If you're a financial advisor considering starting an independent advisory firm, you've likely heard the term "breakaway advisor." A breakaway advisor is an independent financial advisor who leaves a larger financial institution to establish their own practice.
As rewarding as going independent can be, becoming a breakaway advisor can be complex and overwhelming without the right tools and support.
So we're going to tap into our experience in helping breakaway advisors succeed and provide you with a comprehensive overview of what to think about when you're starting an independent practice and how to navigate the key topics that are critical to your success, such as bulk transfers, digital account management, digital ACATS, practice management tools, and portfolio management tools.
Our goal is to empower you to make informed decisions about your future, providing you with the tools and support you need to build a successful, independent brokerage firm that delivers value to your clients.
What is a Breakaway Advisor?
As mentioned in the previous section, a breakaway advisor is an independent financial advisor who leaves a larger financial institution, like Merrill Lynch or Edward Jones for example, to establish their own firm. This can be a significant decision, but it can lead to greater control over your practice, a stronger client experience, and more flexibility in your approach to financial planning.
If you're considering becoming a breakaway advisor, it's essential to consider your goals and assess the risks and benefits carefully. Starting an independent advisory firm can be a rewarding experience, but it requires careful planning and preparation.
Bulk Transfers
One of the critical considerations when becoming a breakaway advisor is how to transition your client's assets from your current brokerage firm to your new practice. This is where bulk transfers come in.
A bulk transfer is a process for moving large numbers of client accounts from one financial institution to another. This can be a complex process, but it's essential in establishing your new practice and building strong relationships with your clients.
To execute a successful bulk transfer, you must consider timing, client communication, and regulatory compliance.
