Preparing for Exploration: 10 Practical Tips to Conduct a Strategic Due Diligence Process

A conversation with Louis Diamond We talk a lot about the expanded industry landscape—and how, ultimately, an advisor has much more to consider than ever before. As such, there is tremendous value in periodically conducting due diligence – whether you’re thinking of moving or not – if for nothing more than to become familiar with a host of options that likely did not exist even just a few years ago. Yet with optionality often comes added confusion—leaving the potential for those who embark upon exploration feeling more overwhelmed than enlightened. But we find that when due diligence is performed in an organized manner – and with strategic goals in mind – many advisors often walk away with much more than knowledge of the opportunities available to them. These advisors gain a greater sense of clarity in terms of their own goals as well. Contrary to popular beliefs, conducting due diligence need not result in advisors changing firms or models. When done properly, the exercise may determine that they are indeed in the right place for their business—enabling them to do so armed with greater awareness and a renewed sense of commitment to both their clients and business. Louis Diamond joins this episode to break down 10 tips based on decades of experience in guiding advisors through the due diligence journey. A “checklist” that is by design a strategic method to help you avoid overwhelm and make the most of your valuable time. Listen in—and be sure to download the companion worksheet below. Download a transcript of this episode…   Available for Download: Conducting a Strategic Due Diligence Process: 10 Practical Tips for Financial Advisors Related Resources Surviving Due Diligence: 10 Tips for Financial Advisors Barbara Herman developed many of the tips from which this episode is based upon, providing additional color in this article. Read-> 9 Reasons Why So Many Advisors Don’t Have a Plan B—But Should Having an “escape plan” will prevent you from making rash decisions and being swept away by the shifting tides. Read-> Aligning Your Inward and Outward Pointing Compass: A Process for Advisors Considering Change Balancing the needs of all stakeholders offers a clearer and more congruent path towards your ultimate destination. Read->   Also available on your favorite podcast app and other media sites.