Financial Advisors Going Independent – Key Considerations

• Is "toeing the company line" starting to get to you?
• Thinking of hanging out your own shingle and starting anew?
• Have you realized that you can make far more money as an independent?
  

Many financial advisors are leaving wire houses and going independent to a B/D or to an RIA.  There are many considerations when going independent, but none are more important than creating a well thought out marketing plan.

Key Issues
In a study commissioned by the Financial Planning Association (FPA) in November 2008, key issues emerged regarding what to be aware of when deciding to go independent. The study consisted of 550 independent planners. 

After going independent, participants were asked to list the most difficult aspect of the transition. Here are their answers:
33%          marketing the new practice
18%          working through regulatory and compliance issues
7%            selecting a custodian or B-D and establishing a relationship
6.5%         transferring book of business to new custodian or B-D
6%            selecting and implementing new technology

Interestingly enough, none of the advisors polled said they would go back to their prior arrangement.

What should you be aware of when going independent?

• You should learn how to run your practice like a business. Have you managed a business before?  How do you think you would handle being your own boss?  Can you work efficiently and hold yourself accountable?
• Having an independent practice means acting like an entrepreneur.  How do you feel about going out and getting new business?  How do you feel about taking risks?
• What do you know about branding? You will have to create a brand for your practice that sets you apart from every other advisor out there.
• One of the keys to independence is having a niche for your practice.  Do you currently market your practice by targeting a niche?
• How are your marketing skills? You may have to learn how to get out of your comfort zone with your marketing.
• Do you have a Web site that can help you attract your Ideal Clients? Not just any web site will do. You'll need a strategy that will pre-sell your skills to prospects.
  
• What does your Non Compete state? Compliance and taking clients with you can be tricky.  Have contacted an attorney? Does SEC rule 206-4-7 apply to you?
• How are your finances? Have you estimated the costs to set up an independent practice?

Whatever your situation, Suzanne would love to assist you with getting your new practice up and running.

Call Suzanne today! 480-922-1723

 

Next Steps

1. Purchase my Financial Advisor Marketing Course and create a new Marketing Plan that will bring you new clients and new assets. At the end of the course you'll receive 4 sample financial advisor business/marketing plans to help you create your own custom plan.

There's no risk at all as I offer a money back guarantee. If you're not satisfied for any reason, just ask for a refund within three months of purchase.

Click here to review everything you get.

Start on the road to a more ideal life today!

2. Join my complimentary Newsletter The Prosperous Entrepreneur™ and run your practice more like a business with tips and strategies each month. Sign up here and receive Taglines That Sizzle – Six Steps to a Wow Tagline to help you stand out from the crowd and attract ideal clients.

3. Hiring me as your Business Coach can help you achieve goals you've only dreamed of – if you're considering hiring a coach, complete the Complimentary Coaching Session Form. You'll grow personally and professionally and you'll take full responsibility for your success.

 

About the Author:

Suzanne Muusers has been helping financial advisors boost their marketing results since 2004. She is the creator of the Financial Advisor Marketing E-Course for advisors who want to build assets under management, get organized and productive, and take more time off. The course includes four sample financial advisor business plans with various business models plus tools to boost your marketing results. Visit her at http://www.prosperitycoaching.biz

 

Suzanne Muusers ICF-Credentialed Business Coach Prosperity Coaching LLC

 

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