There is plenty to consider — from your motivations to the administrative support you’re being offered — when you suspect it’s time to switch firms or managing general agencies.

When you’re deciding on a new firm, you’re choosing on a place at which to grow your business, says Rosemary Smyth, owner and coach of Rosemary Smyth and Associates in Victoria.

Here are five questions to ask before you change your letterhead to help ensure that you make the best move at the right time:

1. What’s important for your business and work life?
Think about what you need most right now for you and your business to be successful.

There are two sets of criteria to examine — fixed and flexible. Smyth lists the fixed criteria as compensation, the business model, the technology platform and the firm’s reputation or brand.

Flexible criteria include: administrative support, the professionalism of the office, the dress code, the community support (i.e., does the firm support local events and charities?) and the corporate culture.

Analyzing these points will help identify what your business needs in order to grow and whether it’s best to move or to stay with your current firm, says Smyth.

2. Why are you switching?
Avoid snap decisions. Take a deep breath and ask yourself why you want to move.

Money and disagreements over unresolved issues are two reasons why advisors often make a quick decision to move to a new MGA, says Jim Ruta, business coach and president of Expertinstitute.com in Burlington, Ont. However, those reasons may not be the right decision to move on. For example, a higher payout may mean less support.

If problems persist and cannot be resolved, then you and your team may decide it’s best to move on.

3. What is the new firm really offering?
Take the time to dig a little deeper to find out what is really being offered.

With MGAs, for example, many will offer business development support, such as lunch and learns and conferences. Ruta says you should ask who makes presentations at those events to determine if the material covered is worthwhile to you and your business.

4. What type of environment is it?
Don’t underestimate the importance of corporate culture.

Although corporate culture can change over time, it can affect your job performance, says Smyth. For example, do you need a busy, enthusiastic office at which you can feed off the energy of others, or do you prefer to work alone?

5. How will your team change?
Talk with your team about how the move would affect the people in it.

Firms can operate differently depending on their business model, says Smyth. Talk with your team about how roles and duties may change if you switch firms.

Working out roles beforehand will clarify if you, and your team, can work in the new environment.

IE