What You Need to Know
- The vast majority of RIAs in Dynasty's network who were polled said they were happier going independent.
- But the advisors surveyed said challenges included a large learning curve and building their businesses almost from scratch.
- This was the first Dynasty breakaway advisor survey and the firm plans to conduct one annually, it said.
Breakaway advisors and their clients are happier and the advisors are making more income after going independent, according to the findings of the first Dynasty Financial Partners breakaway survey that the firm said Tuesday it plans to conduct annually.
The advisors surveyed “were not shy about discussing the obstacles they had to overcome on the road to independence,” the company said, pointing to challenges cited that included a “steep learning curve” and “building a business nearly from scratch.”
But the owners of independent RIAs said they would gladly face those and other challenges of breaking away again to secure the benefits they enjoy now, according to Dynasty, noting the survey was conducted online last month for it by SurveyMonkey.
The survey’s results, however, were only based on a small pool of participants that included 23 of the over 300 advisors at 46 independent RIA firms managing over $60 billion in assets on the Dynasty network. The 23 advisors that responded have clients throughout the U.S. managing about $27 billion in assets collectively, Dynasty said.
Dynasty provides wealth management and technology platforms for independent advisory firms.
All of the advisors polled said they had a greater opportunity to build equity value in their business after becoming independent RIAs, had more control over their business decisions, and found independence worth it and would do it all over again, according to Dynasty.