Going Independent? 7 Business Partners You Need

Shirl Penney | Financial Planning, September 2014

Summary: For advisors looking to break out of wirehouses, legacy firms or banks, going independent doesn’t necessarily mean they'll be going it alone. In fact, there are a number of essential components of a practice that are vital to an independent start-up. An experienced transition team, a solid custodian and legal and compliance counsel are just a few of the critical partners you will need to rely on. Here is a detailed list of the most important business partners and their respective roles.

Advisors in the process of going independent have a lot on their plates – registrations, financing, etc. The nitty-gritty of getting a website up and running or ensuring that a carefully crafted media message is in place and ready to go can often turn into, at best, ineffective efforts, and at worst, last-minute fire drills.”