Independence Day is certainly one of my favourite holidays. Though the expertise will undoubtedly be completely different this yr, I really like the custom and the chance to collect with family and friends. And, after all, I really like the which means behind the day: celebrating the beginning of our nation and the values we maintain expensive.
With celebration comes plenty of reflection, too. I discover myself fascinated by 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 setting designed to assist people pursue their very own imaginative and prescient of success and thrive whereas doing it.
With all that’s occurring in our nation and our world proper now, I daresay many are fascinated by the beliefs of freedom and independence greater than ever, and we’re having conversations which can be lengthy overdue. For now, although, I need to restrict my focus to how these beliefs may translate to breakaway advisors in 4 elementary areas.
1) Impartial Doesn’t Equal Alone
Traditionally, advisors in a captive setting have been led to imagine the unbiased mannequin couldn’t measure up when it comes to infrastructure, experience, and help—and that in making the transfer to independence they’d be alone managing their enterprise. That isn’t so. In truth, the captive mannequin isn’t evolving in the identical means or on the similar pace because the unbiased mannequin.
Right this moment, 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 means, together with product open structure, built-in know-how, high quality analysis, a deep bench of consultative specialists, 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 Need to Worry
Not surprisingly, the prospect of transition generally is 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 right down to having the fitting associate. This type of transfer is a once-in-a-career expertise for you. At Commonwealth, it’s one thing we do day by day. Now we have greater than 30 specialists 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 mum or dad firm are usually for the long-term worth of their enterprise, not yours. Right here’s the place the actual distinction lies: Within the unbiased channel, and significantly at Commonwealth, the symbiosis between you and us is important—we merely can’t and don’t ever lose sight of the truth that we’d like 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 finally 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 may spend extra time together with your purchasers.
4) Freedom Is About Selection
Freedom and independence aren’t fully interchangeable—and in a captive setting, you merely can’t expertise freedom the best way you may within the unbiased channel. What I imply by that is having the liberty of option to comply with your personal path—and alter course 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 a part of Commonwealth begin out dually registered with our RIA and our dealer/seller just because they’re at that stage of their companies. After they select to maneuver to a fee-only mannequin, they’re capable of 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 alter your spots with out altering your associate permits you to construct and nurture the type of enterprise and consumer relationships you envision, and in your timeline.
This 12 months, as You Have a good time Independence Day . . .
I’ll depart you with meals for thought as you take pleasure in your personal traditions with household and mates. Should you’re fascinated by breaking away out of your mum or dad firm, maintain this in thoughts: The character and tradition of the associate you select issues. That associate ought to help the evolution of your online business, not the opposite means 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, individuals 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 supplied by Commonwealth advisors throughout transition suggestions periods.
Determine If Independence Is Proper for You
Take a quiz, watch a video, and entry different assets to search out out if now’s the fitting time to interrupt away.
