30 Days 30 Ways :To Wealth Management

Two veteran industry recruiters discuss the appeal of going independent.

Advisors need to define what they really want for themselves, their businesses and their legacies so they can live their 'best business life.'

Those seeking to go independent shouldn't make such a move without first consulting an advisor at the firm being considered.

The decision to break away raises many issues and questions, not the least of which is whether clients will follow their advisor out the door.

Advisors need to determine ahead of time how they are going to make ends meet for at least two years as they build their businesses.

When going independent, advisors should create and use an electronic practice playbook as a tool to help stay organized and navigate easily through technology procedures.

Now may be the time to take advantage of advisors leaving wirehouses en masse, as contracts signed after the financial crisis seven years ago begin to expire

Payout structure is a key consideration when thinking about the move to independence.

Advisors choosing independence do well as a pack.

Advisors who are thinking of starting their own firms need to understand that compliance is as essential to their business as any other aspect.

Advisors must determine what kind of help they need at the outset.

Women working outside male-dominated wirehouses tout the advantages of independence.

What do you really need in your software toolkit when going independent and what types of technology can wait?

To what extent do advisors push for the last piece when going independent?

Some wirehouse branch managers have made the transition to the independent channel, but doing so takes careful planning, experts say.

Choosing a broker-dealer and/or a custodian is one of the most important decisions for advisors going independent. Here are five questions for each choice.

Advisors should check to see if both their old firm and new affiliated firm have signed on to the industry protocol for taking client information.

Advisors should review their employment contracts and other documents to make sure they won't incur liability for taking client information.

From starting an RIA to joining an independent broker-dealer, there are myriad options for advisors seeking to go independent.

Some breakaway advisors duplicate some of the rah-rah found at their former employers, others relish the newfound informality, but either way, they get to set the tone.

Advisors who defect from wirehouses notice almost immediately the benefits of no longer facing constraints set by a large employer's compliance officers. But the newly independent advisors must ensure that they stay within the boundaries of regulatory requirements and that compliance never becomes too time-consuming.

If done in a disciplined, thoughtful way, financing can play a pivotal role in the successful launch of a new independent RIA.

Despite the benefits of independence, there is an added time, cost, liability and regulatory burden.

Independent financial advisors list the advantages they have found tailoring fee structures to their and their clients' liking.

Making the choice is particularly difficult if the advisor faces possible termination.

Over the past six months, three trends have emerged that make going independent increasingly attractive to these billion-dollar teams.

Things have changed and will continue to do so; advisors shouldn't be deterred.

With regulators proposing more widespread obligations, advisors need to know where to get training.

Leaving the wirehouses for independence can be worth it, but be prepared for the unexpected, advisors say.

The wirehouses aren't fading yet, but many independents argue that these firms will need to change dramatically to retain market share.