It’s a question on the minds of many advisors these days: is it time to go indie?
There’s no single answer, but each of us can start with a simple question: how would I benefit from setting up an independent practice?
One expert cited in the linked article says the key motivation lies in the appeal of doing things Sinatra style: my way. Planting your flag by creating a unique working culture and plan for the future are sure ways to encourage job satisfaction and ongoing dedication to your work.
The watchword for independents is freedom. This comes at the price of security, perhaps, but it also means you won’t be hitched to somebody else’s wagon – or trapped on their sinking ship. We live in a time of innovation and if you’re sitting on a dream, launching your own practice may be the best way to make it come true.
What about clients – would your independence be good for them? Most assuredly, says our author. A smaller business can in essence build itself around the client’s needs. Advisors who desire independence often hesitate on this point: do they have the goods to serve the wealthiest clients? In fact, independence supports the freedom to construct the best services possible for high-net-worth customers, without hindrance from the entrenched interests often found in larger firms.
This last point is crucial: most advisors want to serve their clients as authentic fiduciaries. In their truest hearts, the would never deviate from acting in their customers’ best interests. In a major corporate environment, though, this can be hard to achieve. Independence allows advisors to put their money – and professional commitment – on the line for their clients.
For more information, please read:
Answers to the Top-Five Questions Advisors Have About Independence | Wealth Management