Independence Day is one in every of my favourite holidays. Though the expertise will undoubtedly be completely different this 12 months, I really like the custom and the chance to collect with family and friends. And, after all, I really like the that means behind the day: celebrating the beginning of our nation and the values we maintain pricey.
With celebration comes a whole lot of reflection, too. I discover myself fascinated with what independence represents to us at Commonwealth and to the advisors we serve—and I discover myself questioning why others are hesitant to make the transfer to independence. In spite of everything, I’ve spent the higher a part of my profession in an surroundings designed to assist people pursue their very own imaginative and prescient of success and thrive whereas doing it.
With all that’s taking place in our nation and our world proper now, I daresay many are fascinated with the beliefs of freedom and independence greater than ever, and we’re having conversations which might be lengthy overdue. For now, although, I need to restrict my focus to how these beliefs would possibly translate to breakaway advisors in 4 elementary areas.
1) Impartial Doesn’t Equal Alone
Traditionally, advisors in a captive surroundings have been led to imagine the unbiased mannequin couldn’t measure up by way of infrastructure, experience, and help—and that in making the transfer to independence they’d be alone managing their enterprise. That isn’t so. The truth is, the captive mannequin isn’t evolving in the identical approach or on the similar pace because the unbiased mannequin.
At this time, wirehouse advisors who make the transfer to independence with Commonwealth can count on options and help that surpass the benefits of a full-service agency in each approach, together with product open structure, built-in know-how, high quality analysis, a deep bench of consultative consultants, and high quality service to again it up and help them at each juncture. If in case you have the entrepreneurial drive to make the leap, the infrastructure is right here for you.
2) Transition is One thing You Don’t Must Worry
Not surprisingly, the prospect of transition is usually a deterrent to many wirehouse advisors going unbiased. It’s a business- and life-altering step that requires work and dedication. And, even for those who’re able to make the leap, concern could also be stopping you, starting from whether or not your purchasers will comply with you and their property will transition easily to the numerous particulars of the method.
Typically, although, concern of the unknown is extra overwhelming than the fact—and the fact of your transition expertise comes all the way down to having the proper companion. This type of transfer is a once-in-a-career expertise for you. At Commonwealth, it’s one thing we do day by day. We now have greater than 30 consultants throughout the agency, dealing with each element of each single transfer—and advisor satisfaction with transition is measurable (at 97.8 p.c)* and actual.
3) Investing in Your Productiveness and Lengthy-Time period Worth
Within the captive world, investments made by the father or mother firm are typically for the long-term worth of their enterprise, not yours. Right here’s the place the actual distinction lies: Within the unbiased channel, and notably at Commonwealth, the symbiosis between you and us is crucial—we merely can’t and don’t ever lose sight of the truth that we want you for our very survival. And, in Commonwealth’s case, we’re not solely unbiased; we’re additionally privately held. This implies we’re free to allocate assets towards alternatives that repay by serving to you develop now and sooner or later—which in the end advantages us and also you.
Take know-how, for instance. Our know-how platform was created in-house and constructed with direct enter from our advisors to make sure that it really works for them. And, with our staffing—a roughly 2.5–1 advisor-to-staff ratio—we are able to optimize the help you obtain, so you’ll be able to spend extra time along with your purchasers.
4) Freedom Is About Alternative
Freedom and independence aren’t solely interchangeable—and in a captive surroundings, you merely can’t expertise freedom the best way you’ll be able to within the unbiased channel. What I imply by that is having the liberty of option to comply with your personal path—and alter path as you see match. With independence comes the liberty to decide on the sort of advisor you need to be, the kind of enterprise you need to pursue, and the way you need to serve your purchasers. Many advisors who be part of Commonwealth begin out dually registered with our RIA and our dealer/supplier just because they’re at that stage of their companies. Once they select to maneuver to a fee-only mannequin, they’re in a position to do it proper right here, and seamlessly, with out having to transform any of the underlying infrastructure or instruments. Having the selection and suppleness to vary your spots with out altering your companion permits you to construct and nurture the form of enterprise and shopper relationships you envision, and in your timeline.
This 12 months, as You Have fun Independence Day . . .
I’ll depart you with meals for thought as you take pleasure in your personal traditions with household and buddies. When you’re fascinated with breaking away out of your father or mother firm, preserve this in thoughts: The character and tradition of the companion you select issues. That companion ought to help the evolution of your enterprise, not the opposite approach round.
On a extra private be aware, 22 years in the past I used to be lucky sufficient to discover a dwelling the place individuality is widely known, folks come first, and “high quality and group” are cornerstones, and never taglines. From the place I stand, independence has by no means appeared higher.
*Advisor satisfaction primarily based on common service rankings offered by Commonwealth advisors throughout transition suggestions periods.
Resolve If Independence Is Proper for You
Take a quiz, watch a video, and entry different assets to search out out if now’s the proper time to interrupt away.
