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.
When considering your options to go independent, you may also consider the economics of employee firm recruiting deals. In this episode, I'll suggest a framework for how to consider the spectrum of tradeoffs between payout and upfront money.
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.
Starting completely from scratch seems overwhelming, so some advisors sign up for fully bundled solutions when they go independent. I discuss the pros and cons of that approach in this episode.
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.
When you are making the move to independence, you are learning a lot of new things at once. If you can find someone to help you open accounts and process transfers, you can take a lof of pressure and labor off yourself (and your assistant if you have one). In this episode I talk about things to look for when finding a transition team.
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.
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.
Preparing to go independent can be complicated. The "Broker Protocol" gives us a framework for the legal considerations when changing firms.
What's keeping you from leaving your employee model firm and going independent? Today I break down reasons I think you should not go independent and stay at your current firm.
A veteran of almost 50 years in financial services, advisor LInda Mills joins me and talks about her experiences in the industry and how the independent model differs from other firms.
Have you thought about what you will actually need to become an independent financial advisor? In this episode I break down the most important things you will need to have in place before your make the move to independence.
After 14 years at Edward Jones, Brad Weddle transitioned his successfull practice at possibly the worst time - and has enjoyed continued success as an independent financial advisor.
Brandon Day carefully planned his move to independence, which not only made his transition smooth but led to opportunities that dramatically increased his income. He talks about how being independent gives him the ability to take advantage of things you could never dream of as an employee.
One big hurdle to going independent is giving up the large cash windfall that a wirehouse recruiting deal can yield. In this episode, I compared those two different paths for financial advisors looking at a practice transition.
