Have you done a cursory analysis of the benefits of setting up your own practice? If you have, you probably compared your net payout now to your potential net payout on your own. While that is useful, there are also very intangible and unknowable benefits that can emerge with the flexibility of being a business owner. I talk about 6 of the big ones that have made an enormous benefit in my business and life.
HTGI 057: The 3 secrets to a successful move to independence (you won't believe #2!)
PodcastCommentWhen you first contemplate what setting up your own practice would entail, it can seem overwhelming. I've been there, done that, felt that way, etc---and lived to tell about it. However, I can boil the vital ingredients down to just 3: make sure you learn from OTHER people's experiences (and mistakes), make sure you have a backup plan for your business (or more accurately, for your LIFE!), and make sure you build in optionality and flexibility in the early stages of your new business.
HTGI 056: "About Us" - how you can better describe your business to the world when you go independent
PodcastCommentHTGI 055: Listener success story: Desmond Henry's recent experience in going independent
PodcastCommentThis episode is an interview with Desmond Henry, one of the first listeners of the podcast that I connected with. By the time HTGI started, he was already full speed ahead researching his options much like I had 7 years earlier. He made the move from bank channel to his own practice in June 2016. Listen to hear his lessons learned and how he is enjoying the journey so far.
HTGI 054: Case study: I bought a practice with no money down that was cash flow positive almost immediately
PodcastCommentI took over a business from a colleague last year that has worked out very well for both of us so far (as well as the clients I now serve). The existing relationship I had with the seller allowed us to quickly and smoothly come to terms on a mutually beneficial arrangement. Listen to the details, which included NO down payment and tax advantaged payments for me.
HTGI 053: An interview with Sarah Pais--a senior staff member's perpsective on wirehouse vs. independent life
PodcastCommentHTGI 052: How to sell your practice -- a case study with an advisor who did it
PodcastCommentWe hear a lot about buying a practice, but we don't often hear from advisor that has successfully sold a business. Leesa Cattley retired from the industry at the end of 2012 and has not looked back. She has some great insights with the benefit of several years of distance from the transaction. Listen in to hear how she did it and the lessons she learned.
HTGI 051: How much production or AUM do I need to go independent?
PodcastCommentHTGI 050: Removing the muzzle--3 clear ways that communication with the world is easier as an independent advisor
PodcastCommentWe work in a highly regulated industry, so it can be tricky to communicate with the world in a way that fits your business. A large company has to deal with the reality that ten to twenty thousand advisors are potentially putting them at risk. With those two factors, it's nearly impossible to escape the lowest common denominator approach to marketing, branding, social media, etc.