As financial advisors head back to the office after 3 months of work from home restrictions, many are struggling with the internal question of whether a W-2 position or the prospect of independence is right for them. Perhaps they enjoyed the freedom and autonomy of working from home. They could have ideas on how best to improve their AUM and market their practice to potential clients. However, somewhere between the idea of independence and actually making the leap lies the truth every advisor must confront – do they have the entrepreneurial mindset and work habits that will make a move to independence successful for them?
There is no wrong answer to that question, as Elite Consulting Partners CEO Frank LaRosa discusses with COO Dale Dempsey in a conversation which takes the temperature of the financial services industry as a whole and gives guidance on how advisors can evaluate the next right move for themselves and their practice.
As Frank and Dale explain, it’s simply a fact that independence is not right for everyone. Understanding your options and knowing the work structure under which you most thrive is the key. Important take-aways the duo discuss include:*the mindset triggers and practical work experience which are hallmarks of the most successful independent advisors. *the cost value of going independent and understanding the benefits of such a move as well as what you are leaving on the table.*alternatives to independence that provide a W-2 structure while still letting advisors exercise their entrepreneurial muscles.*the nuances of recruiting deals in financial services at this moment and how advisors and firms can leverage them for ultimate success.
Whether you are confident it is time for a transition, or you are an advisor who is simply unhappy with your firm and are considering your options, these insights will provide the necessary clarity you need to insure you take the decisive next right action.
