There are an almost infinite number of details that you can work on when planning to establish your own business as an independent financial advisor. But I want to outline those critical few things that you absolutely must have when you make the move. In particular, I’m focused on the first ninety days of your new practice.
If you’re working in employee model (at a wirehouse etc)-- here are the things I think you need to think about (mostly in order) to set up your own practice.
If you would rather listen to this in audio, you can also listen to the entire list in episode 26 of our podcast by clicking HERE.
1) The right mindset
The first item I believe you need is the MINDSET and the belief that going independent is the right thing to do for you and your clients -- and that you can do it. So this is sort of the psychology of how you feel about independence.
If you've been in the industry a long time and you know, twenty or thirty years ago, people that set up their own business/their own practice were the lower producers in your mind, or if you still have that belief/that mindset, you need to really examine that and figure out where it's coming from and figure out if it's still accurate.
I would obviously argue it's not very relevant or accurate if it ever was, it certainly isn't today. But you need to have a mindset that one: you can do it; two: it's the right thing to do and really have that kind of belief system.
So the mindset is a big part of this -- that you'll be able to overcome whatever fears and obstacles come up because there are a lot - That's why I started the website and the podcast. I've seen a lot of people go through that cycle and I've enjoyed going through it myself and coming on the other side and also seen other people wonder what took them so long once they've made the jump.
So that mindset is getting your head right.
THIS is a positive mindset!