Model or partner misalignment is often the driver of these four common frustrations independent advisors encounter.
In the recruiting world, part of our job as consultants is to play therapist. Advisors call us not just to talk about strategy but to vent about the pain points that keep them up at night—whether that’s service, technology, compliance, or the day-to-day bureaucracy of running a practice.
Often, when frustrations with a firm became irreconcilable, there was one clear answer: Go independent. For some, that meant launching an RIA. For others, it meant affiliating with an independent broker dealer (IBD) or a supported RIA platform. But here’s the reality: independence isn’t a monolith. The path that once felt right can evolve over time—and not all firms, or models, continue to deliver what an advisor truly needs.
Many advisors start out in independence feeling liberated. The move delivers exactly what they hoped for: more freedom, more control, and a sense of building something of their own. But as the business grows, the needs become more complex, stretching the limits of what once felt independent enough. And just like in the W-2 world, the small frustrations begin to pile up, threatening both quality of life and the potential for growth.
And that’s when advisors begin to notice the “four horsemen.” Service breakdowns, technology gaps, compliance constraints, and the burdens of total control—forces that creep in over time and disrupt even the best-intentioned independent journeys.
Here are four real-world examples of advisors who found themselves face-to-face with these horsemen:
Service Shortcomings
Garret and his $400mm team were with a national independent broker dealer. While “service” is a catch-all term in the wealth management industry, for them, the frustrations boiled down to three recurring issues:
- Incorrect answers
- Long hold times
- No accountability from the service team
The impact? Longer work hours, exhausted staff, and even a lost client or two, thanks to missed wires and repeated requests for paperwork or signatures.
Technology Troubleshooting
Adam and his team ran a billion-dollar practice within an “independent” insurance broker dealer. The mandated CRM was Salesforce. While often considered the Rolls-Royce of client management systems, the firm had stripped it down to the point of being little more than an expensive note-taking tool. Adam’s team was forced to re-enter notes across multiple platforms, build manual follow-up procedures that should have been automated, and repeatedly watched the home office deny their requests—whether to unlock features or even to implement a different CRM they were willing to pay for out of pocket.
Compliance Catastrophe
Jennifer and her team of three CFPs specialized in divorced clients and had a passion for Social Security planning. But their national broker dealer (with 10,000+ advisors) was unwilling to let them form an Outside Business Activity (OBA) in that capacity. Why? Because the BD couldn’t directly monitor it. The team was told “no” again and again, despite the work being a natural extension of their expertise. For Jennifer, the compliance wall wasn’t just an annoyance—it shut the door on a business line she knew her clients needed and wanted.
RIA Regrets
Justin left a wirehouse to launch his own state-registered RIA, drawn to the promise of full control. For five years he ran the business, only to discover that full control also meant full responsibility. Instead of watching his firm thrive, growth stagnated. His days were consumed with troubleshooting technology, vetting coaches and marketing firms, and juggling vendors—leaving far less time for client relationships and business development, the very activities that once fueled his success.
Each practice is unique, yet all share the same critical flaw: misalignment between their path and their priorities.
For many advisors the concept of a move is overwhelming, and it’s tempting to throw up our hands and say that things are “good enough”…and maybe they are.
The truth is, even independence isn’t a guaranteed utopia—it’s a landscape as varied as the W-2 world, with every firm prioritizing service, technology, compliance, and support differently. The key is alignment: finding a strategic partner whose strengths match what matters most to you.
What’s also true is that you don’t know whether your model is working for you unless you test it against the alternatives. So, stay or go, but do so from a position of strength—that is, being educated about your options.
Because when the realities of misalignment set in, the horsemen aren’t far behind. But with the right partner, they never get the chance to wreak havoc on your independent journey.
As seen on FA-Mag.com…
