we created.

This is your chance to ask: What do I want to control? And can I have that control here?

3. Vision: Where Do You Want to Go from Here?

Transitions force you to think bigger picture. This isn’t about surviving a change—it’s about using it as a springboard. Where do you see your business going over the next 5-10 years? Are you in the right place to make that happen?

Sometimes staying put makes sense. Sometimes growth requires rethinking everything. Remember, growth requires the right environment. Bigger can be better—if it supports the scale and direction you’re aiming for. Either way, this is your moment to get clear—and move with intention.

Don’t Let This Moment Pass

Transitions like this don’t happen every day. And whether you stay right where you are or decide to explore something new, use this moment as a chance to get clear on your vision and start executing. If you get stuck overthinking or dwelling on what you’ve lost, you might miss what you stand to gain.

You don’t need a 50-page business plan. You need clarity on what matters, and the discipline to act.

When Ben and I left the wirehouse world, we didn’t have a perfect roadmap. But we knew that change could either happen to us, or we could use it as a catalyst to build something better.

We chose to build.

If you’re thinking about what’s next—whether that’s staying, moving, or just wanting to better understand your options—it’s smart to talk to people who’ve walked this path. I’d be happy to share more about our journey, talk through your situation, and help you think about how to turn this moment of change into an opportunity for growth.

I’ll leave you with this: Change is inevitable. Growth is optional. Let’s choose growth.

James Bode is Managing Partner at Beck Bode, a deliberately different wealth management firm with a unique view on investing, business, and life.