It’s been a little over six years since I began my journey as an independent advisor. During this time, I’ve had a few missteps and many rewards. Moreover, through the ups and the downs, I’ve learned a great deal. Whenever we have an opportunity to share our experiences to help others, we are, in a sense, paying it forward.

Perhaps you are working for a bank or wirehouse and have been contemplating the move to independence. If so, you are not alone. In fact, there are a number of advisors who feel trapped (in a manner of speaking) and are looking for a more fulfilling experience.

As a result, ThinkAdvisor, will be hosting a webinar, Going Independent: Why, How and How Not,” this Wednesday, Oct. 30, at 10 a.m. EST. The Wednesday morning session — my fellow panelists are advisor Traci Richmond and securities attorney Steve Galletto — is part of a daylong virtual conference that will address in depth many issues that advisors considering independence should address. 

I feel privileged to be one of the panelists selected to participate. This informative webinar is specifically designed to address the questions and concerns of those who are considering the move to independence. Here are a few of the issues that I will be covering:

  • Is independence for me?
  • How much lead time should I allow before making the move?
  • How do I determine the amount of working capital I will need?
  • How do I decide between becoming an RIA, an independent broker or a hybrid advisor?
  • What percentage of payout should I expect?
  • How do I select the right custodian or broker-dealer?
  • Should I rent office space or work from home?
  • What staff will I need at a minimum?
  • What services should I provide?
  • How should I price my services?
  • What software will I need and what will it cost?
  • What CRM, asset management and financial planning software should I consider?
  • What other tools/software should I consider?

There are many questions you should attempt to answer before making the move to independence. In doing so, you may be able to minimize your mistakes. Near the conclusion of the webinar, there will be a Q&A session. It is our sincere goal to help as many as possible gain a clearer understanding of the pros and cons of becoming an independent advisor. 

To register for the free virtual conference, please visit the ThinkAdvisor registration page.

As a supplement to this webinar, you might consider reading some of my earlier blog postings as I chronicled my journey from 2007 to the present. My blog is entitled “The Road to Independence.” 

I hope you are able to take a few minutes to join us this Wednesday.

Thanks for reading and have a great week!