Independence Day is certainly one 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 that means behind the day: celebrating the start of our nation and the values we maintain pricey.
With celebration comes a variety 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 setting 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 are lengthy overdue. For now, although, I wish to restrict my focus to how these beliefs would possibly translate to breakaway advisors in 4 basic areas.
1) Impartial Doesn’t Equal Alone
Traditionally, advisors in a captive setting had been led to imagine the impartial mannequin couldn’t measure up by way of infrastructure, experience, and assist—and that in making the transfer to independence they’d be alone managing their enterprise. That isn’t so. In actual fact, the captive mannequin isn’t evolving in the identical method or on the similar velocity because the impartial mannequin.
At present, wirehouse advisors who make the transfer to independence with Commonwealth can count on options and assist that surpass some great benefits of a full-service agency in each method, together with product open structure, built-in know-how, high quality analysis, a deep bench of consultative consultants, and high quality service to again it up and assist them at each juncture. In case you have 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 could be a deterrent to many wirehouse advisors going impartial. It’s a business- and life-altering step that requires work and dedication. And, even when you’re able to make the leap, worry could also be stopping you, starting from whether or not your purchasers will observe you and their belongings 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 right down to having the best accomplice. This type of transfer is a once-in-a-career expertise for you. At Commonwealth, it’s one thing we do every day. We’ve got greater than 30 consultants throughout the agency, dealing with each element of each single transfer—and advisor satisfaction with transition is measurable (at 97.8 p.c)* 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 impartial channel, and significantly at Commonwealth, the symbiosis between you and us is essential—we merely can’t and don’t ever lose sight of the truth that we want you for our very survival. And, in Commonwealth’s case, we’re not solely impartial; we’re additionally privately held. This implies we’re free to allocate sources towards alternatives that repay by serving to you develop now and sooner or later—which in the end advantages us and also you.
Take know-how, for instance. Our know-how 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 possibly can spend extra time along with your purchasers.
4) Freedom Is About Selection
Freedom and independence aren’t totally interchangeable—and in a captive setting, you merely can’t expertise freedom the way in which you possibly can within the impartial channel. What I imply by that is having the liberty of option to observe your personal path—and alter path as you see match. With independence comes the liberty to decide on the sort of advisor you wish to be, the kind of enterprise you wish to pursue, and the way you wish 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 in a position to 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 accomplice permits you to construct and nurture the type of enterprise and consumer relationships you envision, and in your timeline.
This Yr, as You Have fun Independence Day . . .
I’ll go away you with meals for thought as you take pleasure in your personal traditions with household and buddies. When you’re fascinated by breaking away out of your mum or dad firm, preserve this in thoughts: The character and tradition of the accomplice you select issues. That accomplice ought to assist the evolution of your enterprise, not the opposite method round.
On a extra private observe, 22 years in the past I used to be lucky sufficient to discover a house the place individuality is well known, folks come first, and “high quality and group” are cornerstones, and never taglines. From the place I stand, independence has by no means regarded higher.
*Advisor satisfaction primarily based on common service scores offered by Commonwealth advisors throughout transition suggestions classes.
Determine If Independence Is Proper for You
Take a quiz, watch a video, and entry different sources to search out out if now could be the best time to interrupt away.
