Mindy Diamond Quoted
Going independent is a dream of some financial advisers. But there is often plenty of fear mixed in as advisers contemplate breaking away from a big brokerage firm. They may worry that their clients won’t follow, they’re not qualified to run a business or their earnings will shrivel.
When advisers go out on their own, they’re not only responsible for servicing their clients but may have to deal with all the responsibilities of running an office, including bill paying, compliance and fixing the printer when it breaks, he says.
While entrepreneurship isn’t appropriate for every adviser, they shouldn’t underestimate the resources available to help them, says Mindy Diamond, president of Diamond Consultants in Chester, N.J.
“There’s a whole cottage industry to support the indy adviser today, and there is easy access to whatever they need,” she says.
The most successful independent practices are professionally managed or use third-party service providers to manage the middle-office and back-office minutiae, Ms. Diamond says.