I’ve been an independent financial advisor for many years now, and I still find new benefits on a regular basis of being in this industry and being this type of fiduciary. If you’re on the fence about whether you should become an advisor or should leave your big firm to go independent, I strongly encourage you to do so. The perks of being an independent advisory are many, but I wanted to use this article to point out the three that I find the most powerful. 

Perk #1: Less Red Tape

Financial planners who are not independent have to deal with a lot of bureaucracy. From what you can publish on your social media to the appearance of your business cards, the red tape sometimes seems endless. When you’re constantly dealing with compliance issues, it gives you less time to do what you want to do, which is be a true financial counselor to your clients. You simply don’t have the freedom to serve your clients when you have to ask for permission for nearly everything. When you become an independent advisor, you can market yourself, develop your business, and focus on your clients without worrying that you’re breaking some type of rule. 

Perk #2: More Flexibility

The flexibility to establish your own unique monthly planning service cannot be overstated. When you’re independent, this service can look any way you want it to look. Prefer meeting with clients in person? You can do that. Would you rather conduct Zoom meetings so you can serve clients all over the world? That works, too. Do you want to expand the boundaries of what it means to be a financial advisor and counsel your clients on issues like adjusting to an empty nest or deal with family discord? You can do that when you’re independent. Flexibility and agility help you be a better financial advisor and you get that when you start your own business.

Perk #3: The Ability to Create Your Dream Job

What does your dream career look like to you? Are you sitting on a beach or hiking in the mountains while conducting your business remotely from your laptop? Do you have a traditional office where you have a whole team working for you? Do you travel the world, meeting with clients from all different walks of life? Whatever your dream looks like, you can craft your independent financial advisory business to match that. There will be no one telling you what you can or cannot do. Though developing a network of mentors who can advise you along the way will prove useful, you don’t have to listen to anyone telling you you ‘should’ do this or ‘shouldn’t’ do that. You can build your career on your terms and live the life you’ve always dreamed of. 

Is going out on your own a little frightening? You bet it is. But it’s well worth it. If you have questions about starting your own independent financial advisory business, please leave them below and I’d be happy to answer them!