Pros and Cons of Going Independent
If you are a captive financial advisor, chances are you have wondered ‘what are the pros and cons of going independent?’ at some point in your career. That’s totally natural! Myriad Advisor Solutions has helped countless entrepreneurs realize their dreams of independence. That means we can help make your decision a little easier by comparing the pros and cons of financial advising!
Why should I go independent?
Freedom. Though it might seem obvious, many advisors don’t consider the different ways independence can liberate their practice. As an financial advisor who has transitioned from captive to independent, you can:
- Set your own hours.
- Determine your own home base.
- You can determine HOW you want to advise.
Control. While control can seem synonymous with freedom, the concept of control is quite distinct when considering captive versus independent financial advising. When you choose to transition into independence as a financial advisor, you have more control over:
- Your brand & reputation.
- The services you offer.
- Your proffered investment options.
Money. One of the primary reasons financial advisors consider captive advising versus independent advising, unsurprisingly, is to increase their level of compensation. After they transition, independent financial advisors can:
- Control their level of income.
- Create recurring revenue streams.
- Increase their services offered.
Alternatively, captive reps have a certain freedom in not having to worry about concerns like coordinating their own office space. They don’t have to research & discover their own investment solutions. The organization they work for shares some of their liability. Perhaps most of all, they don’t have to worry from where their next paycheck is coming!
We’ve only scratched the surface here. Fortunately, Myriad Advisor Solutions has the resources to answer the question “what are the pros and cons of going independent?” Call (515.850.1226) or e-mail (firstname.lastname@example.org) us today to start your journey!