Five Ways the Right Partner Helps You Master Efficiency in Independence

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Wirehouse advisors who are considering a move to independence ask me the same questions: Will my clients follow me? Can I afford the added costs? Am I cut out to be a business owner?

My answers are always, emphatically, “yes,” “yes,” and “yes”!

But one question, which is harder to answer, is whether the advisor will have enough time to take on the added burden of running a business. While the payout is less at a wirehouse, the wirehouse takes care of things like overhead, HR, and marketing. Advisors often conclude that by staying put, they’ll have more time to focus on their clients.

That’s not the case.

Many advisors have told me they spend more time with clients as an independent than they ever did while working for a wirehouse. A recent study by Cerulli Associates confirmed it: According to the results, Commonwealth advisors spend 58% more time in client meetings than their wirehouse counterparts.

The next logical question then is, how? It comes down to finding the right firm to affiliate with. Here are five ways the right partner can help you become more efficient in independence.