How To Go Independent

An objective source to learn about independent business models

Frequently Asked Questions

Will my clients go with me?

Of course, there are a number of factors that will affect client retention in a move to an independent practice. It's important to know what these factors are so you can evaluate and make changes before your move so your clients transition with you. READ MORE

When is the best time to go independent?

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. READ MORE

What will my payout be?

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 independent, there are a lot more moving parts and it can be complicated to calculate.READ MORE

Who are you again?

I help financial advisors who are currently employees absorb information about independent business models.  This site allows you to do so on your own time, in your own space, with unquestioned privacy.  I built what I would have loved to find when I was educating myself over 7 years before establishing my practice. Read more about my journey to independence by clicking READ MORE

Why are you doing this?  What's it in for it you and how are you making money from this/me? Why don't you ever mention your company name? Are you really even a real person?

That's a great list of questions, I'm glad you asked (sorry, reflexive response from my initial industry sales training).  I am doing this because I know it might be helpful to you, and I believe that I can get anything I want in life by helping other people get what they want (to quote Zig Ziglar).  I get very excited sharing my experiences and expertise about establishing your own financial planning or independent financial advisor business.  This excitement grew out of my own discovery process and led to creating another business (an OSJ & RIA) that helps other advisors become and/or remain independent.

I have no goal of earning any money from this project at this point.  I am fortunate to have those two business that support me and my family:  one as a independent financial advisor, the other as a partner in a firm that supports other independent advisors.  In fact, because of those roles and the resultant compliance obligations, I CAN'T charge money....because goodness, we can't have one advisor helping another by sharing information and getting--GASP---paid for it!!  That would be "dogs and cats, living together, mass hysteria!" (reference: https://www.youtube.com/watch?v=JmzuRXLzqKk). 

You know the drill---we can't do anything that one attorney could attempt to link back to the big firm with deep pockets.  Therefore, the firm I am associated with is OK with me doing this, as long as I keep their name (and any brand/DBA linked to them) out of it.  I get it.  If you are that curious, Google is pretty good at "uncovering" details about people (hint: sean kernan dallas financial advisor).

What all that means to you: I have no financial agenda here that colors my motivations.  The main bias I have is that I can only speak directly from my experience about the few companies I have been directly affiliated with.  I won't pretend to know every in and out of every independent firm--or even business model.  But I have expanded my perspective....and the deepest passion I have is in the idea of an independent business model.  I think that leaving the employee world behind is the 80% of the 80/20 rule---picking a firm and who specifically you affiliate with should be the final 20% if you're doing things right.  I suspect that if I am helpful enough, I will someday figure out how to earn an income in exchange for the value I bring to you and others.  But that day is not today.

I have also absorbed a lot of blogs and podcasts over the last few years, and I have been fascinated with the idea that anyone can become a "publisher" or "content creator."  As a result, part of my motivation is just the sheer ego gratification of seeing my thoughts posted here on the internet that you have found.

Oh and yes, I am real person....I have Facebook and LinkedIn profiles, so I must be real: Feel free to connect with me either place---just tell me how you got there. 

You can also learn about me more here. While my background is important to explain why I am qualified on these topics, I don't aim for this site to be all about me....hopefully you can find any resource you need to learn more about the various models of independence.  If you have a question that remains unanswered, please ask it!  I will answer it and post to fill in the gap.  The best way for me to add value is to address real world concerns of advisors in your situation.

FAQs from the Blog

Featured
If their payout is so much higher than at a wirehouse, why don't independent advisors seem to even know what their net payout is?
If their payout is so much higher than at a wirehouse, why don't independent advisors seem to even know what their net payout is?

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! 

Read More →
What business decisions are not urgent when I'm going independent?
What business decisions are not urgent when I'm going independent?

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.

Read More →
How much will health insurance cost when I'm an independent financial advisor?
How much will health insurance cost when I'm an independent financial advisor?

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.

Read More →
Can I maintain an independent practice on only $100,000 of revenue?
Can I maintain an independent practice on only $100,000 of revenue?

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...

 

Read More →
What Will My Payout Be if I Go Independent?
What Will My Payout Be if I Go Independent?

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.

Read More →
Will My Clients Come With Me?
Will My Clients Come With Me?

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.

Read More →
When is the best time to go independent?
When is the best time to go independent?

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.

Read More →

FAQs on the Podcast

Featured
HTGI 051: How much production or AUM do I need to go independent?

Curious about what production level you should be at when you are considering independence? In this episode, I'll talk about payouts, expenses and what you'll expect to take home when you go independent. 

HTGI 047: DOL changes -- opportunity to buy (or sell) a practice?

The upcoming implementation of the DOL ruling has some advisors questioning if they'll stay in the business. We'll discuss some things for those advisors to consider, as well as potential opportunities for those who are sticking around.

HTGI 046: Should I spend money to save time?

Today I'll talk about an example of why saving ONE minute a day is easily worth $100/year and other ways to maximize your time when you're a financial advisor. 

HTGI 044: What are the biggest risks during a transition to independence?

Planning and executing a transition to independence does involve some risk. You can't predict the future, but you can plan for mitigating the biggest and most obvious ones. We'll cover the biggest risks in making the move. 

HTGI 041: Independence is great (so they say), but what are the "gotchas"?

Going from employee to independent advisor, you may find you have to take care of some details you're not used to dealing with. We cover those in this episode.

HTGI 039: Should you consider using remote staff?

A lot of independent advisors use virtual assistants as part of their business. In this episode, I'll discuss the reasons to consider using remote/virtual assistants in your practice.

HTGI 037: What is the best time of day/week/month/year to go independent?

You've made the decision to go independent, now you are trying to optimize your timing. In this episode we talk about the best times to make a move.

HTGI 035: Should I set up my own RIA and/or broker-dealer?

If you have been in an employee firm your whole career, RIA and B/D may be familiar but still somewhat foreign concepts to you. We briefly describe what each is and answer a listener's question about whether or not he setup his own.

HTGI 034: Will your clients go with you?

If you set up your own business, but none of you clients come with you---well, then you don't have much of a business. In this episode, we review the some factors that have a correlation with client retention in a move to independence.

HTGI 033: Should I change my business model while I'm going independent?

When you are making a firm change, it is a natural time to question your business model and consider making changes you would like have in place for the future. This episode discusses the pros and cons of making a change in business model at the same time you are setting up your own practice.