Here on HTGI, we like being independent -- so we may tend to gloss over the fact that it is not for everyone. This episode is the first in a series walking you through the whole process: from the first awareness that being independent is possible to the day you make a move. I cover some obvious reasons to continue down the path researching independence as well a few reasons that you probably shouldn't.
Steve Diamond as been an independent advisor for 15 years---and most of that has been spent working far away from the bulk of his clients. When his wife got a job offer she/they couldn't refuse, Steve moved from Texas to California. He expected to eventually use ALL of his clients--but instead, his business has steadily grown. Listen to learn the key reasons Steve has been so successful with his "location independent" business.
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.
When 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.
When you make the move to independence, you'll have the freedom tell both clients and prospects more about your business than you might have been able to other other employee firms
This 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.
I 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.
Sarah Pais is the Chief Operating Officer of 360 Wealth Management, a hybrid RIA that supports other independent financial advisors. Listen in to hear her thoughts on what the key differences are between working within a wirehouse vs. striking out on your own.
We 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.
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.
We 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.
Today I interviewed a transition specialist that assists advisors with the transition process. Teresa McCandless has a ton of experience, and is a great asset to our firm and those advisors she helps transition their books to our firm.
Going independent can help you create a more satisfying lifestyle while still serving your favorite clients and remaining active in the business.
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.
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.