There are two types of independent financial advisors. Both are entrepreneurs but depending on which type you are, the strategies and tactics you employ to grow will vary.
By far the most common type of independent advisor is what I call the Income Statement Entrepreneur (ISE). These advisors are focused on building a consistent stream of income that allows them to maintain a certain lifestyle. This lifestyle could include minimal employee hassles (because they have few employees), great time flexibility, and an income that supports an affluent standard of living. They’re not all that concerned about succession planning because they know that worst case, they’ll either slowly ease out of the business, do an earn-out with a younger associate, have their broker-dealer help facilitate a transition, or, die with a $3 million term policy.
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