INDEPENDENT TOGETHER

We live in a world of “independent” financial advisors, but the truth is that very few actually start out that way.  How could they?  Virtually everyone starts out as either a captive advisor or as part of a more experienced team.   

It makes sense. How else could we learn to do what we do?  The licensing process doesn’t prepare us.  Certifications like the CFP® teach us what planning is, but not how to deliver it as a business model.  We all have to start somewhere.  

I personally took the captive to independent journey on my own.  Uphill both ways in the snow and all that…  But when I advise aspiring advisors, I strongly recommend joining an established independent team, if at all possible.   

There is usually an opportunity to get compensated for support work while building their own book.  And hopefully, they can own their own clients from the beginning and start building their own book right away.  

The challenge is that most established teams are not offering anything resembling Advice-based Financial Planning. They tend to fall into one of two camps:  AUM Gobblers or Product Slingers. These two models are the primary ways that successful advisors grow their businesses, and we tend to continue to do what we know.  

My silly names aren’t meant to belittle anyone.  Client lives have been changed by big-hearted AUM Gobblers and Product Slingers for sure!  They just tend to have a laser focus on what they do well.  

The next generation of financial advisors wants to do more!  They want to offer a more comprehensive and consistent client experience and get paid for it.  They want to build an Advice-based Financial Planning practice that is both purpose-driven and profitable.  

This desire to offer more poses a challenge when a younger advisor partners with a more established one.  They often ask, "How do I integrate into existing practice that doesn’t offer a comprehensive planning experience or charge financial planning fees?" 

It is an incredibly important question and one that requires a very nuanced answer.  More nuanced than I can offer in a single blog.   

With this in mind, are you ready to turn first meetings into lasting client relationships? 

Enroll in this focused, two-month private coaching package designed for financial advisors. In The Discovery EXPERIENCE, you’ll learn how to deliver an emotionally significant initial experience—and get hired for advice by the right clients in just one meeting.

Secure your place today and make your next first meeting a success.

I hope to see you there! 

-Lucila