--- title: Commonwealth Guide to Independence | Resources description: A P&L statement is only as strong as its data — and getting that data is all about knowing where to start. image: https://learn.commonwealth.com/hubfs/PL-Infographic-resources.jpg --- [![blue lockup](https://learn.commonwealth.com/hubfs/BLC/Logos/blue%20lockup.svg)](https://www.commonwealth.com/) [![blue lockup](https://learn.commonwealth.com/hubfs/BLC/Logos/blue%20lockup.svg)](https://www.commonwealth.com/) - Your Journey - [Breaking Away](https://learn.commonwealth.com/advisor-guide/independence/journey/breakaway) - [Researching Options](https://learn.commonwealth.com/advisor-guide/independence/journey/research) - [Choosing a Partner Firm](https://learn.commonwealth.com/advisor-guide/independence/journey/firm-partner) - [Opening Your Doors](https://learn.commonwealth.com/advisor-guide/independence/journey/launch) - [Growing Your Business](https://learn.commonwealth.com/advisor-guide/independence/journey/business) - Key Topics - [The Economics of Independence](https://learn.commonwealth.com/advisor-guide/independence/key-topics/economics) - [The Client Experience](https://learn.commonwealth.com/advisor-guide/independence/key-topics/clients) - [Transitioning Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/transition) - [Choosing the Right Firm Partner](https://learn.commonwealth.com/advisor-guide/independence/key-topics/firm-partner) - [Running Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/business-management) - [Marketing Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/marketing) - [Managing Your Risk](https://learn.commonwealth.com/advisor-guide/independence/key-topics/risk-management) - Your Toolbox - [Videos](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-video) - [Quizzes](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-quiz) - [Checklists](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-checklist) - [Guides](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-guide) - [All Resources](https://learn.commonwealth.com/advisor-guide/independence/resources) - [About Commonwealth](https://www.commonwealth.com/why-commonwealth/about-us) [Let's Connect](https://learn.commonwealth.com/advisor-guide/independence/contact-us) Close - Your Journey - [Breaking Away](https://learn.commonwealth.com/advisor-guide/independence/journey/breakaway) - [Researching Options](https://learn.commonwealth.com/advisor-guide/independence/journey/research) - [Choosing a Partner Firm](https://learn.commonwealth.com/advisor-guide/independence/journey/firm-partner) - [Opening Your Doors](https://learn.commonwealth.com/advisor-guide/independence/journey/launch) - [Growing Your Business](https://learn.commonwealth.com/advisor-guide/independence/journey/business) - Key Topics - [The Economics of Independence](https://learn.commonwealth.com/advisor-guide/independence/key-topics/economics) - [The Client Experience](https://learn.commonwealth.com/advisor-guide/independence/key-topics/clients) - [Transitioning Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/transition) - [Choosing the Right Firm Partner](https://learn.commonwealth.com/advisor-guide/independence/key-topics/firm-partner) - [Running Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/business-management) - [Marketing Your Business](https://learn.commonwealth.com/advisor-guide/independence/key-topics/marketing) - [Managing Your Risk](https://learn.commonwealth.com/advisor-guide/independence/key-topics/risk-management) - Your Toolbox - [Videos](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-video) - [Quizzes](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-quiz) - [Checklists](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-checklist) - [Guides](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-guide) - [All Resources](https://learn.commonwealth.com/advisor-guide/independence/resources) - [About Commonwealth](https://www.commonwealth.com/why-commonwealth/about-us) SEARCH [Let's Connect](https://learn.commonwealth.com/advisor-guide/independence/contact-us) ##### [Commonsense Guide to Independence](https://learn.commonwealth.com/advisor-guide/independence) - [Home](https://learn.commonwealth.com/advisor-guide/independence) - [Resources](https://learn.commonwealth.com/advisor-guide/independence/resources) - [Financial Snapshot: 4 Steps to Professionalize Your P&L Statement](https://learn.commonwealth.com/advisor-guide/independence/resources/professionalizing-your-pl) ![cw\_green](https://f.hubspotusercontent20.net/hubfs/295024/BLC/Images/cw_green.svg) # 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:   ![](https://learn.commonwealth.com/hubfs/BLC/Images/Infographics/PL%20Infographic-FinalVersion.png)   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. {val=} ### Related Resources [Type: Quiz](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-quiz) ### [Are You Ready to Break Away from the Wirehouse?](https://learn.commonwealth.com/advisor-guide/independence/resources/are-you-ready-to-break-away-from-the-wirehouse) [Start Reading](https://learn.commonwealth.com/advisor-guide/independence/resources/are-you-ready-to-break-away-from-the-wirehouse) [Type: Guide](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-guide) ### [Breaking Away to Break Through](https://learn.commonwealth.com/advisor-guide/independence/resources/breaking-away-to-break-through) [Start Reading](https://learn.commonwealth.com/advisor-guide/independence/resources/breaking-away-to-break-through) [Type: Checklist](https://learn.commonwealth.com/advisor-guide/independence/resources?ty=type-checklist) ### [Breakaway Implications: The Impact Your Firm Partner Can Have On Efficiency](https://learn.commonwealth.com/advisor-guide/independence/resources/breakaway-implications-the-impact-your-firm-partner-can-have-on-efficiency) [Start Reading](https://learn.commonwealth.com/advisor-guide/independence/resources/breakaway-implications-the-impact-your-firm-partner-can-have-on-efficiency) ### Connect with Us Tell us a little about yourself. We'll begin a conversation about your business and how Commonwealth can help move your practice forward. ![footer-background](https://f.hubspotusercontent20.net/hubfs/295024/footer-background.png) [![Full Lockup](https://learn.commonwealth.com/hubfs/BLC/Logos/Full%20Lockup.svg)](http://www.commonwealth.com/) ©2025 Commonwealth Financial Network®, Member [FINRA](http://www.finra.org/), [SIPC](http://www.sipc.org/), a Registered Investment Adviser. All rights reserved. This material is for educational purposes only and is not intended to provide specific advice. Please review our [Terms of Use](https://www.commonwealth.com/terms-of-use). 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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.", "url" : "https://learn.commonwealth.com/advisor-guide/independence/resources/professionalizing-your-pl", "wordCount" : "568" } ```