An objective source to learn about independent business models
This link is to a great post from last fall by Josh Brown---he of Twitter and CNBC fame. I can't add too much to the content itself, so I will just say---read it!
Below is the summary I pulled from the end of the article where Brown contrasts what should cause advisors to go independent....and what should not. It is as much about attitudes and beliefs as it is about money.
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.
I wanted to share my thoughts on the very popular article that stated Merrill Lynch retains 40%-50% of client assets after an advisor leaves the firm. I think it applies to many advisors thinking about leaving a wirehouse for independence.
First of all, trust, but verify....That phrase, popularized by President Ronald Reagan, is very applicable when determining....
I want to talk about one of my very favorite tools that I've used as an independent adviser, Google Voice. I had never heard of it before went independent. I came across it about a month in, after I made my transition. It was perfect for what I was looking for and I didn't even realize that I was looking for it.