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In the News

5 Challenges Facing Successful Independents

Posted by Louis Diamond

June 2, 2020
By Louis Diamond

An interesting trend is developing among the largest and most successful independent broker-dealer practices. They are essentially “growing themselves out of the market.” That is, their practices have gotten to a point at which there is not a viable successor within their broker-dealer network.

It’s a high-class problem to have — one that we see at every IBD when the top 5% to 10% of individual practices (typically those generating in excess of $3 million to $5 million of gross dealer concessions) reach a point where they begin thinking about their endgame and how they will monetize their life’s work.

Typically, advisers running independent practices would opt to sell within their own broker-dealer as it’s the path of least resistance: Buyer and seller operate on the same platforms and systems, typically have compatible businesses and are familiar with each other on a personal level. Also important, an internal transaction eliminates the need to change broker dealers, which triggers a time-consuming re-papering event that is sometimes risky — especially at a point when a business owner is trying to simplify his life.

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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