Summary
Ashley Hodge, an independent financial advisor in the Fort Worth area, talked about his path to the independent channel. Ashley describes two drastically different transitions in his career, and also breaks down how he has lowered his overhead after going independent.
In this episode you will learn....
- How moves from a wirehouse to another wirehouse can sometimes be more difficult than going independent
- How Ashley's unique pricing structure and low overhead have helped him be successful
- How to be awesome....(obviously)
Other links:
Summary
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 5 of that series.
Summary
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 4 of that series.
Summary
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 3 of that series.
Summary
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 2 of that series.
Summary
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 1 of that series.
Summary
As an employee advisor, you may be given some staff help---but is it the RIGHT staff help? As an independent advisor, you get to choose who and how people work for you. Here are two examples of people that work for me and how they've made my business (and life!) better.
Related Links (interviews with some of our "right people on the right seats"):
Once you have explored the options, you have to pick one and GO! However, you need to spend as much time as you need to properly plan and execute your transition....but not so long that you find reasons to not make the move.
Related Links:
Summary
We review some interesting articles about recruiting from industry publications.
Related Links:
Once you've found a trusted guide (Part 2), you are ready to start narrowing the field of potential opportunities. Your search for the right way to go independent for you should be specific to what you want out of your business and the partners/providers you use to run it.
Related Links:
The Path To Independence part 1 (Episode 60): http://howtogoindependent.com/htgi/episode60
The Path To Independence part 2 (Episode 62): http://howtogoindependent.com/htgi/episode62
Mindy Diamond has spent 20 years helping advisors explore and decide about which firm is the best fit. In this conversation, she outlines how she walks her clients through a process to truly understand what they want out, both from business as a financial advisor and their life as a whole. Her industry reputation is second to none, so if you're not sure how to look around the landscape at your options, this episode will allow you to tap into Mindy's wisdom.
Sean was a guest on episode 93 of XYPN Radio, the XY Planning Network's podcast, discussing the option of going independent as a hybrid as a step towards an RIA arrangement.
Related Links:
XYPN Show Notes: http://blog.xyplanningnetwork.com/podcast-blog/ep-93-path-from-commission-hybrid-fee-only-interview-with-sean-kernan
XYPN for advisors: http://www.xyplanningnetwork.com/advisor/
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.
Related Links:
xyplanningnetwork.com/advisor
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.
