A new study by Schwab Institutional, The Recently Independent Advisor Study, gauges the emotions of 55 investment advisors who have recently left established financial firms to work with or start their own registered investment advisory (RIA) firm.

According to the study, the main reasons these advisors decided to go independent is to be able to work for themselves, to provide their clients with more personalized service and to have an opportunity for greater long-term financial success. The restrictions some established financial institutions put on the products and services that advisors can provide to their clients were also a dominant driver.

More than half (56%) of the breakaway advisors admit that going independent was harder than they had planned. Nonetheless, these newly independent advisors seem to be quite satisfied with their decision to break away. Nearly all (96%) say they are happier in their new role and that they would make the decision to go independent again. Three-quarters wish they made the decision to go independent sooner.

The vast majority (86%) said that going independent provided them with more income than they expected and 94% are more confident in their ability to retain clients now than they were before. In fact, 96% say they have more control over their practice now and are able to provide their clients with more personalized service.

Growing their businesses—often a concern for newly independent advisors—has proven much easier than expected as well. Eighty percent of the recent breakaway advisors say they've been more successful at acquiring new clients than they had anticipated and 62% admit business growth has been faster than they anticipated. Further, more than half reveal that their annual asset growth rate is higher than it was at their previous employer.

The study surveyed 55 newly independent advisors who managed a cumulative $7.2 billion in client assets. Forty-four percent previously worked for a full-service financial firm. The rest worked for an independent broker-dealer or a bank trust institution prior to going independent. Thus far in 2008, more than 60 advisory teams have made the switch to an independent RIA through Schwab Institutional.