Written by: MaryBeth Brown, Advanced Practice Advisors — Del Mar, California
Recent statistics show 2014 wirehouse broker transitions to the Independent channel were well into the hundreds, taking with them many billions in AUM. Everyone who made the move to Independence says they should have done it sooner.
The time is right: The stock market is on your side. Client loyalty in an UP market is much better than any other time. Take advantage of it, you’ve been a hero all year, they will come with you. New Year’s pledge: renew the effort to handle their hard-earned assets with care. This commitment makes for a win-win conversation. Knowing the market will NOT go UP forever, make the move before it craters. Show your clients you can be a true fiduciary to them; become an Independent RIA. The RIA business was built on the fee-based model. There’s a reason clients prefer it. All of the above transitions can be done within the Broker Protocol. Organize your book; high to low risk. Some should be left behind. As an Independent RIA, you can double your take-home pay and build equity in your business. You won’t look back!