As the number of breakaways continues to rise, I regularly talk to teams who want to start their own independent advisory firms. In one recent meeting, I sat down with a group of advisors who were considering the move. As they were talking, I was checking all of the boxes — they had significant experience, they were geographically diverse, they had a loyal client base—but I quickly realized that none of them were on the same page.

One of them had a five-year timeline. Another had a 20-year timeline. So while one of them was thinking about a liquidity event, the other one was thinking about building a legacy.

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