When I was talking to independent financial advisors before I made the move, I came across a strange phenomenon: they didn't seem to know what their net payout was!
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.
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...
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.
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.