As I reflect on the days when I worked with a large brokerage firm, I am reminded of the myriad of onerous rules that were placed on all client-facing advisors and support staff. Many of these rules were the result of actions taken by a few rogue individuals who cared more about their paycheck than the client’s well-being. As a result, compliance came to be known as the “business prevention” department.
Even though I understand why this occurred, it didn’t change the fact that conducting business in a sensible manner seemed a bit difficult at times. I suspect this has also been a catalyst in the exodus of wirehouse and bank advisors who have opted for independence. Once an advisor gets a taste of independence, I suspect very few return to their former world.
I have had an unusual number of advisors contact me lately via email with questions about independence. Unfortunately, I haven’t had the time to respond to all of them. I will eventually, but perhaps not as timely as I, or they, would like.
The burning questions seem to center around my relationship with TradePMR, my custodian, and about the independent world in general. I certainly understand that many questions arise when an advisor considers becoming an independent. I also realize these questions are crucial to making a good decision.