Financial Snapshot: 4 Steps to Professionalize Your P&L Statement

Planning for your future as an independent financial advisor.

If you're considering a transition from the wirehouse to the independent channel, it's critical to develop a plan for how to manage your future business. One essential first step will be to centralize your financial management by adopting professional accounting practices. Professionalizing your profit and loss (P&L) statement will help set your firm up for growth.

When each transaction and account are handled in the same manner, your P&L statement will serve as both a mirror and a guide. This will allow you to review important metrics, analyze what affects your firm’s profitability, and make necessary adjustments for continued success.

Of course, a P&L statement is only as strong as its data—and getting that data is all about knowing where to start.

Here are four steps to professionalize your P&L statement:



When you’re ready to make the jump from the wirehouse to independence, an accurate, professional P&L statement will provide a clear, holistic picture of your firm—and give you the keys to a successful future.

But you don’t have to do it all on your own. The right partner firm can provide expert guidance, tools, and support to help you set up robust financial management systems that can grow with your business.

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