The Choreography of a Move to Independence – With Tim Oden from Schwab Advisor Services
An inside view of the growth of the independent space—and what advisors need to do to make their own move successful.
As more and more advisors consider a move to the independent space, they often express concern about the heavy-lifting such a move might require.
In this episode Mindy is joined by Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services. With his 30-years of industry experience, he offers a great perspective on the ever-increasing movement towards the independent space. Together they explore what’s really behind the momentum, as well as:
- Why even UHNW advisors are moving to the independent space.
- How the RIA space has changed over the past decade.
- The evolving role of custodians in the space (it’s no longer only about the safe custody of assets).
- How the technology available to RIAs contributes to advisors’ efficiency and growth.
- The benefits of independence to clients.
- How changes in the industry (transition deals, the breakdown of Protocol, the possibility of a bear market) will impact the decisions of advisors considering independence.
Tim shares some really sage thoughts about independence, but one valuable nugget stood out for those considering the space: Clients value trust above all else. Having that trust is what’s key to both the success of a move and ongoing growth of your business.
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Related Resources
What compels breakaway advisors to go around “the wall”?
Despite significant risks and roadblocks in front of them, breakaway advisors don’t stop. Why? Read->
The Real Beneficiaries of Independence: Your Clients
While advisors have a real opportunity to build the advisory business of their dreams in the RIA space, it’s the clients who stand to gain the most. Read->
Are You a Breakaway DIYer or Delegator?
How to determine if you should build an independent firm on your own or get help from a third-party service provider. Read->
IBD vs. RIA: Which way should an advisor go?
5 differences – and potential limitations – every advisor should understand before they decide. Read->
As Senior Managing Director for Business Development, Tim Oden’s current responsibilities at Schwab Advisor Services include prospect development, staffing, event planning, budgeting, regulatory review and contract negotiation for the business development organization.
Oden joined Schwab’s retail division in 1987 and migrated to its institutional division in 1990. He has held numerous positions including responsibility for the Schwab Advisor Services Trading and Settlement Services departments for over 10 years.
Oden earned a bachelor’s degree from California State University, Fullerton, and a master’s degree in business administration from Arizona State University.
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