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August 05, 2020 at 10:25 PM
There are two types of change: proactive and reactive.
With the pandemic and economic uncertainty, it’s easy to be fearful and fall into the trap of only adjusting to circumstances around us. This is reactive change.
But the advisors who can position themselves for the most professional and personal growth, in any environment, are those who embrace proactive change.
Many employees and advisors have been forced to change how they do business. They’ve had to become fully digital. By doing so, they’ve had time to think about what it would look like for them to take more control over their future.
It might seem counterintuitive, but now is a great time for advisors to pursue deeper independence. As this comes in different forms, let’s review the opportunities:
What Type of Advisor Do You Want to Be?
Advisor independence is often presented as a singular idea. In reality, there are many types of “independence” available and each has its own advantages and trade-offs.
Before you decide which path to pursue, know your options. Here are some possibilities to help you begin:
Bank Advisor: Often a solo advisor getting paid a percentage of revenue for total assets managed to serve a single banking relationship. Smaller regional and local banks have many options for advisors to affiliate.
