Why are advisors not protected by the Broker Protocol – and sometimes facing significant garden leave – willing to take on the added risks to become independent?
No doubt that the breakaway movement shows no sign of abatement and, in fact, almost every day we learn of yet another advisor who has chosen to leave their traditional brokerage firm for the greater freedom and flexibility of independence. And while any advisor who leaves the mother ship is courageous in giving up the comfort and turnkey support of a major firm, it is especially brave when an advisor from a non-Protocol firm makes the leap.
In this episode, Mindy discusses the ever-growing trend and answers many of the questions advisors are asking, such as:
- What is driving this trend?
- How big a trend is it? And what can the rest of us learn from these advisors?
- Do they have anything in common? What traits do they share?
- Why are they willing to take the leap, even with the added risks?
- What is so compelling about independence that these advisors choose to endure garden leave to obtain it?
We are living in a world where there are more options than ever before for quality advisors. No longer are advisors constrained by a limited solution set. Independence has been validated many times over as a real option for entrepreneurial-minded advisors, offering the opportunity to build an enterprise with enormous long-term upside potential. As the constraints brought upon by bureaucracy and marginalization at the big firms continue to tighten their grip, we will continue to see more and more top advisors in the industry make the move to independence—including those that have the biggest distance to cover in their leap.
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Related Resources
The Times They Are a Changin’—And So Are the Advisors
What can be learned from the growing trend of advisors leaving Goldman Sachs. Read->
Risk vs. Reward: Why Non-Protocol Teams are Taking a Giant Leap to Independence
5 factors driving teams to brave their garden leave provisions for the freedom of independence. Read->
What you need to know about UBS leaving the Protocol
How this decision impacts advisors. Read->
Contemplating “PREXIT”—What happens if firms exit the Protocol?
The rationale for exiting the Protocol, and the impact it will have on advisor recruiting. Read->
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