The Bold Advisor
Helping Advisors Everywhere See the Light
(855) 334-0033
  • Home
  • The John Lindsey Story
  • Proof Positive
  • Praise for The Bold Advisor
  • Blog
  • Yes You Can

Seven Things Every Advisor Should Do Before Going Indie

3/10/2014

 
If you’re an advisor who is ready to leave a wirehouse, you’ve no doubt been doing your homework about making the transition to the independent space. You’ve been reading everything you can get your hands on, talked to other advisors who have made the move and done due diligence on the business model you want to pursue.

As someone who has made the transition, I know that it can sometimes feel like information overload because there is so much of it to digest.

So, in an effort to help you parse this information down to a manageable guide for making the transition, here are seven things you should do before leaving your wirehouse:

1. Determine your value proposition. Simply put, you should figure why you are deciding to go independent in the first place. What are your goals and how will leaving your wirehouse help you better achieve those goals?

2. Think about your clients. While becoming an independent advisor might be the best move for your career, it’s important to think about how this transition will benefit your clients as well.

3. Conduct a review of your team. It’s imperative that you determine whether the team you have in place right now is the team that will serve you best going forward. Does each member share your vision? Are they ready to leave the wirehouse space for the independent model?

4. Prepare yourself for a delayed payoff. You can almost be certain that the money is not going to immediately start rolling in once you go independent. The first year could be about making enough money to keep the lights on and the staff paid. If you maintain a long-term vision, you can eventually reap the rewards of your patience.

5. Make sure your family is on board. Again, the early-going could be challenging and require long hours to get the business running consistently. Make sure your family is prepared to possibly see less of you in the short-term.

6. Be ready to give up something to gain something. As you make the move to independence you are often giving up the brand recognition that you enjoyed at your old firm and are now starting from scratch. You may want to think about aligning yourself with a marketing firm or a super OSJ such as Cooper McManus to help build your new brand.

7. Keep an open mind about compromising. While you may be driven by an entrepreneurial spirit and a desire to break away from the restrictions of the captive environment, going fully independent may not make the most sense for your business or your mental health. Be open to partnering with a branch office, an independent broker/dealer or other entity that can help make your transition easier by providing many of the services you enjoyed at your wirehouse. 

Comments are closed.
    John C. Lindsey, CFP®

    Author

    John C. Lindsey, CFP®, was with Edward Jones for over 15 years; his office in Simi Valley was among the top 3% volume offices in the country for Edward Jones. He served as Regional Leader for 65 Edward Jones offices in the south central coast and southern central valley region of California. 

    Named a Limited Partner with Edward Jones in 1999 he also served as a General Partner from 2001-2006.  His office was a Peter Drucker Award winner, an honor based on client service excellence scores bestowed upon the top 50 offices in all of Edward Jones (14,000 offices in all).  

    He founded Lindsey and Lindsey Wealth Management, Inc. in 2012 to be able to better serve his client base with an expanded universe of investment offerings.

    Five Star Wealth Manager John Lindsey

    Archives

    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    December 2015
    November 2015
    September 2015
    June 2015
    May 2015
    February 2015
    January 2015
    December 2014
    November 2014
    September 2014
    August 2014
    July 2014
    April 2014
    March 2014
    February 2014
    January 2014

    Categories

    All
    Going Independent

    RSS Feed

Lindsey & Lindsey Wealth Management, Inc.
4195 E. Thousand Oaks Blvd, Suite 125
Westlake Village, CA 91362
Phone: (805) 330-3700
Toll Free: (855) 334-0033

www.lindseyandlindsey.com
john@lindseyandlindsey.com