Independence Day is one in every of my favourite holidays. Though the expertise will undoubtedly be totally different this yr, I really like the custom and the chance to assemble with family and friends. And, in fact, I really like the which means behind the day: celebrating the beginning of our nation and the values we maintain pricey.
With celebration comes a number of reflection, too. I discover myself fascinated by what independence represents to us at Commonwealth and to the advisors we serve—and I discover myself questioning why others are hesitant to make the transfer to independence. In spite of everything, I’ve spent the higher a part of my profession in an atmosphere designed to assist people pursue their very own imaginative and prescient of success and thrive whereas doing it.
With all that’s occurring in our nation and our world proper now, I daresay many are fascinated by the beliefs of freedom and independence greater than ever, and we’re having conversations which can be lengthy overdue. For now, although, I need to restrict my focus to how these beliefs may translate to breakaway advisors in 4 basic areas.
1) Impartial Doesn’t Equal Alone
Traditionally, advisors in a captive atmosphere had been led to consider the unbiased mannequin couldn’t measure up when it comes to infrastructure, experience, and assist—and that in making the transfer to independence they’d be alone managing their enterprise. That isn’t so. In truth, the captive mannequin isn’t evolving in the identical approach or on the similar pace because the unbiased mannequin.
As we speak, wirehouse advisors who make the transfer to independence with Commonwealth can anticipate options and assist that surpass the benefits of a full-service agency in each approach, together with product open structure, built-in expertise, high quality analysis, a deep bench of consultative specialists, and high quality service to again it up and assist them at each juncture. When you’ve got the entrepreneurial drive to make the leap, the infrastructure is right here for you.
2) Transition is One thing You Don’t Must Concern
Not surprisingly, the prospect of transition is usually a deterrent to many wirehouse advisors going unbiased. It’s a business- and life-altering step that requires work and dedication. And, even in case you’re able to make the leap, worry could also be stopping you, starting from whether or not your purchasers will comply with you and their property will transition easily to the numerous particulars of the method.
Typically, although, worry of the unknown is extra overwhelming than the fact—and the fact of your transition expertise comes all the way down to having the appropriate companion. This sort of transfer is a once-in-a-career expertise for you. At Commonwealth, it’s one thing we do day by day. Now we have greater than 30 specialists throughout the agency, dealing with each element of each single transfer—and advisor satisfaction with transition is measurable (at 97.8 %)* and actual.
3) Investing in Your Productiveness and Lengthy-Time period Worth
Within the captive world, investments made by the mum or dad firm are usually for the long-term worth of their enterprise, not yours. Right here’s the place the actual distinction lies: Within the unbiased channel, and significantly at Commonwealth, the symbiosis between you and us is important—we merely can’t and don’t ever lose sight of the truth that we’d like you for our very survival. And, in Commonwealth’s case, we’re not solely unbiased; we’re additionally privately held. This implies we’re free to allocate assets towards alternatives that repay by serving to you develop now and sooner or later—which finally advantages us and also you.
Take expertise, for instance. Our expertise platform was created in-house and constructed with direct enter from our advisors to make sure that it really works for them. And, with our staffing—a roughly 2.5–1 advisor-to-staff ratio—we are able to optimize the assist you obtain, so you’ll be able to spend extra time together with your purchasers.
4) Freedom Is About Alternative
Freedom and independence aren’t solely interchangeable—and in a captive atmosphere, you merely can’t expertise freedom the best way you’ll be able to within the unbiased channel. What I imply by that is having the liberty of option to comply with your personal path—and alter path as you see match. With independence comes the liberty to decide on the type of advisor you need to be, the kind of enterprise you need to pursue, and the way you need to serve your purchasers. Many advisors who be part of Commonwealth begin out dually registered with our RIA and our dealer/vendor just because they’re at that stage of their companies. After they select to maneuver to a fee-only mannequin, they’re capable of do it proper right here, and seamlessly, with out having to transform any of the underlying infrastructure or instruments. Having the selection and suppleness to alter your spots with out altering your companion means that you can construct and nurture the form of enterprise and consumer relationships you envision, and in your timeline.
This 12 months, as You Rejoice Independence Day . . .
I’ll go away you with meals for thought as you take pleasure in your personal traditions with household and pals. When you’re fascinated by breaking away out of your mum or dad firm, hold this in thoughts: The character and tradition of the companion you select issues. That companion ought to assist the evolution of your online business, not the opposite approach round.
On a extra private observe, 22 years in the past I used to be lucky sufficient to discover a dwelling the place individuality is widely known, folks come first, and “high quality and neighborhood” are cornerstones, and never taglines. From the place I stand, independence has by no means regarded higher.
*Advisor satisfaction based mostly on common service rankings supplied by Commonwealth advisors throughout transition suggestions periods.
Determine If Independence Is Proper for You
Take a quiz, watch a video, and entry different assets to seek out out if now’s the appropriate time to interrupt away.