Top tips for aspiring independent brokers
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Top Tips For Aspiring In Dependent Brokers PowerPoint PPT Presentation

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Top Tips For Aspiring In Dependent Brokers

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Top Tips for Aspiring Independent Brokers

Change is Always Scary

At Least at First

For financial advisors, leaving the safety of the large firms housed in the towering skyscrapers of Wall Street and starting their own consultancy may sound like an overly ambitious and herculean move.

Change is Always Scary

However, many have done it before and there’s no reason for you to not accomplish the same feat.

While it’s not a walk in the park, it’s feasible and can be highly rewarding.

The success stories involving breakaway brokers are variedand there’s not one single formula for success.

However, financial services recruiters would agree that there are certain

tried-and-tested tips

a blueprint or roadmap

that brokers can use as a guideen route to independence.

Never doubt your reason for leaving your current firm.

One of the things you need to do is to pinpoint the reasonwhy you want to leave your present wire house or brokerage to establish your own advisory practice.

The key is to

never second guess

the reason behind your decision.

Many times, consultants decide to leave the nest of their advisory firms and when things go awry, they feel devastated and regret their decision altogether.

If and when you decide to be an independent advisor, be 100% resolved on your choice and never question your reason for leaving.

According to the findings of the research group Aite, the most successful independent consultants left their work because of discontent.

More than half said they “broke away” because they want to have the control to choose the crème de la crème third party products.

42% said they want more freedom on how to advise their clients.

You can tap the expertise of financial advisor recruiters to help you with money matters with your transition from an in-house consultant to running your own practice.

Financial Considerations

According to surveys, the start-up cost for an independent brokerage practice is somewhere between $50,000 and $100,000.

The final amount will depend on a number of things such as

  • office space

  • technology and infrastructure

  • staffing

  • branding materials

However, you should not see this as an irrecoverable expense, but rather a

capital expenditure.

  • You should also consider how much revenue you’re going to bring in –

According to the Aite Group research mentioned in the previous section, most breakaway brokers retain more than 75% of their clients.

This is your short-term income.

You also have to decide on a business model, usually a choice between fee-based or commission-based.

The good thing is, you don’t necessarily have to choose one over the other.

  • A number of independent advisors employ a hybrid business model wherein they perform dual roles:

Lifestyle Implications

Lastly, being an independent financial advisor has its implication on your lifestyle.

Actually, it’s more on your

personal business ethic.

As an independent financial consultant, the way you run your practice is 100% up to you.

This involves constantly updating your business practices based on new regulations and policies.

Adhering to impartial fiduciary standards is non-negotiable.

Do you think you have what it takes to be an independent investment advisor?

Professional financial services recruiterscan help you create a plan for a seamless career transition.

The financial advisor recruiters at Willis Consulting Inc.have a proven track record of helpingin-house investment consultants establish an independent advisory business with customized solutionsbased on their clients’ individual needs.


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