Top Tips For Aspiring In Dependent Brokers

1
Top Tips for Aspiring Independent Brokers
2
Change is Always Scary

• At Least at First
• For financial advisors, leaving the safety of the
  large firms housed in the towering skyscrapers of
  Wall Street and starting their own consultancy
  may sound like an overly ambitious and herculean
  move.

3
Change is Always Scary

• However, many have done it before and theres no
  reason for you to not accomplish the same feat.
• While its not a walk in the park, its feasible
  and can be highly rewarding.

4

• The success stories involving breakaway brokers
  are variedand theres not one single formula
  for success.

5

• However, financial services recruiters would
  agree that there are certain
• tried-and-tested tips
• a blueprint or roadmap
• that brokers can use as a guide en route to
  independence.

6
Never doubt your reason for leaving your current
firm.
7

• One of the things you need to do is to pinpoint
  the reason why you want to leave your present
  wire house or brokerage to establish your own
  advisory practice.

8
The key is to never second guess the reason
behind your decision.
9

• Many times, consultants decide to leave the nest
  of their advisory firms and when things go awry,
  they feel devastated and regret their decision
  altogether.

10

• If and when you decide to be an independent
  advisor, be 100 resolved on your choice and
  never question your reason for leaving.

11

• According to the findings of the research group
  Aite, the most successful independent consultants
  left their work because of discontent.

12

• More than half said they broke away because
  they want to have the control to choose the crème
  de la crème third party products.
• 42 said they want more freedom on how to advise
  their clients.

13

• You can tap the expertise of financial advisor
  recruiters to help you with money matters with
  your transition from an in-house consultant to
  running your own practice.

14
Financial Considerations
15

• According to surveys, the start-up cost for an
  independent brokerage practice is somewhere
  between 50,000 and 100,000.
• The final amount will depend on a number of
  things such as
• office space
• technology and infrastructure
• staffing
• branding materials

16

• However, you should not see this as an
  irrecoverable expense, but rather a
• capital expenditure.

17
You should also consider how much revenue youre
going to bring in
18

• According to the Aite Group research mentioned in
  the previous section, most breakaway brokers
  retain more than 75 of their clients.
• This is your short-term income.

19

• You also have to decide on a business model,
  usually a choice between fee-based or
  commission-based.
• The good thing is, you dont necessarily have to
  choose one over the other.

20
A number of independent advisors employ a hybrid
business model wherein they perform dual roles
21
Lifestyle Implications
22

• Lastly, being an independent financial advisor
  has its implication on your lifestyle.
• Actually, its more on your
• personal business ethic.

23

• As an independent financial consultant, the way
  you run your practice is 100 up to you.

24

• This involves constantly updating your business
  practices based on new regulations and policies.
• Adhering to impartial fiduciary standards is
  non-negotiable.

25

• Do you think you have what it takes to be an
  independent investment advisor?

26

• Professional financial services recruiterscan
  help you create a plan for a seamless career
  transition.

27

• The financial advisor recruiters at Willis
  Consulting Inc. have a proven track record of
  helpingin-house investment consultants establish
  an independent advisory business with customized
  solutionsbased on their clients individual
  needs.

28

• Visit
• www.willis-consulting.com
• to learn more