This is a transcript of HTGI podcast episode 13 (click HERE to check out that show) I did with Todd Simmons. It has not been edited to a final draft quality, so please excuse any hard-to-follow passages. You can also listen to the show using the media player to the right or below if on mobile.
I recently wrote a post/series of posts (check out the first one by clicking here) about the things you absolutely need to setup your practice and get you through the first 90 days or so. I wanted to also write about some of the items I think you DON’T need to invest time and money on yet.
This website is called How To Go Independent. The natural question that I probably should follow that is what does that actually mean? What does it mean to “be independent?”
After six and a half years of having my own practice, and about six years before that pondering having my own practice, I have an understanding in my own head and with the people I talk to regularly what independent means. But a couple things have come up in the last week that have reminded me that anytime you're trying to communicate something that you're very familiar with, you need to do the best to start at the beginning.
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.
That’s the million dollar question - sometimes more - over a lifetime.
Payout is a huge factor in our business, and a number we think we all know as an employee at a big firm. But when you're an independent financial advisor, there are a lot more moving parts and it can be complicated to calculate.
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.