Podcast - How To Go Independent: Recent Episodes
Sean Kernan: CFP, Independent Financial Advisor and Blogger
Are you a financial advisor looking to go independent? This podcast discusses the independent business model and compares and contrasts it with the employee model. Have a question for Sean? Email him at Sean@indyFA.com
Shoot me an email at kernan@hey.comAlso, check us out on Twitter:@HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
If you have thought about buying another practice to grow yours, you may wonder what exactly needs to happen when you find a seller. If you are considering independence, the opportunity to do this is a massive advantage to the business model compared to being an employee. I have done several of these transitions and am working on another potential deal. I drafted a detailed outline for the prospective seller so he would have a starting point for what would probably need to happen in a transition of his business and clients. This may help you start building the knowledge to educate potential sellers and set yourself apart as a knowledgeable buyer. If you have any questions about this topic, email me at kernan@hey.com or call me at 469-893-0067.
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at kernan@hey.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE .
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Summary
Making a decision to go independent--or any change of firms--should NOT be done lightly. Here are some thoughts on how to frame your research process when looking at potential places to establish your own business.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Shoot me an email at sean@indyFA.com
Also, check us out on Twitter: @HowToGoIndy and Facebook by clicking HERE.
Ashley Hodge, an independent financial advisor in the Fort Worth area, talked about his path to the independent channel. Ashley describes two drastically different transitions in his career, and also breaks down how he has lowered his overhead after going independent.
In this episode you will learn....
How moves from a wirehouse to another wirehouse can sometimes be more difficult than going independent How Ashley's unique pricing structure and low overhead have helped him be successful How to be awesome....(obviously) Other links:
Ashley's website FA Magazine article on Ashley
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 5 of that series.
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 4 of that series.
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 3 of that series.
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 2 of that series.
Jim Webb and I started in the business together at Edward Jones in 2002. We have remained friends in the years since I left EJ in 2005, and my experience became very valuable to him when he was ready to make a move in 2016. I interviewed him five times as he planned for and executed his transition: from a few weeks before until ten months after his move. This episode is part 1 of that series.
As an employee advisor, you may be given some staff help---but is it the RIGHT staff help? As an independent advisor, you get to choose who and how people work for you. Here are two examples of people that work for me and how they've made my business (and life!) better.
Related Links (interviews with some of our "right people on the right seats"):
Episode 53: An interview with Sarah Pais--a senior staff member's perpsective on wirehouse vs. independent life Episode 9: Brian Ruff - how this former Merrill advisor getting a 117% payout - by joining a team
Summary
Once you have explored the options, you have to pick one and GO! However, you need to spend as much time as you need to properly plan and execute your transition....but not so long that you find reasons to not make the move.
Related Links:
The Path To Independence part 1 (Episode 60): http://howtogoindependent.com/htgi/episode60 The Path To Independence part 2 (Episode 62): http://howtogoindependent.com/htgi/episode62 The Path to Independent part 3 (Episode 63): http://howtogoindependent.com/htgi/episode63Have questions about this episode or questions about going independent?
We review some interesting articles about recruiting from industry publications.
Related Links:
http://www.thinkadvisor.com/2016/03/01/the-breakaway-push-is-sputtering-out https://www.onwallstreet.com/opinion/message-to-wirehouses-stop-messing-with-advisor-comp HTGI Episode 62: http://howtogoindependent.com/htgi/episode62
Once you've found a trusted guide (Part 2), you are ready to start narrowing the field of potential opportunities. Your search for the right way to go independent for you should be specific to what you want out of your business and the partners/providers you use to run it. Related Links: The Path To Independence part 1 (Episode 60): http://howtogoindependent.com/htgi/episode60 The Path To Independence part 2 (Episode 62): http://howtogoindependent.com/htgi/episode62
Mindy Diamond has spent 20 years helping advisors explore and decide about which firm is the best fit. In this conversation, she outlines how she walks her clients through a process to truly understand what they want out, both from business as a financial advisor and their life as a whole. Her industry reputation is second to none, so if you're not sure how to look around the landscape at your options, this episode will allow you to tap into Mindy's wisdom.
Sean was a guest on episode 93 of XYPN Radio, the XY Planning Network's podcast, discussing the option of going independent as a hybrid as a step towards an RIA arrangement. Related Links: XYPN Show Notes: http://blog.xyplanningnetwork.com/podcast-blog/ep-93-path-from-commission-hybrid-fee-only-interview-with-sean-kernan XYPN for advisors: http://www.xyplanningnetwork.com/advisor/
Here on HTGI, we like being independent -- so we may tend to gloss over the fact that it is not for everyone. This episode is the first in a series walking you through the whole process: from the first awareness that being independent is possible to the day you make a move. I cover some obvious reasons to continue down the path researching independence as well a few reasons that you probably shouldn't. Related Links: xyplanningnetwork.com/advisor
Steve Diamond as been an independent advisor for 15 years---and most of that has been spent working far away from the bulk of his clients. When his wife got a job offer she/they couldn't refuse, Steve moved from Texas to California. He expected to eventually use ALL of his clients--but instead, his business has steadily grown. Listen to learn the key reasons Steve has been so successful with his "location independent" business.
Have you done a cursory analysis of the benefits of setting up your own practice? If you have, you probably compared your net payout now to your potential net payout on your own. While that is useful, there are also very intangible and unknowable benefits that can emerge with the flexibility of being a business owner. I talk about 6 of the big ones that have made an enormous benefit in my business and life.
When you first contemplate what setting up your own practice would entail, it can seem overwhelming. I've been there, done that, felt that way, etc---and lived to tell about it. However, I can boil the vital ingredients down to just 3: make sure you learn from OTHER people's experiences (and mistakes), make sure you have a backup plan for your business (or more accurately, for your LIFE!), and make sure you build in optionality and flexibility in the early stages of your new business.
When you make the move to independence, you'll have the freedom tell both clients and prospects more about your business than you might have been able to other other employee firms
This episode is an interview with Desmond Henry, one of the first listeners of the podcast that I connected with. By the time HTGI started, he was already full speed ahead researching his options much like I had 7 years earlier. He made the move from bank channel to his own practice in June 2016. Listen to hear his lessons learned and how he is enjoying the journey so far.
I took over a business from a colleague last year that has worked out very well for both of us so far (as well as the clients I now serve). The existing relationship I had with the seller allowed us to quickly and smoothly come to terms on a mutually beneficial arrangement. Listen to the details, which included NO down payment and tax advantaged payments for me.
Sarah Pais is the Chief Operating Officer of 360 Wealth Management, a hybrid RIA that supports other independent financial advisors. Listen in to hear her thoughts on what the key differences are between working within a wirehouse vs. striking out on your own.
We hear a lot about buying a practice, but we don't often hear from advisor that has successfully sold a business. Leesa Cattley retired from the industry at the end of 2012 and has not looked back. She has some great insights with the benefit of several years of distance from the transaction. Listen in to hear how she did it and the lessons she learned.
Curious about what production level you should be at when you are considering independence? In this episode, I'll talk about payouts, expenses and what you'll expect to take home when you go independent.
We work in a highly regulated industry, so it can be tricky to communicate with the world in a way that fits your business. A large company has to deal with the reality that ten to twenty thousand advisors are potentially putting them at risk. With those two factors, it's nearly impossible to escape the lowest common denominator approach to marketing, branding, social media, etc. An advisor acquaintance of mine--who is an employee of a large firm--recently shared a very personal story on a personal social media account and got an outpouring of responses. I immediately thought about how useful it could be in showing clients and prospects what she is all about---IF she was independent. In this episode, I discuss 3 major ways that you can improve your communications when you are an independent advisor.
Today I interviewed a transition specialist that assists advisors with the transition process. Teresa McCandless has a ton of experience, and is a great asset to our firm and those advisors she helps transition their books after going independent.
Going independent can help you create a more satisfying lifestyle while still serving your favorite clients and remaining active in the business.
The upcoming implementation of the DOL ruling has some advisors questioning if they'll stay in the business. We'll discuss some things for those advisors to consider, as well as potential opportunities for those who are sticking around.
Today I'll talk about an example of why saving ONE minute a day is easily worth $100/year and other ways to maximize your time when you're a financial advisor.
When considering your options to go independent, you may also consider the economics of employee firm recruiting deals. In this episode, I'll suggest a framework for how to consider the spectrum of tradeoffs between payout and upfront money.
Planning and executing a transition does involve some risk. You can't predict the future, but you can plan for mitigating the biggest and most obvious ones. We'll cover the biggest risks in making the move in this episode.
VOIP---Voice Over Internet Protocol--is a great technology that gives you numerous benefits as an independent financial advisor and business owner. If you are considering establishing your own practice, do yourself a favor and make sure you explore VOIP...
There is a lot of talk about buying and selling advisory practices, but what if you're not ready to sell? There are other ways to get value from your business as you get older. I'll talk about your options in this episode.
Going from employee to independent advisor, you may find you have to take care of some details you're not used to dealing with. We cover those in this episode.
I often talk about the flexibility and freedom inherent in being an independent financial advisor; this episode goes into what that freedom really gets you.
A lot of independent advisors use virtual assistants as part of their business. In this episode, I'll discuss the reasons to consider using remote/virtual assistants in your practice.
Starting completely from scratch seems overwhelming, so some advisors sign up for fully bundled solutions when they go independent. I discuss the pros and cons of that approach in this episode.
You've made the decision to go independent, now you are trying to optimize your timing. In this episode we talk about the best times to make a move.
When you are making the move to independence, you are learning a lot of new things at once. If you can find someone to help you open accounts and process transfers, you can take a lof of pressure and labor off yourself (and your assistant if you have one)
If you have been in an employee firm your whole career, RIA and B/D may be familiar but still somewhat foreign concepts to you. We briefly describe what each is and answer a listener's question about whether or not he setup his own.
If you set up your own business, but none of you clients come with you---well, then you don't have much of a business. In this episode, we review the some factors that have a correlation with client retention in a move to independence.
When you are making a firm change, it is a natural time to question your business model and consider making changes you would like have in place for the future. This episode discusses the pros and cons of making a change in business model at the same time...
There are usually a lot of questions about what client info you can take with you when you move firms. I'll run down the ins and outs of client info under Broker Protocol
Many independent advisors brag about their 90% payout, but we all know that is not net. But how do you go about comparing your payout at an employee firm to what you might net in an independent business model? This episode gives you an overview of how to...
The new DOL changes are a hot topic among people in our industry. Today I thought I'd scatter-shoot on my thoughts on the rule and how it might affect independent financial advisors.
RIAmatch.com is another resource financial advisors looking to go independent can use as a resource. Founder and CEO Mary Ann Buchanan talks about how her firm helps advisors looking to transition.
What's keeping you from going independent? Today I break down reasons I think you should not go independent.
A veteran of almost 50 years in financial services, advisor LInda Mills joins me and talks about her experiences in the industry and how the independent model differs from other firms.
Have you thought about what you will actually need to become an independent financial advisor? In this episode I break down the most important things you will need to have in place before your make the move to independence.
After 14 years at Edward Jones, Brad Weddle transitioned his successfull practice at possibly the worst time - and has enjoyed continued success as an independent financial advisor.
I thought I would share a recent episode of the Radical Personal Finance Podcast. The host, Joshua Sheats is a former financial advisor whose podcast has taken off, and aims to educate investors and advisors alike on the world of personal finance. I joined Joshua to talk independence and how it might differ from other channels
Ashley Hodge, an independent financial advisor in the Fort Worth area, talked about his path to the independent channel. Ashley also describes how he runs his successful faith-based practice from his home office.
What does it mean to be an independent financial advisor? Sometimes advisors think independent means starting from scratch, but in this episode, you'll find out that's not the case 99% of the time.
Kate worked at several places-- large, small, investment-focused, insurance-focused, you name it-- before realizing she needed to try her hand at starting her own. She's on the leading edge of advisors serving younger and/or clients with few investable assets, using technology and a monthly subscription model.
Chad bought a practice to make the transition from wholesaler to advisor. He also converted much of that practice from brokerage to advisory and shared a few lessons learned from his experience in this week's episode.
Brandon Day carefully planned his move to independence, which not only made his transition smooth but led to opportunities that dramatically increased his income. He talks about how being independent gives him the ability to take advantage of things you
Podcasts can be a great way to build your knowledge base, both in the financial world and in business in general. In this episode, I give a rundown of a few of my favorite podcasts that I listen to on a regular basis.
One big hurdle to going independent is giving up the large cash windfall that a wirehouse recruiting deal can yield. In this episode, I compared those two different paths for financial advisors looking at a practice transition.
Today I interviewed Gerald Robinson, a CFP and independent financial advisor in Flower Mound, Texas. Gerald talks about his path to independence that included a stop at couple of employee-model firms before finding his home in the independent channel.
When you're an independent financial advisor, you have a lot of options when it comes to tools you can use to run your practice. I thought I would do a rundown of a few tech tools I use on a day-to-day basis.
Matt Sonnen coordinated the jump to independence for a team with close to $2 billion AUM. A few years later, the firm was sold to a bank for $100+ million....so he has helped create literally tens of millions of dollars of value for advisors in his career
Todd Simmons was comfortable at the only firm he only knew for his first 10+ years in the business, but had to transition to another firm under less than ideal circumstances. After realizing he wasn't in the right place for the long term, he was able to
Considering buying a financial advisor practice to increase the size of your business? In this episode, I talk about the ins and outs of purchasing a book of business and how to make it a successful transition for you and the seller.
Craig Cowles talks about what types of clients he likes to work with and how he runs the day-to-day of his business.