There are very good reasons that so many Advisors consider making the move to some form of independent operations. Whether that’s complete independence or some kind of hybrid model, the proliferation of third-party service and technology firms providing complete turnkey support to Advisors has significantly boosted the appeal of independence. But for those accustomed to the security that wirehouse firms may offer, it’s a move worthy of careful thought, advance planning and most important, a personal vision for the future.
Here are some salient points to consider:
A recent study by Charles Schwab, Independent Advisor Sophomore Study, revealed:
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- Independence works — 96% would do it again.
- Independence is satisfying — 93% are happier now.
- Independence is contagious — 81% would recommend it to other Advisors.
You’ve got what it takes.
Of the Advisors included in the Schwab study, 51% indicated that their previous position was with a full-service bank or brokerage – and it prepared them well for independence. Training, goal setting, a highly competitive environment all combined to equip them to work intensely and well on their own, even with no one watching over their shoulders.
You have the chance to reenergize both your client experiences and revenue potential.
An impressive 70% of firms in Schwab’s survey reported increased revenue following the shift to independence. Cooke Financial Group, led by seasoned Advisors Chris and Brian Cooke, successfully transitioned their 20-year old practice to independence in 2016, and since then, has been able to exceed growth expectations using the independent model. Along the way they’ve garnered prestigious recognitions from leading financial publications such as Forbes, Barron’s, and the Financial Times. And there are many, many more such success stories.
Your clients are likely to support your move and follow you.
An average of 87% of clients of firms in Schwab’s study followed their Advisors. In an interesting situation, Matt Celenza went out on his own after 20 years with wirehouse firms and founded Boulevard Family Wealth, managing approximately $1 billion for ultra-high-net worth clients. Celenza told Mindy Diamond on her podcast for Advisors considering independence that his clients were exceptionally supportive of his decision to become an independent.
With more and more Advisors choosing independence, you owe it to yourself to explore your options and decide for yourself if this path is right for you. Again, independence takes many forms. Sanctuary Wealth Partners redefines traditional models of independence even further. In addition to providing Advisors a comprehensive turnkey platform and expansive wealth management solutions for their clients, Sanctuary’s brand of Partnered Independence offers a unique ownership opportunity and equity in its business which will grow over time. If increased income potential and ownership sound good to you, contact us today to learn more.
