As a longtime fan of classic rock, I am frequently reminded of The Clash’s 1982 hit “Should I Stay or Should I Go?” when I encounter advisors who have mixed feelings about relocating their practice or going independent. Often these folks have a sense that they are not at the right place and wonder if growth opportunities might be outside the confines of their current firm. In these situations, I find most advisors do not spend nearly enough time doing the strategic analysis that should go into a decision of this magnitude. And poor planning can potentially have disastrous effects both on the advisor’s bottom line and the end-client’s overall experience.
To help them avoid making an uninformed decision, I recommend that advisors embrace a methodology for exploring their career options. The approach outlined below can give them greater control over their professional destiny and, ultimately, the ability to serve their clients better.