By Allison Brunwasser – In a previous article, With Demand Comes Supply, Deborah Aronson discussed how service and platform providers have evolved to serve the needs of a growing population of prospective breakaways in the $50 to $150mm range—and advisors in this constituency who are seeking independence now have plenty of options to choose from. Yet with optionality often comes “choice overload”—that is, with all the available options, many advisors get stuck when attempting to discern one provider from another.
Our weekly insights for advisors: Articles authored by our team designed to broaden your perspective and arm you with knowledge—because knowledge is power.
By Deborah Aronson – A new breed of service providers has emerged, designed to cater to the needs of a growing population of financial advisors who have their sights set on independence. For a population of advisors that previously had limited options in the independent landscape, a new world awaits.
By Wendy Leung – Many advisors dream of going independent for the freedom and flexibility to control their business, client service model and bottom line. What sometimes isn’t a part of this “dream” is the prospect of taking on the additional responsibilities that business ownership entails, while emptying your bank account to fund startup costs. The good news is that you don’t have to abandon your dream of independence. An evolved landscape has answered the call—with a vast ecosystem of capital, support and resources available to help you succeed in living out your dream of independence.
By Allison Brunwasser – An advisor’s choice to go independent is typically driven by a strong desire for greater freedom, flexibility and ownership. Yet with that desire comes what is for many the biggest hurdle in making the leap: Choosing between building your own firm with complete control and 100% equity, or joining an established firm with turnkey operations, infrastructure and an opportunity to gain an equity stake in a more mature business.
By Mindy Diamond – While you don’t need to have Jeff Bezos’ or Mark Zuckerberg’s level of entrepreneurial spirit, there are some key characteristics that most successful independent firm owners possess. The reality is that many independent firm owners will tell you that they weren’t compelled to leave their brokerage firm by some burning desire to be entrepreneurs.
By Mindy Diamond – Most wirehouse advisors consider themselves fiduciaries. That is, in practice, they make every attempt to put clients first and make all decisions with their best interests in mind. But in reality, while the advisor’s mindset and heart may be in the right place, the very nature of working for a brokerage firm makes it impossible to be a true fiduciary.
By Wendy Leung – Succession planning has become a hot topic, driven by an aging advisor population and the anticipated wave of retirements coming in the next decade. Planning for one’s next chapter is the best way to ensure the legacy an advisor has worked so hard to build can continue well into the future.
By Mindy Diamond – While the momentum towards independence seems to have increasing traction, the independent world is definitively not for everyone. To be sure, there are plenty of risks and roadblocks that would deter most advisors from leaving the security of their brokerage firms—and in many cases, far more than what might make them actually make the leap.
By Barbara Herman and Allie Brunwasser – If you’re one of a growing number of advisors who have come to the realization that your future is to be the owner of an independent Registered Investment Advisor (RIA) firm, you may think the biggest decision has been made. But now comes the question of how to get from here to there.
By Louis Diamond – The conversations around movement to the independent space often center around the “big picture”: The opportunity for an advisor to get out from under the auspices of a larger firm to build an enterprise and legacy based on his own vision and terms.
Recent News & Articles
- A 20-year Merrill Lynch veteran got Sanctuary Wealth to $10 billion in AUA in 15 months with no outside capital and no time in bed
- Why Fewer But Bigger Advisors Are Switching Firms This Year
- Tech is now essential in the battle to recruit and keep wealth talent. Deutsche Bank and Morgan Stanley execs gave us their pitch.
- Determining Enterprise Value: 7 Key Qualitative Drivers for Sellers
- First Republic adds $500m-plus UBS team