One significant trend that many independent financial advisors in the industry face today is how to run their business without the support of a large firm. They find themselves wearing many hats: accountant, human resources, recruiter, office manager, or any other “hat” that deals with having their own practice or business.
Having many independent financial advisors in the industry is ideal for consumers: growing competition ensures consumers are provided with more customized, client-centric support while offering the gratification, flexibility and rewards of an entrepreneurial business model. Advisors today are better trained and more educated than they were when I came into the industry 40 years ago. Advancements in technology have given way to immediate access to product and retirement enhancement information.
Earlier in my career, a friend who owned an independent securities and insurance agency asked if I could help motivate his sales force. Working with his team, I learned about the industry and enjoyed it so much, I purchased my own agency.