When opportunities beckon, we often find ourselves faced with difficult choices. If you’re thinking about becoming an independent advisor, you’re dealing with one of the biggest planning decisions you’ll ever make for yourself. Although weighing the pros and cons may seem overwhelming, answering one question could be the key: do you want to be a business owner?
Below, we explore what ownership control could look like for you, as well as the associated considerations that should play into your choice to take—or not take—the independent path.
Pros. First and foremost, as an independent advisor, you’ll be building a business for yourself—not the wirehouse. As an entrepreneur, you can choose the business model that makes the most sense for your clients, with a custom fee schedule that compensates you appropriately for your time and expertise.