“The question is how big I want it to be. “It’s up to me whether I want to scale up my business,” explains Andrews. Meanwhile, some are simply seeking greater flexibility in their work lives or to spend more time with family. Some aspire to make a greater societal impact while others are looking to deliver a higher level of client service. We’ve compiled some of our best advice to help answer these questions, from our community.įinancial advisors have different reasons for starting an independent practice. We regularly receive questions from aspiring breakaway advisors who are considering transitioning from employee to entrepreneur. But it wasn’t easy.”Īt CircleBlack, we are fortunate to work with financial advisors like Andrews who are building thriving practices. She showed me the ropes, and after just 9 months working for her, I was ready to go solo. “I was lucky enough to be taken under the wing of a wonderful mentor. “The first few years of running my solo practice,” explains Kevin Andrews, who started his financial advisory practice Eagle Financial Group, based in Nampa Idaho, 20 years ago. Taking practical action on these objectives however, may not always be the most straightforward process, as it’s common for new entrepreneurs - from all different industries, not just the financial advisory profession, to encounter challenges. That’s why, according to the 2020 TD Ameritrade report, 55% of prospective breakaways say they are likely to move in the next 12 months. ![]() When financial advisors are ready to make the transition from employee to entrepreneur, it’s about taking action towards a goal. Only 55% indicated that someone at work had talked to them about their progress in the previous six months and only 51% said they understand what they need to do to get promoted to the next level.įor many advisors, entrepreneurship is a clear and direct pathway for career progression. Research from Fidelity Investments has found that only 4 in 10 advisors are happy at the firms where they are employed. ![]() ![]() A notably higher proportion (53%) are willing to move for a modest bump in income.īreaking away and making the move to starting an independent RIA is not just about financial upside.3 in 4 believe they’ll earn more as independent RIAs.You may be thinking about leaving your full-time role to pursue a more independent, entrepreneurial path.Ĭonsider the following trends from the 2020 TD Ameritrade report : If you’ve been an employee at an RIA, broker dealer, or other financial services company, there comes a point where you may be reflecting on what’s next in your career. In this role, you have the opportunity to work with clients who respect your wisdom and guidance. Being a financial advisor is one of the most rewarding career paths out there, regardless of whether you work for an employer or yourself.
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