A few weeks ago, I interviewed Matt Sonnen, founder of PFI Advisors, a consulting firm that assists large advisor teams (most over a billion in revenue) breakaway from wirehouse firms and go independent. PFI released it's first white paper this week that discusses using a pure consulting approach versus giving up equity in your firm or some sort of revenue-sharing model.
Today, I'd like to talk about a topic that is very important, expensive, and emotional for many people and has a big impact on some of the discussions that a financial advisor might have around going independent. That topic is health insurance.
Some people ask me: what's the minimum amount of production I need to do to set up an independent business? I think that is a great question because there's a lot of misinformation about what that number really is. This article explains...
I look forward to sharing my insights and knowledge on how to take your investment or financial planning practice from an employee model to an independent model.
I’ve been excited to start this project and I hope it will be helpful and educational for you.
I want to give you a little background on why I decided to start this business and why I'm qualified to provide useful, and hopefully somewhat interesting information, if you’re curious about the other side of our business.
When thinking about going independent, the biggest concern most advisors have is whether or not their clients will come with them. There are many factors that affect the decision a client will make, but you do have control of some of them.
Changing firms and setting up your own practice when everything is steady and life is good can seem to violate the maxim, "if it ain't broke, don't fix it."
However, I believe times of relative calm can be precisely the ideal time to execute a change if you are well-prepared.
Six years ago today, I established my own independent financial advisory practice. It was the culmination of seven years of building a client base at big firms, learning about various business models, and planning for the move. It was probably inevitable that I would end up with my own practice once I learned that the independent model existed.
I am very grateful for the autonomy to run my business the best way I see fit for my clients and my family. For me, "Going Independent" has easily been the best professional decision I have ever made.